EX-10.1





 Exhibit 10.1 

Twitter, Inc. 
 0%
Convertible Senior Notes Due 2026 
  

Purchase Agreement 

March 1, 2021 
 Goldman Sachs & Co.
LLC 
 J.P. Morgan Securities LLC 
 Morgan Stanley &
Co. LLC 
 As representatives of the several Purchasers 

named in Schedule I hereto, 
 c/o Goldman
Sachs & Co. LLC 
 200 West Street 

New York, New York 10282 
 c/o J.P. Morgan
Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 c/o Morgan
Stanley & Co. LLC 
 1585 Broadway 

New York, New York 10036 
 Ladies and Gentlemen:

 Twitter, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to
the Purchasers named in Schedule I hereto (the “Purchasers”), for whom you are acting as representatives (the “Representatives”), an aggregate of $1,250,000,000 principal amount of its 0% Convertible Senior Notes
due 2026 (the “Firm Securities”), and at the option of the Representatives on behalf of the Purchasers, up to an aggregate of $187,500,000 additional principal amount of 0% Convertible Senior Notes due 2026 (the “Optional
Securities”). The Firm Securities and the Optional Securities are herein collectively called the “Securities”. The Securities will be convertible into cash, shares (the “Underlying Shares”) of common stock
of the Company, par value $0.000005 per share (“Stock”) or a combination of cash and Underlying Shares, at the Company’s election. 

In connection with the offering of the Firm Securities, the Company is separately entering into convertible note hedge transactions and warrant transactions
with one or more counterparties, which may include the Purchasers or affiliates thereof (each, a “Call Spread Counterparty”), in each case pursuant to a convertible note hedge confirmation (a “Base Bond Hedge
Confirmation”) and a warrant confirmation (a “Base Warrant Confirmation”), respectively, each dated the date hereof (the Base Bond Hedge Confirmations and the Base Warrant Confirmations, collectively, the “Base Call
Spread Confirmations”), and in connection with the issuance of any Optional Securities, the Company and each Call Spread Counterparty may enter into additional convertible note hedge transactions and additional warrant transactions, in 












 each case pursuant to an additional convertible note hedge confirmation (an “Additional Bond Hedge
Confirmation”) and an additional warrant confirmation (an “Additional Warrant Confirmation”), respectively, each to be dated the date on which the option granted to the Purchasers pursuant to Section 2 hereof to
purchase such Optional Securities is exercised (the Additional Bond Hedge Confirmations and the Additional Warrant Confirmations, collectively, the “Additional Call Spread Confirmations” and, together with the Base Call Spread
Confirmations, the “Call Spread Confirmations”). 
 1. The Company represents and warrants to, and agrees with, each of the
Purchasers that: 
 (a) A preliminary offering memorandum, dated March 1, 2021 (the “Preliminary Offering
Memorandum”), and an offering memorandum, dated March 1, 2021 (the “Offering Memorandum”), have been prepared in connection with the offering of the Securities and Underlying Shares, if any, issuable upon conversion
thereof. The Preliminary Offering Memorandum, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(b)), is hereinafter referred to as the “Pricing Memorandum”. Any reference to the
Preliminary Offering Memorandum, the Pricing Memorandum or the Offering Memorandum shall be deemed to refer to and include all documents filed with the United States Securities and Exchange Commission (the “Commission”) pursuant to
Section 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or prior to the date of such memorandum and incorporated by reference therein and any reference to the Preliminary
Offering Memorandum or the Offering Memorandum, as the case may be, as amended or supplemented, as of any specified date, shall be deemed to include (i) any documents filed with the Commission pursuant to Section 13(a), 13(c) or 15(d) of
the Exchange Act after the date of the Preliminary Offering Memorandum or the Offering Memorandum, as the case may be, and prior to such specified date and (ii) any Additional Issuer Information (as defined in Section 5(f)) furnished by
the Company prior to the completion of the distribution of the Securities; and all documents filed under the Exchange Act and so deemed to be included in the Preliminary Offering Memorandum, the Pricing Memorandum or the Offering Memorandum, as the
case may be, or any amendment or supplement thereto are hereinafter called the “Exchange Act Reports” (provided that where only sections of such documents are specifically incorporated by reference, only such sections shall be
considered to be part of the Exchange Act Reports). The Exchange Act Reports, when they were or are filed with the Commission, conformed or will conform in all material respects to the applicable requirements of the Exchange Act and the applicable
rules and regulations of the Commission thereunder; and no such documents were filed with the Commission since the Commission’s close of business on the business day immediately prior to the date of this Agreement and prior to the execution of
this Agreement, except as set forth on Schedule II(a) hereof. The Preliminary Offering Memorandum and the Offering Memorandum and any amendments or supplements thereto did not and will not, as of their respective dates, contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a Purchaser through the Representatives expressly for use therein; 

  
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 (b) For the purposes of this Agreement, the “Applicable
Time” is 6:30 p.m. (Eastern time) on the date of this Agreement; the Pricing Memorandum as supplemented by the information set forth in Schedule III hereto, taken together (collectively, the “Pricing Disclosure Package”) as
of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
each Company Supplemental Disclosure Document (as defined in Section 6(a)(i)) listed on Schedule II(b) hereto and each Permitted General Solicitation Material (as defined in Section 6(a)(i)) listed on Schedule II(d) hereto) does not
conflict with the information contained in the Pricing Memorandum or the Offering Memorandum and each such Company Supplemental Disclosure Document and Permitted General Solicitation Material, as supplemented by and taken together with the Pricing
Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in a Company Supplemental Disclosure Document or Permitted General Solicitation Material in reliance upon and in conformity with
information furnished in writing to the Company by a Purchaser through the Representatives expressly for use therein; 
 (c)
Neither the Company nor any of its subsidiaries has sustained since the date of the latest audited financial statements included in the Pricing Memorandum any material loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, other than as set forth or contemplated in the Pricing Memorandum; and, since the respective dates as of which information is
given in the Pricing Memorandum, there has not been any change in the capital stock (other than as a result of the exercise of stock options, the vesting of restricted stock units or the granting of stock options or restricted stock units in the
ordinary course of business pursuant to the Company’s stock plans that are described in the Pricing Memorandum or the repurchase of shares of Stock either (i) pursuant to the stock repurchase program authorized by the Company’s board
of directors and disclosed in the Pricing Memorandum or (ii) which were issued pursuant to the early exercise of stock options by option holders or pursuant to agreements in connection with which the Company acquired businesses or assets from
third parties and are subject to repurchase by the Company) or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general
affairs, management, financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, other than, in each case, as set forth or contemplated in the Pricing Memorandum; 

(d) The Company and its subsidiaries do not own any real property. The Company and its subsidiaries have good and marketable
title to all personal property owned by them (other than with respect to Intellectual Property which is addressed exclusively in subsection (aa)), in each case free and clear of all liens, encumbrances and defects except such as are described in the
Pricing Memorandum or such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any real property and buildings
held under lease by the Company and its subsidiaries are held by them, to the Company’s knowledge, under valid, subsisting and enforceable leases (subject to the effects of (A) bankruptcy, insolvency, fraudulent conveyance, fraudulent
transfer, reorganization, moratorium or other similar laws relating to or affecting rights or remedies of creditors generally; (B) the application of general 

  
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principles of equity (including without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or
in equity); and (C) applicable law and public policy with respect to rights to indemnity and contribution) with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and
buildings by the Company and its subsidiaries; 
 (e) The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Memorandum, and has been duly qualified as a foreign
corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to be so
qualified or be in good standing would not individually or in the aggregate have a material adverse effect on the financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole (a
“Material Adverse Effect”); and each “significant subsidiary” of the Company (each, a “Significant Subsidiary”), as defined in Rule 1-02(w) of
Regulation S-X under the Securities Act of 1933, as amended (the “Act”), has been duly incorporated and is validly existing as a corporation in good standing under the laws of its jurisdiction
of incorporation or organization, to the extent that the concept of “good standing” is applicable under the laws of such jurisdiction, except where the failure to be so qualified or to be in good standing would not, individually or in the
aggregate, have a Material Adverse Effect; 
 (f) The Company has an authorized capitalization as set forth in the Pricing
Disclosure Package and the Offering Memorandum, and all of the issued shares of capital stock of the Company have been duly authorized and validly issued and are non-assessable; the Underlying Shares issuable
upon conversion of the Securities (assuming physical settlement of all conversions after taking into account the maximum make-whole adjustment under the Indenture) have been duly authorized and reserved for issuance upon conversion of the Securities
and, when issued and delivered in accordance with the provisions of the Securities and the Indenture referred to below, will be validly issued, fully paid and non-assessable and will conform in all material
respects to the description of the Stock contained in the Pricing Disclosure Package and the Offering Memorandum; and all of the issued shares of capital stock of each Significant Subsidiary of the Company have been duly authorized and validly
issued, are fully paid and non-assessable and (except for directors’ qualifying shares) are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims
except for such liens, encumbrances, equities or claims that would not reasonably be expected to have a Material Adverse Effect; 

(g) The Securities have been duly authorized by the Company and, when executed, authenticated, issued and delivered in
accordance with the indenture relating to the Securities to be dated as of March 4, 2021 (the “Indenture”) between the Company and U.S. Bank National Association, as Trustee (the “Trustee”), under which they
are to be issued, and delivered and paid for pursuant to this Agreement, will constitute valid and legally binding obligations of the Company entitled to the benefits provided by the Indenture, except as the enforcement thereof may be limited by
bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to
general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law); 

  
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 (h) The Indenture has been duly authorized by the Company and, when executed
and delivered by the Company and the Trustee, such Indenture will constitute a valid and legally binding instrument, enforceable against the Company in accordance with its terms and entitled to the benefits provided by the Indenture; and the
Securities and the Indenture will conform in all material respects to the descriptions thereof in the Pricing Disclosure Package and the Offering Memorandum, except as the enforcement thereof may be limited by bankruptcy, insolvency (including,
without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at law); 
 (i) Prior to the date hereof, the
Company, has not and to its knowledge none of its affiliates acting on its behalf, has taken any action which is designed to or which has constituted or which would reasonably have been expected to cause or result in stabilization or manipulation of
the price of any security of the Company in connection with the offering of the Securities; 
 (j) The issue and sale of the
Securities and the compliance by the Company with all of the provisions of the Securities, the Indenture, this Agreement and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the Certificate of Incorporation, Bylaws or similar organizational documents of the
Company or any of its subsidiaries, or (C) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except in the case
of (A) and (C) for such violations that would not individually or in the aggregate have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or
body is required for the issue and sale of the Securities or the consummation by the Company of the transactions contemplated by this Agreement, or the Indenture, except such consents, approvals, authorizations, orders, registrations or
qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Purchasers and listing of the Underlying Shares; 

(k) Neither the Company nor any of its subsidiaries is (A) in violation of its Certificate of Incorporation, Bylaws or
similar organizational documents or (B) in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which it is a party or by which it or any of its properties may be bound, except in the case of (B) for such defaults as would not, individually or in the aggregate have a Material Adverse Effect; 

  
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 (l) The statements set forth in the Pricing Memorandum and the Offering
Memorandum under the caption “Description of Notes” and “Description of Capital Stock”, insofar as they purport to constitute a summary of the terms of the Securities and the Stock, and under the captions, “Certain U.S.
Federal Income Tax Considerations”, and “Plan of Distribution”, insofar as they purport to describe the provisions of the laws and documents referred to therein, fairly and accurately summarize the matters set forth therein in all
material respects; 
 (m) Other than as set forth in the Pricing Memorandum, there are no legal or governmental proceedings
pending to which the Company or any of its subsidiaries is a party or, to the Company’s knowledge, of which any property or assets of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or any of
its subsidiaries, would individually or in the aggregate have a Material Adverse Effect; and, to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others; 

(n) When the Securities are issued and delivered pursuant to this Agreement, the Securities will not be of the same class
(within the meaning of Rule 144A under the Act (“Rule 144A”)) as securities which are listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation
system, and will be eligible for resale under Rule 144A; 
 (o) The Company is subject to Section 13 or 15(d) of the
Exchange Act; 
 (p) The Company is not, and after giving effect to the offering and sale of the Securities and the
application of the proceeds thereof as described in the Pricing Disclosure Package and the transactions contemplated by the Call Spread Confirmations, will not be, an “investment company”, as such term is defined in the United States
Investment Company Act of 1940, as amended (the “Investment Company Act”); 
 (q) This Agreement has been
duly authorized, executed and delivered by the Company; 
 (r) Neither the Company nor any person acting on its behalf (other
than the Purchasers, as to which no representation is made) has offered or sold the Securities by means of any general solicitation or general advertising within the meaning of Rule 502(c) under the Act (other than by means of a Permitted General
Solicitation, as defined below); 
 (s) Within the preceding six months, neither the Company nor any other person acting on
behalf of the Company has offered or sold to any person any Securities, or any securities of the same or a similar class as the Securities, other than Securities offered or sold to the Purchasers hereunder. The Company will take reasonable
precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Act) of any Securities or any substantially similar security issued by the Company, within six
months subsequent to the date on which the distribution of the Securities has been completed (as notified to the Company by the Representatives), is made under restrictions and other circumstances reasonably designed not to affect the status of the
offer and sale of the Securities in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration provisions of the Act; 

(t) PricewaterhouseCoopers LLP, who have certified certain financial statements of the Company and its subsidiaries, is an
independent registered public accounting firm as required by the Act and the rules and regulations of the Commission thereunder; 

  
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 (u) The Company maintains a system of internal control over financial
reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that is designed to comply with the requirements of the Exchange Act and has been designed by the Company’s principal executive
officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles as applied in the United States (“U.S. GAAP”). The Company’s internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control
over financial reporting; 
 (v) Since the date of the latest audited financial statements included or incorporated by
reference in the Pricing Memorandum, there has been no change in the Company’s internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company’s
internal control over financial reporting; 
 (w) The Company maintains disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) under the Exchange Act) that are designed to comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material
information relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective; 

(x) The financial statements of the Company, together with the related schedules and notes, included in each of the Pricing
Disclosure Package and the Offering Memorandum present fairly the financial position of the Company as of the dates indicated and the results of its operations and cash flows for the periods specified. Such financial statements have been prepared in
conformity with U.S. GAAP applied on a consistent basis throughout the periods involved; 
 (y) The Company and its
subsidiaries own or possess sufficient rights to use all patents, patent rights, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks, trade names and other intellectual property (collectively, “Intellectual Property”) used in, held for use in or necessary for the conduct of the business now operated by them, except where the
failure to own or possess any of the foregoing would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any written notice or claim alleging any infringement, misappropriation,
violation of or conflict with any such rights of others, except in each case as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by any party challenging the validity, scope, enforceability or ownership of any Intellectual
Property owned by the Company or its subsidiaries, and all Intellectual Property owned by the Company or its subsidiaries is owned solely by the Company or its subsidiaries, is valid and enforceable, and is owned free and clear of all liens,
encumbrances, defects or other restrictions. The Company and its subsidiaries have taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of all material trade secrets and confidential information owned,
used or held for use by the Company or any of its subsidiaries; 

  
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 (z) The Company and its subsidiaries have complied in all material respects
with their respective privacy policies and other legal obligations regarding the collection, use, transfer, storage, protection, disposal and disclosure by the Company and its subsidiaries of personal and user information gathered or accessed in the
course of their respective operations, and with respect to all such information, the Company and its subsidiaries have taken the steps reasonably necessary to protect such information against loss and against unauthorized access, use, modification,
disclosure or other misuse, and other than as set forth in the Pricing Memorandum, to the knowledge of the Company, there has been no unauthorized access to or other misuse of such information that would individually or in the aggregate reasonably
be expected to have a Material Adverse Effect; 
 (aa) Each employee benefit plan, within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of
corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the
requirements of any applicable statutes, orders, rules and regulations, including but not limited to, ERISA and the Code, except for such noncompliance, as would not, individually or in the aggregate have a Material Adverse Effect; 

(bb) The Company and its subsidiaries possess all licenses, permits, certificates and other authorizations from, and have made
all declarations and filings with, all governmental authorities, required or necessary to own or lease, as the case may be, and to operate their respective properties and to carry on their respective businesses as now or proposed to be conducted as
set forth in the Pricing Memorandum (“Permits”), except where the failure to obtain such Permits would not individually or in the aggregate have a Material Adverse Effect; the Company and its subsidiaries have fulfilled and
performed all of their respective obligations with respect to such Permits and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of
the holder of any such Permit except, in each case, as would not individually or in the aggregate have a Material Adverse Effect; 

(cc) Except as described in or incorporated by reference into the Pricing Memorandum, there are no contracts, agreements or
understandings between the Company or any subsidiary and any person granting such person the right to require the Company or any subsidiary to file a registration statement under the Act with respect to any securities of the Company or any
subsidiary; 
 (dd) The Company and each of its subsidiaries have filed all U.S. federal, state, local and foreign tax
returns required to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, individually or in the aggregate, have a Material Adverse Effect) and have paid all taxes required to
be paid thereon (except for cases in which the failure to file or pay would not, individually or in the aggregate, have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP
have been created in the financial statements of the Company), and no unpaid tax deficiency has been determined adversely to the Company or any of its subsidiaries which has had a Material Adverse Effect; neither the Company nor any of its
subsidiaries have notice or knowledge of any unpaid tax deficiency which is reasonably expected to be determined adversely to the Company or its subsidiaries and would reasonably be expected to have a Material Adverse Effect; 

  
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 (ee) The Company and its subsidiaries (i) are in compliance with any
and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances, wastes or materials, pollutants or contaminants
(“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and
conditions of any such permit, license or approval, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the
terms and conditions of such permits, licenses or approvals would not individually or in the aggregate have a Material Adverse Effect; 

(ff) There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or
operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties) which would individually or in the aggregate have a Material Adverse Effect; 
 (gg) The
Company and its subsidiaries taken as a whole are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which they are
engaged; 
 (hh) Neither the Company nor any of its subsidiaries, nor any director or executive officer thereof, nor, to the
Company’s knowledge, any affiliate of the Company or any of its subsidiaries or any employee, agent or representative of the Company or of any of its subsidiaries or affiliates, has taken any action in furtherance of an offer, payment, promise
to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to corruptly influence
official action or secure an improper advantage for the Company; and the Company and its subsidiaries have conducted their businesses in compliance in all material respects with applicable anti-corruption laws, including the Foreign Corrupt
Practices Act of 1977, as amended, and have instituted and maintain policies and procedures designed to promote and achieve compliance with such laws in all material respects; 

(ii) The operations of the Company and its subsidiaries are conducted in material compliance with all applicable financial
recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT
Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened; 

  
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 (jj) (A) Neither the Company nor any of its subsidiaries, nor any
director or executive officer thereof, nor, to the Company’s knowledge, any employee, agent, affiliate or representative of the Company or any of its subsidiaries, is an individual or entity (“Person”) that is, or is owned or
controlled by a Person that is: 
 (1) the subject of any sanctions administered or enforced by the Office of Foreign Assets
Control (“OFAC”) (collectively, “Sanctions”), nor 
 (2) located, organized or resident in
a country or territory that is the subject of Sanctions (including, without limitation, Cuba, Crimea, Iran, North Korea and Syria); 

(B) The Company will not, directly or indirectly, knowingly use the proceeds of the offering, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other Person: 
 (1) to fund or facilitate any
activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or 

(2) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the
offering, whether as underwriter, advisor, investor or otherwise); and 
 (C) For the past 5 years, the Company and its
subsidiaries have not knowingly engaged in, are not now knowingly engaged in and will not knowingly engage in any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the
subject of Sanctions; and 
 (kk) There are no debt securities or preferred stock of, or guaranteed by, the Company that are
rated by a “nationally recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act. 

2. Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Purchasers, and each of
the Purchasers agrees, severally and not jointly, to purchase from the Company, at a purchase price of (i) 99.0% of the principal amount of the Securities (the “Purchase Price”), the principal amount of Securities set
forth opposite the name of such Purchaser in Schedule I hereto, and (b) in the event and to the extent that the Purchasers shall exercise the election to purchase Optional Securities as provided below, the Company agrees to issue and sell to
each of the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the Company, at the Purchase Price set forth in clause (a) of this Section 2, that portion of the aggregate principal amount of the
Optional Securities as to which such election shall have been exercised (to be adjusted by the Representatives so as to eliminate fractions of $1,000), determined by multiplying such aggregate principal amount of Optional Securities by a fraction,
the numerator of which is the maximum aggregate principal amount of Optional Securities that such Purchaser is entitled to purchase as set forth opposite the name of such Purchaser in Schedule I hereto and the denominator of which is the maximum
aggregate principal amount of Optional Securities that all of the Purchasers are entitled to purchase hereunder. 

  
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 The Company hereby grants to the Purchasers the right to purchase at their option up to
$187,500,000 aggregate principal amount of Optional Securities, solely to cover over-allotments, at the purchase price set forth in clause (a) of the first paragraph of this Section 2. Any such election to purchase Optional Securities may
be exercised by written notice from the Representatives on behalf of the Purchasers to the Company setting forth the aggregate principal amount of each series of Optional Securities to be purchased and the date on which such Optional Securities are
to be delivered, as determined by the Representatives but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless the Representatives and the Company otherwise agree in writing, earlier than two or later
than five New York Business Days (as defined below) after the date of such notice, provided, however, that any Subsequent Time of Delivery (as defined in Section 4 hereof) must occur during the
thirteen-day period from, and including, the First Time of Delivery (such period, the “Option Period”). 

3. Upon the authorization by the Company of the release of the Securities, the several Purchasers propose to offer the Securities for sale
upon the terms and conditions set forth in this Agreement and the Offering Memorandum and each Purchaser, acting severally and not jointly, hereby represents and warrants to, and agrees with the Company that: 

(a) it will sell the Securities only to persons who it reasonably believes are “qualified institutional buyers”
(“QIBs”) within the meaning of Rule 144A under the Act in transactions meeting the requirements of Rule 144A; 

(b) It is a QIB within the meaning of Rule 144A under the Act or an Institutional Accredited Investor, within the meaning of
Rule 501(a) under the Act; and 
 (c) Neither it nor any of its affiliates or any other person acting on its or their behalf
will solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of
Section 4(1)(2) of the Securities Act. 
 4. (a) The Securities to be purchased by each Purchaser hereunder will be represented by
definitive global Securities in book-entry form which will be deposited by or on behalf of the Company with The Depository Trust Company (“DTC”) or its designated custodian. The Company will deliver the Securities to the
Representatives, for the account of each Purchaser, against payment by or on behalf of such Purchaser of the purchase price therefor by wire transfer of Federal (same day) funds, by causing DTC to credit the Securities to the account of Goldman
Sachs & Co. LLC at DTC. The Company will cause the certificates representing the Securities to be made available to the Representatives for checking at least twenty-four hours prior to each Time of Delivery (as defined below) at the office
of Davis Polk & Wardwell LLP, 1600 El Camino Real, Menlo Park, California 94025 (the “Closing Location”). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on March 4, 2021 or such
other time and date as the Representatives and the Company may agree upon in writing, and with respect to the Optional Securities, 9:30 a.m. New York City time, on the date specified by the Representatives in the written notice given by the
Representatives of the Purchasers’ election to purchase such Optional Securities, or such other time and date as the Representatives and the Company may agree upon in writing; provided, however, that such delivery date must be at least two New
York Business Days (as defined below) after such written notice is given and may not be earlier than the First Time of Delivery (as defined below) nor later than five New York Business Days (as defined below) after the date of such notice; provided
further, that solely with respect to an Optional Securities written notice that is delivered prior to the First Time of Delivery, the related Time of Delivery (as defined below) must be at least one New York Business Day after the written notice is
given and must occur during the Option Period. Such time and date for delivery of the Firm Securities are herein called the “First Time of Delivery”, any such time and date for delivery of the Optional Securities, if not the First
Time of Delivery, are herein called a “Subsequent Time of Delivery”, and each such time and date for delivery are herein called a “Time of Delivery”. 

  
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 (b) The documents to be delivered at each Time of Delivery by or on behalf
of the parties hereto pursuant to Section 8 hereof, including the cross-receipt for the Securities and any additional documents requested by the Purchasers pursuant to Section 8(k) hereof, will be delivered at such time and date at the
Closing Location, and the Securities will be delivered at the office of DTC (or its designated custodian), all at such Time of Delivery. A meeting will be held at the Closing Location at 5:00 p.m., New York City time, on the New York Business Day
next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, “New
York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close. 

5. The Company agrees with each of the Purchasers: 

(a) To prepare the Offering Memorandum in a form approved by the Representatives; to make no amendment or any supplement to the
Offering Memorandum which shall be disapproved by the Representatives promptly after reasonable notice thereof; and to furnish the Purchasers with copies thereof; 

(b) Promptly from time to time to take such action as the Representatives may reasonably request to qualify the Securities and
the Underlying Securities for offering and sale under the securities laws of such jurisdictions as the Representatives may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such
jurisdictions for as long as may be necessary to complete the distribution of the Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of
process in any jurisdiction or subject itself to taxation in such jurisdiction in which it was not otherwise subject to taxation as a foreign corporation; 

(c) To furnish the Purchasers with written and electronic copies of the Offering Memorandum and any amendment or supplement
thereto in such quantities as the Representatives may from time to time reasonably request, and if, at any time prior to the expiration of nine months after the date of the Offering Memorandum, any event shall have occurred as a result of which the
Offering Memorandum as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made when such Offering Memorandum is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Offering Memorandum, to notify the Representatives and upon their request to
prepare and furnish without charge to each Purchaser and to any dealer in securities (whose name and address the Purchasers shall furnish to the Company) as many written and electronic copies as they may from time to time reasonably request of an
amended Offering Memorandum or a supplement to the Offering Memorandum which will correct such statement or omission or effect such compliance; 

  
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 (d) During the period beginning from the date hereof and continuing until
the date that is 60 days after the date of the Offering Memorandum, not to (i) offer, issue, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file
with the Commission a registration statement under the Act relating to any securities of the Company that are substantially similar to the Securities or the Stock, including but not limited to any options or warrants to purchase shares of Stock or
any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or
(ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is
to be settled by delivery of Stock or such other securities, in cash or otherwise, without the prior written consent of the Representatives; provided, however, that the foregoing restrictions shall not apply to (a) the issuance of
Securities to be sold hereunder, the issuance of Underlying Shares upon the conversion of the Securities, and the entry into, or the issuance by the Company of any Stock upon settlement or termination of, the warrant transactions evidenced by the
Base Warrant Confirmations and any Additional Warrant Confirmations, (b) the issuance by the Company of shares of Common Stock upon the exercise of an option or warrant, the settlement of restricted stock units or the conversion or exchange of
convertible or exchangeable securities outstanding as of the date of this Agreement and described in the Pricing Memorandum, (c) the issuance by the Company of shares of Common Stock or securities convertible into, exchangeable for or that
represent the right to receive shares of Common Stock, in each case pursuant to the Company’s stock plans that are described in the Pricing Memorandum, (d) the issuance by the Company of shares of Common Stock or securities convertible
into, exchangeable for or that represent the right to receive shares of Common Stock in connection with (i) the acquisition by the Company or any of its subsidiaries of the securities, business, technology, property or other assets of another
person or entity or pursuant to an employee benefit plan assumed by the Company in connection with such acquisition, and the issuance of any such securities pursuant to any such agreement, or (ii) the Company’s joint ventures, commercial
relationships and other strategic transactions or (e) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to the Company’s stock plans that
are described in the Pricing Memorandum or any assumed employee benefit plan contemplated by clause (d); provided that the aggregate number of shares of Common Stock that the Company may sell or issue or agree to sell or issue pursuant to
clause (d) shall not exceed 10% of the total number of shares of Common Stock outstanding immediately following the completion of the transactions contemplated by this Agreement; and provided, further, that in the case of clause
(d), (i) that each recipient of any such securities issued pursuant thereto shall agree to transfer restrictions substantially to the effect set forth in Annex B hereto and (ii) the Company shall enter stop transfer instructions with the
Company’s transfer agent and registrar on such securities, which the Company agrees it will not waive or amend without the Representatives’ prior written consent; 

(e) Not to be or become, at any time prior to the expiration of two years after the First Time of Delivery, an open-end investment company, unit investment trust, closed-end investment company or face-amount certificate company that is or is required to be registered under
Section 8 of the Investment Company Act; 
 (f) At any time when the Company is not subject to Section 13 or 15(d)
of the Exchange Act, for the benefit of holders from time to time of Securities, to furnish at its expense, upon request, to holders of Securities and prospective purchasers of Securities designated by such holders, information (the
“Additional Issuer Information”) satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the Act; 

  
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 (g) To furnish to the holders of the Securities as soon as practicable after
the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as
practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the date of the Offering Memorandum), to make available to its stockholders consolidated summary financial information
of the Company and its subsidiaries for such quarter in reasonable detail; provided that the Company may satisfy the requirements of this subsection (g) by electronically filing such reports or information through EDGAR as long as the
Company files all reports required under Section 13 or 15(d) of the Exchange Act; 
 (h) The Company will not, and will
not permit any of its controlled “affiliates” (as defined in Rule 144 under the Act) to, resell any of the Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them (other than
pursuant to a registration statement that has been declared effective under the Act) for a period of one (1) year after the last date of issuance of such Securities; 

(i) To use the net proceeds received by the Company from the sale of the Securities pursuant to this Agreement in the manner
specified in the Pricing Memorandum under the caption “Use of Proceeds”; 
 (j) To reserve and keep available at
all times, free of preemptive rights, shares of Stock for the purpose of enabling the Company to satisfy any obligations to issue shares of its Stock upon conversion of the Securities; and 

(k) To use its reasonable best efforts to list for trading, subject to notice of issuance, the Underlying Securities on the New
York Stock Exchange. 
 6. (a) (i) The Company represents and agrees that, without the prior consent of the Representatives, it and its
affiliates and any other person acting on its or their behalf (other than the Purchasers, as to which no statement is given) (x) have not made and will not make any offer relating to the Securities that, if the offering of the Securities
contemplated by this Agreement were conducted as a public offering pursuant to a registration statement filed under the Act with the Commission, would constitute an “issuer free writing prospectus”, as defined in Rule 433 under the Act
(any such offer is hereinafter referred to as a “Company Supplemental Disclosure Document”) and (y) have not solicited and will not solicit offers for, and have not offered or sold and will not offer or sell, the Securities by
means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D other than any such solicitation listed on Schedule II(d) (each such solicitation, a “Permitted General
Solicitation”; each written general solicitation document listed on Schedule II(d), a “Permitted General Solicitation Material”); 

(ii) each Purchaser, severally and not jointly, represents and agrees that, without the prior consent of the Company and the
Representatives, other than one or more term sheets relating to the Securities containing customary information and conveyed to purchasers of securities or any Permitted General Solicitation Material, it has not made and will not make any offer
relating to the Securities that, if the offering of the Securities contemplated by this Agreement were conducted as a public offering pursuant to a registration statement filed under the Act with the Commission, would constitute a “free writing
prospectus”, as defined in Rule 405 under the Act (any such offer (other than any such term sheets and any Permitted General Solicitation Material), is hereinafter referred to as a “Purchaser Supplemental Disclosure Document”); and


  
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 (iii) any Company Supplemental Disclosure Document, Purchaser Supplemental
Disclosure Document or Permitted General Solicitation Material, the use of which has been consented to by the Company and the Representatives, is listed as applicable on Schedule II(b), Schedule II(c) or Schedule II(d) hereto, respectively. 

7. The Company covenants and agrees with the several Purchasers that the Company will pay or cause to be paid the following: (i) the fees,
disbursements and expenses of the Company’s counsel and accountants in connection with the issue of the Securities and the Underlying Securities and all other expenses in connection with the preparation, printing, reproduction and filing of the
Preliminary Offering Memorandum and the Offering Memorandum and any amendments and supplements thereto and the mailing and delivering of copies thereof to the Purchasers and dealers; (ii) the cost of printing or producing any Agreement among
Purchasers, this Agreement, the Indenture, the Securities, closing documents (including any compilations thereof), Permitted General Solicitation Materials and any other documents in connection with the offering, purchase, sale and delivery of the
Securities; (iii) all expenses in connection with the qualification of the Securities and the Underlying Securities for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonably documented
fees and disbursements of one counsel in each jurisdiction for the Purchasers in connection with such qualification and in connection with the Blue Sky and legal investment surveys (such fees not to exceed $10,000); (iv) any fees charged by
securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection
with the Indenture and the Securities; (vii) any cost incurred in connection with the listing of the Underlying Securities; (viii) any other costs and expenses related to the transfer and delivery of the Securities to the Purchasers,
including any transfer taxes or other taxes payable thereon; and (ix) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood,
however, that, except as provided in this Section, and Sections 9 and 12 hereof, the Purchasers will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them, and any
advertising expenses connected with any offers they may make. 
 8. The obligations of the Purchasers hereunder shall be subject, in their
discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of each Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations
hereunder theretofore to be performed, and the following additional conditions: 
 (a) Davis Polk & Wardwell LLP,
counsel for the Purchasers, shall have furnished to the Representatives such written opinion or opinions, dated such Time of Delivery, with respect to such matters as they may reasonably request, in form and substance satisfactory to the
Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters; 

(b) Wilson Sonsini Goodrich & Rosati, Professional Corporation, counsel for the Company, shall have furnished to the
Representatives such written opinion or opinions, dated such Time of Delivery, in form and substance reasonably satisfactory to the Representatives; 

  
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 (c) On the date of this Agreement and also at each Time of Delivery,
PricewaterhouseCoopers LLP shall have furnished to the Representatives a letter or letters, dated the respective dates of delivery thereof (the executed copy of the letter delivered on the date of this Agreement is attached as Annex A hereto) and
the bring-down letter to be delivered at each Time of Delivery shall be in form and substance reasonably satisfactory to the Representatives; 

(d) (i) The Company and its subsidiaries, taken as a whole, shall not have sustained since the date of the latest audited
financial statements included in the Pricing Memorandum any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth or contemplated in the Pricing Memorandum, and (ii) since the respective dates as of which information is given in the Pricing Memorandum there shall not have been any change in the capital stock (other
than as a result of the exercise of stock options, the vesting of restricted stock units or the granting of stock options or restricted stock units in the ordinary course of business pursuant to the Company’s stock plans that are described in
the Pricing Memorandum or the repurchase of any shares of Stock either (i) pursuant to the stock repurchase program authorized by the Company’s board of directors and disclosed in the Pricing Memorandum or (ii) which were issued
pursuant to the early exercise of stock options by option holders or pursuant to agreements in connection with which the Company acquired businesses or assets from third parties and are subject to repurchase by the Company) or long-term debt of the
Company or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of operations of the Company and its
subsidiaries, taken as a whole, otherwise than as set forth or contemplated in the Pricing Memorandum, the effect of which, in any such case described in clause (i) or (ii), is in the Representatives’ judgment so material and adverse as to
make it impracticable or inadvisable to proceed with the offering or the delivery of the Securities being delivered at such Time of Delivery on the terms and in the manner contemplated in this Agreement and in each of the Pricing Disclosure Package
and the Offering Memorandum; 
 (e) On or after the Applicable Time there shall not have occurred any of the following:
(i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange; (ii) a suspension or material limitation in trading in the Company’s securities on the New York Stock Exchange; (iii) a
general moratorium on commercial banking activities declared by either Federal, New York State or California State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States;
(iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political
or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Representatives’ judgment makes it impracticable or inadvisable to proceed with the offering or the delivery
of the Securities being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Disclosure Package and the Offering Memorandum; 

(f) The Underlying Securities shall have been duly listed, subject to notice of issuance, on the New York Stock Exchange; 

(g) The Company shall have obtained and delivered to the Purchasers executed copies of a
lock-up agreement in the form attached hereto as Annex B from each of the parties listed on Schedule I thereto; 

  
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 (h) The chief financial officer of the Company shall have furnished to the
Representatives a certificate, dated as of such Time of Delivery, in form and substance reasonably satisfactory to the Representatives; 

(i) The Purchasers shall have received an executed original copy of the Indenture; 

(j) The Securities shall be eligible for clearance and settlement through the facilities of DTC; and 

(k) The Company shall have furnished or caused to be furnished to the Representatives at such Time of Delivery certificates of
officers of the Company reasonably satisfactory to Representatives as to the accuracy of the representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations
hereunder to be performed at or prior to such Time of Delivery, as to the matters set forth in subsection (d) of this Section and as to such other matters as the Representatives may reasonably request. The officer(s) signing and furnishing such
certificate(s) may rely on his or her knowledge as to proceedings threatened. 
 9. (a) The Company will indemnify and hold harmless each
Purchaser against any losses, claims, damages or liabilities, joint or several, to which such Purchaser may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Preliminary Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure Package, the Offering Memorandum, or any amendment or supplement
thereto, any Company Supplemental Disclosure Document, any Permitted General Solicitation Material or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not
misleading, and will reimburse each Purchaser for any legal or other expenses reasonably incurred by such Purchaser in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the
Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary Offering
Memorandum, the Pricing Memorandum, the Pricing Disclosure Package, the Offering Memorandum or any amendment or supplement thereto, any Company Supplemental Disclosure Document or any Permitted General Solicitation Material, in reliance upon and in
conformity with written information furnished to the Company by any Purchaser through the Representatives expressly for use therein. 

(b) Each Purchaser, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages
or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in any Preliminary Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure Package, the Offering Memorandum, or any amendment or supplement thereto, or any Company Supplemental Disclosure Document, any
Permitted General Solicitation Material or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged omission was made in any Preliminary Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure Package, the Offering


  
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Memorandum or any such amendment or supplement, any Company Supplemental Disclosure Document or any Permitted General Solicitation Material, in reliance upon and in conformity with written
information furnished to the Company by such Purchaser through the Representatives expressly for use therein; and each Purchaser will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with
investigating or defending any such action or claim as such expenses are incurred. 
 (c) Promptly after receipt by an
indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the
indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection unless and to the
extent it has been materially prejudiced through the forfeiture by the indemnifying party of substantial rights and defenses. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection
with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure
to act, by or on behalf of any indemnified party. 
 (d) If the indemnification provided for in this Section 9 is
unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Purchasers on the other from the offering of the Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the
notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Company on the one hand and the Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative benefits received by the Company on the one 

  
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hand and the Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total
discounts and commissions received by the Purchasers, in each case as set forth in the Offering Memorandum. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Purchasers on the other and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The Company and the Purchasers agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Purchasers were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities purchased by
it pursuant to this Agreement and distributed to investors were offered to investors exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. The Purchasers’ obligations in this subsection (d) to contribute are several in proportion to their respective purchase obligations and not joint. 

(e) The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may
otherwise have and shall extend, upon the same terms and conditions, to each officer and director of each Purchaser and each person, if any, who controls any Purchaser within the meaning of the Act and each broker-dealer affiliate of each Purchaser;
and the obligations of the Purchasers under this Section 9 shall be in addition to any liability which the respective Purchasers may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the
Company and to each person, if any, who controls the Company within the meaning of the Act. 
 10. (a) If any Purchaser shall default in its
obligation to purchase the Securities which it has agreed to purchase hereunder, the Representatives may in their discretion arrange for another party or other parties to purchase such Securities on the terms contained herein at the applicable Time
of Delivery. If within thirty-six hours after such default by any Purchaser the Representatives do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Securities on such terms. In the event that, within the respective prescribed
periods, the Representatives notify the Company that they have so arranged for the purchase of such Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Securities, the Representatives or the
Company shall have the right to postpone such Time of Delivery for a period of not more than five days (provided, that any Subsequent Time of Delivery must occur during the Option Period (after giving effect to any such postponement)) in order to
effect whatever changes may thereby be made necessary in the Offering Memorandum, or in any other documents or arrangements, and the Company agrees to prepare promptly any amendments or supplements to the Offering Memorandum which in the opinion of
the Representatives may thereby be made necessary. The term “Purchaser” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with
respect to such Securities. 

  
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 (b) If, after giving effect to any arrangements for the purchase of the
Securities of a defaulting Purchaser or Purchasers by the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of such Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities to be purchased at such Time of Delivery, then the Company shall have the right to require each
non-defaulting Purchaser to purchase the principal amount of Securities which such Purchaser agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Purchaser to purchase its pro rata share (based on the principal amount of Securities which such Purchaser agreed to purchase hereunder) of the Securities of such defaulting Purchaser or Purchasers
for which such arrangements have not been made; but nothing herein shall relieve a defaulting Purchaser from liability for its default. 

(c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Purchaser or Purchasers by
the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of
all the Securities to be purchased at such Time of Delivery, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Purchasers to purchase Securities of
a defaulting Purchaser or Purchasers, then this Agreement (or, with respect to a Subsequent Time of Delivery, the obligation of the Purchasers to purchase and of the Company to sell the Optional Securities) shall thereupon terminate, without
liability on the part of any non-defaulting Purchaser or the Company, except for the expenses to be borne by the Company and the Purchasers as provided in Section 7 hereof and the indemnity and
contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Purchaser from liability for its default. 

11. The respective indemnities, agreements, representations, warranties and other statements of the Company and the several Purchasers, as set
forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any
Purchaser or any controlling person of any Purchaser, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Securities. 

12. If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any
Purchaser except as provided in Sections 7 and 9 hereof; but, if for any other reason (other than those set forth in clauses (i), (iii), (iv) or (v) of Section 8(e)), the Securities are not delivered by or on behalf of the Company as
provided herein, the Company will reimburse the Purchasers through the Representatives for all documented out-of-pocket expenses approved in writing by the
Representatives, including fees and disbursements of counsel, reasonably incurred by the Purchasers in making preparations for the purchase, sale and delivery of the Securities, but the Company shall then be under no further liability to any
Purchaser except as provided in Sections 7 and 9 hereof. 
 13. In all dealings hereunder, the Representatives shall act on behalf of each of
the Purchasers, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Purchaser made or given by the Representatives. 

  
 20 













 All statements, requests, notices and agreements hereunder shall be in writing, and if to
the Purchasers shall be delivered or sent by mail or facsimile transmission to the Representatives at Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department; J.P. Morgan Securities LLC,
383 Madison Avenue, New York, New York 10179 (fax: (212) 622-8358), Attention: Equity Syndicate Desk; and Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Convertible Debt
Syndicate Desk, with a copy to the Legal Department and if to the Company shall be delivered or sent by mail or facsimile transmission to the address of the Company set forth in the Offering Memorandum, Attention: General Counsel; and if to any
stockholder that has delivered a lock-up letter described in Section 8(g) hereof shall be delivered or sent by mail to his, her or its respective address provided in Section III hereto or such other
address as such stockholder provides in writing to the Company; provided, however, that any notice to a Purchaser pursuant to Section 9 hereof shall be delivered or sent by mail or facsimile transmission to such Purchaser at its address set
forth in its Purchasers’ Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof. 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as
well as other information that will allow the Purchasers to properly identify their respective clients. 
 14. This Agreement shall be
binding upon, and inure solely to the benefit of, the Purchasers, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Purchaser, and their
respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Purchaser shall be deemed a successor or
assign by reason merely of such purchase. 
 15. Time shall be of the essence of this Agreement. 

16. The Company acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Purchasers, on the other, (ii) in connection therewith and with the process leading to such transaction each
Purchaser is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Purchaser has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the
process leading thereto (irrespective of whether such Purchaser has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement and (iv) the
Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company agrees that it will not claim that the Purchasers, or any of them, has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. None of the activities of any of the Purchasers in connection with the transactions contemplated herein shall constitute a recommendation,
investment advice, or solicitation of any action by any of the Purchasers with respect to any entity or natural person. 
 17. This Agreement
supersedes all prior agreements and understandings (whether written or oral) between the Company and the Purchasers, or any of them, with respect to the subject matter hereof. 

  
 21 













 18. THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. The Company agrees that any suit or
proceeding arising in respect of this agreement or our engagement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in
the City and County of New York and the Company agrees to submit to the jurisdiction of, and to venue in, such courts. 
 19. The Company and
each Purchaser hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be
an original, but all such respective counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and
be valid and effective for all purposes. 
 21. Notwithstanding anything herein to the contrary, the Company (and the Company’s
employees, representatives, and other agents) are authorized to disclose to any and all persons, the tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided
to the Company relating to that treatment and structure, without the Purchasers’ imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence
shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax treatment” means U.S. federal and state income tax treatment, and “tax structure” is limited to any facts that
may be relevant to that treatment. 
 22. Recognition of the U.S. Special Resolution Regimes. 

(a) In the event that any Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from such Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any
such interest and obligation, were governed by the laws of the United States or a state of the United States. 
 (b) In the event that any
Purchaser that is a Covered Entity or a BHC Act Affiliate of such Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Purchaser are permitted to be
exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

(c) As used in this section: 

“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12
U.S.C. § 1841(k). 
 “Covered Entity” means any of the following: 

  
 22 













 (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); 
 (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or 
 (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
§§ 252.81, 47.2 or 382.1, as applicable. 
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

  
 23 













 If the foregoing is in accordance with your understanding, please sign and return to us
three counterparts hereof, and upon the acceptance hereof by the Representatives, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement among each of the Purchasers and the Company. It is
understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company for examination upon request, but
without warranty on your part as to the authority of the signers thereof. 
 [Signature Page Follows] 

  
 24 













 
			
	 Very truly yours,
 TWITTER,
INC.

		
	By:	 	 /s/ Ned Segal

		 	 Name: Ned Segal
 Title: Chief Financial
Officer



  

			
	 Accepted as of the date hereof:

Goldman Sachs & Co. LLC

		
	By:	 	 /s/ Mike Voris

		 	 Name: Mike Voris
 Title: Partner Managing
Director

	
	J.P. Morgan Securities LLC
		
	By:	 	 /s/ Zach Rosen

		 	 Name: Zach Rosen
 Title: Vice
President

	
	Morgan Stanley & Co. LLC
		
	By:	 	 /s/ Kyle A. Corcoran

		 	 Name: Kyle A. Corcoran
 Title: Executive
Director


 On behalf of each of the Purchasers 

[Signature Page to Purchase Agreement] 

  
 25 













 SCHEDULE I 

 

					
	 Purchaser
	  	Principal Amount
of Securities to be
Purchased	 
	 Goldman Sachs & Co. LLC
	  	$	 437,500,000	 
	 J.P. Morgan Securities LLC
	  	 	387,500,000	 
	 Morgan Stanley & Co. LLC
	  	 	200,000,000	 
	 BofA Securities, Inc.
	  	 	81,250,000	 
	 Wells Fargo Securities, LLC
	  	 	81,250,000	 
	 Allen & Company LLC
	  	 	62,500,000	 
	 Total
	  	$	1,250,000,000	 
		  	  
	  
	 


  
 26 













 SCHEDULE II 
  

	(a)	 Additional Documents Incorporated by Reference: 



None. 
  

	(b)	 Company Supplemental Disclosure Documents: 



Term Sheet setting forth the final terms of the Securities, substantially in the form attached hereto as Schedule III. 

 

	(c)	 Purchaser Supplemental Disclosure Documents: 



None. 
  

	(d)	 Permitted General Solicitation Materials: 



None 

  
 27 













 SCHEDULE III 

[Term Sheet] 

  
 28 














			
	 PRICING TERM SHEET
  

DATED MARCH 1, 2021
	 	STRICTLY CONFIDENTIAL

  
 



 
 TWITTER, INC. 

$1,250,000,000 0% CONVERTIBLE SENIOR NOTES DUE 2026 

The information in this pricing term sheet supplements Twitter, Inc.’s preliminary offering memorandum, dated March 1, 2021 (the “Preliminary
Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. In all other respects, this term sheet is qualified in its
entirety by reference to the Preliminary Offering Memorandum, including all other documents incorporated by reference therein. References to “we,” “our” and “us” refer to Twitter, Inc. and not to its consolidated
subsidiaries. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. All references to dollar amounts are references to U.S. dollars. 

 

			
	Issuer:	  	Twitter, Inc.
		
	Ticker/Exchange for Common Stock:	  	“TWTR”/The New York Stock Exchange.
		
	Securities:	  	0% Convertible Senior Notes due 2026 (the “notes”).
		
	Principal Amount:	  	$1,250,000,000.
		
	Option to Purchase Additional Notes:	  	$187,500,000.
		
	Denominations:	  	$1,000 and multiples of $1,000 in excess thereof.
		
	Ranking:	  	Senior unsecured.
		
	Maturity:	  	March 15, 2026, unless earlier repurchased or converted.
		
	No Redemption at Our Option:	  	We may not redeem the notes at our option prior to the relevant maturity date, and no “sinking fund” is provided for the notes.
		
	No Regular Interest; Special Interest:	  	 The notes will not accrue interest, and the principal amount of the notes will not accrete.

 
 We will pay special interest, if any, at our election as the sole remedy relating to the
failure to comply with our reporting obligations as described under “Description of Notes—Events of Default” and under the circumstances described in “Description of Notes—No Registration Rights; Additional Interest” in
the Preliminary Offering Memorandum.
  
 In no event shall special interest accrue at a
rate in excess of 0.50% per annum pursuant to the indenture governing the notes, regardless of the number of events or circumstances giving rise to the requirement to pay such special
interest.















			
		
	Fundamental Change:	  	If a “fundamental change” (as defined in the Preliminary Offering Memorandum under the caption “Description of Notes—Fundamental Change Permits Holders to Require Us to Repurchase Notes”) occurs at any time
prior to the relevant maturity date, subject to certain conditions, holders will have the right, at their option, to require us to repurchase for cash all of their notes, or any portion of the principal amounts thereof that is equal to $1,000 or a
multiple of $1,000. The fundamental change repurchase price we are required to pay will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest to, but excluding, the fundamental
change repurchase date.
		
	Issue Price:	  	100% of principal.
		
	Last Reported Sale Price of Our Common Stock on March 1, 2021:	  	$77.63 per share.
		
	Initial Conversion Rate:	  	7.6905 shares of common stock per $1,000 principal amount of notes, subject to adjustment.
		
	Initial Conversion Price:	  	Approximately $130.03 per share, subject to adjustment.
		
	Conversion Premium:	  	Approximately 67.5% above the last reported sale price of our common stock on March 1, 2021.
		
	Settlement Method:	  	Cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, as described in the Preliminary Offering Memorandum.
		
	Joint Book-Running Managers:	  	 Goldman Sachs & Co. LLC
 J.P. Morgan
Securities LLC
 Morgan Stanley & Co. LLC
 BofA
Securities, Inc.
 Wells Fargo Securities, LLC

		
	Co-Manager:	  	Allen & Company LLC
		
	Pricing Date:	  	March 1, 2021.
		
	Trade Date:	  	March 2, 2021.
		
	Expected Settlement Date:	  	March 4, 2021 (T+2).
		
	CUSIP Number (144A):	  	90184L AM4
		
	ISIN (144A):	  	US90184LAM46
		
	Listing:	  	None.
		
	Convertible Note Hedge and Warrant Transactions:	  	In connection with the pricing of the notes, we entered into convertible note hedge transactions with certain of the initial purchasers or their affiliates or other financial institutions, whom we refer to as the option
counterparties. The convertible note hedge transactions are expected to reduce the potential dilution to our common stock upon conversion of the notes and/or offset any cash payments we are required to make in excess of the principal amount of
converted notes, as the case may be. We also entered into warrant transactions with the option counterparties. However, the warrant transactions could separately have a dilutive effect to the extent that the market value per share of our common
stock exceeds the applicable strike price of the warrants. If the initial














			
		  	purchasers exercise their over-allotment option to purchase additional notes, we may enter into additional convertible note hedge transactions and additional warrant transactions. See “Description of Convertible Note Hedge and
Warrant Transactions” in the Preliminary Offering Memorandum.
		
	Net Proceeds:	  	We estimate that the net proceeds from this offering will be approximately $1,235.4 million ($1,420.7 million if the initial purchasers exercise their over-allotment option to purchase additional notes in full), after
deducting the initial purchasers’ discount and estimated offering expenses.
		
	Use of Proceeds:	  	 We entered into convertible note hedge transactions with the option counterparties as described above. We also entered into warrant
transactions with the option counterparties. We intend to use $45.5 million of the net proceeds from this offering to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the sale of warrants pursuant
to the warrant transactions).
  
 We expect to use the remaining net proceeds to pay any
amounts due upon conversion or at maturity of the 2021 Notes, for potential repurchases of shares of our common stock under our share repurchase program and for general corporate purposes, including capital expenditures, working capital and
potential acquisitions.
  
 If the initial purchasers exercise their over-allotment
option to purchase additional notes, we may sell additional warrants and use a portion of the net proceeds from the sale of such additional notes, together with the proceeds from the sale of the additional warrants, to enter into additional
convertible note hedge transactions relating to the notes. We expect to use the remaining net proceeds for general corporate purposes. See “Use of Proceeds” in the Preliminary Offering Memorandum.














 Description of Notes—Conversion Rights—Increase in Conversion Rate upon
Conversion upon a Make-Whole Fundamental Change 
 Holders who convert their notes in connection with a make-whole fundamental change occurring prior to
the maturity date of the notes may be entitled to an increase in the conversion rate for the notes so surrendered for conversion. 
 The following table sets
forth the number of additional shares by which the conversion rate for the notes will be increased per $1,000 principal amount of notes for each stock price and effective date set forth below: 

 

																																																	
	 	  	Stock Price	 
	 Effective Date
	  	$77.63	 	  	$100.00	 	  	$130.03	 	  	$200.00	 	  	$250.00	 	  	$300.00	 	  	$350.00	 	  	$400.00	 	  	$450.00	 	  	$500.00	 	  	$600.00	 	  	$700.00	 
	 March 4, 2021
	  	 	5.1911	 	  	 	3.3398	 	  	 	2.0079	 	  	 	0.7578	 	  	 	0.4180	 	  	 	0.2412	 	  	 	0.1422	 	  	 	0.0842	 	  	 	0.0490	 	  	 	0.0273	 	  	 	0.0064	 	  	 	0.0000	 
	 March 15, 2022
	  	 	5.1911	 	  	 	3.2184	 	  	 	1.8568	 	  	 	0.6355	 	  	 	0.3266	 	  	 	0.1748	 	  	 	0.0948	 	  	 	0.0507	 	  	 	0.0258	 	  	 	0.0117	 	  	 	0.0006	 	  	 	0.0000	 
	 March 15, 2023
	  	 	5.1911	 	  	 	3.0497	 	  	 	1.6591	 	  	 	0.4902	 	  	 	0.2254	 	  	 	0.1068	 	  	 	0.0501	 	  	 	0.0220	 	  	 	0.0082	 	  	 	0.0018	 	  	 	0.0000	 	  	 	0.0000	 
	 March 15, 2024
	  	 	5.1911	 	  	 	2.8383	 	  	 	1.4041	 	  	 	0.3217	 	  	 	0.1212	 	  	 	0.0454	 	  	 	0.0154	 	  	 	0.0038	 	  	 	0.0002	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 March 15, 2025
	  	 	5.1911	 	  	 	2.5703	 	  	 	1.0406	 	  	 	0.1319	 	  	 	0.0305	 	  	 	0.0054	 	  	 	0.0001	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 March 15, 2026
	  	 	5.1911	 	  	 	2.3095	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact stock prices and effective dates may not be set forth in the table above, in which case: 

 

	 	•	 	 If the stock price is between two stock prices in the table or the effective date is between two effective dates
in the table, the number of additional shares by which the conversion rate for the notes will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices
and the earlier and later effective dates, as applicable, based on a 365-day year. 


  

	 	•	 	 If the stock price is greater than $700.00 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above), no additional shares will be added to the conversion rate. 


  

	 	•	 	 If the stock price is less than $77.63 per share (subject to adjustment in the same manner as the stock prices
set forth in the column headings of the table above), no additional shares will be added to the conversion rate. 


 Notwithstanding the
foregoing, in no event will the conversion rate per $1,000 principal amount of notes exceed 12.8816 shares of common stock, subject to adjustment in the same manner as the conversion rate as set forth in the Preliminary Offering Memorandum under the
caption “Description of Notes—Conversion Rights —Conversion Rate Adjustments.” 
 Our obligation to increase the conversion rate for
notes converted in connection with a make-whole fundamental change could be considered a penalty, in which case the enforceability thereof would be subject to general principles of reasonableness and equitable remedies. 

[Remainder of Page Intentionally Blank] 
  












   

This communication is intended for the sole use of the person to whom it is provided by the sender. This material is confidential and is for your
information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the notes or the offering. This communication does not constitute an offer to sell or the solicitation of an
offer to buy any notes in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 
 The notes
and any shares of common stock issuable upon conversion of the notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and may not be offered or
sold within the United States or any other jurisdiction, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The initial purchasers
are initially offering the notes only to qualified institutional buyers as defined in, and in reliance on, Rule 144A under the Securities Act. 
 The
notes and any shares of common stock issuable upon conversion of the notes are not transferable except in accordance with the restrictions described under “Notice to Investors” and “Transfer Restrictions” in the Preliminary
Offering Memorandum. 
 A copy of the Preliminary Offering Memorandum for the offering of the notes may be obtained by contacting (i) Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by emailing
prospectus-ny@ny.email.gs.com; (ii) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866)
803-9204; or (iii) Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866)
718-1649, or by emailing prospectus@morganstanley.com. 
 Any legends, disclaimers or other notices that may
appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system.













 ANNEX A 

[Form of Pricing Comfort Letter 

of PricewaterhouseCoopers LLP.] 












 ANNEX B 

[Form of Lock-Up] 

LOCK-UP AGREEMENT 

Twitter, Inc. 
 Lock-Up Agreement 
 March 1, 2021 

Goldman Sachs & Co. LLC 
 J.P. Morgan Securities LLC

 Morgan Stanley & Co. LLC 
 As
Representatives of the several Purchasers 
 named in Schedule I of the Purchase Agreement, 

c/o Goldman Sachs & Co. LLC 
 200 West
Street 
 New York, New York 10282 
 c/o J.P.
Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 c/o Morgan
Stanley & Co. LLC 
 1585 Broadway 

New York, New York 10036 
  

	 	Re:	 Twitter, Inc. – Lock-Up Agreement 



Ladies and Gentlemen: 
 The undersigned
understands that you propose to enter into a Purchase Agreement (the “Purchase Agreement”) on behalf of the several purchasers named in Schedule I to such agreement (collectively, the “Purchasers”), with Twitter, Inc., a Delaware
corporation (the “Company”), providing for the placement of the Company’s Convertible Senior Notes due 2026 (the “Securities”) in a transaction not requiring registration under the Securities Act of 1933, as amended. The
Securities will be convertible into cash, shares of common stock of the Company, par value $0.000005 per share (the “Common Stock”), or a combination of cash and shares of Common Stock at the Company’s election. 

In consideration of the agreement by the Purchasers to offer and sell the Securities, and of other good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date hereof and continuing to and including the date 60 days after the date of the Purchase Agreement (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short 












 
sale or otherwise dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent
the right to receive shares of Common Stock, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and
regulations of the Securities and Exchange Commission (collectively the “Undersigned’s Shares”). 
 The foregoing restriction
is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned’s Shares even if such
shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or
call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such shares. 

Notwithstanding the foregoing, the undersigned may: 
  

	 	(a)	 transfer the Undersigned’s Shares: 



 

	 	(i)	 as a bona fide gift or gifts, 



 

	 	(ii)	 to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned
or, if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust, 


  

	 	(iii)	 by will or the laws of descent, 



 

	 	(iv)	 in connection with the sale of the Undersigned’s Shares acquired in open market transactions after the
date of the Purchase Agreement, 


  

	 	(v)	 if the undersigned is a corporation, partnership or other business entity, (A) to another corporation,
partnership or other business entity that controls, is controlled by or managed by or is under common control with such stockholder or (B) as part of a distribution to an equityholder of the undersigned or to the estate of any such
equityholder, 


  

	 	(vi)	 to the Company, as forfeitures to satisfy any income, employment or social tax withholding and remittance
obligations of the undersigned or the employer of the undersigned in connection with the vesting of restricted stock units (including PRSUs) held by the undersigned and outstanding as of the date of the final Offering Memorandum relating to the
Securities and described therein, 


  

	 	(vii)	 if (A) the undersigned is an employee of the Company as of the date of transfer and (B) the Company
does not elect to settle income tax withholding and remittance obligations of the undersigned (or the employer of the undersigned) in connection with the vesting of restricted stock units (including PRSUs) held by the undersigned by withholding
shares of Common Stock as forfeitures pursuant to 















	 	
subclause (vi) above, then the undersigned may transfer up to that number of shares of the Common Stock underlying restricted stock units (including PRSUs) held by the undersigned that are
vested and settled and necessary to satisfy income tax withholding and remittance obligations in connection with the vesting of restricted stock units (including PRSUs) outstanding as of the date of the final Offering Memorandum relating to the
Securities and described therein (for avoidance of doubt, this right to transfer shares of Common Stock will apply on a particular date only with respect to Common Stock underlying restricted stock units (including PRSUs) held by the undersigned
that are vested and settled on or before such date), 

  

	 	(viii)	 to the Company, in connection with the receipt of shares of Common Stock upon the “net” or
“cashless” exercise of options to purchase shares of Common Stock for purposes of exercising such options, including the payment of taxes due as a result of such exercise, with respect to stock options outstanding as of the date of the
final Offering Memorandum and described therein, provided that any such shares of Common Stock received upon such exercise shall be subject to the terms of this Lock-Up Agreement, 



 

	 	(ix)	 to the Company, in connection with the repurchase of shares of Common Stock issued pursuant to an employee
benefit plan disclosed in the final Offering Memorandum or pursuant to the agreements pursuant to which such shares were issued, 


  

	 	(x)	 pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to
all holders of the Company’s capital stock involving a change of control of the Company, provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Undersigned’s Shares shall
remain subject to the provisions of this Lock-Up Agreement, 


  

	 	(xi)	 by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement,



  

	 	(xii)	 pursuant to a written plan of which you are aware meeting the requirements of Rule 10b5-1 under the Exchange Act entered into prior to the date of this letter agreement relating to the sale of the Undersigned’s Shares, or 



 

	 	(xiii)	 with the prior written consent of the Representatives on behalf of the Purchasers; 



provided, however, that in the case of subclauses (i), (ii), (iii), (v) and (xi) above, it shall be a condition to the
transfer or distribution that each transferee, donee or distributee shall execute an agreement stating that such transferee, donee or distributee is receiving and holding such capital stock subject to the provisions of this Lock-Up Agreement and there shall be no further transfer of such capital stock except in accordance with this letter agreement; provided, further, that in the case of subclauses (i), (ii), (iii), (iv)
and (v), it shall be a condition to the transfer or distribution that no filing under Section 16 of the Securities 













	 	
Exchange Act of 1934, as amended (the “Exchange Act”), shall be required or voluntarily made during the Lock-Up Period in connection with such
transfer or distribution; provided further, that in the case of subclauses (vii) and (viii), any filing under Section 16 of the Exchange Act required in connection therewith indicates that such transfer is to satisfy income tax
withholding obligations in connection with the vesting of restricted stock units or the “net” or “cashless” exercise of options to purchase shares of Common Stock, as applicable; and provided, further, that in the case of
subclause (xii), any filing under Section 16 of the Exchange Act required in connection therewith indicates that such transfer is pursuant to such written plan. 


 

	 	(b)	 enter into a written plan meeting the requirements of Rule 10b5-1 under
the Exchange Act after the date of this letter agreement relating to the sale of the Undersigned’s Shares, if then permitted by the Company, provided that the securities subject to such plan may not be sold until after the expiration of the Lock-Up Period and no public announcement or filing under the Exchange Act regarding the establishment of such plan shall be required or voluntarily made during the Lock-Up
Period. 


 For purposes of this Lock-Up Agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now has, and, except as contemplated by clause (a) above, for the duration of this Lock-Up
Agreement will have, good and marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of the Undersigned’s Shares except in compliance with the foregoing restrictions. 

In addition, the undersigned agrees that, without the prior written consent of the Representatives on behalf of the Purchasers, he or she will
not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for
Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Undersigned’s Shares except in compliance with the foregoing
restrictions. 
 The undersigned hereby consents to receipt of this Lock-Up Agreement in electronic
form and understands and agrees that this Lock-Up Agreement may be signed electronically. In the event that any signature is delivered by facsimile transmission, electronic mail, or otherwise by electronic
transmission evidencing an intent to sign this Lock-Up Agreement, such facsimile transmission, electronic mail or other electronic transmission shall create a valid and binding obligation of the undersigned
with the same force and effect as if such signature were an original. Execution and delivery of this Lock-Up Agreement by facsimile transmission, electronic mail or other electronic transmission is legal,
valid and binding for all purposes. 
 Notwithstanding anything to the contrary contained herein, this
Lock-Up Agreement will automatically terminate and the undersigned will be released from all of his, her or its obligations hereunder upon the earliest to occur, if any, of (i) the Company advising the
Representatives in writing prior to entry into the Purchase Agreement that it does not intend to proceed with the offering of the Securities; (ii) the Purchase Agreement (other than the provisions thereof which survive termination) terminates
or is terminated prior to payment for and delivery of the Securities to be sold thereunder; or (iii) March 31, 2021, in the event that the Purchase Agreement has not been executed by such date. 












 The undersigned understands that the Company and the Purchasers are relying upon this Lock-Up Agreement in proceeding toward consummation of the offering. The undersigned acknowledges and agrees that the Purchasers have not provided any recommendation or investment advice nor have the Purchasers
solicited any action from the undersigned with respect to the offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further
understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns. This
Lock-Up Agreement and any claim, controversy or dispute arising under or related to this Lock-Up Agreement shall be governed by and construed in accordance with the laws
of the State of New York, without regard to the conflict of laws principles thereof. 
 If one or more provisions of this Lock-Up Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Lock-Up Agreement and the balance of this Lock-Up Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 

[Signature Page Follows] 












 
	
	Very truly yours,
	
	
	  
 Exact Name of
Shareholder

	
	
	  
 Authorized Signature

	
	
	  
 Title



 [Signature Page to Lock-Up Agreement] 












 SCHEDULE I TO LOCK-UP AGREEMENT 

Jack Dorsey 
 Ned Segal 

Vijaya Gadde 
 Matthew Derella 

Michael Montano 
 Patrick Pichette 

Jesse Cohn 
 Egon Durban 

Martha Lane Fox 
 Omid Kordestani 

David Rosenblatt 
 Bret Taylor 

Robert Zoellick 
 Fei Fei Li 

Robert Kaiden