Document:

EX-10.1

 Exhibit 10.1 

RETENTION AGREEMENT 
 This
Retention Agreement (“Agreement”) is made effective January 1, 2013 (the “Effective Date”), by and between the law firm of McKool Smith, P.C., 300 Crescent Court, Suite 1500, Dallas, TX 75201 (“Firm”), and Unwired
Planet Inc., 170 South Virginia Street, Suite 201, Reno, NV 89501 (“Client”). The Firm and Client are sometimes collectively referred to as the “Parties.” Any one of the Parties may be sometimes referred to as a
“Party.” 
 Client has requested Firm to represent it on a partial contingency fee basis. The Firm has agreed to represent Client for a Flat
Monthly fee, coupled with a contingent fee. Both Client and Firm acknowledge that consideration exists for entering into this agreement: Client by giving up a contingent interest in the outcome of the matter, and Firm by giving up its contractual
right to be paid full hourly fees regardless of the outcome of the matter. 
 SPECIAL DISCLOSURE 

CLIENT ACKNOWLEDGES THAT CLIENT WAS ADVISED TO CONSULT INDEPENDENT LEGAL COUNSEL TO REPRESENT CLIENT IN CONNECTION WITH THE NEGOTIATION AND EXECUTION OF THIS
AGREEMENT AND CLIENT HAS DONE SO. CLIENT FURTHER ACKNOWLEDGES THAT CLIENT WAS ADVISED THAT THE FIRM HAS A CONFLICT OF INTEREST THAT PREVENTS IT FROM REPRESENTING CLIENT IN ANY WAY WITH RESPECT TO THE NEGOTIATION AND EXECUTION OF THIS AGREEMENT AND
THAT THE FIRM HAS NOT DONE SO. 
 RECITALS 

Client understands and acknowledges that patent infringement litigation is generally complex and typically requires the use of considerable time and labor.
Client understands and acknowledges that patent infringement litigation often presents novel and difficult questions of both law and fact, and that the acceptance of the engagement by the Firm in this matter may preclude engagements by the Firm on
other matters. 
 Client represents and warrants that, to its knowledge, it currently holds, and will continue to hold throughout the pendency of the
Litigation, including appeals, full right, title and interest to the Patents to pursue enforcement, including the exclusive right to prosecute litigation and to enforce all rights with respect to the Patents and to recover all damages for past and
future infringement of the Patents, unless Client transfers such rights to a successor in interest of this Agreement in accordance with the terms hereof. 

[***] Text Omitted and Filed Separately with the Secretary of the Commission 

Confidential Treatment Requested 

 THE RETENTION AGREEMENT 

NOW, THEREFORE, for and in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confessed by each Party, the Parties agree as follows: 
 1. Scope of Retention.
Client hereby engages the Firm to represent it in connection with three pending lawsuits, styled: 
 Unwired Planet, LLC v. Google, Inc.
3:12-cv-00504-MMD-VPC, currently pending in the United States District Court for the District of Nevada, Reno Division (“Google Nevada Case”); 

Unwired Planet, LLC v. Apple, Inc. 3:12-cv-00505-RCJ-VPC, currently pending in the United States District Court for the District of Nevada, Reno
Division (“Apple Nevada Case”) 
 Openwave Systems Inc. v. Apple Inc., Research in Motion Ltd., et al, 1:11-cv-00765-RGA, currently
pending in the United States District Court for the District of Delaware (“Delaware Case”) 
 Collectively, the above lawsuits and any
Additional Lawsuits, if filed, are referred to as the “Litigation” or the “Cases.” The parties to the Cases, excepting Unwired Planet, LLC and Openwave Systems Inc., are collectively referred to as the “Defendants.” The
patents of Client that are asserted in the Cases, along with all continuations, continuations-in-part, divisionals, foreign counterparts, and pending applications that claim priority from any of the foregoing, are collectively referred to as the
“Patents”. Client acknowledges that the Firm is not being retained to render patent prosecution services, tax advice, corporate advice, or general legal advice unrelated to the Cases to Client. The Firm shall continue to provide all
services necessary to see the Cases through to completion, including any and all appeals, regardless of duration, forum or venue, in exchange for the Flat Monthly Fee and Contingent Fee as described herein. The Firm will not handle patent
prosecution, reexamination proceedings, inter-parties review, or any other proceedings before the Patent Office, it being agreed that it shall be the responsibility and expense of the Client to retain counsel at its discretion to handle such
proceedings. 
 Client agrees it will offer Firm a reasonable first opportunity to present a proposal to handle future patent litigation against other
infringers who are not Defendants against whom the Firm does not have a conflict. Monthly rates and/or contingency terms will be negotiated on a case-by-case basis, using the terms of this Agreement as a starting point, provided nothing shall limit
the discretion of the parties to propose or agree to alternative terms. 
 2. Rights and Obligations of Client. 

Subject to the Sale, Merger, and Acquisition provisions of paragraph 5 below, the Client makes the following representations and warranties:

 (a) Except as set forth in the following sentence, Client represents and warrants that, to its knowledge, it has the full unencumbered
right, title and interest to the Patents asserted in the 

  
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Litigation and to pursue enforcement against Defendants, including the exclusive right to prosecute litigation against Defendants to enforce all rights with respect to the Patents and to recover
damages for past and future infringement, and that it will maintain such right, title, and interest in the Patents throughout the pendency of the Litigation, including all appeals, unless Client transfers such rights to a successor in interest to
this Agreement in accordance with the terms hereof. Client has disclosed to the Firm the existence of its agreement with Ericsson, its license agreement with Microsoft and the fact that other encumbrances may exist that do not materially affect the
Cases or the Firm’s ability to receive its Contingent Fee, and the Firm agrees that the representation and warranty herein is subject to the above existing agreements. 

(b) Client will timely pay any costs and attorney’s fees associated with prosecution, reexamination, reissue, and maintenance of the
Patents during the pendency of this engagement, in its sole reasonable discretion. 
 (c) Client has no intention of granting any rights,
directly or indirectly, express or implied, or by operation of law (such as exhaustion) in or to the Patents to any Defendant without obtaining Proceeds from such Defendant. [***]. 

(d) [***]. 
 3. Compensation
and Conveyance to the Law Firm. 
 (a) Definitions. The following terms shall have the following meanings as used herein:

 [***]. 
 “Covered
Arrangement” means any license, settlement, agreement for the sale of any patent or rights owned by Client, covenant not to sue, forbearance agreement, compromise agreement or judgment, in each case, entered into, with, or against, as
applicable, any of Apple Inc., Google Inc., or Research in Motion Ltd., including their then existing parents, subsidiaries, affiliates and successors, during the Applicable Period. For the avoidance of doubt, any arrangement reached with a third
party that is not a parent, subsidiary, affiliate or successor of a Defendant as of the date of such arrangement shall not be included as a Covered Arrangement based on subsequent activity, events or circumstances that results in such third party
becoming a parent, subsidiary, affiliate or successor of a Defendant. 
 “Proceeds” shall mean the sum of money or other
valuable consideration obtained and received directly or indirectly by Client pursuant to any Covered Arrangement, whenever received, including, but not limited to, damages, compulsory royalties, accounting for profits, exemplary or enhanced
damages, attorney’s fees, prejudgment interest, costs, post judgment interest, settlement payments, consideration received to avoid or suspend enforcement of an injunction, and any other revenues, money or other consideration paid to or
received by Client pursuant to any Covered Arrangement or as a result of a ruling, order, or judgment obtained in the Cases. 

  
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 The Firm acknowledges that Client is a licensing company and will be pursuing licenses and
revenue opportunities from other parties other than the Defendants and their affiliates. The Firm agrees that no proceeds or amounts generated from any license, covenant not to sue, settlement, judgment, forbearance or sale of patents with any third
party other than a Covered Arrangement will constitute Proceeds under this Agreement, [***]. 
 “Net Proceeds” shall mean
Proceeds reduced by Expenses, and after deducting any payments due under Client’s agreement with Ericsson. 

“Expenses” shall mean the costs of reports, travel expenses, local and other counsel [***] specific to the prosecution of the
Cases, [***], and other expenses reasonably incurred by the Client or the Firm in the prosecution of the Litigation, [***]. 

“Unpaid Fee Accrual” shall mean the Fees Accrued minus the total amount of Flat Monthly Fee payments the Firm has received
since the Effective Date. 
 “Fees Accrued” shall mean the amount of total fees that have reasonably been expended by the
Firm on behalf of Client in preparation for and prosecution of the Litigation calculated at the Firm’s existing standard billing rates. 

[***]. 
 (b) Law Firm
Fee. Client agrees that, in exchange for the Firm prosecuting the claims of infringement of the Patents against the Defendants in the Litigation, the Client will pay the Firm a Flat Monthly Fee, as defined below, coupled with a Contingent Fee,
as defined below. 
 (1) Flat Monthly Fee. Client agrees to pay Firm a “Flat Monthly Fee” equal to $500,000 per
month, in lieu of hourly billings, with the first payment due on July 1, 2013. Client is not responsible for any hourly fee charges by Firm from the Effective Date until July 1, 2013, but will remain responsible for paying hourly fee
charges by the Firm prior to the Effective Date. The Flat Monthly Fee payments recited above are to be paid on or before the fifteenth day of each month for which they are due. The Flat Monthly Fee will be paid continuously for 24 months, after
which point no additional Flat Monthly Fee will be owed, with the following exceptions: (a) if the Google Nevada Case terminates [***] the Flat Monthly Fee will be reduced [***]; (b) if the Apple Nevada Case terminates [***] the Flat
Monthly Fee will be reduced [***]; (c) if the Delaware Case terminates [***] the Flat Monthly Fee will be reduced [***]; and (d) in the event a court orders a stay of any of the cases, the Flat Monthly Fee will be ratably reduced during
the stay of any Case after a period [***], provided that the Flat Monthly Fee with respect to any such Case will resume once the stay has been lifted and will continue until 24 full monthly payments have been made with respect to such Case that has
been stayed. [***]. 
 [***]. 
 (2)
Contingent Fee. In recognition that the Flat Monthly Fee is not expected to compensate the Firm fully for its time expended on the Litigation, Client also agrees to pay the Firm a contingent fee as defined herein. Client hereby assigns,
sells, conveys, and agrees to pay and deliver to the Firm a contingent fee in an amount equal to the following percentage of all Net Proceeds (the “Contingent Fee”): 

[***]. 

  
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 The above amounts will be calculated based on the Client share of the aggregate of Net Proceeds from Apple,
Google, RIM, and their affiliates, after deducting any payments due under Client’s agreement with Ericsson. 
 [***]. 

Notwithstanding anything herein to the contrary, in no event shall the Contingent Fee exceed an aggregate amount equal to $70,000,000 (“Maximum
Contingent Payment”) 
 The Contingent Fee will be due and payable as Net Proceeds are received. [***]. 

(3) Reduction of Contingent Fee Due In The Event Of Early Settlements. In the event of an early settlement with any of the Defendants
in the Cases, the following reduced percentages will apply: 
 (i) [***]. 

(ii) [***]. 
 (iii) [***]. 

(iv) [***]. 
 (c) Receipt and
Distribution by Law Firm. The Firm and Client agree that the Firm shall be entitled to receive, on behalf of Client, the portion of any cash Proceeds due and payable to the Firm under this Agreement within fifteen (15) days of receipt by
Client. [***] Prior to or upon receipt of Proceeds, whether by the Client or into third party escrow, the Firm and the Client shall jointly calculate Net Proceeds and direct the payment of, according to Paragraph 3(b) above, the Firm’s and
Client’s respective share of the Net Proceeds when collected. [***]. 
 (d) [***]. 

(e) Additional Lawsuits Against Defendants – [***]. The Client has the option to request that the firm file additional lawsuits
against the existing Defendants [***]. 
 The billings under this section will begin the month that the Additional Lawsuit is filed, will be paid based on
net-30 day terms each month, are in addition to Flat Monthly Fee payments due for any other pending Lawsuits, and will end when the Additional Lawsuit terminates due to final judgment, dismissal with prejudice, or dismissal as the result of
settlement as to all claims, counterclaims, and defenses. 

  
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 The Firm will not receive an increase in its Contingent Fee in exchange for undertaking the Additional Lawsuits.

 [***]. 
 (f) [***]. 

4. Payment And Recovery of Expenses. Client agrees to pay Expenses as they become due. Upon receipt of Proceeds, Client shall be
reimbursed for its Expenses incurred since the inception of the Litigation. The Contingent Fee due the Firm shall be calculated after reimbursement of Expenses from the Proceeds. Although the Client remains responsible for payment of Expenses, the
Client has requested to have the option, and the Firm has agreed, to require the Firm to manage and pay Expenses on behalf of Client then invoice the Client for such Expenses. If such option is exercised, the Client agrees to reimburse the Firm for
payment of such Expenses within thirty days of receipt of invoice. All Expenses incurred by the Firm, whether or not on behalf of Client, shall be in accordance with Client’s travel and expense reimbursement policies. 

[***]. 
 5. [***]. 

6. [***]. 
 7. Court Award of
Attorney Fees or Costs. The Firm is authorized to apply to any court or tribunal for the maximum amount of compensation, attorney’s fees, costs, pre- and post-judgment interest, and litigation expenses allowed to Client by law
(“Court Awarded Fees and Costs”). Any Court Awarded Fees and Costs recovered in the Litigation shall be treated as Proceeds under this Agreement. 

8. Defense of Declaratory Judgment Counterclaims. If a Defendant files a declaratory judgment counterclaim in which it alleges that one
of the Patents is invalid, unenforceable or not infringed, the Firm shall defend such allegations in that Declaratory Judgment Claim for no additional compensation other than as specified in Paragraph 3 above. The Firm will not be responsible for
any award in favor of a defendant against Client for damages, costs or attorney’s fees. 
 9. Defense of Counterclaims Other Than
Declaratory Judgment. The Firm will not be responsible for defending against claims or counterclaims for infringement brought against Client, other than declaratory judgment counterclaims referenced in par. 8. 

10. Assignment of Proceeds, not Patent. The Firm and Client acknowledge and agree that any conveyance or assignment of any interest in
any Net Proceeds is in no way a conveyance or assignment of any interest in rights to the Patents. 
 11. Withdrawal of Law Firm.

  
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 (a) Law Firm Withdrawal. Client agrees that Firm, in its sole discretion, may withdraw
from its representation of Client in connection with this undertaking if: 
 (1) Client insists upon presenting a claim or defense that is
not warranted under existing law and cannot be supported by good faith argument of an extension, modification, or reversal of existing law; 

(2) Client insists that the Firm pursue a course of conduct that is illegal or that is prohibited under the State Bar Rules; 

(3) Client deliberately disregards the Agreement as to fees for services rendered after written notice and opportunity to cure; or 

(4) Client agrees it will sign all necessary documents to facilitate the withdrawal of the Firm from any pending Lawsuit immediately after
written notification to Client by the Firm of its intention to withdraw pursuant to the provisions of this Paragraph 11. 
 (b) Rights of
Law Firm Upon Withdrawal. In the Firm withdraws from representation pursuant to the provisions of this Paragraph 11, then the Firm shall retain its Contingent Fee interest in any settlements of the Litigation negotiated prior to the date of
withdrawal. 
 (c) Alternative Remedies. In the event Client fails to pay any amounts owed under this Agreement when due, including
the Flat Monthly Fee or Expenses, then the Firm, no sooner than 60 days after notice to Client specifically invoking its rights under this paragraph 11(c) and failure by Client to cure, may as an alternative to withdrawal, convert the engagement to
a full contingent fee. [***]. 
 12. Termination of Law Firm. 

(a) Termination by Client. Client may at any time terminate Firm’s representation of Client under this Agreement. The Firm will
treat any and all information disclosed to it by Client as privileged and confidential. 
 (b) Compensation Due Upon Termination. In
the event of termination, the compensation due to the Firm will be as follows: 
 (1) If termination is not for “good cause” (as
defined below), such termination shall not in any way eliminate or reduce the Firm’s ownership of an interest in Proceeds received or to be received as a result of any past or present Litigation or its right to receive distributions under
Paragraph 3 above. 
 (2) If termination of the Firm is for “good cause,” then the Firm will be entitled to retain: 

a. its contingent share of Proceeds that have already been received; 

  
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 b. its full interest in any Proceeds from any settlement agreement related to the Litigation
entered into prior to the date the basis for “good cause” arose but for which Proceeds have not been received; and, 
 c. with
regard to the division of any other Proceeds that do not fall within paragraphs a or b above, the parties agree that the Firm shall receive a fair amount based upon services actually rendered to Client through the date of termination. 

(c) Definition of “good cause.” For purposes of this Agreement, “good cause” for termination requires a credible
showing that Firm has (A) committed legal malpractice or misfeasance, or (B) failed to exercise reasonable diligence pursuing Infringers in accordance with the express terms and conditions of this Retention Agreement after 30 days notice
and opportunity to cure. 
 (d) Law Firm Liability after Termination. If any third party makes any claim against the Firm after the
date the Firm has ceased to represent Client for any Expenses incurred on behalf of the Client prior to Termination, then Client agrees to indemnify and hold the Firm harmless from any such cost and expenses and all expenses incurred, including, but
not limited to, all attorney’s fees and litigation expenses and costs, in the event the Firm is the prevailing party seeking to enforce its rights under this provision of this Agreement. 

13. [Intentionally Omitted]. 

14. [***]. 
 15. [***]. 

16. Client Cooperation. Client agrees to cooperate with the Firm in the prosecution of the Litigation; agrees to appear on reasonable
notice at any and all depositions and court appearances; agrees to produce relevant documents in its possession, custody, or control; agrees to comply with all reasonable requests of the Firm in connection with the preparation and presentation of
the Litigation. 
 17. [***]. 

18. Consideration. It is expressly understood and agreed that the mutual promises contained herein are the sole consideration for this
Agreement; that said considerations are contractual and not mere recitals; and that all agreements and understandings between the Parties are embodied and expressed herein. 

19. Disputes. 
 (a)
Mediation. All claims, disputes, or other differences between Client and the Firm arising under or related to this Agreement, including interpretation or dispute as to the effect of its terms and conditions (“Disputed Subject
Matter”), shall first be referred to a mediator selected jointly by Client and the Firm. The Parties shall explain their respective claims, disputes, or differences to the mediator who shall render a non-binding recommendation to the
Parties for resolving the claims, disputes, or differences. 

  
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 (b) Arbitration. If the Parties are unable to agree on a mediator, or if, at least, one of
the Parties is unwilling to accept and abide by the non-binding recommendation of the mediator, then the claims, disputes, or differences related to or regarding the Disputed Subject Matter may be resolved either by (i) binding arbitration
pursuant to the Federal Arbitration Act and the Commercial Arbitration Rules of the American Arbitration Association (“AAA”), with arbitration to occur at Dallas, Texas, or (ii) pursuing legal or equitable remedies in a court
of competent jurisdiction. Binding arbitration may be pursued only with the joint approval of Client and the Firm on terms agreed between them. Each party shall bear its own attorney fees and costs in connection with the arbitration, including the
costs of the AAA and the arbitrator(s), which shall be equally divided. The arbitrator(s) shall be attorneys. 
 20. Client
Acknowledgment. Client acknowledges that it has been advised by independent counsel that submission to binding arbitration typically results in the waiver of significant rights, including the waiver of the right to file a lawsuit in a different
venue, waiver of the right to a jury trial, the possible waiver of broad discovery, and the loss of the right to appeal. 
 21. Other
Documents. The Parties agree to execute such other documents as might be reasonably necessary or appropriate to consummate and implement the terms of this Agreement. 

22. Choice of Law and Venue. This Agreement shall be governed by, construed, interpreted, and enforced in accordance with the laws of
the State of Texas and shall be performable in Dallas County, Texas. 
 23. Waiver and Integration Clause. This Agreement may not be
modified or amended except by a subsequent agreement in writing signed by the Parties. The Parties may waive any of the conditions contained herein or any of the obligations of any other party. Any such waiver shall be effective only if in writing
and signed by the Parties. 
 24. Successors and Assigns. This Agreement is and shall be binding and inure to the benefit of the
Parties and their respective subsidiaries and affiliates, heirs, executors, administrators, legal representatives, successors and assigns, including successors and assigns of any interest in the Patents. 

25. Entire Agreement. This Agreement contains the entire agreement and understanding between the Firm and the Client with respect to
the subject matter hereof and the engagement of the Firm by the Client and supersedes all prior agreements and understandings (including the Retention Agreement dated as of September 23, 2011, which shall, effective as of the date hereof,
terminate and be of no further force or effect and no further amounts shall be due or payable thereunder), whether written or oral, relating to such subject matter in any way. 

  
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 26. State Bar Notice. The State Bar Act requires that Texas attorneys give notice to their
clients that the State Bar of Texas investigates and prosecutes professional misconduct committed by Texas attorneys. Although not every complaint against or dispute with a lawyer involves professional misconduct, the State Bar’s Office of the
General Counsel will provide information about how to file a complaint by calling 1-800-932-1900 toll free. 
  

			
	McKOOL SMITH, P.C.
		
	By:	 	  /s/ Gary W. Eden

	Date: September 23, 2013
	
	UNWIRED PLANET, INC.
		
	By:	 	  /s/ Eric J. Vetter

	Date: September 20, 2013

  
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 Exhibit 4.1 
  

 
  

MARSH & McLENNAN COMPANIES, INC., 

Issuer, 
 and 

The Bank of New York Mellon, 

Trustee 
  

 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of September 27, 2013 

 
  

$250,000,000 aggregate principal amount of 2.55% Senior Notes Due 2018 

$250,000,000 aggregate principal amount of 4.05% Senior Notes Due 2023 

 
  

 

 THIRD SUPPLEMENTAL INDENTURE, dated as of September 27, 2013 between MARSH &
McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”) 

W I T N E S S E T H: 
 WHEREAS,
the Issuer and the Trustee executed and delivered an Indenture, dated as of July 15, 2011 (the “Base Indenture” and, as supplemented hereby, the “Indenture”), to provide for the issuance by the Issuer from time
to time of senior debt securities evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Indenture; 

WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities evidencing its senior indebtedness,
consisting initially of $250,000,000 aggregate principal amount of 2.55% Senior Notes Due 2018 (the “2018 Original Notes” and, together with all the Additional 2018 Notes (as defined herein), if any, hereinafter referred to, the
“2018 Notes”); 
 WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities
evidencing its senior indebtedness, consisting initially of $250,000,000 aggregate principal amount of 4.05% Senior Notes Due 2023 (the “2023 Original Notes” and, together with all the Additional 2023 Notes (as defined herein), if
any, hereinafter referred to, the “2023 Notes”). The 2018 Notes together with the 2023 Notes are hereinafter referred to as the “Notes”; 

WHEREAS, the entry into this Third Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the
Indenture; 
 WHEREAS, the Issuer desires to establish the respective terms of the Notes of each series in accordance with Section 2.01
of the Indenture and to establish the respective forms of the Notes of each series in accordance with Section 2.02 of the Indenture; and 

WHEREAS, all acts and requirements necessary to make this Third Supplemental Indenture a valid and legally binding indenture and agreement
according to its terms have been done. 
 NOW, THEREFORE, for and in consideration of the premises, the Issuer and the Trustee mutually
covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as follows: 

 ARTICLE 1 

Section 1.01. Terms of Notes. The following terms relating to the Notes are hereby established: 

(a) The 2018 Notes shall constitute a series of securities having the title “2.55% Senior Notes due 2018.” The 2023 Notes
shall constitute a series of securities having the title “4.05% Senior Notes due 2023.” 
 (b) The aggregate principal
amount of the 2018 Original Notes that may be authenticated and delivered under the Indenture (except for 2018 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2018 Notes pursuant to
Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to $250,000,000. The aggregate principal amount of the 2023 Original Notes that may be authenticated and delivered under the Indenture (except for 2023 Notes authenticated and
delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2023 Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to $250,000,000. 

(c) The entire outstanding principal of the 2018 Notes shall be payable on October 15, 2018 plus any unpaid interest accrued to such
date. The entire outstanding principal of the 2023 Notes shall be payable on October 15, 2023 plus any unpaid interest accrued to such date. 

(d) The rate at which the 2018 Notes shall bear interest shall be 2.55% per annum; the rate at which the 2023 Notes shall bear interest shall
be 4.05% per annum; the date from which interest shall accrue on the 2018 Notes shall be September 27, 2013 or from the most recent Interest Payment Date to which interest has been paid; the date from which interest shall accrue on the 2023
Notes shall be September 27, 2013 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Dates for the 2018 Notes on which interest will be payable shall be April 15 and October 15 in each
year, beginning April 15, 2014; the Interest Payment Dates for the 2023 Notes on which interest will be payable shall be April 15 and October 15 in each year, beginning April 15, 2014; the regular record dates for the interest
payable on the 2018 Notes on any Interest Payment Date shall be the April 1 or October 1 immediately preceding the applicable Interest Payment Date; the regular record dates for the interest payable on the 2023 Notes on any Interest
Payment Date shall be the April 1 or October 1 immediately preceding the applicable Interest Payment Date; and the basis upon which interest on the Notes shall be calculated shall be that of a
360-day year consisting of twelve 30-day months. 

  
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 (e) (i) Each series of Notes may be redeemed in whole at any time or in part from time to time,
at the option of the Issuer. 
 (ii) The redemption price (the “Redemption Price”) of the 2018 Notes to be
redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to but excluding the redemption date: 

(A) If the redemption date is prior to September 15, 2018, the 2018 Notes to be redeemed may be redeemed by the Issuer at
a Redemption Price equal to the greater of (1) 100% of the principal amount of the 2018 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the 2018 Notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 20 basis points. 

(B) If the redemption date is on or after September 15, 2018, the 2018 Notes to be redeemed may be redeemed by the Issuer
at a Redemption Price equal to 100% of the principal amount of the 2018 Notes to be redeemed. 
 (iii) The Redemption Price
of the 2023 Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to but excluding the redemption date: 

(A) If the redemption date is prior to July 15, 2023, the 2023 Notes to be redeemed may be redeemed by the Issuer at a
Redemption Price equal to the greater of (1) 100% of the principal amount of the 2023 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the 2023 Notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 25 basis points. 

(B) If the redemption date is on or after July 15, 2023, the 2023 Notes to be redeemed may be redeemed by the Issuer at a
Redemption Price equal to 100% of the principal amount of the 2023 Notes to be redeemed. 
 (iv) (A) In case the Issuer shall desire to
exercise such right to redeem all or, as the case may be, a portion of either or both series of the 2018 Notes and the 2023 Notes in accordance with Section 1.01(e)(i) above, the Issuer shall, or shall cause the Trustee to, give notice of such
redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to such holders at their last addresses as
they shall appear upon the 

  
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Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any
case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Note. 

Each such notice of redemption shall specify the series and amount of Notes to be redeemed, the date fixed for redemption and
the applicable Redemption Price at which the Notes to be redeemed are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except
that interest shall continue to accrue on any Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes of a series are to be redeemed, the notice to
the holders of the Notes of that series to be redeemed in whole or in part shall specify the particular Notes to be redeemed. In case any Notes are to be redeemed in part only, the notice that relates to such Notes shall state the portion of the
principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such security, a new Note of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(B) If less than all the Notes of a series are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice
in advance of the date fixed for redemption as to the aggregate principal amount of Notes of such series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion
and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or integral multiples of $1,000 in excess thereof) of the principal amount of Notes of such series of a denomination larger than $1,000, the
Notes of such series to be redeemed and shall thereafter promptly notify the Issuer in writing of the numbers of the Notes of such series to be redeemed, in whole or in part. 

The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its President or any
Vice President, instruct the Trustee or any paying agent to call all or any part of a series of the Notes for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Issuer or its own
name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be 

  
 4 

 
delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice that may be required under the provisions of this Section. 

Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer
of or exchange any Notes of the applicable series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes of such series selected for redemption and ending at the close of
business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes of such series so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be
redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless
the Issuer shall default in the payment of such Redemption Price and accrued interest. 
 (v) As used herein: 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to remain closed. 
 “Comparable Treasury Issue” means, with respect to a series of Notes,
the United States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes of such series to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker is provided with fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by
the Issuer. 

  
 5 

 “Reference Treasury Dealer” means (i) Goldman, Sachs & Co. and its
successors, (ii) HSBC Securities (USA) Inc. and its successors, (iii) Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors and (iv) Deutsche Bank Securities Inc. and its successors, or one or more Reference
Treasury Dealers as the Issuer may specify from time to time; provided, however, that if any of them ceases to be a primary U.S. Government securities dealer for The City of New York (each a “Primary Treasury Dealer”), the Issuer
will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any redemption date in respect of the Notes of a series, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date in respect of the Notes of a series, the rate per year equal to
the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 
 The Treasury Rate shall be calculated on the third Business Day preceding the
redemption date. 
 With respect to Section 1.01(e)(i)(A) above, the Trustee shall be entitled to conclusively rely upon the
calculations of the Independent Investment Banker. 
 (f) The Notes shall be issuable in denominations equal to one thousand U.S. dollars
($1,000) or integral multiples of $1,000 in excess thereof. 
 (g) The Trustee shall also be the security registrar and paying agent for the
Notes. 
 (h) Payments of the principal of and interest on the Notes shall be made in U.S. dollars, and the Notes shall be denominated in
U.S. dollars. 
 (i) The holders of the Notes shall have no special rights in addition to those provided in the Indenture upon the
occurrence of any particular events. 
 (j) The Notes shall not be subordinated to any other debt of the Issuer, and shall constitute senior
unsecured obligations of the Issuer. 
 (k) The Notes of each series shall be issued as a Global Security and The Depository Trust Company,
New York, New York shall be the initial Depository. The Notes are not convertible into shares of common stock or other securities of the Issuer. 

  
 6 

 Section 1.02. Form of Note. The form of the 2018 Notes is attached hereto as Exhibit
A. The form of the 2023 Notes is attached hereto as Exhibit B. 
 Section 1.03. Additional 2018 Notes. Subject to the terms and
conditions contained herein, the Issuer may issue additional notes (the “Additional 2018 Notes”) having the same ranking and the same interest rate, maturity and other terms as the 2018 Original Notes (except as otherwise described
in the form of the 2018 Notes), without the consent of the holders of the 2018 Original Notes then Outstanding. Any such Additional 2018 Notes will be a part of the series having the same terms as the 2018 Original Notes. The aggregate principal
amount of the Additional 2018 Notes, if any, shall be unlimited. The 2018 Original Notes and the Additional 2018 Notes, if any, of such series shall constitute one series for all purposes under this Third Supplemental Indenture, including, without
limitation, amendments, waivers and redemptions. 
 Section 1.04 Additional 2023 Notes. Subject to the terms and conditions
contained herein, the Issuer may issue additional notes (the “Additional 2023 Notes” and, together with the Additional 2018 Notes, the “Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the 2023 Original Notes (except as otherwise described in the form of the 2023 Notes), without the consent of the holders of the 2023 Original Notes then Outstanding. Any such Additional 2023 Notes will be a part of the series
having the same terms as the 2023 Original Notes. The aggregate principal amount of the Additional 2023 Notes, if any, shall be unlimited. The 2023 Original Notes and the Additional 2023 Notes, if any, of such series shall constitute one series for
all purposes under this Third Supplemental Indenture, including, without limitation, amendments, waivers and redemptions. 

Section 1.05 Amendment of Section 6.01(a)(i) of the Base Indenture. Solely for the purposes of the 2018 Notes and the 2023
Notes, respectively, Section 6.01(a)(i) of the Base Indenture is hereby amended by replacing that section in its entirety with the following: 

“the Company defaults in the payment of any installment of interest on the Notes (as defined in this Supplemental Indenture) of such
series, as and when the same shall become due and payable, and continuance of such default for a period of 30 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture
supplemental hereto, shall not constitute a default in the payment of interest for this purpose.” 
 ARTICLE 2 

MISCELLANEOUS 

Section 2.01. Definitions. Capitalized terms used but not defined in this Third Supplemental Indenture shall have the meanings
ascribed thereto in the Indenture. 

  
 7 

 Section 2.02. Confirmation of Indenture. The Indenture, as heretofore supplemented
and amended and as further supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this Third Supplemental Indenture and all indentures supplemental thereto shall be read, taken
and construed as one and the same instrument. 
 Section 2.03. Concerning the Trustee. The Trustee assumes no duties,
responsibilities or liabilities by reason of this Third Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities which it possesses
under the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee. 

Section 2.04. Governing Law. This Third Supplemental Indenture, the Indenture and the Notes shall be governed by and construed in
accordance with the law of the State of New York. 
 Section 2.05. Separability. In case any provision in this Third
Supplemental Indenture shall for any reason be held to 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 2.06. Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts each of which shall be
an original, but such counterparts shall together constitute but one and the same instrument. 

  
 8 

 IN WITNESS WHEREOF, this Third Supplemental Indenture has been duly executed by the Issuer and
the Trustee as of the day and year first written above. 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Attest:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 
			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO, HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE
PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	Certificate No. 1	  	$250,000,000
	CUSIP No. 571748 AT9	  	
	ISIN No. US571748AT95	  	

 MARSH & McLENNAN COMPANIES, INC. 

2.55% Senior Notes due 2018 

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of TWO HUNDRED AND FIFTY MILLION dollars ($250,000,000) (which aggregate
principal amount may from time to time be increased or decreased to such other aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on October 15, 2018 and to pay interest
on said principal 

  
 A-1 

 
sum from September 27, 2013 or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for
semiannually on April 15 and October 15 of each year commencing April 15, 2014 at the rate of 2.55% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and
(without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment
of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the
regular record date for such interest installment which shall be the April 1 or October 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for (as defined in the Indenture, the
“Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the
United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Issuer by check mailed to the registered holder
at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Note will be
made at such place and to such account as may be designated by DTC. 
 The indebtedness evidenced by this Note is, to the extent provided in
the Indenture, senior and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 

  
 A-2 

 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be
valid until the Certificate of Authentication hereon shall have been signed manually by or on behalf of the Trustee. 
 The provisions of
this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-3 

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

Dated: 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Attest:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 A-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By	 	  

		 	Authorized Signatory

			
		
	Dated:	 	  

  
 A-5 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

	
	  

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

	(Please print or typewrite name and address, including zip code of assignee)
	
	  

 the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  
  

Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises.

  

											
	Dated:	  	  
	  		  	  
	  	
				
		  	  
	  		  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 

2.55% Senior Notes due 2018 
 The
initial aggregate principal amount of this Global Security is $250,000,000. The following increases or decreases in this Global Security have been made: 

No:      
  

							
	 Date
	  	Principal Amount of this
Global Security	  	Notation Explaining
Principal Amount Recorded	  	Signature of authorized
officer of Trustee or
Depositary
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  
 A-7 

 MARSH & McLENNAN COMPANIES, INC. 

2.55% Senior Notes due 2018 

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein
sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”), dated as of July 15, 2011 between the Issuer
and The Bank of New York Mellon, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Third Supplemental Indenture, dated as of September 27, 2013, between the Issuer and the Trustee (the Base Indenture,
as so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders of the Notes. This series of Notes is initially limited in aggregate principal amount as specified in said Third Supplemental Indenture. This series of Notes and any Additional Notes of this series shall
constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the
date of issuance, the payment of interest accruing prior to the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number. 

The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to but excluding the redemption date: 

(a) If the redemption date is prior to September 15, 2018, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest
accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at then current Treasury Rate plus 20 basis points. 

(b) If the redemption date is on or after September 15, 2018, the Notes to be redeemed may be redeemed by the Issuer at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed. 
 In case the Issuer shall desire to exercise such right to redeem
all or, as the case may be, a portion of the Notes, the Issuer shall, or shall cause the Trustee to, 

  
 A-8 

 
give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before
the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Note. 
 Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for
redemption and the applicable Redemption Price at which the Notes are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except
that interest shall continue to accrue on any such Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the
holders of the Notes to be redeemed in whole or in part shall specify the particular Notes to be redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 

If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed
for redemption as to the aggregate principal amount of Notes to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a
portion or portions (equal to one thousand U.S. dollars ($1,000) or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly
notify the Issuer in writing of the numbers of the Notes to be redeemed, in whole or in part. 
 The Issuer may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in
this Note, such notice to be in the name of the Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver
or cause to be delivered 

  
 A-9 

 
to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions stated herein. 
 Subject to
Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed
portion of any such Notes being redeemed in part. 
 If the giving of notice of redemption shall have been completed as above provided, the
Notes or portions of the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after
the date fixed for redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 
 The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such
series voting together as a single class), as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders of the Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then
Outstanding and affected thereby (i) extend the fixed maturity of any Securities, including the Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable
upon the redemption thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in
aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (all such series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base
Indenture, or established pursuant to the Base Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case,
each such affected series voting as a separate class. Any such consent or waiver by the registered holder of this Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders
and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
 A-10 

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

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes. The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have
the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such
series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) a
direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein.

 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder
hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the Borough of Manhattan, the City and State 

  
 A-11 

 
of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any
such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may
deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to
the contrary. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and subject to
certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused
“CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the
other identification numbers printed hereon. 

  
 A-12 

 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee
by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-13 

 Exhibit B 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO, HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE
PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	Certificate No. 1	  	$250,000,000
	CUSIP No. 571748 AU6	  	
	ISIN No. US571748AU68	  	

 MARSH & McLENNAN COMPANIES, INC. 

4.05% Senior Notes due 2023 

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of TWO HUNDRED AND FIFTY MILLION dollars ($250,000,000) (which aggregate
principal amount may from time to time be increased or decreased to such other aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on October 15, 2023 and to pay interest
on said principal 

  
 B-1 

 
sum from September 27, 2013 or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for
semiannually on April 15 and October 15 of each year commencing April 15, 2014 at the rate of 4.05% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and
(without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment
of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the
regular record date for such interest installment which shall be the April 1 or October 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for (as defined in the Indenture, the
“Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the
United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Issuer by check mailed to the registered holder
at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Note will be
made at such place and to such account as may be designated by DTC. 
 The indebtedness evidenced by this Note is, to the extent provided in
the Indenture, senior and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 

  
 B-2 

 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be
valid until the Certificate of Authentication hereon shall have been signed manually by or on behalf of the Trustee. 
 The provisions of
this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 B-3 

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

Dated: 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Attest:	 		 	
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 B-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By	 	  

		 	Authorized Signatory
		
	Dated:	 	  

  
 B-5 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

	
	  

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

	(Please print or typewrite name and address, including zip code of assignee)
	
	  

 the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  
  

Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises.

  

											
	Dated:	  	  
	  		  	  
	  	
				
		  	  
	  		  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 B-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 

4.05% Senior Notes due 2023 
 The
initial aggregate principal amount of this Global Security is $250,000,000. The following increases or decreases in this Global Security have been made: 

No:      
  

							
	 Date
	  	Principal Amount of this
Global Security	  	Notation Explaining
Principal Amount Recorded	  	Signature of authorized
officer of Trustee or
Depositary
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  
 B-7 

 MARSH & McLENNAN COMPANIES, INC. 

4.05% Senior Notes due 2023 

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein
sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”), dated as of July 15, 2011 between the Issuer
and The Bank of New York Mellon, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Third Supplemental Indenture, dated as of September 27, 2013, between the Issuer and the Trustee (the Base Indenture,
as so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders of the Notes. This series of Notes is initially limited in aggregate principal amount as specified in said Third Supplemental Indenture. This series of Notes and any Additional Notes of this series shall
constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the
date of issuance, the payment of interest accruing prior to the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number. 

The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to but excluding the redemption date: 

(a) If the redemption date is prior to July 15, 2023, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price equal
to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest
accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at then current Treasury Rate plus 25 basis points. 

(b) If the redemption date is on or after July 15, 2023, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price
equal to 100% of the principal amount of the Notes to be redeemed. 
 In case the Issuer shall desire to exercise such right to redeem all
or, as the case may be, a portion of the Notes, the Issuer shall, or shall cause the Trustee to, 

  
 B-8 

 
give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before
the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Note. 
 Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for
redemption and the applicable Redemption Price at which the Notes are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan,
the City and State of New York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except
that interest shall continue to accrue on any such Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the
holders of the Notes to be redeemed in whole or in part shall specify the particular Notes to be redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 

If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed
for redemption as to the aggregate principal amount of Notes to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a
portion or portions (equal to one thousand U.S. dollars ($1,000) or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly
notify the Issuer in writing of the numbers of the Notes to be redeemed, in whole or in part. 
 The Issuer may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in
this Note, such notice to be in the name of the Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver
or cause to be delivered 

  
 B-9 

 
to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions stated herein. 
 Subject to
Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed
portion of any such Notes being redeemed in part. 
 If the giving of notice of redemption shall have been completed as above provided, the
Notes or portions of the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after
the date fixed for redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 
 The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such
series voting together as a single class), as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders of the Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and
affected thereby (i) extend the fixed maturity of any Securities, including the Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the
redemption thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate
principal amount of the Securities of all series at the time Outstanding affected thereby (all such series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or
established pursuant to the Base Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such
affected series voting as a separate class. Any such consent or waiver by the registered holder of this Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners
of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
 B-10 

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

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes. The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have
the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such
series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) a
direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein.

 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder
hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the Borough of Manhattan, the City and State 

  
 B-11 

 
of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any
such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 

Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may
deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to
the contrary. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and subject to
certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused
“CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the
other identification numbers printed hereon. 

  
 B-12 

 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee
by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 B-13

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