Indenture


 Exhibit 4.1 
  

 WASTE CONNECTIONS, INC. 
 3.75% Convertible Senior Notes 
 due 2026 
  

 INDENTURE 
 Dated as of March 20, 2006 
 U.S. Bank
National Association 
 as Trustee 
  







 TABLE OF CONTENTS1 
  

  

					
	 	 	 	  	PAGE
		 	ARTICLE 1	  	
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
			
	 Section 1.01.
	 	 Definitions
	  	1
	 Section 1.02.
	 	 Other Definitions
	  	5
	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	6
	 Section 1.04.
	 	 Rules of Construction
	  	6
			
		 	ARTICLE 2	  	
		 	THE SECURITIES	  	
			
	 Section 2.01.
	 	 Designation, Form and Dating
	  	7
	 Section 2.02.
	 	 Execution and Authentication
	  	7
	 Section 2.03.
	 	 Registrar, Paying Agent and Conversion Agent
	  	8
	 Section 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	9
	 Section 2.05.
	 	 Securityholder Lists
	  	10
	 Section 2.06.
	 	 Transfer and Exchange
	  	10
	 Section 2.07.
	 	 Replacement Securities
	  	13
	 Section 2.08.
	 	 Outstanding Securities
	  	14
	 Section 2.09.
	 	 Treasury Securities
	  	14
	 Section 2.10.
	 	 Temporary Securities
	  	15
	 Section 2.11.
	 	 Cancellation
	  	15
	 Section 2.12.
	 	 CUSIP Numbers
	  	15
			
		 	ARTICLE 3	  	
		 	REDEMPTION AND REPURCHASE	  	
			
	 Section 3.01.
	 	 Optional Redemption by the Company
	  	16
	 Section 3.02.
	 	 Election to Redeem; Notice to Trustee
	  	16
	 Section 3.03.
	 	 Selection of Securities to be Redeemed
	  	16
	 Section 3.04.
	 	 Notice of Redemption
	  	17
	 Section 3.05.
	 	 Deposit of Redemption Price
	  	18
	 Section 3.06.
	 	 Securities Payable on Redemption Date
	  	18
	 Section 3.07.
	 	 Securities Redeemed in Part
	  	19
	 Section 3.08.
	 	 Conversion Arrangement on Call for Redemption
	  	19
	 Section 3.09.
	 	 Repurchase at the Option of the Holder
	  	20



	1	This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture. 








					
	 Section 3.10.
	 	 Repurchase of Securities at Option of the Holder upon Change in Control
	  	22
	 Section 3.11.
	 	 Notice; Method of Exercising Repurchase Right
	  	23
	 Section 3.12.
	 	 Effect of Purchase Notice or Repurchase Notice
	  	25
	 Section 3.13.
	 	 Deposit of Purchase Price or Repurchase Price
	  	26
	 Section 3.14.
	 	 Securities Repurchased in Part
	  	27
	 Section 3.15.
	 	 Compliance with Securities Laws upon Repurchase of Securities
	  	27
	 Section 3.16.
	 	 Repayment to the Company
	  	27
			
		 	ARTICLE 4	  	
		 	CONVERSION	  	
			
	 Section 4.01.
	 	 Conversion Privilege
	  	27
	 Section 4.02.
	 	 Conversion Procedure
	  	29
	 Section 4.03.
	 	 Adjustments Below Par Value
	  	31
	 Section 4.04.
	 	 Taxes on Conversion
	  	31
	 Section 4.05.
	 	 Company to Provide Stock
	  	31
	 Section 4.06.
	 	 Adjustment of Conversion Price
	  	32
	 Section 4.07.
	 	 No Adjustment
	  	36
	 Section 4.08.
	 	 Equivalent Adjustments
	  	37
	 Section 4.09.
	 	 Adjustment for Tax Purposes
	  	37
	 Section 4.10.
	 	 Notice of Adjustment
	  	37
	 Section 4.11.
	 	 Notice of Certain Transactions
	  	37
	 Section 4.12.
	 	 Effect of Reclassification, Consolidation, Merger, Share Exchange or Sale on Conversion Privilege
	  	38
	 Section 4.13.
	 	 Trustee’s Disclaimer
	  	40
	 Section 4.14.
	 	 Voluntary Reduction
	  	40
	 Section 4.15.
	 	 Conversion Value of Securities Tendered
	  	41
	 Section 4.16.
	 	 Change in Control Conversion Rate Adjustments
	  	42
			
		 	ARTICLE 5	  	
		 	[RESERVED]	  	
			
		 	ARTICLE 6	  	
		 	COVENANTS	  	
			
	 Section 6.01.
	 	 Payment of Securities
	  	46
	 Section 6.02.
	 	 SEC Reports
	  	47
	 Section 6.03.
	 	 Liquidation
	  	48
	 Section 6.04.
	 	 Compliance Certificates
	  	48
	 Section 6.05.
	 	 Notice of Defaults
	  	49
	 Section 6.06.
	 	 Payment of Taxes and Other Claims
	  	49
	 Section 6.07.
	 	 Corporate Existence
	  	49
	 Section 6.08.
	 	 Maintenance of Properties
	  	49
	 Section 6.09.
	 	 Further Instruments and Acts
	  	50
	 Section 6.10.
	 	 Maintenance of Office or Agency
	  	50

  

 2 








					
	 Section 6.11.
	 	 Stay, Extension and Usury Laws
	  	50
	 Section 6.12.
	 	 Additional Interest
	  	51
			
		 	ARTICLE 7	  	
		 	SUCCESSOR CORPORATION	  	
			
	 Section 7.01.
	 	 When Company May Merge, Etc.
	  	51
	 Section 7.02.
	 	 Successor Corporation Substituted
	  	52
			
		 	ARTICLE 8	  	
		 	DEFAULT AND REMEDIES	  	
			
	 Section 8.01.
	 	 Events of Default
	  	52
	 Section 8.02.
	 	 Acceleration
	  	54
	 Section 8.03.
	 	 Other Remedies
	  	55
	 Section 8.04.
	 	 Waiver of Defaults and Events of Default
	  	55
	 Section 8.05.
	 	 Control by Majority
	  	55
	 Section 8.06.
	 	 Limitation on Suits
	  	56
	 Section 8.07.
	 	 Rights of Holders to Receive Payment
	  	56
	 Section 8.08.
	 	 Collection Suit by Trustee
	  	56
	 Section 8.09.
	 	 Trustee May File Proofs of Claim
	  	57
	 Section 8.10.
	 	 Priorities
	  	57
	 Section 8.11.
	 	 Undertaking for Costs
	  	58
	 Section 8.12.
	 	 Restoration of Rights and Remedies
	  	58
	 Section 8.13.
	 	 Rights and Remedies Cumulative
	  	58
	 Section 8.14.
	 	 Delay or Omission Not Waiver
	  	58
			
		 	ARTICLE 9	  	
		 	TRUSTEE	  	
			
	 Section 9.01.
	 	 Duties of Trustee
	  	59
	 Section 9.02.
	 	 Rights of Trustee
	  	60
	 Section 9.03.
	 	 Individual Rights of Trustee
	  	61
	 Section 9.04.
	 	 Trustee’s Disclaimer
	  	61
	 Section 9.05.
	 	 Notice of Default or Events of Default
	  	62
	 Section 9.06.
	 	 Reports by Trustee to Holders
	  	62
	 Section 9.07.
	 	 Compensation and Indemnity
	  	62
	 Section 9.08.
	 	 Replacement of Trustee
	  	63
	 Section 9.09.
	 	 Successor Trustee by Merger, Etc.
	  	64
	 Section 9.10.
	 	 Eligibility; Disqualification
	  	64
	 Section 9.11.
	 	 Preferential Collection of Claims Against Company
	  	64
			
		 	ARTICLE 10	  	
		 	SATISFACTION AND DISCHARGE OF INDENTURE	  	
			
	 Section 10.01.
	 	 Termination of Company’s Obligations
	  	65
	 Section 10.02.
	 	 Application of Trust Money
	  	65

  

 3 








					
	 Section 10.03.
	 	 Repayment to Company
	  	66
	 Section 10.04.
	 	 Reinstatement
	  	66
			
		 	ARTICLE 11	  	
		 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	
			
	 Section 11.01.
	 	 Without Consent of Holders
	  	66
	 Section 11.02.
	 	 With Consent of Holders
	  	67
	 Section 11.03.
	 	 Compliance with Trust Indenture Act
	  	68
	 Section 11.04.
	 	 Revocation and Effect of Consents
	  	68
	 Section 11.05.
	 	 Notation on or Exchange of Securities
	  	69
	 Section 11.06.
	 	 Trustee to Sign Amendments, Etc.; Notices
	  	69
			
		 	ARTICLE 12	  	
		 	MISCELLANEOUS	  	
			
	 Section 12.01.
	 	 Trust Indenture Act Controls
	  	69
	 Section 12.02.
	 	 Notices
	  	69
	 Section 12.03.
	 	 Communications by Holders with Other Holders
	  	70
	 Section 12.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	70
	 Section 12.05.
	 	 Record Date for Vote or Consent of Securityholders
	  	71
	 Section 12.06.
	 	 Rules by Trustee, Paying Agent, Registrar
	  	71
	 Section 12.07.
	 	 Legal Holidays
	  	71
	 Section 12.08.
	 	 Governing Law
	  	72
	 Section 12.09.
	 	 No Adverse Interpretation of Other Agreements
	  	72
	 Section 12.10.
	 	 No Recourse Against Others
	  	72
	 Section 12.11.
	 	 Successors
	  	72
	 Section 12.12.
	 	 Multiple Counterparts
	  	72
	 Section 12.13.
	 	 Separability
	  	72
	 Section 12.14.
	 	 Table of Contents, Headings, Etc.
	  	72
			
	 Signatures
	 		  	S-1
	 Exhibit A
	 		  	A-1
	 Schedule I
	 		  	B-1

  

 4 







 Cross-Reference Table* 
  

			
	 Trust Indenture Act Section
	  	 Section of Indenture

	 310(a)(1)
	  	9.10
	 310(a)(2)
	  	9.10
	 310(a)(3)
	  	Not Applicable
	 310(a)(4)
	  	Not Applicable
	 310(a)(5)
	  	Not Applicable
	 310(b)
	  	9.10
	 310(c)
	  	Not Applicable
	 311(a)
	  	9.11
	 311(b)
	  	9.11
	 311(c)
	  	Not Applicable
	 312(a)
	  	2.05
	 312(b)
	  	12.03
	 312(c)
	  	12.03
	 313(a)
	  	9.06
	 313(b)(1)
	  	Not Applicable
	 313(b)(2)
	  	9.06
	 313(c)
	  	9.06
	 313(d)
	  	9.06
	 314(a)
	  	6.02 and 6.04
	 314(b)
	  	Not Applicable
	 314(c)(1)
	  	12.04(a)(1)
	 314(c)(2)
	  	12.04(a)(2)
	 314(c)(3)
	  	Not Applicable
	 314(d)
	  	Not Applicable
	 314(e)
	  	12.04(b)
	 314(f)
	  	Not Applicable
	 315(a)
	  	9.01(b)
	 315(b)
	  	9.05 and 12.02
	 315(c)
	  	9.01(a)
	 315(d)
	  	9.01(c)
	 315(d)(1)
	  	9.01(b)(1)
	 315(d)(2)
	  	9.01(c)(2)
	 315(d)(3)
	  	9.01(c)(3)
	 315(e)
	  	8.11
	 316(a)(1)(A)
	  	8.05
	 316(a)(1)(B)
	  	8.04
	 316(a)(2)
	  	Not Applicable
	 316(a) last sentence
	  	2.09
	 316(b)
	  	8.07
	 316(c)
	  	12.05
	 317(a)(1)
	  	8.08
	 317(a)(2)
	  	8.09
	 317(b)
	  	2.04
	 318(a)
	  	12.01
	 318(b)
	  	Not Applicable
	 318(c)
	  	12.01



	*	This Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture. 







 INDENTURE dated as of March 20, 2006 between Waste Connections, Inc., a Delaware corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). 
 Both parties agree as
follows for the benefit of the other and for the equal and ratable benefit of the registered holders of the Company’s 3.75% Convertible Senior Notes due 2026. 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY
REFERENCE 
 Section 1.01. Definitions. 
 The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall
have the respective meanings specified in this Section 1.01. 
 “Additional Interest” means all Additional Interest as
defined in the Registration Rights Agreement. 
 “Affiliate” of any specified person means any other person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, “control” when used with respect to any person means the power to direct the management and
policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar (as defined below), Paying Agent (as defined below) or Conversion Agent (as defined below). 

“Board of Directors” means the Board of Directors of the Company or any authorized committee of the Board of Directors. 

“Board Resolution” means a copy of one or more resolutions, certified by an Officer of the Company to have been duly adopted or
consented to by the Board of Directors and to be in full force and effect, and delivered to the Trustee. 
 “Business Day”
means a day that is not a Legal Holiday (as defined below). 
 “Calculation Agent” means the Person identified as
“Trustee” in the first paragraph hereof. 






 “Calendar Quarter” means any three-month period of January through March, April through
June, July through September, or October through December. 
 “Capital Stock” for any corporation means any and all shares,
interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that corporation. 
 “Cash” or “cash” means such coin or currency of the United States as at any time of payment is legal tender for the payment of public and private debts. 
 “Common Stock” means any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the
event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. Subject to the provisions of Section 4.12, however, shares issuable on conversion of Securities
shall include only shares of Common Stock, $0.01 par value per share (which is the class designated as Common Stock of the Company at the date of this Indenture), or shares of any class or classes resulting from any reclassification or
reclassifications thereof and which have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which are not subject to redemption by the
Company. 
 “Company” means the party named as such in this Indenture until a successor replaces it pursuant to this
Indenture and thereafter means the successor. 
 “Consolidated Net Worth” means, with respect to any Person, the
consolidated stockholders’ equity (excluding any Capital Stock that by its terms is, or upon the happening of an event or passage of time would be, required to be redeemed prior to the maturity of the Securities or is redeemable at the option
of the holder thereof at any time prior to such maturity or is convertible or exchangeable for debt securities at any time prior to such maturity at the option of the holder thereof) of such Person and its consolidated subsidiaries, as determined in
accordance with generally accepted accounting principles. 
 “Conversion Rate” means the number of shares of Common Stock
equal to $1,000 divided by the Conversion Price (defined below), which shall be 19.6078 as of the date of this Indenture. 
 “Corporate Trust Office” of the Trustee means the office of U.S. Bank National Association at which this Indenture is administered, which office initially is located at: U.S. Bank National Association, Mail Station:
LM-CA-T24T, 633 West 5th Street, 24th Floor, Los Angeles, CA 90071, Attn: Corporate Trust Services. 
  

 2 







 “Custodian” means, except for purposes of Section 8.01, U.S. Bank National
Association. 
 “Default” or “default” means any event which is, or after notice or passage of time, or
both, would be, an Event of Default (as defined below). 
 “Depositary” means, with respect to the Securities issuable or
issued in whole or in part in global form, The Depository Trust Company as the Depositary with respect to the Securities, until a successor shall have been appointed and becomes such pursuant to the applicable provisions of this Indenture, and
thereafter, “Depositary” shall mean or include such successor. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Holder” or “Securityholder”
means the person in whose name a Security is registered on the Registrar’s books. 
 “Indenture” means this Indenture
as amended or supplemented from time to time. 
 “Interest Payment Date” has the meaning set forth in paragraph 1 of the
Form of Security attached hereto as Exhibit A. 
 “Officer” means the Chairman of the Board, the President, any Vice
President, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Treasurer or the Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers of the Company; provided, however, that for purposes of Section 6.04 “Officers’ Certificate” means a certificate signed by
the principal executive officer, principal financial officer or principal accounting officer of the Company. 
 “Opinion of
Counsel” means a written opinion from legal counsel acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. 
 “Person” or “person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency
or political subdivision thereof, and includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
 “PORTAL Market” means the Private Offerings, Resales and Trading through Automated Linkages Market operated by the National Association of Securities Dealers, Inc. or any successor thereto.

  

 3 







 “Principal” or “principal” of a debt security, including the
Securities, means the principal of the security plus, when appropriate, the premium, if any, on the security. 
 “Record
Date” has the meaning set forth in paragraph 1 of the Form of Security attached hereto as Exhibit A. 
 “Redemption
Date” has the meaning set forth in Section 3.01 hereof. 
 “Redemption Price” has the meaning set forth in
Section 3.01 hereof. 
 “Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of
March 20, 2006, among the Company, Citigroup Global Markets Inc. and Banc of America Securities LLC. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities” means the 3.75% Convertible Senior Notes due 2026 or any of them (each a
“Security”), as amended or supplemented from time to time, that are issued under this Indenture. 
 “Significant
Subsidiary” means a “significant subsidiary” as defined in Reg. §210.1-02(w) of Regulation S-X under the Exchange Act. 
 “Stock Price” means the price per share of Common Stock paid in connection with a Change in Control (as defined below) transaction pursuant to which Additional Shares are issuable as set forth in
Section 4.16(a) hereof, which shall be equal to (i) if holders of Common Stock receive only cash in such Change in Control transaction, the cash amount paid per share of Common Stock and (ii) in all other cases, the average of the
Closing Price (as defined in Section 4.06(f)) of the Common Stock on the five Trading Days (as defined below) prior to, but not including, the effective date of such Change in Control transaction. 
 “Subsidiary” means any corporation, association or other business entity of which at least a majority of the total Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the Company’s other
Subsidiaries or a combination thereof. 
 “TIA” means the Trust Indenture Act of 1939, as amended by the Trust Indenture
Reform Act of 1990 and as in effect on the date of this Indenture, except as provided in Section 11.03, and except to the extent any amendment to the Trust Indenture Act expressly provides for application of the Trust Indenture Act as in effect
on another date. 
  

 4 







 “Trustee” means U.S. Bank National Association until a successor replaces it in
accordance with the provisions of this Indenture and thereafter means the successor. 
 “Trust Officer” means any officer in
the Corporate Trust Office of the Trustee, including any senior vice president, vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer customarily performing functions similar to those
performed by any of the above-designated officers who shall, in any case, be responsible for the administration of this Indenture or have familiarity with it, and also means, with respect to a particular corporate matter, any other officer of the
Trustee to whom corporate trust matters are referred because of his knowledge of and familiarity with the particular subject. 
 “Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 Section 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined
 in Section

	 “Acquisition Value”
	  	4.16(b)
	 “Additional Shares”
	  	4.16(a)
	 “Bankruptcy Law”
	  	8.01
	 “beneficial owner”
	  	3.10
	 “Change in Control”
	  	3.10
	 “Closing Price”
	  	4.06(f)
	 “Company Notice”
	  	3.11(a)
	 “Company Order”
	  	2.02
	 “Continuing Directors”
	  	3.10
	 “Conversion Agent”
	  	2.03
	 “Conversion Price”
	  	4.06
	 “Conversion Value”
	  	4.15(a)
	 “Custodian”
	  	8.01
	 “ex-dividend date”
	  	4.01
	 “Defaulted Interest”
	  	6.01
	 “Determination Date”
	  	4.15(b)
	 “Event of Default”
	  	8.01
	 “Global Note”
	  	2.06(a)
	 “Group”
	  	3.10(3)
	 “Legal Holiday”
	  	12.07
	 “Make Whole Payment”
	  	3.01
	 “Net Shares”
	  	4.15(b)

  

 5 








			
	 “Optional Redemption”
	  	3.01
	 “Paying Agent”
	  	2.03
	 “Pre-Dividend Sale Price”
	  	4.06(e)
	 “Principal Return”
	  	4.15(b)
	 “Public Acquirer Change in Control”
	  	4.16(b)
	 “Purchase Date”
	  	3.09(a)
	 “Purchase Date Notice”
	  	3.09(b)
	 “Purchase Notice”
	  	3.09(c)
	 “Purchase Price”
	  	3.09(a)
	 “Reference Property”
	  	4.12
	 “Registrar”
	  	2.03
	 “Repurchase Date”
	  	3.10
	 “Repurchase Price”
	  	3.10
	 “Repurchase Notice”
	  	3.11(b)
	 “Stockholder Rights Plan”
	  	4.06(g)
	 “Trading Day”
	  	4.06(f)
	 “Treasury Yield”
	  	3.01
	 “Trigger Event”
	  	4.06(g)
	 “Twenty Day Average VWAP”
	  	4.15(a)
	 “Valuation Period”
	  	4.16(b)
	 “VWAP”
	  	4.15(a)

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 
 This Indenture is hereby made subject to, and shall be governed by, the provisions of the TIA required to be part of and to govern indentures qualified
under the TIA. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC.

 “indenture securities” means the Securities. 
 “indenture security holder” means a Securityholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or
“institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company or
any other obligor on the Securities. 
 All other terms used in this Indenture that are defined in the TIA, defined by a TIA reference to
another statute or defined by SEC rule and not otherwise defined herein have the meanings assigned to them therein. 
 Section 1.04. Rules
of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
  

 6 







 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles in effect on the date hereof, and any other reference in this Indenture to “generally accepted accounting principles” refers to generally accepted accounting principles in effect on the date hereof;

 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular; 
 (5) provisions apply to successive
events and transactions; and 
 (6) “herein,” “hereof” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision. 
 ARTICLE 2 
 THE SECURITIES 
 Section 2.01. Designation, Form and
Dating. 
 The Securities shall be designated as the “3.75% Convertible Senior Notes due 2026.” The Securities and the
Trustee’s certificate of authentication to be borne by the Securities shall be substantially in the form of Exhibit A attached hereto, which is incorporated in and made part of this Indenture. The Company and the Trustee, by their execution and
delivery of this Indenture, expressly agree to the terms and provisions of the Securities and to be bound thereby. Any of the Securities may have imprinted thereon such legends or endorsements as the officers executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Securities may be listed or any trading system in which the Securities may be admitted, or to conform to usage. Each Security shall be dated the date of its authentication. 
 Section 2.02. Execution and Authentication. 
 Two Officers of the Company shall sign the Securities for the Company by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the
Security shall be valid nevertheless. A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture. 
  

 7 







 The Trustee shall authenticate and make available for delivery Securities upon a written order or orders
of the Company signed by two Officers or by an Officer and an Assistant Treasurer or Assistant Secretary of the Company (a “Company Order”). The Company Order shall specify the amount of Securities to be authenticated and the date
on which the original issue of Securities is to be authenticated. The Company may issue additional Securities after Securities have been issued with the same terms and the same CUSIP number as the previously issued Securities. All such Securities
shall be treated as a single series for all purposes under this Indenture, including without limitation, waivers, amendments, redemptions and offers to purchase. The aggregate principal amount of Securities outstanding under this Indenture at any
time is unlimited, provided that no such additional Securities may be issued unless fungible with the Securities previously issued under this Indenture for United States federal income tax purposes. 
 The Trustee shall act as the initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 The Securities shall be issuable only in registered form
without coupons only in denominations of $1,000 and any integral multiple thereof. 
 Section 2.03. Registrar, Paying Agent and Conversion
Agent. 
 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange
(the “Registrar”), an office or agency where Securities may be presented for payment (the “Paying Agent”), an office or agency where Securities may be presented for conversion (the “Conversion
Agent”) and an office or agency for service of notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Registrar shall keep a register of the Securities and of their transfer and
exchange. The Company may have one or more co-Registrars, one or more additional Paying Agents and one or more additional Conversion Agents. The term “Registrar” includes any co-Registrar, the term “Paying Agent” includes
any additional Paying Agent and the term “Conversion Agent” includes any additional Conversion Agent. 
 The Company shall enter
into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent
not a party to this Indenture. If the Company fails to maintain a Registrar, Paying Agent or a Conversion Agent or fails to give the foregoing notice, the Trustee shall act as such. The Company 

  

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or any Affiliate of the Company may act as Paying Agent (except for the purposes of Section 6.03 and Article 10), Registrar or Conversion Agent.

 The Company initially appoints the Trustee as Registrar, Paying Agent and Conversion Agent in connection with the Securities. 

Section 2.04. Paying Agent to Hold Money in Trust. 
 If the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of and premium, if any, or interest on any of the Securities, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal of, premium, if any, or interest on any of the Securities so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents, it will,
prior to 10:00 a.m., New York City time, on each due date of the principal of and premium, if any, or interest on any Securities, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium, if any, or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall
agree with the Trustee, subject to the provisions of this Section 2.04, that such Paying Agent will: 
 (1) hold all sums held by it for
the payment of the principal of, premium, if any, or interest on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee written notice of any default by the Company (or any other obligor upon the Securities) in the making of any payment of principal,
premium, if any, or interest; and 
 (3) at any time during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 Any money deposited with the Trustee or any Paying Agent, or
then held by the Company in trust for the payment of the principal of, and premium, if any, or interest on any Security and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable shall be
paid, subject to applicable escheatment laws, to the Company or (if then held by 

  

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the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper selected by the Company and published in the English language, customarily published on each Business Day
and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company. 
 Section 2.05. Securityholder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders and shall otherwise comply with TIA 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five Business Days prior to each quarterly Interest Payment Date and at such other times as the
Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders, and the Company shall otherwise comply with TIA 312(a). 
 Section 2.06. Transfer and Exchange. 
 (a) Upon surrender for registration of transfer of any Security to the Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.06, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of any authorized denominations and of a like aggregate principal amount. 
 Securities may be exchanged for other Securities of any authorized denominations and of a like aggregate principal amount, upon surrender of the
Securities to be exchanged at any such office or agency maintained by the Company pursuant to Section 6.10. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Securityholder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered
upon such registration of transfer or exchange. 
  

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 All Securities presented or surrendered for registration of transfer or for exchange, redemption or
conversion shall (if so required by the Company or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, and the Securities shall be duly executed by the
Securityholder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities. 
 Neither the Company nor the Trustee nor any Registrar or any Company registrar shall be required to exchange or register a transfer of (a) any
Securities for a period of fifteen (15) days next preceding any selection of Securities to be redeemed or (b) any Securities or portions thereof called for redemption pursuant to Section 3.04, (c) any Securities or portion
thereof surrendered for conversion pursuant to Article 4 or (d) any Securities or portions thereof tendered (and not withdrawn) for repurchase pursuant to Section 3.09(a) or Section 3.10. 
 So long as the Securities are eligible for book-entry settlement with the Depositary, unless otherwise required by law and except as specified below, all
Securities will be represented by a Security in global form registered in the name of the Depositary or the nominee of the Depositary (the “Global Note”). The transfer and exchange of beneficial interests in the Global Note shall be
effected through the Depositary in accordance with this Indenture and the procedures of the Depositary therefor. The Trustee shall make appropriate endorsements to reflect increases or decreases in the principal amounts of the Global Note as set
forth on the face of the Security to reflect any such transfers. Except as provided below, beneficial owners (as defined below) of the Global Note shall not be entitled to have certificates registered in their names, will not receive or be entitled
to receive physical delivery of certificates in definitive form and will not be considered holders of such Securities in global form. 
 (b)
Any Security in global form may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian, the Depositary or by the
National Association of Securities Dealers, Inc. in order for the Securities to be tradable on The PORTAL Market or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange
or automated quotation system upon which the Securities may be listed or traded or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Securities are subject. 
 (c) Notwithstanding any other provisions of this Indenture, the Global Note may not be transferred as a whole or in part except by the Depositary to a


  

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nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. 
 The Depositary shall be a clearing agency registered under the
Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Note. Initially, the Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the
nominee of the Depositary, and deposited with the Custodian for Cede & Co. 
 If at any time the Depositary for the Global Note
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note, the Company may appoint a successor Depositary with respect to such Global Note. If a successor Depositary is not appointed by the Company within
ninety (90) days after the Company receives such notice, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate for the authentication and delivery of Securities, will authenticate and deliver, Securities in
certificated form, in aggregate principal amount equal to the principal amount of the Global Note, in exchange for such Global Note. 
 The
Global Note will also be exchanged by the Company for Securities in certificated form if (1) the Company in its sole discretion determines at any time not to have all the Securities represented by such Global Note or (2) there has occurred
and is continuing a default or an Event of Default with respect to the Securities. 
 If a Security in certificated form is issued in
exchange for any portion of the Global Note after 5:00 p.m., New York City time at the office or agency where such exchange occurs on or after any Record Date and before the opening of business at such office or agency on the next succeeding
Interest Payment Date, interest will not be payable on such Interest Payment Date in respect of such Security, but will be payable on such Interest Payment Date, subject to the provisions of paragraphs 1 and 2 of the Security, only to the person to
whom interest in respect of such portion of the Global Note is payable in accordance with the provisions of this Indenture and the Securities. 
 Securities in certificated form issued in exchange for all or a part of the Global Note pursuant to this Section 2.06 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Securities in certificated form to the persons in whose names such Securities in certificated form
are so registered. 
 At such time as all interests in the Global Note have been redeemed, converted, canceled, exchanged for Securities in
certificated form, or transferred to a transferee who receives Securities in certificated form thereof, such Global 

  

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Note shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the
Custodian. At any time prior to such cancellation, if any interest in the Global Note is redeemed, converted, exchanged, repurchased or canceled, the principal amount of the Global Note shall, in accordance with the standing procedures and
instructions existing between the Depositary and the Custodian, be appropriately reduced and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction. 

(d) Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or
assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States Federal or state securities law. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any
interest in any Security (including any transfers between or among Depositary Participants or beneficial owners of interests in the Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.07. Replacement Securities. 
 If any mutilated Security is surrendered to the Company or the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company and the
Trustee such Security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and
upon its written request the Trustee shall authenticate and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not
contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, or is about to be redeemed by the Company pursuant to Article 3, the Company in its discretion may, instead of issuing a new Security, pay or redeem such Security, as the case may be. 
 Upon the issuance of any new Securities under this Section 2.07, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith. 
  

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 Every new Security issued pursuant to this Section 2.07 in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally
and proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this Section 2.07 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 2.08. Outstanding Securities. 
 Securities outstanding at any time are all Securities
authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. 
 If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company or an Affiliate of the Company) holds on a Redemption Date (as defined below), Repurchase Date (as defined
below) or the maturity date money sufficient to pay the principal of, premium, if any, and accrued interest on Securities payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to
accrue. 
 Subject to the restrictions contained in Section 2.09, a Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security. 
 Section 2.09. Treasury Securities. 
 In determining whether the Holders of the required principal amount of Securities have concurred in any notice, direction, waiver or consent, Securities
owned by the Company or any other obligor on the Securities or by any Affiliate of the Company or of such other obligor shall be disregarded, except that for purposes of determining whether the Trustee shall be protected in relying on any such
notice, direction, waiver or consent, only Securities which a Trust Officer of the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

 

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 Section 2.10. Temporary Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and execute, and, upon the order of the Company, the Trustee shall
authenticate and deliver temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company with the consent of the Trustee considers appropriate for temporary Securities.
Every such temporary Security shall be executed by the Company and authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Securities. Without unreasonable delay the
Company will execute and deliver to the Trustee definitive Securities and thereupon any or all temporary Securities may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 6.10 and the
Trustee shall authenticate and deliver in exchange for such temporary Securities an equal aggregate principal amount at maturity of definitive Securities. Such exchange shall be made by the Company at its own expense and without any charge therefor.
Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities authenticated and delivered hereunder. 
 Section 2.11. Cancellation. 
 The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange, payment or conversion. The
Trustee and no one else shall cancel all Securities surrendered for transfer, exchange, payment (including redemption or repurchase), conversion or cancellation and shall dispose of cancelled Securities in accordance with its procedures for the
disposition of cancelled Securities in effect as of the date of such disposition and thereupon deliver a certificate of cancellation to the Company. The Company may not issue new Securities to replace Securities it has paid or delivered to the
Trustee for cancellation or which have been converted. 
 Section 2.12. CUSIP Numbers. 
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
of any change in the “CUSIP” numbers. 
  

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 ARTICLE 3 
 REDEMPTION AND REPURCHASE 
 Section 3.01. Optional
Redemption by the Company. 
 At any time on or after April 1, 2010, the Company may redeem the Securities in whole, or from time to
time, in part, at its option (an “Optional Redemption”) upon notice as set forth in Section 3.04, at a Redemption Price (the “Redemption Price”) equal to 100% of the principal amount of the Securities, plus
accrued and unpaid interest (including Additional Interest, if any) thereon to but not including the date fixed for redemption specified in the notice sent pursuant to Section 3.02 (the “Redemption Date”) and, if redeemed prior
to April 1, 2011, the Make Whole Payment (as defined below). The Company will pay the Make Whole Payment to Holders of any Securities converted after the date on which the Company provides notice of an Optional Redemption and prior to the
Redemption Date, to the extent such Securities would have been entitled to the Make Whole Payment upon redemption. 
 The “Make Whole
Payment” shall be equal to the present value of all remaining scheduled payments of interest on the Securities to be redeemed through and including April 1, 2011. The present value of the remaining interest payments will be computed
using a discount rate equal to the Treasury Yield. “Treasury Yield” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity of one year (as compiled and published in the
most recent Federal Reserve Statistical Release H.15 (519)) that has become publicly available at least two business days prior to the date fixed for redemption (or, if such Statistical Release is no longer published, any publicly available
source for similar market data). 
 Section 3.02. Election to Redeem; Notice to Trustee. 
 If the Company elects to redeem Securities pursuant to Section 3.01, it shall notify the Trustee at least 45 days (or such fewer number of days as
may be acceptable to the Trustee) but no more than 60 days prior to the Redemption Date as fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee) of the Redemption Date and the principal amount of Securities to be
redeemed. If fewer than all of the Securities are to be redeemed, the record date relating to such redemption shall be selected by the Company and given to the Trustee, which record date shall not be less than 10 days after the date of notice to the
Trustee. 
 Section 3.03. Selection of Securities to be Redeemed. 
 If less than all of the Securities are to be redeemed, the Trustee shall, not more than 60 days prior to the Redemption Date, select the Securities to be
redeemed by lot, pro rata or by another method the Trustee considers fair and appropriate; provided that such method is not prohibited by any stock exchange or 

  

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market on which the Securities are then listed. The Trustee shall make the selection from the Securities outstanding and not previously called for
redemption. Securities in denominations of $1,000 may only be redeemed in whole. The Trustee may select for redemption portions (equal to $1,000 or any multiple thereof) of the principal of Securities that have denominations larger than $1,000.
Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 
 Section 3.04. Notice of Redemption. 
 Notice of an Optional Redemption shall be given at least 30 days prior to the
Redemption Date. In each case, the Company shall mail or cause to be mailed a notice of redemption by first-class mail to each Holder of Securities to be redeemed at such Holder’s address as it appears on the Registrar’s books. 

The notice shall identify the Securities to be redeemed and shall state: 
 (1) the Redemption Date; 
 (2) the
Redemption Price, including the Make Whole Payment, if any; 
 (3) the then-current Conversion Price; 
 (4) the name and address of the Paying Agent and the Conversion Agent; 
 (5) that Securities called for redemption must be presented and surrendered to the Paying Agent to collect the Redemption Price; 
 (6) that the Securities called for redemption may be converted at any time before 5:00 p.m., New York City time on the day that is two Business Days immediately preceding the Redemption Date; 
 (7) that Holders who wish to convert Securities must satisfy the requirements in paragraph 8 of the Securities; 
 (8) that, unless the Company defaults in making the redemption payment, interest on Securities called for redemption ceases to accrue on and after the
Redemption Date and the only remaining right of the Holder is to receive payment of the Redemption Price upon presentation and surrender to the Paying Agent of the Securities; 
 (9) if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the Redemption Date,
upon presentation and surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion thereof will be issued; and 
  

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 (10) subject to Section 2.12, the CUSIP number of the Securities called for redemption. 

At the Company’s written request delivered at least 15 days prior to the date of the mailing of the notice of redemption, the Trustee shall give
the notice of redemption in the Company’s name and at the Company’s expense. 
 Section 3.05. Deposit of Redemption Price.

 On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on
that date other than any Securities called for redemption on that date which have been converted prior to the date of such deposit; provided that if such payment is made on the Redemption Date, it must be received by the Trustee or Paying Agent, as
the case may be, by 10:00 a.m., New York City time, on such date. 
 If any Security called for redemption is converted, any money deposited
with the Trustee or with any Paying Agent or segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any predecessor Security to receive interest) be paid to the Company as soon
as practicable upon written request by the Company or, if then held by the Company, shall be released from such trust. 
 Section 3.06.
Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall cease
to bear or accrue any interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to (but not including) the
Redemption Date; provided, however, that installments of interest whose stated maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities registered as such at 5:00 p.m., New York City time on the
relevant record date according to their terms. 
 If the Company shall fail to deposit the Redemption Price with the Trustee and any Security
called for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium, if any, shall, until paid, bear and accrue interest from the Redemption Date at the rate borne by the Security. 
  

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 Section 3.07. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part shall be surrendered at an office or agency of the Company designated for that purpose (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney-in-fact duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal amount of the Security so surrendered. 
 Section 3.08. Conversion Arrangement on
Call for Redemption. 
 In connection with any redemption of Securities, the Company may arrange for the purchase and conversion of any
Securities by an agreement with one or more investment bankers or other purchaser to purchase such Securities by paying to the Trustee in trust for the Holders, on or before the Redemption Date, an amount not less than the applicable Redemption
Price of such Securities, together with interest accrued to the Redemption Date. Notwithstanding anything to the contrary contained in this Article 3, the obligation of the Company to pay the Redemption Price of such Securities, together with
interest accrued to, but excluding, the Redemption Date shall be deemed to be satisfied and discharged to the extent such amount is so paid by such purchaser. If such an agreement is entered into, a copy of which shall be filed with the Trustee
prior to the Redemption Date, any Securities not duly surrendered for conversion by the Holders thereof, may, at the option of the Company, be deemed, to the fullest extent permitted by law, acquired by such purchaser from such Holders and
(notwithstanding anything to the contrary contained in Article 4) surrendered by such purchaser for conversion, all as of immediately prior to 5:00 p.m., New York City time on the Redemption Date (and the right to convert any such Securities shall
be deemed to have been extended through such time), subject to payment of the above amount as aforesaid. At the direction of the Company, the Trustee shall hold and dispose of any such amount paid to it in the same manner as it would monies
deposited with it by the Company for the redemption of Securities. Without the Trustee’s prior written consent, no arrangement between the Company and such purchaser for the purchase and conversion of any Securities shall increase or otherwise
affect any of the powers, duties, responsibilities or obligations of the Trustee as set forth in this Indenture, and the Company agrees to indemnify the Trustee from, and hold it harmless against, any loss, liability or expense arising out of or in
connection with any such arrangement for the purchase and conversion of any Securities between the Company and such purchaser, including the costs and expenses incurred by the Trustee in the defense of any claim or liability arising out of or in
connection with the exercise or performance of any of its powers, duties, responsibilities or obligations under this Indenture. Nothing in the preceding sentence shall be deemed to limit the rights 

  

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and protections afforded to the Trustee in Article 9, including, but not limited to, the right to the indemnification pursuant to Section 9.07.

 Section 3.09. Repurchase at the Option of the Holder. 
 (a) A Holder shall have the right to require the Company to repurchase all or a portion of such Holder’s Securities in accordance with the
provisions of this Section 3.09. If a Holder exercises its right to require the Company to repurchase Securities under this Section 3.09, such Securities shall be purchased by the Company on April 1, 2011, April 1, 2016 or
April 1, 2021 (each, a “Purchase Date”), as designated by such Holder in exercising its rights hereunder, at a purchase price (the “Purchase Price”) equal to the principal amount thereof, plus any accrued
interest (including Additional Interest, if any) up to but excluding the Purchase Date. 
 Notwithstanding anything else to the contrary in
this Indenture, no Securities may be repurchased by the Company at the option of the Holders pursuant to this Section 3.09 or Section 3.10 if the principal of the Securities has been accelerated, and such acceleration has not been
rescinded on or prior to such date. 
 Whenever in this Indenture there is a reference to the principal of any Security as of any time, such
reference shall be deemed to include reference to the Purchase Price payable in respect of such Security to the extent that such Purchase Price is, was or would be so payable at such time, and express mention of the Purchase Price in any provision
of this Indenture shall not be construed as excluding the Purchase Price in those provisions of this Indenture when such express mention is not made. 
 (b) Not later than 20 Business Days prior to an upcoming Purchase Date, the Company shall mail a written notice (a “Purchase Date Notice”) by first-class mail to the Trustee and to each Holder (and to
beneficial holders as required by applicable law). Such notice shall include the form of Purchase Notice (as defined below) to be completed by a Holder that wishes to exercise its option to have the Company repurchase such Holder’s Securities
and shall state: 
 (1) the date of such upcoming Purchase Date; 
 (2) the date by which the Purchase Notice pursuant to this Section 3.09 must be given; 
 (3) the Purchase Price; 
 (4) the current
Conversion Price; 
 (5) the name and address of the Paying Agent and the Conversion Agent; 
  

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 (6) [reserved]; 
 (7) that Securities as to which a Purchase Notice has been given may be converted into Common Stock only to the extent that the Purchase Notice has been withdrawn in accordance with the terms of this Indenture;

 (8) the procedures that the Holder must follow to exercise rights under this Section 3.09; 
 (9) the procedures for withdrawing a Purchase Notice, including a form of notice of withdrawal; 
 (10) that the Holder must satisfy the requirements set forth in the Securities in order to convert the Securities; and 
 (11) the CUSIP number of the Securities as to which such Purchase Date Notice has been given. 
 (c) A Holder may exercise its rights specified in Section 3.09(a) upon delivery of a written notice of the exercise of such rights (a
“Purchase Notice”) to the Paying Agent at any time from the opening of business on the date that is 20 Business Days prior to a Purchase Date until 5:00 p.m., New York City time on the Business Day immediately prior to such Purchase
Date stating: 
 (1) the certificate number of each Security that the Holder will deliver to be repurchased; 
 (2) the portion of the principal amount of each Security that the Holder will deliver to be repurchased, which portion must be $1,000 or an integral
multiple thereof; and 
 (3) that such Security shall be repurchased pursuant to the terms and conditions specified in this Indenture.

 The delivery of such Security to the Paying Agent prior to the Repurchase Date (together with all necessary endorsements) at the office of
the Paying Agent shall be a condition to the receipt by the Holder of the Purchase Price therefor; provided, however, that such Purchase Price shall be so paid pursuant to this Section 3.09 only if the Security so delivered to the Paying
Agent shall conform in all respects to the description thereof set forth in the related Purchase Notice. 
 The Company shall repurchase from
the Holder thereof, pursuant to Section 3.09, a portion of a Security if the principal amount of such portion is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Security pursuant
to this Section 3.09 also apply to the repurchase of such portion of such Security. 
  

 21 







 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Purchase
Notice contemplated by this Section 3.09(c) shall have the right to withdraw such Purchase Notice in whole or in respect of a portion of the Securities covered thereby that is $1,000 or an integral multiple thereof at any time prior to 5:00
p.m., New York City time on the Business Day prior to the Purchase Date pertaining thereto by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.12. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Purchase Notice or written withdrawal thereof. 
 Section 3.10. Repurchase of Securities at Option of the Holder upon Change in Control. 
 If at any time that Securities remain outstanding there shall have occurred a Change in Control (as defined below), Securities shall be repurchased by
the Company at the option of the Holder thereof, at a cash purchase price (the “Repurchase Price”) equal to the principal amount thereof plus accrued interest (including Additional Interest, if any) up to but excluding the
Repurchase Date, on the date fixed by the Company that is not less than 45 days nor more than 60 days after the date of the Company Notice (as defined below) (the “Repurchase Date”), subject to satisfaction by or on behalf of the
Holder of the requirements set forth in Section 3.11(b). 
 Whenever in this Indenture there is a reference to the principal of any
Security as of any time, such reference shall be deemed to include reference to the Repurchase Price payable in respect of such Security to the extent that such Repurchase Price is, was or would be so payable at such time, and express mention of the
Repurchase Price in any provision of this Indenture shall not be construed as excluding the Repurchase Price in those provisions of this Indenture when such express mention is not made. 
 A “Change in Control” shall be deemed to have occurred at such time after the original issuance of the Securities as any of the
following occur: 
 (1) consummation of any transaction or event (whether by means of a liquidation, share exchange, tender offer,
consolidation, recapitalization, reclassification, merger of the Company or any sale, lease or other transfer of the consolidated assets of the Company and the Company’s subsidiaries substantially as an entirety) or a series of related
transactions or events pursuant to which Common Stock is exchanged for, converted into or constitutes solely the right to receive cash, securities or other property other than pursuant to a transaction in which the persons that “beneficially
owned,” directly or indirectly, the shares of Common Stock immediately prior to such transaction beneficially own, directly or indirectly, shares of common stock representing a majority of the total voting power of all outstanding classes of
common stock of the surviving or transferee 

  

 22 







 
person in substantially the same proportion amongst themselves as such ownership immediately prior to such transaction; 
 (2) the approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not
otherwise in compliance with the provisions of the applicable indenture); 
 (3) any person or group of related persons, as defined in
Section 13(d) of the Exchange Act (a “Group”) shall become the owner, directly or indirectly, beneficially or of record, of shares representing more than 50% of the aggregate ordinary voting power represented by the
Company’s issued and outstanding Voting Stock of, or any successor to, all or substantially all of the Company’s assets; or 
 (4)
the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors (as defined below). 
 Notwithstanding the foregoing, a Holder will not have the right to require the Company to repurchase Securities upon a Change in Control if, in the case of clause (1) of the definition of a “Change in Control”, 90% or more of
the consideration, excluding cash payments for fractional shares and cash payments pursuant to dissenters’ appraisal rights, in the transaction or transactions consists of shares of common stock traded or to be traded immediately following a
Change in Control on a U.S. national securities exchange or the Nasdaq National Market, and, as a result of the transaction or transactions, the Securities become convertible into that common stock (and any rights attached thereto). 
 A “beneficial owner” shall be determined in accordance with Rules 13d-3 and 13d-5 promulgated by the SEC under the Exchange Act, as in
effect on the date of execution of this Indenture, except that a person shall be deemed to be the “beneficial owner” of all Common Stock that such person has the right to acquire, whether such right is exercisable immediately or only after
the passage of time. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors
of the Company who (i) was a member of such Board of Directors on the date of the original issuance of the Securities or (ii) was nominated for election or elected to the Board of Directors with the approval of a majority of the remaining
Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
 Section 3.11. Notice;
Method of Exercising Repurchase Right. 
 (a) On or prior to the 30th day after the occurrence of a Change in Control, the Company shall mail a written notice (the “Company Notice”) by first-class mail to the
Trustee and to each Holder (and to beneficial owners as required by applicable law). Such notice shall include the form of a Repurchase Notice (as defined below) to be completed by the Holder and shall state: 
 (1) the date of such Change in Control and, briefly, the events causing such Change in Control; 
  

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 (2) the date by which the Repurchase Notice pursuant to this Section 3.11 must be given; 

(3) the Repurchase Date; 
 (4) the
Repurchase Price; 
 (5) the current Conversion Price; 
 (6) the name and address of the Paying Agent and the Conversion Agent; 
 (7) [reserved] 
 (8) that Securities as to which a Repurchase Notice has been given may be converted into Common Stock only to the extent that the Repurchase Notice has
been withdrawn in accordance with the terms of this Indenture; 
 (9) the procedures that the Holder must follow to exercise rights under
this Section 3.10; 
 (10) the procedures for withdrawing a Repurchase Notice, including a form of notice of withdrawal; 
 (11) that the Holder must satisfy the requirements set forth in the Securities in order to convert the Securities; and 
 (12) the CUSIP number of the Securities as to which such Company Notice has been given. 
 (b) A Holder may exercise its rights specified in Section 3.10 upon delivery of a written notice of the exercise of such rights (a
“Repurchase Notice”) to the Paying Agent at any time prior to 5:00 p.m., New York City time on the third Business Day prior to the Repurchase Date, stating: 
 (1) the certificate number of each Security that the Holder will deliver to be repurchased; 
 (2) the portion of the principal amount of each Security that the Holder will deliver to be repurchased, which portion must be $1,000 or an integral
multiple thereof; and 
 (3) that such Security shall be repurchased pursuant to the terms and conditions specified in this Indenture.

  

 24 







 The delivery of such Security to the Paying Agent on or prior to the third Business Day preceding the
Repurchase Date (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the Repurchase Price therefor; provided, however, that such Repurchase Price shall be so paid
pursuant to Section 3.10 only if the Security so delivered to the Paying Agent shall conform in all respects to the description thereof set forth in the related Repurchase Notice. 
 The Company shall repurchase from the Holder thereof, pursuant to Section 3.10, a portion of a Security if the principal amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Security pursuant to Sections 3.09 through 3.16 also apply to the repurchase of such portion of such Security. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Repurchase Notice contemplated by this
Section 3.11(b) shall have the right to withdraw such Repurchase Notice in whole or in respect of a portion of the Securities covered thereby that is $1,000 or an integral multiple thereof at any time prior to 5:00 p.m., New York City time on
the Business Day prior to the Repurchase Date pertaining thereto by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.12. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Repurchase Notice or written withdrawal thereof. 
 Section 3.12. Effect of Purchase Notice or Repurchase Notice. 
 Upon receipt by the Paying Agent of a
Purchase Notice as specified in Section 3.09(c) or of a Repurchase Notice as specified in Section 3.11(b), the Holder of the Security in respect of which such Purchase Notice or Repurchase Notice, as the case may be, was given shall
(unless such Purchase Notice or Repurchase Notice is withdrawn as specified below) thereafter be entitled to receive solely the Purchase Price or Repurchase Price, as the case may be, with respect to such Security. Such Purchase Price or Repurchase
Price shall be paid to such Holder promptly following the later of (i) the Purchase Date or Repurchase Date, as the case may be, with respect to such Security (provided the conditions in Section 3.09(c) or Section 3.11(b),
respectively, have been satisfied) and (ii) the time of delivery of such Security to the Paying Agent by the Holder thereof in the manner required by Section 3.09(c) or Section 3.11(b), respectively. Securities in respect of which a
Purchase Notice or Repurchase Notice, as the case may be, has been given by the Holder thereof may not be converted into shares of Common Stock on or after the date of the delivery of such Purchase Notice or Repurchase Notice unless such Purchase
Notice or Repurchase Notice has first been validly withdrawn. 
 A Purchase Notice or Repurchase Notice may be withdrawn by means of a
written notice of withdrawal delivered by the Holder, with such Holder’s 

  

 25 







 
signature guaranteed in a manner satisfactory to the Paying Agent, to the office of the Paying Agent at any time prior to 5:00 p.m., New York City time on
the Business Day prior to the Purchase Date or Repurchase Date to which it relates, specifying: 
 (1) the certificate number of each
Security in respect of which such notice of withdrawal is being submitted; 
 (2) the principal amount of the Security or portion thereof
with respect to which such notice of withdrawal is being submitted; and 
 (3) the principal amount, if any, of such Security that remains
subject to the original Purchase Notice or Repurchase Notice, as the case may be, and that has been or will be delivered for repurchase by the Company. 
 Section 3.13. Deposit of Purchase Price or Repurchase Price. 
 On or before the Purchase Date or the
Repurchase Date, as the case may be, applicable in respect of an exercise of the rights provided for in Section 3.09 or Section 3.10, the Company shall deposit with the Trustee or with the Paying Agent (or, if the Company is acting as the
Paying Agent, shall segregate and hold in trust as provided in Section 2.04) an amount of money sufficient to pay the aggregate Purchase Price or Repurchase Price of all the Securities or portions thereof that are to be repurchased as of such
Purchase Date or Repurchase Date, as the case may be. The manner in which the deposit required by this Section 3.13 is made by the Company shall be at the option of the Company; provided that such deposit shall be made in a manner such that the
Trustee or the Paying Agent shall have immediately available funds on such Purchase Date or Repurchase Date, as the case may be; provided further, that if such payment is made on such Purchase Date or Repurchase Date, as the case may be, it must be
received by the Trustee or Paying Agent by 10:00 a.m., New York City time, on such date. 
 If the Paying Agent holds, in accordance with the
terms hereof, money sufficient to pay the Purchase Price or the Repurchase Price, as the case may be, of any Security tendered for repurchase on the Business Day prior to the Purchase Date or the Repurchase Date therefor, then, on and after such
Purchase Date or the Repurchase Date, as the case may be, such Security will cease to be outstanding and interest on such Security will cease to accrue and will be deemed paid, whether or not such Security is delivered to the Paying Agent, and all
other rights of the Holder in respect thereof shall terminate (other than the right to receive the Purchase Price or the Repurchase Price, as the case may be, upon delivery of such Security). 
  

 26 







 Section 3.14. Securities Repurchased in Part. 
 Any Security that is to be repurchased pursuant to Section 3.09 or Section 3.10 only in part shall be surrendered at the office of the Paying
Agent (with due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute
and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities, or such authorized denomination or denominations as may be requested by such Holder, in aggregate principal amount
equal to, and in exchange for, the portion of the principal amount of the Security so surrendered that is not repurchased. 
 Section 3.15.
Compliance with Securities Laws upon Repurchase of Securities. 
 In connection with any offer to repurchase or repurchase of
Securities under Section 3.09 or Section 3.10 hereof (provided that such offer or repurchase constitutes an “issuer tender offer” for purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto)
at the time of such offer or repurchase), the Company shall (i) comply with Rule 13e-4 and Rule 14e-1 under the Exchange Act, (ii) file the related Schedule 13E-4 (or any successor schedule, form or report) under the Exchange Act, and
(iii) otherwise comply with all federal and state securities laws so as to permit the rights of the Holders and obligations of the Company under Sections 3.09 through 3.15 to be exercised in the time and in the manner specified therein.

 Section 3.16. Repayment to the Company. 
 To the extent that the aggregate amount of cash deposited by the Company pursuant to Section 3.13 exceeds the aggregate Purchase Price or Repurchase Price, as the case may be, of the Securities or portions
thereof to be so repurchased, then, promptly after the Business Day following the Purchase Date or the Repurchase Date, the Trustee or the Paying Agent, as the case may be, shall return any such excess to the Company. 
 ARTICLE 4 
 CONVERSION

 Section 4.01. Conversion Privilege. 
 Subject to the provisions of this Article 4, at any time on or prior to 5:00 p.m., New York City time on April 1, 2026 or, if not a Business Day, the Business Day immediately preceding April 1, 2026, subject
as otherwise provided herein, a Holder of a Security may convert such Security into cash and, if applicable, Common Stock equal to the Conversion Value (as defined below) in accordance with Section 4.15, if any of the following conditions is
satisfied: 
 (a) the Closing Price (as defined below) per share of Common Stock for at least 20 Trading Days in the period of 30 consecutive
Trading Days ending on the last Trading Day of the Calendar Quarter preceding the Calendar Quarter in which the conversion of such Security occurs is more than 130% of the Conversion Price on such thirtieth Trading Day; 
  

 27 







 (b) the Security has been called for redemption by the Company pursuant to Section 3.01; 

(c) [reserved]; 
 (d) (i) an issuance of
rights, warrants or options referred to in Section 4.06(b) occurs or (ii) a distribution referred to in Section 4.06(c) occurs where the fair market value of such distribution per share of Common Stock (as determined by the Board of
Directors of the Company, which determination shall be conclusive evidence of such fair market value) exceeds 10% of the Closing Price per share of Common Stock on the Trading Day immediately preceding the date that such distribution was first
publicly announced; provided, however, that this Section 4.01(d) will not apply to a Security with respect to which the Holder otherwise participates in the issuance or distribution described in clause (i) or (ii) above on an
as-converted basis (solely into shares of Common Stock at the then applicable Conversion Price) without conversion of such Holder’s Securities; or 
 (e) [reserved]; 
 (f) (x) the Company is party to, or has announced, a transaction that is a
reclassification, consolidation, merger, share exchange, sale or other transaction pursuant to which the Common Stock is subject to conversion into shares of stock, other securities or property (including cash) pursuant to Section 4.12 and
(y) the conversion of such Security occurs at any time from and after the date that is 15 days prior to the date of the anticipated effective time of such transaction announced by the Company until and including the date that is 15 days after
the actual effective date of such transaction (or if such transaction also constitutes a Change in Control, until the Repurchase Date). 
 In
the case of the foregoing clauses (d)(i) and (ii), the Company must notify the Holders at least 20 days prior to the ex-dividend date (as defined below) for such issuance or distribution. Once the Company has given such notice, Holders may surrender
their Securities for conversion at any time thereafter until the earlier of 5:00 p.m., New York City time on the Business Day prior to the ex-dividend date or the Company’s announcement that such issuance or distribution will not take place.

 The “ex-dividend date” for any such issuance or distribution means the date immediately prior to the commencement of
“ex-dividend” trading for such issuance or distribution on the national securities exchange or The New York 

  

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Stock Exchange or similar system of automated dissemination of quotations of securities prices on which the Common Stock is then listed or quoted.

 In the case of Section 4.01(f), the Company will notify Holders and the Trustee as promptly as practicable following the date on
which the Company publicly announces a transaction described in Section 4.01(f), but in no event less than 15 days prior to the effective date of such transaction. 
 A Holder may only convert a Security or a portion of a Security equal to $1,000 or any integral multiple thereof. Provisions of this Indenture that apply to conversion of all of a Security also apply to conversion of
a portion of a Security. 
 If a Security is called for redemption pursuant to Article 3, the right to convert such Security shall terminate
at 5:00 p.m., New York City time on the Business Day before the Redemption Date for such Security (unless the Company shall default in making the redemption payment then due, in which case the conversion right shall terminate on the date such
default is cured and such Security is redeemed). A Security in respect of which a Holder has delivered a Purchase Notice pursuant to Section 3.09(c) or a Repurchase Notice pursuant to Section 3.11(b) exercising the option of such Holder to
require the Company to repurchase such Security may be converted only if such Purchase Notice or Repurchase Notice, as the case may be, is withdrawn by a written notice of withdrawal delivered to the Paying Agent prior to 5:00 p.m., New York City
time on the corresponding Purchase Date or Repurchase Date, as the case may be, in accordance with Section 3.12. 
 A Holder of
Securities is not entitled to any rights of a holder of Common Stock until such Holder has converted its Securities into Common Stock and, upon such conversion, only to the extent such Securities are deemed to have been converted into Common Stock
pursuant to this Article 4. 
 Section 4.02. Conversion Procedure. 
 To convert a Security, a Holder must (i) complete and manually sign the conversion notice on the back of the Security and deliver such notice to the
Conversion Agent (as defined below), (ii) surrender the Security to the Conversion Agent, (iii) furnish appropriate endorsements and transfer documents to the Registrar or the Conversion Agent, (iv) pay any transfer or other tax, if
required by Section 4.04 and (v) if the Security is held in book-entry form, complete and deliver to the Depositary appropriate instructions pursuant to the Depositary’s book-entry conversion programs. The date on which the Holder
satisfies all of the foregoing requirements is the conversion date. As soon as practicable after the conversion date, the Company shall deliver to the Holder through the Conversion Agent (1) cash in the amount calculated in accordance with
Section 4.15, (2) the number of whole shares of Common Stock issuable upon the conversion, if any, and (3) cash in lieu of any fractional shares pursuant to Section 4.15. 
  

 29 







 The person in whose name the Security is registered shall be deemed to be a stockholder of record on the
conversion date; provided, however, that no surrender of a Security on any date when the stock transfer books of the Company shall be closed shall be effective to constitute the person or persons entitled to receive the shares of Common Stock
upon such conversion as the record holder or holders of such shares of Common Stock on such date, but such surrender shall be effective to constitute the person or persons entitled to receive such shares of Common Stock as the record holder or
holders thereof for all purposes at 5:00 p.m., New York City time on the next succeeding day on which such stock transfer books are open; provided, further, that such conversion shall be at the Conversion Price in effect on the date that such
Security shall have been surrendered for conversion, as if the stock transfer books of the Company had not been closed. Upon conversion of a Security, such person shall no longer be a Holder of such Security. 
 No payment or adjustment will be made for accrued interest (including Additional Interest, if any) on a converted Security or for dividends or
distributions on shares of Common Stock issued upon conversion of a Security, but if any Holder surrenders a Security for conversion after a Record Date for the payment of an installment of interest and prior to the opening of business on the next
Interest Payment Date, including the maturity date, then, notwithstanding such conversion, the interest payable (including Additional Interest, if any) on such Interest Payment Date shall be paid to the Holder of such Security at 5:00 p.m., New York
City time on the Record Date. In such event, such Security, when surrendered for conversion, must be accompanied by delivery of a check payable to the Conversion Agent in an amount equal to the interest payable (including Additional Interest, if
any) on such Interest Payment Date on the portion so converted. If such payment does not accompany such Security, the Security shall not be converted. The foregoing two sentences shall not apply (i) to Securities called for redemption on a
Redemption Date within the period between 5:00 p.m., New York City time on the Record Date and the Business Day immediately following the next Interest Payment Date (ii) to Securities surrendered for conversion if the Company has specified a
Repurchase Date following a Change in Control that is after 5:00 p.m., New York City time on the Record Date and on or prior to the next Interest Payment Date or (iii) only to the extent of overdue interest, if any overdue interest exists at
the time of conversion with respect to such Securities. 
 Pursuant to Section 3.01, the Company must pay a Make Whole Payment to
Holders of Securities converted after the date on which the Company provides notice of an Optional Redemption until the Redemption Date, if Holders of Securities subject to redemption would be entitled to such a payment. 
 If a Holder converts more than one Security at the same time, the number of shares of Common Stock issuable upon the conversion shall be based on the
aggregate principal amount of Securities converted. 
  

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 Upon surrender of a Security that is converted in part, the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder, a new Security equal in principal amount to the unconverted portion of the Security surrendered. 
 Section 4.03. Adjustments Below Par Value. 
 Before taking any action which would cause an adjustment decreasing the
Conversion Price so that any shares of Common Stock issuable upon conversion of the Securities would be issued for less than the par value of such Common Stock, the Company will take all corporate action which may be necessary in order that the
Company may validly and legally issue fully paid and nonassessable shares of such Common Stock at such adjusted Conversion Price. 
 Section
4.04. Taxes on Conversion. 
 If a Holder converts a Security, the Company shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of shares of Common Stock upon such conversion. However, the Holder shall pay any such tax which is due because the Holder requests the shares to be issued in a name other than the Holder’s name. The Conversion
Agent may refuse to deliver the certificates representing the Common Stock being issued in a name other than the Holder’s name until the Conversion Agent receives a sum sufficient to pay any tax which will be due because the shares are to be
issued in a name other than the Holder’s name. Nothing herein shall preclude any tax withholding required by law or regulations. 
 Section 4.05. Company to Provide Stock. 
 The Company shall, prior to issuance of any Securities hereunder, and from time to
time as may be necessary, reserve, out of its authorized but unissued Common Stock a sufficient number of shares of Common Stock to permit the conversion of all outstanding Securities for shares of Common Stock. 
 No fractional shares of Common Stock or scrip representing fractional shares shall be issued upon conversion of Securities. If more than one Security
shall be surrendered for conversion at one time by the same holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof
to the extent permitted hereby) so surrendered. If any fractional share of Common Stock would be issuable upon the conversion of any Security or Securities, the Company shall make an adjustment thereof in cash at the current market value thereof.
For these purposes, the current market value of a share of Common Stock shall be the Closing Price per share of Common Stock on the first Business Day immediately preceding the day on which the Securities (or specified portions thereof) are deemed
to have been converted. 
  

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 The Company covenants that all shares of Common Stock delivered upon conversion of the Securities shall
be newly issued shares or treasury shares, shall be duly authorized, validly issued, fully paid and non-assessable and shall be free from preemptive rights and free of any lien or adverse claim. 
 The Company will endeavor promptly to comply with all federal and state securities laws regulating the offer and delivery of shares of Common Stock upon
conversion of Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter market or such other market on which the Common Stock is then listed or quoted.

 Section 4.06. Adjustment of Conversion Price. 
 The conversion price (the “Conversion Price”) shall be that price set forth in paragraph 8 of the form of Security attached hereto as Exhibit A and shall be adjusted from time to time by the Company
as follows: 
 (a) In case the Company shall (i) pay a dividend or other distribution in shares of Common Stock to holders of Common
Stock, (ii) subdivide its outstanding Common Stock into a greater number of shares, (iii) combine its outstanding Common Stock into a smaller number of shares or (iv) reclassify its outstanding Common Stock, the Conversion Price in
effect immediately prior thereto shall be adjusted so that the Holder of any Security thereafter surrendered for conversion shall be entitled to receive the number of shares of Common Stock which it would have owned or have been entitled to receive
had such Security been converted immediately prior to the happening of such event. An adjustment made pursuant to this subsection (a) shall become effective immediately after the record date in the case of a dividend or distribution and shall
become effective immediately after the effective date in the case of subdivision, combination or reclassification. 
 (b) In case the Company
shall issue to all or substantially all holders of its Common Stock, rights, warrants or options entitling such holders to subscribe for or purchase (for a period expiring not more than 60 days after the date of such issuance) shares of Common Stock
(or securities convertible into Common Stock) at a price per share less than the average Closing Price of Common Stock for the ten Trading Days immediately preceding the date that such distribution was first publicly announced (as determined in
accordance with subsection (f) below) at the record date for the determination of stockholders entitled to receive such rights, warrants or options, the Conversion Price in effect immediately prior thereto shall be adjusted so that the
Conversion Price shall equal the price determined by multiplying the Conversion Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such record
date, plus the number of shares which the aggregate subscription or purchase price for the total number of shares of Common Stock offered by the rights, warrants or options so issued (or the aggregate conversion price of the convertible securities
offered by such rights, 

  

 32 







 
warrants or options) would purchase at such current market price, and the denominator of which shall be the number of shares of Common Stock outstanding on
such record date plus the number of additional shares of Common Stock offered by such rights, warrants or options (or into which the convertible securities so offered by such rights, warrants or options are convertible). Such adjustment shall be
made successively whenever any such rights, warrants or options are issued, and shall become effective immediately after such record date. If at the end of the period during which such rights, warrants or options are exercisable not all rights,
warrants or options shall have been exercised, the adjusted Conversion Price shall be immediately readjusted to what it would have been upon application of the foregoing adjustment substituting the number of additional shares of Common Stock
actually issued (or the number of shares of Common Stock issuable upon conversion of convertible securities actually issued) for the total number of shares of Common Stock offered (or the convertible securities offered). 
 (c) In case the Company shall distribute to all or substantially all holders of its Common Stock any shares of Capital Stock of the Company (other than
Common Stock) or evidences of its indebtedness, cash, other securities, other property or other assets, or shall distribute to all or substantially all holders of its Common Stock, rights, warrants or options to subscribe for or purchase any of its
securities (excluding (i) rights, options and warrants referred to in subsection (b) above or subsection (g) below; (ii) those dividends and distributions referred to in subsection (a) above; and (iii) dividends and
distributions paid in cash referred to in subsection (e) below), then in each such case the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to
the date of such distribution or purchase by a fraction, the numerator of which shall be the current market price per share (as defined in subsection (f) below) of the Common Stock on the record date mentioned below less the fair market value
on such record date (as determined by the Board of Directors of the Company, whose determination shall be conclusive evidence of such fair market value) of the portion of the Capital Stock or evidences of indebtedness, securities or assets so
distributed or of such rights, warrants or options, in each case as applicable to one share of Common Stock, and the denominator of which shall be the current market price per share (as defined in subsection (f) below) of the Common Stock on
such record date. Such adjustment shall become effective immediately after the record date for the determination of stockholders entitled to receive such distribution. 
 (d) In case the Company or any of its Subsidiaries makes a payment to holders of Common Stock in respect of a tender offer or exchange offer for the Common Stock that is subject to the tender offer rules, and the cash
and value of any other consideration included in payment per share of Common Stock exceeds the Closing Price on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender offer or exchange offer,
then the Conversion Price shall be adjusted so that the same shall equal the 

  

 33 







 
price determined by multiplying the Conversion Price in effect on the date such tender offer or exchange offer expires by a fraction, the numerator of which
shall be the product of the number of shares of Common Stock outstanding immediately prior to the date such tender offer or exchange offer expires multiplied by the average of the Closing Prices of the Common Stock over the ten consecutive Trading
Day period commencing the Trading Day next succeeding the date such tender offer or exchange offer expires, and the denominator of which shall be the sum of the aggregate value of all cash and any other consideration (as determined by the Board of
Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer plus the product of the number of shares of Common Stock outstanding immediately after the date such tender offer or exchange offer expires multiplied
by the average of the Closing Prices of the Common Stock over the ten consecutive Trading Day period commencing the Trading Day next succeeding the date such tender offer or exchange offer expires. Such adjustment shall become effective immediately
prior to the opening of business on the day following the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer. If the Company is obligated to purchase shares pursuant to any such tender offer or exchange
offer, but the Company is permanently prevented by applicable law from effecting any or all or any portion of such purchases or all such purchases are rescinded, the Conversion Price shall again be adjusted to be the Conversion Price that would then
be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that had been effected. 
 (e) In case the Company shall declare a cash dividend or cash distribution to all holders of its Common Stock, the Conversion Price shall be decreased so that the Conversion Price shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the record date for such dividend or distribution by the following fraction: 
 (i) the numerator shall be the average of the Closing Price for the three consecutive Trading Days ending on the Trading Day immediately preceding the record date for such dividend or distribution (the “Pre-Dividend Sale
Price”), minus the full amount of such cash dividend or cash distribution applicable to one share of Common Stock, and 
 (ii) the denominator shall be the Pre-Dividend Sale Price; 
 such adjustment to become effective immediately after the record date for such
dividend or distribution; provided no adjustment to the Conversion Price will be made if the Company provides that Holders of Securities will participate in the cash dividend or cash distribution without conversion; provided further that if the
numerator of the foregoing fraction is less than $1.00 (including a negative 

  

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amount), then in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive upon conversion, in
addition to the cash and Common Stock issuable upon such conversion, the amount of cash such Holder would have received had such Holder converted its Security immediately prior to the record date for such cash dividend or cash distribution at the
Conversion Rate and for the Conversion Value in effect at such time. If such cash dividend or cash distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such
dividend or distribution had not been declared. 
 (f) For the purpose of any computation under subsections (b), (c) and (d) above,
the current market price per share of Common Stock on any date shall be deemed to be the average of the Closing Prices per share of Common Stock for 20 consecutive Trading Days commencing 30 Trading Days before the record date with respect to any
distribution, issuance or other event requiring such computation. The “Closing Price” with respect to the Common Stock for any day shall mean the closing sale price, regular way, per share of Common Stock on such day or, in case no
such sale of Common Stock takes place on such day, the average of the reported closing bid and asked prices (if more than one in either case, the average of the average bid and the average ask prices), regular way, per share of Common Stock in each
case as reported in composite transactions on the principal national security exchange or other quotation system on which the Common Stock is quoted or listed or admitted to trading on such day, or, if the Common Stock is not so quoted or listed or
admitted to trading on any national securities exchange or quotation system, the average of the closing bid and asked prices per share of Common Stock on the over-the-counter market on the day in question as reported by the National Quotation Bureau
Incorporated, or a similar generally accepted reporting service, or, if such average is not so available, determined in such manner as furnished by any New York Stock Exchange member firm selected from time to time by the Board of Directors for that
purpose, or if not so determinable as provided under any applicable alternative above, a price per share of Common Stock determined in good faith by the Board of Directors or, to the extent permitted by applicable law, a duly authorized committee
thereof, whose determination shall be conclusive. As used herein the term “Trading Day” with respect to Common Stock means any regular or abbreviated trading day of the New York Stock Exchange. 
 (g) If the Company implements a Stockholder Rights Plan (as defined below), the Company agrees that such Stockholder Rights Plan will provide that upon
any conversion of the Securities by any Holder prior to a Trigger Event (as defined below), the Holders shall receive the rights, warrants or options issued under such plan. Rights, warrants or options distributed by the Company to all holders of
Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights, warrants or options, until the occurrence of a specified event or
events (a “Trigger Event”): 
 (i) are deemed to be transferred with such shares of Common Stock, 

 

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 (ii) are not exercisable, and 
 (iii) are also issued in respect of future issuances of Common Stock, 
 (a “Stockholder Rights Plan”) shall not be deemed distributed for purposes of this Section 4.06 and no adjustment to the Conversion Price shall be required to be made until the occurrence of the
earliest Trigger Event. In addition, in the event of any Trigger Event with respect thereto, that shall have resulted in an adjustment to the Conversion Price under this Section 4.06, (1) in the case of any such rights, warrants or options
which shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as
though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder of Common Stock with respect to such rights, warrants or options (assuming such holder had retained such rights, warrants or options),
made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of any such rights, warrants or options all of which shall have expired without exercise by any holder thereof, the Conversion Price shall
be readjusted as if such issuance had not occurred. 
 In any case in which this Section 4.06 shall require that an adjustment be made
immediately following a record date established for purposes of Section 4.06, the Company may elect to defer (but only until five Business Days following the filing by the Company with the Trustee of the certificate described in
Section 4.10) issuing to the holder of any Security converted after such record date the shares of Common Stock and other Capital Stock of the Company issuable upon such conversion over and above the shares of Common Stock and other Capital
Stock of the Company issuable upon such conversion only on the basis of the Conversion Price prior to adjustment; and, in lieu of the shares the issuance of which is so deferred, the Company shall issue or cause its transfer agents to issue due
bills or other appropriate evidence of the right to receive such shares. 
 Section 4.07. No Adjustment. 
 No adjustment in the Conversion Price shall be required unless the adjustment would require an increase or decrease of at least 1% in the Conversion
Price as last adjusted; provided, however, that any adjustments which by reason of this Section 4.07 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this
Article 4 shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be. 
  

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 No adjustment need be made for rights to purchase Common Stock or issuances of Common Stock pursuant to a
Company plan for reinvestment of dividends or interest. 
 No adjustment need be made for a change in the par value or a change to no par
value of the Common Stock. 
 To the extent that the Securities become convertible into cash, no adjustment need be made thereafter as to the
cash. Interest will not accrue on the cash. 
 Section 4.08. Equivalent Adjustments. 
 In the event that, as a result of an adjustment made pursuant to Section 4.06 above, the holder of any Security thereafter surrendered for
conversion shall become entitled to receive any shares of Capital Stock of the Company other than shares of its Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article 4. 
 Section 4.09. Adjustment for Tax Purposes. 
 The Company shall be entitled to make such reductions in
the Conversion Price, in addition to those required by Section 4.06, as the Board of Directors in its discretion shall determine to be advisable in order that any stock dividends, subdivision of shares, distribution of rights to purchase stock
or securities, or a distribution or securities convertible into or exchangeable for stock hereafter made by the Company to its stockholders shall not be taxable. 
 Section 4.10. Notice of Adjustment. 
 Whenever the Conversion Price is adjusted, or Securityholders
become entitled to other securities or due bills, the Company shall promptly mail to Securityholders a notice of the adjustment and file with the Trustee an Officers’ Certificate briefly stating the facts requiring the adjustment and the manner
of computing it. The certificate shall be conclusive evidence of the correctness of such adjustment and the Trustee may conclusively assume that, unless and until such certificate is received by it, no such adjustment is required. 
 Section 4.11. Notice of Certain Transactions. 
 In case: 
 (a) the Company shall declare a dividend (or any other distribution) on its Common Stock (other
than in cash out of retained earnings); or 
  

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 (b) the Company shall authorize the granting to the holders of its Common Stock of rights, warrants or
options to subscribe for or purchase any share of any class or any other rights, warrants or options; or 
 (c) of any reclassification of
the Common Stock of the Company (other than a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation, merger, or share
exchange to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 the Company shall cause to be filed with the Trustee and to be mailed to each holder of Securities at its address appearing on the list provided for in Section 2.05, as promptly as possible but in any event at
least ten days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights, warrants or options, or, if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (y) the date on which such reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property
deliverable upon such reclassification, consolidation, merger, share exchange, sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, share exchange, transfer, dissolution, liquidation or winding-up. 
 Section
4.12. Effect of Reclassification, Consolidation, Merger, Share Exchange or Sale on Conversion Privilege. 
 If any of the following
shall occur, namely: (i) any reclassification or change of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination); (ii) any consolidation, merger or share exchange to which the Company is a party other than a merger in which the Company is the continuing corporation and which does not result in any reclassification of, or change (other than a
change in name, or par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination) in, outstanding shares of Common Stock; or (iii) any sale or conveyance of all or substantially
all of the properties and assets of the Company, then the Company, or such successor or purchasing corporation, as the case may be, shall, as a condition precedent to such reclassification, change, consolidation, 

  

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merger, share exchange, sale or conveyance, execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security then
outstanding shall have the right to convert such Security into the kind and amount of shares of stock and other securities and property (including cash) receivable (the “Reference Property”) upon such reclassification, change,
consolidation, merger, share exchange, sale or conveyance by a holder of the number of shares of Common Stock deliverable upon conversion of such Security immediately prior to such reclassification, change, consolidation, merger, share exchange,
sale or conveyance; provided that, at and after the effective time of such transaction, the amount otherwise payable in cash upon conversion of the Securities will continue to be payable in cash and the Conversion Value will be calculated based on
the fair value of the Reference Property; and provided further that, in lieu of fractional shares, if any, payable pursuant to this sentence an amount of cash based upon the current market price of such shares (determined on the same basis as
current market price of Common Stock under Section 4.06(f)) will be payable. Such supplemental indenture shall provide for adjustments of the Conversion Price which shall be as nearly equivalent as may be practicable to the adjustments of the
Conversion Price provided for in this Article 4. The Company shall not become a party to any such reclassification, change, consolidation, merger, share exchange, sale or conveyance unless its terms are consistent with the foregoing two sentences.
In the event holders of the Common Stock have the opportunity to elect the form of consideration to be received in any such reclassification, consolidation, merger, share exchange, sale or other transaction that causes the Common Stock to be
converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the Company shall make adequate provision whereby the Holders shall have a reasonable opportunity to
determine the form of consideration into which all of the Securities, treated as a single class, shall be convertible from and after the effective date of such transaction. 
 If, in the case of any such consolidation, merger, share exchange, sale or conveyance, the stock or other securities and property (including cash)
receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, share exchange, sale
or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors of the Company shall
reasonably consider necessary by reason of the foregoing. The provision of this Section 4.12 shall similarly apply to successive consolidations, mergers, share exchanges, sales or conveyances. Notwithstanding the foregoing, a distribution by
the Company to all or substantially all holders of its Common Stock for which an adjustment to the Conversion Price or provision for conversion of the Securities may be made pursuant to Section 4.06 shall not be deemed to be a sale or
conveyance of all or substantially all of the assets of the Company for purposes of this Section 4.12. 
  

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 In the event the Company shall execute a supplemental indenture pursuant to this Section 4.12, the
Company shall promptly file with the Trustee an Opinion of Counsel stating that such supplemental indenture is authorized or permitted by this Indenture and an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of
shares of stock or securities or property (including cash) receivable by Holders of the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger, share exchange, sale or conveyance, any
adjustment to be made with respect thereto and that all conditions precedent have been complied with. 
 Notwithstanding this
Section 4.12, if Section 4.16(b) applies to a transaction described in the first paragraph of this Section 4.12 and the Company elects to adjust the Conversion Rate pursuant Section 4.16(b), the provisions of Section 4.16(b)
shall apply in lieu of the provisions of this Section 4.12. 
 Section 4.13. Trustee’s Disclaimer. 
 The Trustee has no duty to determine when an adjustment under this Article 4 should be made, how it should be made or what such adjustment should be
made, but may accept as conclusive evidence of the correctness of any such adjustment, and shall be protected in relying upon, the Officers’ Certificate with respect thereto which the Company is obligated to file with the Trustee pursuant to
Section 4.10. The Trustee shall not be accountable for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities, and the Trustee shall not be responsible for the Company’s
failure to comply with any provisions of this Article 4. Each Conversion Agent (other than the Company or an Affiliate of the Company) shall have the same protection under this Section 4.13 as the Trustee. 
 The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture executed
pursuant to Section 4.12, but may accept as conclusive evidence of the correctness thereof, and shall be protected in relying upon, the Officers’ Certificate with respect thereto which the Company is obligated to file with the Trustee
pursuant to Section 4.12. 
 Section 4.14. Voluntary Reduction. 
 The Company from time to time may reduce the Conversion Price by any amount for any period of time if the period is at least 20 days or such longer
period as may be required by law and if the reduction is irrevocable during the period; provided that in no event may the Conversion Price be less than the par value of a share of Common Stock. 
  

 40 







 Section 4.15. Conversion Value of Securities Tendered. 
 (a) Subject to certain exceptions described below and in Sections 4.01(d), 4.01(f) and 4.16, Holders tendering the Securities for conversion shall be
entitled to receive, upon conversion of such Securities, cash and, if applicable, shares of Common Stock, the value of which (the “Conversion Value”) shall be equal to the product of: (i) (A) the aggregate principal amount
of Securities to be converted divided by 1,000 multiplied by (B) the then applicable Conversion Rate; and (ii) the average of the VWAPs (as defined below) for the twenty consecutive Trading Days (the “Cash Settlement
Period”) (appropriately adjusted to take into account the occurrence during such period of stock splits and similar events) beginning on the second Trading Day immediately following the day the Securities are tendered for conversion (the
“Twenty Day Average VWAP”). 
 The “VWAP” for a given Trading Day means the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “WCN <equity> AQR” in respect of the period from 9:30 a.m. to 4:00 p.m. (New York City time) on such Trading Day (or if such volume-weighted
average price is unavailable, the market value of one share of the Common Stock on such Trading Day as the Board of Directors determines in good faith using a volume-weighted method). 
 (b) Subject to certain exceptions described below and under Sections 4.01(d), 4.01(f) and 4.16, the Company shall deliver the Conversion Value to
converting holders as follows: 
 (i) an amount in cash (the “Principal Return”) equal to the lesser of
(a) the Conversion Value of the Securities to be converted and (b) the aggregate principal amount of the Securities to be converted; 
 (ii) if the aggregate Conversion Value of the Securities to be converted is greater than the Principal Return, an amount in whole shares (the “Net Shares”) equal to the sum of the Daily Share Amounts
(as defined below) for each Trading Day during the Cash Settlement Period; and 
 (iii) an amount paid in cash, in lieu of any
fractional shares of Common Stock, equal to the product of (x) the fractional portion of the sum of the Daily Share Amounts for each Trading Day during the Cash Settlement Period and (y) the Twenty Day Average VWAP. 
 “Daily Share Amount” for each $1,000 principal amount of Securities and each Trading Day in the Cash Settlement Period, is equal to the
greater of (i) zero and (ii) the quotient of (A) 5% of the difference between (x) the product of the Conversion Rate (plus any Additional Shares (as defined below) and the VWAP of Common Stock for such date, and (y) $1,000,
divided by (B) the VWAP of Common Stock for such day. 
  

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 The Conversion Value, Principal Return, Daily Share Amount and number of Net Shares and shall be
determined by the Company at the end of the Cash Settlement Period (the “Determination Date”). 
 (c) The Company shall pay
the Principal Return and cash for fractional shares and deliver the Net Shares, if any, as promptly as practicable after the Determination Date, but in no event later than four Business Days thereafter (subject to the provisions of
Section 4.16). Except as provided in Section 4.02, delivery of the Principal Return, Net Shares and cash in lieu of fractional shares shall be deemed to satisfy the Company’s obligation to pay the principal amount of a converted
Security and accrued but unpaid interest thereon. Any accrued interest payable on a converted Security shall be deemed paid in full rather than canceled, extinguished or forfeited. The Company will not adjust the Conversion Price to account for
accrued interest. 
 (d) [Reserved] 
 (e) Neither the Trustee nor the Conversion Agent has any duty to determine or calculate the Conversion Value, Principal Return, number of Net Shares, the Net Share Amount or any other computation required under this Article 4, all of which
shall be determined by the Company in accordance with the provisions of this Indenture, and the Trustee and Conversion Agent shall not be under any responsibility to determine the correctness of any such determinations and/or calculations and may
conclusively assume and rely on the correctness thereof. 
 Section 4.16. Change in Control Conversion Rate Adjustments 
 (a) If and only to the extent a Holder elects to convert Securities in connection with a transaction described in Section 4.01(f) that occurs on or
prior to April 1, 2011 and that constitutes a transaction described in clause (1), (2) or (3) of the definition of Change in Control in Section 3.10, and 10% or more of the fair market value of the consideration for the Common
Stock in such transaction consists of (i) cash (not including cash payments for fractional shares and cash payments pursuant to dissenters’ appraisal rights), (ii) other property or (iii) securities that are not traded or
scheduled to be traded immediately following such transaction on a U.S. national securities exchange or the Nasdaq National Market, the Conversion Rate will be increased by a number of shares (the “Additional Shares”) during the
period specified in Section 4.01(f) as described below in this Section 4.16(a); provided that if the Stock Price paid in connection with such transaction is greater than $105.00 or less than $37.79 (in each case, subject to adjustment as
described herein), no increase shall be made to the Conversion Rate and Holders shall not be entitled to any Additional Shares. 
 The
increase in the Conversion Rate pursuant to this Section 4.16(a) will be expressed as a number of Additional Shares per $1,000 principal amount of Securities and will be determined by reference to the table attached as Schedule I 

  

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hereto, based on the effective date of such Change in Control transaction and the Stock Price paid in connection with such transaction; provided that if the
Stock Price is between two stock price amounts in the table or such effective date is between two effective dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional
Shares set forth for the higher and lower stock price amounts and the two dates, as applicable, based on a 365-day year. The “effective date” with respect to a Change in Control transaction means the date that a Change in Control
becomes effective. 
 The stock prices set forth in the first column of the table in Schedule I hereto shall be adjusted as of any date on
which the Conversion Price of the Securities is adjusted pursuant to Section 4.06. The adjusted stock prices shall equal the stock prices applicable immediately prior to such adjustment, multiplied by a fraction, the denominator of which is the
Conversion Price immediately prior to the adjustment giving rise to the stock price adjustment and the numerator of which is the Conversion Price as so adjusted. The number of Additional Shares shall be adjusted in the same manner as the Conversion
Rate as set forth in Section 4.06 on an inversely proportional basis. 
 Notwithstanding the foregoing, in no event shall the Conversion
Rate exceed 26.4620 per $1,000 principal amount of Securities, subject to adjustments in the same manner as the Conversion Price as set forth in Section 4.06 on an inversely proportional basis. 
 With respect to any Securities tendered for conversion to which Additional Shares apply, any shares of Common Stock to be delivered upon conversion of
such Securities pursuant to Section 4.15 shall be delivered to Holders who elect to convert their Securities on the later of (i) the fifth Business Day following the effective date of the transaction giving rise to the Additional Shares
and (2) the third Business Day following the final day of the Cash Settlement Period. 
 Notwithstanding this Section 4.16(a), if
the Company elects to adjust the Conversion Rate pursuant Section 4.16(b), the provisions of Section 4.16(b) shall apply in lieu of the provisions of this Section 4.16(a). 
 (b) Notwithstanding the provisions of Sections 4.12 and 4.16(a), in the case of a Change in Control that would lead to the issuance of Additional Shares
as set forth in Section 4.16(a) that is also a Public Acquirer Change in Control (as defined below), the Company may, in lieu of increasing the Conversion Rate by Additional Shares as described in Section 4.16(a), elect to adjust the
Conversion Rate such that from and after the effective date of such Public Acquirer Change in Control, Holders of Securities shall be entitled to convert their Securities (subject to the satisfaction of the conditions to conversion set forth in
Section 4.01) into public acquirer common stock. The Conversion Rate on and following the effective date of such transaction will be a number of shares of public acquirer common stock equal to the product of the Conversion Rate in effect
immediately 

  

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prior to the effective date of such Public Acquirer Change in Control times the average of the quotients obtained, for each Trading Day in the 10 consecutive
Trading Day period commencing on the Trading Day next succeeding the effective date of such Public Acquirer Change in Control (the “Valuation Period”), of: 
 (i) the Acquisition Value (as defined below) of the Company’s Common Stock on each such Trading Day in the Valuation Period, divided
by 
 (ii) the closing price of the public acquirer’s common stock (determined on the same basis as the Closing Price of
Common Stock under Section 4.06(f)) each such Trading Day in the Valuation Period. 
 The “Acquisition Value” of the
Common Stock means, for each Trading Day in the Valuation Period, the value of the consideration paid per share of Common Stock in connection with such Public Acquirer Change in Control, as follows: 
 (i) for any cash, 100% of the face amount of such cash; 
 (ii) for any public acquirer’s common stock, 100% of the closing price of such public acquirer’s common stock (determined on the
same basis as the Closing Price of the Company’s Common Stock under Section 4.06(f)) on such Trading Day; and 
 (iii) for any other securities, assets or property, 102% of the fair market value of such security, asset or property on such Trading Day, as determined by two independent nationally recognized investment banks selected by the Trustee for
this purpose. 
 After the adjustment of the Conversion Rate in connection with a Public Acquirer Change in Control pursuant to this
Section 4.16(b), the Conversion Rate will be subject to further similar adjustments in the event that the events to which this Section 4.16(b) apply occur thereafter. 
 “Public Acquirer Change in Control” means any transaction described in clause (1) of the definition of Change in Control where the
acquirer, or any entity that is direct or indirect “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of such acquirer’s Voting Stock has a class of common stock traded on a U.S. national securities
exchange or quoted on the National Association of Securities Dealers Automated Quotation System or which shall be so traded or quoted when issued or exchanged in connection with such Change in Control; provided, that if there is more than one of
such entity, the relevant entity shall be such entity with the most direct beneficial ownership to such acquirer’s or Person’s Capital Stock. 
  

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 Upon a Public Acquirer Change in Control, if the Company so elects, Holders may convert their Securities
(subject to the satisfaction of the conditions to conversion set forth in Section 4.01) at the adjusted Conversion Rate described above but shall not be entitled to the increased Conversion Rate described in Section 4.16(a). The Company
shall notify Holders of its election in its notice to Holders pursuant to Section 3.11(a). Holders may convert their Securities upon a Public Acquirer Change in Control during the period specified in Section 4.01(f). In addition, Holders
can also, subject to certain conditions, require the Company to repurchase all or a portion of their Securities as described in Section 3.10. 
  

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 ARTICLE 5 
 [RESERVED] 
 ARTICLE 6 
 COVENANTS 
 Section 6.01. Payment of Securities. 
 The Company covenants and agrees that it will duly and punctually pay or cause to be paid the principal amount at maturity, Redemption Price, Purchase
Price, Repurchase Price and interest, in respect of each of the Securities at the places, at the respective times and in the manner provided herein and in the Securities. Principal, Redemption Price, Purchase Price, Repurchase Price and interest
will be considered paid on the due date if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. New York time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, Redemption Price, Purchase Price, Repurchase Price and interest then due. 
 Any interest on any Security
not punctually paid or duly provided for on any Interest Payment Date (“Defaulted Interest”) will forthwith cease to be payable to the Holder on the relevant Record Date and may be paid as provided in either clause (1) or
(2) below: 
 (1) the Company may elect to pay such Defaulted Interest to the Person in whose name such Security (or one or more
predecessor Securities evidencing the principal evidenced by such Security) is registered at 5:00 p.m., New York City time on a special record date for the payment of such Defaulted Interest which shall be fixed in the following manner: the Company
shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the trustee an amount equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than fifteen nor less than ten days prior 

  

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to the date of the proposed payment and not less than ten days after the receipt by the trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage
prepaid, to each Holder at its address as it appears in the Securities register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Securities (or their respective predecessor Securities evidencing the principal evidenced by such Securities) are registered on such special record date and
thereafter the Company shall have no further payment obligation in respect of the Defaulted Interest. 
 (2) The Company may make payment of
any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities may be listed or designated for issuance, and upon such notice as may be
required by such exchange or automated quotation system, if after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Section 6.02. SEC Reports. 
 The
Company shall file all reports and other information and documents which it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, and within 15 days after it files them with the SEC, the Company shall file copies
of all such reports, information and other documents with the Trustee. The Company will cause any quarterly and annual reports which it mails to its stockholders to be mailed to the Holders of the Securities. 
 In the event the Company is at any time no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will
prepare, for the first three quarters of each fiscal year, quarterly financial statements substantially equivalent to the financial statements required to be included in a report on Form 10-Q under the Exchange Act. The Company will also prepare, on
an annual basis, complete audited consolidated financial statements including, but not limited to, a balance sheet, a statement of income and retained earnings, a statement of cash flows and all appropriate notes. All such financial statements will
be prepared in accordance with generally accepted accounting principles consistently applied, except for changes with which the Company’s independent accountants concur, and except that quarterly statements may be subject to year-end
adjustments. The Company will cause a copy of such financial statements to be filed with the Trustee and mailed to the Holders of the Securities within 60 days after the close for each of the first three quarters of each fiscal year and within 105
days after the close of each fiscal year. The Company will also comply with the other provisions of TIA 314(a). 
  

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 Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 6.03. Liquidation. 
 The Board of Directors or the stockholders of the Company may not adopt a plan of liquidation which plan provides for, contemplates, or the effectuation
of which is preceded by (a) the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company otherwise than substantially as an entirety (Article 7 being the Article which governs any such sale, lease,
conveyance or other disposition substantially as an entirety), and (b) the distribution of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition and of the remaining assets of the Company to the holders
of the Capital Stock of the Company, unless the Company shall in connection with the adoption of such plan make provision for, or agree that prior to making any liquidating distributions to the holders of Capital Stock of the Company it will make
provision for, the satisfaction of the Company’s obligations hereunder and under the Securities as to the payment of principal and interest. The Company shall be deemed to have made provision for such payments only if (1) the Company
terminates its obligations under this Indenture pursuant to Section 10.01 or (2) there is an express assumption of the due and punctual payment of the Company’s obligations hereunder and under the Securities and the performance and
observance of all covenants and conditions to be performed by the Company hereunder, by the execution and delivery of a supplemental indenture in form reasonably satisfactory to the Trustee by a person who acquires, or will acquire (otherwise than
pursuant to a lease) a portion of the assets of the Company, and which person will have Consolidated Net Worth (immediately after the acquisition) equal to not less than the Consolidated Net Worth of the Company (immediately preceding such
acquisition), and which is a corporation organized under the laws of the United States, any State thereof or the District of Columbia; provided, however, that the Company shall not make any liquidating distribution to the holders of Capital
Stock of the Company described in the first sentence of this Section 6.03 until after the Company shall have certified to the Trustee with an Officers’ Certificate at least five days prior to the making of any liquidating distribution that
it has complied with the provisions of this Section 6.03. 
 Section 6.04. Compliance Certificates. 
 The Company shall deliver to the Trustee within 105 days after the end of each fiscal year of the Company, an Officers’ Certificate as to the
signer’s knowledge of the Company’s compliance with all conditions and covenants on its part contained in this Indenture and stating whether or not the signer knows of any 

  

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default or Event of Default (as defined below). If such signer knows of such a default or Event of Default, the Officers’ Certificate shall describe the
default or Event of Default and the efforts to remedy the same. For the purposes of this Section 6.04, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.
The Officers’ Certificate need not comply with Section 12.04. 
 Section 6.05. Notice of Defaults. 
 The Company will give notice to the Trustee, promptly, and in any event within five days, upon becoming aware thereof, of the existence of any Event of
Default or an event which, with notice or the lapse of time or both would constitute an Event of Default hereunder. 
 Section 6.06.
Payment of Taxes and Other Claims. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (1) all material taxes, assessments and governmental charges levied or imposed upon the Company, directly or by reason of its ownership of any Subsidiary or upon the income, profits or property of the Company; and
(2) all material lawful claims for labor, materials and supplies, which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be
paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which adequate provision has been made. 
 Section 6.07. Corporate Existence. 
 Subject to Section 6.03 and Article 7, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights (charter and statutory); provided, however,
that the Company shall not be required to preserve any right if the Company shall determine that the preservation is no longer desirable in the conduct of the Company’s business and that the loss thereof is not, and will not be, adverse in any
material respect to the Holders. 
 Section 6.08. Maintenance of Properties. 
 Subject to Section 6.03, the Company will cause all material properties owned, leased or licensed in the conduct of its business to be maintained
and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof and thereto, all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times while any Securities are outstanding; provided, however, that nothing in this 

  

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Section 6.08 shall prevent the Company from doing otherwise if, in the judgment of the Company, the same is desirable in the conduct of the
Company’s business and is not, and will not be, adverse in any material respect to the Holders. 
 Section 6.09. Further Instruments
and Acts. 
 Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
 Section 6.10. Maintenance of Office or
Agency. 
 The Company will maintain in The City of New York an office or agency where Securities may be presented or surrendered for
payment or repurchase, where Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The office of the agent of the
Trustee in The City of New York, which is maintained at the offices of the Trustee at U.S. Bank Trust National Association, Mail Station: EX-NY-WALL, 100 Wall Street, Suite 1600, New York, New York 10005, Attn: Corporate Trust Services (Waste
Connections 3.75% Convertible Senior Notes due 2026), shall be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company will give prompt written
notice to the Trustee of any change in the location of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all
such purposes and may from time to time rescind such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The City of New York for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such office or agency. 
 Section 6.11. Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do 

  

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so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 6.12. Additional Interest. 
 If Additional Interest are payable by the Company pursuant to
the Registration Rights Agreement, the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of such Additional Interest that is payable, (ii) the reason why such Additional Interest is payable and
(iii) the date on which such interest is payable. Unless and until a Trust Officer of the Trustee receives such a certificate, the Trustee may assume without inquiry that no Additional Interest is payable. If the Company has paid Additional
Interest directly to the persons entitled to such interest, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
 ARTICLE 7 
 SUCCESSOR CORPORATION 
 Section 7.01. When Company May Merge, Etc. 
 The Company shall not consolidate with or merge into any other Person, or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and shall not permit any Person (other than a Subsidiary wholly-owned
by the Company) to consolidate with or merge into the Company or convey, transfer or lease its properties and assets substantially as an entirety to the Company, unless: 
 (a) in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or
into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, shall be organized and validly existing under the
laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental thereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest (including Additional Interest, if any) on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed
and shall have provided for conversion rights in accordance with Section 4.12; 
 (b) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such 

  

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Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default,
shall have happened and be continuing; and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article 7 and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
 Section 7.02. Successor Corporation
Substituted. 
 Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer
or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 7.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter the predecessor
Person may be dissolved, wound up and liquidated at any time and shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 ARTICLE 8 
 DEFAULT AND REMEDIES 
 Section 8.01. Events of Default. 
 An
“Event of Default” occurs if: 
 (1) the Company defaults in the payment of any interest (or Additional Interest, if any) upon any
of the Securities when due and payable and the default continues for a period of 30 days; 
 (2) the Company defaults in the payment of the
principal of and premium, if any, on any of the Securities when due, including on a Redemption Date, Purchase Date or Repurchase Date; 
 (3)
the Company fails to deliver the Principal Return, the Net Shares or any cash in lieu of fractional shares, as the case may be, upon conversion of the Securities in not more than four Business Days after the Determination Date, and such failure
continues for a period of five Business Days; 
 (4) the Company fails to pay when due the principal of or interest on indebtedness for money
borrowed by the Company or its Subsidiaries in excess of $20.0 million, or the acceleration of that indebtedness that is not withdrawn 

  

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within 15 days after the date of written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities; 
 (5) a default by the Company in the performance, or breach, of any of the Company’s other
covenants in this Indenture which is not remedied by the end of a period of 60 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities; 
 (6) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (as defined below):

 A. commences a voluntary case or proceeding; 
 B. consents to the entry of an order for relief against it in an involuntary case or proceeding; 
 C. consents to the appointment of a Custodian of it or for all or substantially all of its assets; 
 D. makes a general assignment for the benefit of its creditors; or 
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 A. is for relief against the Company or any Significant Subsidiary in an involuntary case or proceeding; 
 B. appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of the assets of any of them; or

 C. orders the liquidation of the Company or any Significant Subsidiary; 
 and in each case the order or decree remains unstayed and in effect for 60 days. 
 The term “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law for the relief of debtors. For purposes of this
Section 8.01, the term “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 
 A default under clause (5) is not an Event of Default until the Trustee notifies the Company or the Holders of at least 25% in principal amount of the Securities then outstanding notify the Company and the
Trustee, of the default, and the Company does not cure the default within 60 days after receipt of such 

  

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notice. The notice given pursuant to this Section 8.01 must specify the default, demand that it be remedied and state that the notice is a “Notice
of Default.” When any default is cured, it ceases. 
 Subject to the provisions of Sections 9.01 and 9.02, the Trustee shall not be
charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company, the Paying Agent, any Holder or an agent of any Holder. Within 90 days
after a default, the Trustee must give to the registered Holders of Securities notice of all uncured defaults known to it. 
 Section 8.02.
Acceleration. 
 If an Event of Default (other than an Event of Default specified in Section 8.01(6) or (7)) occurs and is
continuing, the Trustee may, by notice to the Company, or the Holders of at least 25% in principal amount of the Securities then outstanding may, by notice to the Company and the Trustee, and the Trustee shall, upon the request of such Holders,
declare all unpaid principal of and accrued interest (including Additional Interest, if any) to the date of acceleration on the Securities then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same
shall become and be immediately due and payable. If an Event of Default specified in Section 8.01(6) or (7) occurs, all unpaid principal of and accrued interest on the Securities then outstanding shall ipso facto become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Securityholder. 
 The Holders of a majority in
principal amount of the Securities then outstanding by notice to the Trustee may rescind an acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of the principal of and accrued interest on the
Securities which has become due solely by such declaration of acceleration, have been cured or waived; (ii) the Company has paid or deposited with the Trustee a sum sufficient to pay (a) all overdue interest on the Securities, (b) the
principal of any Security which has become due otherwise then by such declaration of acceleration, and (c) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has
become due otherwise than by such declaration of acceleration; (iii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (iv) all payments due to the Trustee and any predecessor Trustee
under Section 9.07 have been made. No such rescission shall affect any subsequent default or impair any right consequent thereon. Anything herein contained to the contrary notwithstanding, in the event of any acceleration pursuant to this
Section 8.02, the Company shall not be obligated to pay any premium which it would have had to pay if it had then elected to redeem the Securities pursuant to paragraph 5 of the Securities, except in the case of any Event of Default occurring
by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium which it would have had to pay if it had then 

  

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elected to redeem the Securities pursuant to paragraph 5 of the form of Security attached hereto as Exhibit A, in which case an equivalent premium shall also
become and be immediately due and payable to the extent permitted by law. 
 Section 8.03. Other Remedies. 
 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are cumulative to the extent permitted by law. 
 Section 8.04. Waiver of Defaults and Events of
Default. 
 Subject to Section 8.07, the Holders of a majority in principal amount of the Securities then outstanding by notice to
the Trustee may waive an existing default or Event of Default and its consequences, except a default in the payment of the principal of (or premium, if any) or interest (including Additional Interest, if any) on any Security as specified in clauses
(1) and (2) of Section 8.01, or a default in respect of a covenant or provision hereof which cannot be modified or amended pursuant to Section 11.02 without the consent of the Holder of each Security affected thereby. When a
default or Event of Default is waived, it is cured and ceases. 
 Section 8.05. Control by Majority. 
 The Holders of a majority in principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture; provided that the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction. 
  

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 Section 8.06. Limitation on Suits. 
 A Securityholder may not pursue any remedy with respect to this Indenture or the Securities (except actions for payment of overdue principal or interest
(including Additional Interest, if any) or for the conversion of the Securities pursuant to Article 4) unless: 
 (1) the Holder gives to the
Trustee written notice of a continuing Event of Default; 
 (2) the Holders of at least 25% in principal amount of the then outstanding
Securities make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60
days after receipt of the request and the offer of indemnity; and 
 (5) no direction inconsistent with such written request has been given
to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Securities then outstanding. 
 A
Securityholder may not use any provision of this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over such other Securityholder, or to enforce any rights under this Indenture other than in the manner
herein provided and for the equal and ratable benefit of all the Securityholders. 
 Section 8.07. Rights of Holders to Receive
Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of any Security to receive payment of
principal of (and premium, if any) and interest on such Security, on or after the respective dates on which such payments are due as expressed in such Security, or to convert such Security, or to bring suit for the enforcement of any such payment on
or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 
 Section 8.08. Collection Suit by Trustee. 
 If an Event of Default in the payment of principal or interest specified in
Section 8.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal and accrued
interest remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per annum borne by the Securities and such
further amount as shall be sufficient to cover the costs and expenses of collection, 

  

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including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 8.09. Trustee May File Proofs of Claim. 
 The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled and
empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 9.07, and to the extent that such payment of the reasonable compensation, expenses, disbursements and advances in any such proceedings shall be denied for any
reason, payment of the same shall be secured by a lien on, and shall be paid out of, and prior to, any and all distributions, dividends, monies, securities and other property which the Securityholders may be entitled to receive in such proceedings,
whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or the Trustee to authorize or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 Section 8.10. Priorities. 
 If the Trustee collects any money pursuant to this Article 8, it shall pay out the money in the following order: 
 First, to the
Trustee for amounts due under Section 9.07; 
 Second, to Securityholders for amounts due and unpaid on the Securities for principal and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 Third, to the Company. 
 The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 8.10. 
  

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 Section 8.11. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 8.11 does not apply to a suit made by the Trustee, a suit by a Holder pursuant to
Section 8.07, or a suit by any Holder, or group of Holders, of more than 10% in principal amount of the Securities then outstanding. 
 Section 8.12. Restoration of Rights and Remedies. 
 If the Trustee or any Securityholder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Securityholder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Securityholders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Securityholders shall
continue as though no such proceeding had been instituted. 
 Section 8.13. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 8.14. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Securityholder to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 9 or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Securityholders, as the case may be. 
  

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 ARTICLE 9 
 TRUSTEE 
 Section 9.01. Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the Trustee need perform only
those duties as are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved, and no provision of this Indenture shall be construed to relieve the Trustee, from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 9.01;

 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 8.05; and 
 (4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if
it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  

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 (d) The Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity reasonably satisfactory to it against any loss, liability, expense or fee. 
 (e) Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (d) of this Section 9.01. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law. 
 Section 9.02. Rights of Trustee. 
 Subject to Section 9.01: 
 (a) The Trustee may conclusively rely on any document believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, it may require an Officers’ Certificate or an
Opinion of Counsel, which shall conform to Section 12.04(b). The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Certificate or Opinion. 
 (c) The Trustee may act through its agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes in good faith to be
authorized or within its rights or powers. 
 (e) The Trustee may consult with counsel of its selection and the advice or opinion of such
counsel as to matters of law shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a written Company request or Officers’ Certificate
and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (g) The Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, 

  

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other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of
the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (h) The Trustee
shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (i) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof
or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 (j) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to its officers, directors and employees and each agent, custodian and other Person employed to act hereunder. 
 (k) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of Officers of
the Company authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded. 
 Section 9.03. Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 9.10 and 9.11. 
 Section 9.04. Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for the
recitals contained herein or any statement in the Securities other than its certificate of authentication. 
  

 61 







 Section 9.05. Notice of Default or Events of Default. 
 If a default or an Event of Default occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to
each Securityholder notice of the default or Event of Default within 90 days after it occurs. Except in the case of a default or an Event of Default in payment of the principal of or interest (including Additional Interest, if any) on any Security,
the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interest of Securityholders. 
 Section 9.06. Reports by Trustee to Holders. 
 If such report is required by TIA 313, within 60 days after each June 30, beginning with the June 30 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such June 30
that complies with TIA 313(a). The Trustee also shall comply with TIA 313(b)(2) and (c). 
 A copy of each report at the time of its mailing
to Securityholders shall be mailed to the Company and filed with the SEC and each stock exchange, if any, on which the Securities are listed. The Company shall notify the Trustee whenever the Securities become listed on or delisted from any stock
exchange and any changes in the stock exchanges on which the Securities are listed. 
 Section 9.07. Compensation and Indemnity.

 The Company shall pay to the Trustee from time to time such compensation for its services hereunder as the Company and the Trustee shall
from time to time agree in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee upon request for all reasonable
disbursements, expenses and advances incurred or made by it. Such expenses may include the reasonable compensation, disbursements and expenses of Trustee’s agents and counsel. 
 The Company shall indemnify the Trustee or any predecessor Trustee and their agents for, and hold them harmless against, any loss, liability or expense
incurred by it in connection with its duties under this Indenture or any action or failure to act as authorized or within the discretion or rights or powers conferred upon the Trustee hereunder, including the costs and expenses of defending itself
against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim
asserted against the Trustee for which it may seek indemnity. The Trustee shall have the option of undertaking the defense of such claims at the Company’s expense and may have separate counsel. The reasonable fees and expenses of such counsel
shall be paid by the Company. The Company need not 

  

 62 







 
pay for any settlement without its written consent, which consent shall not be unreasonably withheld or delayed. 
 The Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by it through its own negligent action,
negligent failure to act or willful misconduct. 
 When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 8.01(6) or (7) occurs, such expenses and the compensation for such services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The provisions of this Section 9.07 shall survive the termination of this Indenture. 
 Section 9.08. Replacement of Trustee. 
 The Trustee may resign by so notifying the Company; provided, however, no such resignation shall be effective until a successor Trustee has accepted its appointment pursuant to this Section 9.08. The Holders of a majority in
principal amount of the Securities then outstanding may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee with the Company’s written consent. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 9.10; 
 (2) the Trustee is adjudged a bankrupt or an insolvent; 
 (3) a receiver or other public officer takes
charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting as trustee. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. 
 If a successor Trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee
(at the Company’s expense), the Company or the Holders of 10% in principal amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 9.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Immediately after that, the retiring 

  

 63 







 
Trustee shall transfer all property held by it as Trustee to the successor Trustee and be released from its obligations (exclusive of any liabilities Trustee
may have incurred while acting as Trustee) hereunder, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor
Trustee shall mail notice of its succession to each Securityholder. 
 Notwithstanding replacement of the Trustee pursuant to this
Section 9.08, the Company’s obligations under Section 9.07 shall continue for the benefit of the retiring Trustee. 
 If the
Trustee has or shall acquire a conflicting interest within the meaning of the TIA after a Default has occurred and is continuing, the Trustee shall either (i) eliminate such interest within 90 days or (ii) resign. 
 Section 9.09. Successor Trustee by Merger, Etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets (including the administration of this Indenture) to, another corporation, the resulting,
surviving or transferee corporation without any further act shall be the successor Trustee; provided such transferee corporation shall qualify and be eligible under Section 9.10. 
 Section 9.10. Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise
corporate trust process, having (together with any Person directly or indirectly controlling the Trustee) a combined capital and surplus of at least $25,000,000, subject to supervision or examination by federal or state authority. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 9.10, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 9.10, it shall
resign immediately in the manner and with the effect specified above in this Article 9. 
 Section 9.11. Preferential Collection of Claims
Against Company. 
 The Trustee shall comply with TIA 311(a), excluding any creditor relationship listed in TIA 311(b). A trustee who has
resigned or been removed shall be subject to TIA 311(a) to the extent indicated therein; provided, however, that if the Company has made any payment of the principal of or premium, if any, or interest on any Securities because of the
reinstatement of its obligations, the 

  

 64 







 
Company shall be subrogated to the rights of the Holders of such Securities to receive any such payment from the money held by the Trustee or the Paying
Agent. 
 ARTICLE 10 
 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 10.01.
Termination of Company’s Obligations. 
 The Company may terminate all of its obligations under the Securities and this Indenture
(except those obligations referred to in the immediately succeeding paragraph) if (i) all Securities previously authenticated and delivered (other than destroyed, lost or stolen Securities which have been replaced or paid or Securities for
whose payment money has theretofore been held in trust and thereafter repaid to the Company, as provided in Section 10.03) have been delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder or
(ii) the Company irrevocably deposits with the Trustee, the Paying Agent or the Conversion Agent, if applicable, after all outstanding Securities have become due and payable, whether at maturity, any Redemption Date, any Purchase Date or any
Repurchase Date, upon conversion or otherwise, cash and, to the extent applicable, Common Stock or other securities sufficient to pay all amounts due and owing on all outstanding Securities. The Company may make an irrevocable deposit pursuant to
this Section 10.01 only if the Company shall have delivered to the Trustee and any such Paying Agent an Officers’ Certificate and Opinion of Counsel to the effect that all conditions to such deposit have been complied with. 
 The Company’s obligations in paragraphs 8 and 12 of the Securities, in Sections 6.01, 6.02, 9.07, 9.08 and 10.04, and in Articles 2 and 4 shall
survive until the Securities are no longer outstanding. Thereafter, the Company’s obligations in such paragraph 12 of the Securities and in Sections 3.08 and 9.07 shall survive. 
 After such irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under the
Securities and this Indenture, except for those surviving obligations specified above. 
 Section 10.02. Application of Trust Money.

 The Trustee or the Paying Agent shall hold in trust, for the benefit of the Holders, money deposited with it pursuant to
Section 10.01, and shall apply the deposited money in accordance with this Indenture to the payment of the principal of, premium, if any, and interest on the Securities. 
  

 65 







 Section 10.03. Repayment to Company. 
 Subject to Section 10.01, the Trustee and the Paying Agent shall promptly pay to the Company upon request any excess money held by them at any time.

 The Trustee and the Paying Agent shall pay, subject to applicable escheatment laws, to the Company upon request any money held by them for
the payment of principal, premium, if any, or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may
at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein,
which shall be at least 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After that, Holders entitled to money must look to the Company for payment unless an
abandoned property law designates another person. 
 Section 10.04. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in accordance with Section 10.01 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to Section 10.01 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 10.01; provided, however, that if the Company has made any payment of the
principal of or premium or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive any such payment from the money held by the Trustee or
the Paying Agent. 
 ARTICLE 11 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 Section 11.01. Without Consent
of Holders. 
 The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to or consent of any
Securityholder: 
 (a) to comply with Sections 6.03 and 7.01; 
 (b) to cure any ambiguity, omission, defect or inconsistency, or to make any other change that does not adversely affect the rights of any Securityholder; 
 (c) to make provisions with respect to the conversion right of the Holders pursuant to the requirements of Section 4.12 and clause (f) of the
first sentence of Section 4.01. 
  

 66 







 (d) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities; or 
 (e) to comply with the provisions of the TIA or with any requirement of the SEC arising solely as a result
of the qualification of this Indenture under the TIA. 
 (f) to amend the terms of the Securities to make them consistent with the
description thereof in the Offering Memorandum dated March 14, 2006. 
 Section 11.02. With Consent of Holders. 
 The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to any Securityholder but with the written consent of
the Holders of a majority in aggregate principal amount of the Securities then outstanding. The Holders of a majority in aggregate principal amount of the Securities then outstanding may waive compliance by the Company with restrictive provisions of
this Indenture other than as set forth in this Section 11.02 below; and waive any past default under this Indenture and its consequences, except a default in the payment of the principal of or any premium or interest on any Security or in
respect of a provision which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Security affected. 
 Subject to Section 11.04, without the written consent of each Securityholder affected, however, an amendment, supplement or waiver, including a waiver pursuant to Section 8.04, may not: 
 (a) change the stated maturity date of the principal of, or any installment of interest (including Additional Interest, if any) on, any Security;

 (b) reduce the principal amount of, or the rate of interest (including the rate of Additional Interest, if applicable) on, or any premium
payable on, any Security, whether upon acceleration, redemption or otherwise, or alter the manner of calculation of interest or the rate of accrual thereof on any Security; 
 (c) change the currency for payment of principal of, or premium or interest on any Security; 
 (d) impair the right to institute suit for the enforcement of any payment of principal of, or premium or interest on any Security when due; 

(e) adversely affect the conversion rights provided in Article 4; 
 (f) [reserved] 
 (g) modify the provisions of this Indenture requiring the Company to make an offer to
repurchase Securities upon a Change in Control or to repurchase 

  

 67 







 
the Securities at the option of the Holders pursuant to Section 3.09 in any case in a manner adverse to the Holders of the Securities; 
 (h) reduce the percentage of principal amount of the outstanding Securities necessary to modify or amend this Indenture or to consent to any waiver
provided for in this Indenture; 
 (i) waive a default in the payment of the principal of or premium or interest (including Additional
Interest, if any) on any Security; or 
 (j) make any changes in Section 8.04, 8.07 or this sentence. 
 It shall not be necessary for the consent of the Holders under this Section 11.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 Section 11.03. Compliance with Trust
Indenture Act. 
 Every amendment to or supplement of this Indenture or the Securities shall comply with TIA as in effect at the date of
such amendment or supplement. 
 Section 11.04. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder
of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his
Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (a) through (j) of Section 11.02. In that case the
amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 Section 11.05. Notation on or Exchange of Securities. 
 If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security
about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.

  

 68 







 Section 11.06. Trustee to Sign Amendments, Etc.; Notices. 
 The Trustee shall sign any amendment or supplement authorized pursuant to this Article 11 if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign such amendment or supplement, the Trustee shall be entitled to receive and, subject to Section 9.01,
shall be fully protected in relying upon, an Opinion of Counsel stating that such amendment or supplement is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors approves it.

 After an amendment, supplement or waiver under this Article 11 becomes effective, the Company shall mail to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the TIA through
operation of Section 318(c) thereof, upon qualification of this Indenture thereunder such imposed duties shall control. 
 Section
12.02. Notices. 
 Any notice or communication shall be given in writing and delivered by facsimile (with original to follow), in
person, by overnight delivery or mailed by first class mail, postage prepaid, addressed as follows: 
 If to the Company: 
 Waste Connections, Inc. 
 35 Iron Point Circle

 Suite 200 
 Folsom, California
95630-8589 
 Telephone: (916) 608-8200 
 Telecopier: (916) 351-0249 
 Attention: Chief Financial Officer 
  

 69 







 If to the Trustee: 
 U.S. Bank National Association 
 633 West Fifth Street, 24th Floor 
 LM-CA-T24T 
 Los Angeles, CA 90071 

Telephone: (213) 615-6043 
 Telecopier: (213) 615-6197 
 Attention: Corporate Trust Services (Waste Connections 3.75% Convertible Senior Notes due 2026)

 Such notices or communications shall be effective when received. 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notice or communications. 
 Any notice or communication mailed to a Securityholder shall be mailed by first class mail to him at his address shown on the register kept by the
Registrar. Any notice or communication will also be mailed to any person described in TIA 313(c), to the extent required by the TIA. 
 Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication to a Securityholder is mailed in the manner provided
above, it is duly given on the date of such mailing, whether or not the addressee receives it. 
 Section 12.03. Communications by Holders
with Other Holders. 
 Securityholders may communicate pursuant to TIA 312(b) with other Securityholders with respect to their rights
under this Indenture or the Securities. The Company, the Trustee, the Registrar and any other person shall have the protection of TIA 312(c). 
 Section 12.04. Certificate and Opinion as to Conditions Precedent. 
 (a) Upon any request or application by the Company to
the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 
 (1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including any covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to
the proposed action have been complied with; and 
 (2) an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent (including any covenants compliance with which constitutes a condition precedent) have been complied with. 
  

 70 







 (b) Each Officers’ Certificate and Opinion of Counsel with respect to compliance with a condition or
covenant provided for in this Indenture (other than annual certificates provided pursuant to Section 6.04) shall include: 
 (1) a statement that the person making such certificate or opinion has read such covenant or condition; 
 (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as
to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on Officers’ Certificates or certificates of
public officials. 
 Section 12.05. Record Date for Vote or Consent of Securityholders. 
 The Company (or, in the event deposits have been made pursuant to Section 6.03 or 10.01, the Trustee) may set a record date for purposes of
determining the identity of Securityholders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall be the later of 10 days prior to the first solicitation of such vote or
consent or the date of the most recent list of Securityholders furnished to the Trustee pursuant to Section 2.05 prior to such solicitation. If a record date is fixed, those persons who were Holders of Securities at such record date (or their
duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date. 
 Section 12.06. Rules by Trustee, Paying Agent, Registrar. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules for its functions. 
 Section 12.07. Legal Holidays. 
 A
“Legal Holiday” is a Saturday, a Sunday, a legal holiday or a day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. Except as provided in paragraph 1 of the
Form of Security attached hereto as Exhibit A, if a payment 

  

 71 







 
date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding Business Day, and no interest shall accrue for the
intervening period. 
 Section 12.08. Governing Law. 
 The laws of the State of New York shall govern this Indenture and the Securities without regard to principles of conflicts of law. 
 Section 12.09. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to
interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10. No Recourse Against Others. 
 All liability described in paragraph 17 of the Securities of any director, officer, employee or stockholder, as such, of the Company is waived and released. 
 Section 12.11. Successors. 
 All agreements of the Company in this Indenture and the Securities shall
bind its successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 Section 12.12.
Multiple Counterparts. 
 The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an
original, but all of them together represent the same agreement. 
 Section 12.13. Separability. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.14. Table of Contents, Headings, Etc.

 The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 72 







 IN WITNESS WHEREOF, the parties to this Indenture have hereunto set their hands as of the 20th day of
March, 2006. 
  

					
	 WASTE CONNECTIONS, INC.

		
	By:	 	 /s/ Worthing Jackman

		 	 Name:
	 	 Worthing Jackman

		 	 Title:
	 	 Executive Vice President and

		 		 	 Chief Financial Officer

	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Paula Oswald

		 	 Name:
	 	 Paula Oswald

		 	 Title:
	 	 Vice President



  

 S-1 







 EXHIBIT A 
 FORM OF SECURITY 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) AND IS PURCHASING IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (2) AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH SECURITY PRIOR TO THE DATE WHICH IS THE LATER OF (X) TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k) OF THE SECURITIES ACT) AFTER THE LATER OF THE LAST DATE OF ORIGINAL ISSUANCE OF THIS SECURITY (OR ANY
PREDECESSOR OF THIS SECURITY) AND THE LAST DATE ON WHICH WASTE CONNECTIONS, INC. OR ANY AFFILIATE OF WASTE CONNECTIONS, INC. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) AND (Y) SUCH LATER DATE, IF ANY, AS MAY
BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”) EXCEPT (A) TO WASTE CONNECTIONS, INC. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (D) FOR SO LONG
AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A 

  

 A-1 







 
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; AND, IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON
THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO WASTE CONNECTIONS, INC. AND THE TRUSTEE (WITH RESPECT TO TRANSFERS OF NOTES) OR THE TRANSFER AGENT (WITH RESPECT TO TRANSFERS OF COMMON STOCK). THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE ISSUE PRICE IS $980, THE TOTAL AMOUNT OF ORIGINAL ISSUE DISCOUNT IS $20, THE ISSUE DATE IS MARCH 20, 2006 AND THE YIELD TO
MATURITY ON THE ISSUE DATE IS 4.19% COMPOUNDED SEMIANNUALLY. 
 [GLOBAL NOTE LEGEND: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO WASTE
CONNECTIONS, INC. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFER IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.] 






 [FORM OF FACE OF SECURITY] 
 WASTE CONNECTIONS, INC. 
  

			
	Number 1	  	CUSIP No. 941053 AF 7

 3.75% Convertible Senior Note due 2026 
 Waste Connections, Inc., a Delaware corporation (the “Company”), promises to pay to
[                ] or its registered assigns, the principal sum of
[                        ] Dollars ([$___________]) on April 1, 2026 and to pay interest on the principal amount of
this Note from the most recent date to which interest on the principal evidenced hereby (or by any predecessor Note evidencing the principal evidenced hereby) has been paid or, if no interest has been paid hereon (or on any such predecessor Note),
beginning October 1, 2006 at the rates and times provided for herein. 
 This Note is convertible at such times and as specified on the
other side of this Note. Additional provisions of this Note are set forth on the other side of this Note. 






 IN WITNESS WHEREOF, the Company has caused this 3.75% Convertible Senior Note due 2026 to be signed by
its duly authorized officers. 
  

									
	 Dated: __________
	 		 	 WASTE CONNECTIONS, INC.

					
		 		 		 	 By:   
	 	  
		 		 		 		 	 Name:

		 		 		 		 	 Title:

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Name:

		 		 		 		 	 Title:


  

			
	 Trustee’s Certificate of Authentication:

	
	Dated: __________
	
	 This is one of the Securities referred
 to in the within mentioned Indenture.

	
	 U.S. Bank National Association,
as Trustee

		
	 By:
	 	  
		 	Authorized Signatory







 [FORM OF REVERSE SIDE OF SECURITY] 
 Waste Connections, Inc. 
 3.75% Convertible Senior Note due 2026 
  

	1.	Interest. 

 This Note will accrue interest from the most
recent date to which interest on the principal evidenced hereby (or by any predecessor Note evidencing the principal evidenced hereby) has been paid or, if no interest has been paid hereon (or on any such predecessor Note), beginning on
October 1, 2006, until the principal amount thereof is paid or made available for payment, or until such date on which this Note is converted subject as further provided in paragraph 8 hereof and in the Indenture, redeemed or repurchased as
provided in this Note and the Indenture, at a rate of 3.75% per annum (the “Interest Rate”). 
 Interest will be paid
semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2006, unless any such interest payment date (other than an interest payment date at maturity) would otherwise be a day that is not a Business Day,
in which case the interest payment date will be postponed to the next succeeding Business Day (except if that Business Day falls in the next succeeding calendar month, that interest payment date will be the immediately preceding Business Day) (each,
an “Interest Payment Date”). The Company will make each interest payment to persons who are holders of record of the Notes at 5:00 p.m. New York City time on each March 15 and September 15 (each, a “Record
Date”) immediately preceding each respective Interest Payment Date, regardless of whether such March 15 or September 15 is a Business Day. Interest (including Additional Interest, if any) payable upon redemption or repurchase of
the Notes will be paid to the Holders of record unless the Redemption Date or Repurchase Date is between 5:00 p.m., New York City time on any Record Date for the payment of interest and the opening of business on the related Interest Payment Date;
in such case, the Company will pay accrued interest on the Notes being redeemed or repurchased up to, but not including, the Redemption Date or Repurchase Date to the same person to whom the Company will pay the Redemption Price or Repurchase Price
of the Notes. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Record Date and may either be
paid to the Person in whose name this Note (or one or more predecessor Notes evidencing the principal evidenced hereby) is registered at 5:00 p.m., New York City time on a special record date for the payment of such Defaulted Interest to be fixed by
the Trustee, which shall not be more than 15 calendar days or less than 10 calendar days prior to the date of the proposed payment, notice whereof is to be given to Holders of Notes not less than 10 calendar days prior to such special record date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed, and 







 
upon such notice as may be required by such exchange or system, all as more fully provided in the Indenture. 
 The Interest Rate will be determined by the Calculation Agent. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day
months. 
  

	2.	Method of Payment. 

 The Company will pay interest
(including Additional Interest, if any) on this Note (except Defaulted Interest) to the person who is the registered Holder of this Note at 5:00 p.m., New York City time on the Record Date next preceding the Interest Payment Date. The Holder must
surrender this Note to the Paying Agent to collect payment of principal. The Company will pay principal and interest (including Additional Interest, if any) in money of the United States that at the time of payment is legal tender for payment of
public and private debts. The Company, however, may pay principal and interest by its check payable in such money. It may mail an interest check to the Holder’s registered address. Notwithstanding the preceding three sentences, the Company must
make payment by wire transfer in immediately available funds to a Holder of Notes with an aggregate principal amount in excess of $1,000,000 should such Holder request such method of payment; provided, however, that the Company is not
required to make payment by such method to any account outside North America. 
  

	3.	Paying Agent, Registrar, Conversion Agent and Calculation Agent. 

 Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent, Registrar, Conversion Agent and Calculation Agent. The Company may change any Paying Agent, Registrar, Conversion Agent or Calculation
Agent without notice to the Holder. The Company or any of its Subsidiaries may act as Paying Agent, Registrar, Conversion Agent or Calculation Agent. 
  

	4.	Indenture; Limitations. 

 This Note is one of a duly
authorized issue of Notes of the Company designated as its 3.75% Convertible Senior Notes due 2026 (the “Notes”), issued under an Indenture dated as of March 20, 2006 (the “Indenture”), between the Company and
the Trustee. The terms of this Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended by the Trust Indenture Reform Act of
1990, as in effect on the date hereof or, from and after the date that the Indenture shall be qualified thereunder, as in effect on such date. This Note is subject to all such terms, and the holder of this Note is referred to the Indenture and said
Act for a statement of them. 






 The Notes are senior unsecured obligations of the Company. The aggregate principal amount of Notes at any
time is unlimited, provided that no such additional Securities may be issued unless fungible with the Securities previously issued under the Indenture for United States federal income tax purposes. The Company may issue additional Notes of this
series after this Note has been issued with the same terms and the same CUSIP number as this Note. This Note and any additional Notes of this series subsequently issued under the Indenture shall be treated as a single series for all purposes under
the Indenture, including without limitation, waivers, amendments, redemptions and offers to purchase. 
  

	5.	Optional Redemption. 

 At any time on or after
April 1, 2010, the Company may redeem the Notes in whole, or from time to time, in part, at its option upon notice as set forth in Section 3.04 of the Indenture, at a Redemption Price equal to 100% of the principal amount of the Notes,
plus accrued and unpaid interest (including Additional Interest, if any) thereon to but not including the Redemption Date and, if redeemed prior to April 1, 2011, the Make Whole Payment (as defined below). The Company will pay the Make Whole
Payment to Holders of any Notes converted after the date on which the Company provides notice of an Optional Redemption and prior to the Redemption Date, to the extent such Notes would have been entitled to the Make Whole Payment upon redemption.

 The “Make Whole Payment” shall be equal to the present value of all remaining scheduled payments of interest on the Notes
to be redeemed through and including April 1, 2011. The present value of the remaining interest payments will be computed using a discount rate equal to the Treasury Yield. “Treasury Yield” means the yield to maturity at the
time of computation of United States Treasury securities with a constant maturity of one year (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519)) that has become publicly available at least two business
days prior to the date fixed for redemption (or, if such Statistical Release is no longer published, any publicly available source for similar market data). 
  

	6.	Notice of Redemption. 

 Notice of redemption will be mailed
by first class mail at least 30 days, but not more than 60 days before the Redemption Date, to each Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $1,000 may be redeemed in part, but only in integral
multiples of $1,000. On and after the Redemption Date, subject to the deposit with the Paying Agent of funds sufficient to pay the Redemption Price, interest ceases to accrue on Notes or portions of them called for redemption. 







	7.	Repurchase of Notes. 

 (a) At Option of Holder. At the
option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase all or any part specified by the Holder (so long as the principal amount of such part is $1,000 or an integral multiple
thereof) of the Notes held by such Holder on any of April 1, 2011, April 1, 2016 and April 1, 2021. The Holder shall have the right to withdraw any Purchase Notice pertaining to any exercise of such repurchase right by delivering
a written notice of withdrawal to the Paying Agent in accordance with the terms of the Indenture. The Purchase Price in any such repurchase shall be payable in cash. 
 (b) At Option of Holder upon a Change in Control. If at any time that Notes remain outstanding there shall have occurred a Change in Control, at the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall become obligated to repurchase all or any part specified by the Holder (so long as the principal amount of such part is $1,000 or an integral multiple thereof) of the Notes held by such Holder on the Repurchase Date. The
Holder shall have the right to withdraw any Repurchase Notice pertaining to any exercise of such repurchase right by delivering a written notice of withdrawal to the Paying Agent in accordance with the terms of the Indenture. The Repurchase Price in
any such repurchase shall be payable in cash. 
 Notwithstanding the foregoing two paragraphs, no Notes may be repurchased by the Company at
the option of the Holders if the principal of the Notes has been accelerated, and such acceleration has not been rescinded on or prior to such date. 
  

	8.	Conversion. 

 Upon satisfaction of the conditions set forth
in Section 4.01 of the Indenture, at any time on or prior to 5:00 p.m., New York City time on April 1, 2026 or, if not a Business Day, the Business Day immediately preceding April 1, 2026, a Holder of a Note may convert such Note into
cash and, if applicable, shares of Common Stock of the Company in accordance with the provisions of Section 4.15 of the Indenture; provided, however, that if such Note is called for redemption, the conversion right will terminate at 5:00
p.m., New York City time on the day that is two Business Days before the Redemption Date of such Note (unless the Company shall default in making the redemption payment when due, in which case the conversion right shall terminate at 5:00 p.m., New
York City time on the date such default is cured and such Note is redeemed). The initial conversion price is $51.00 per share, subject to adjustment under certain circumstances as described in the Indenture (the “Conversion Price”).
Upon conversion, no adjustment for interest or dividends will be made. No fractional shares will be issued upon conversion; in lieu thereof, an amount will be paid in cash based upon the current market price (as determined under Section 4.06(f)
of the Indenture) of the Common Stock on the last Trading Day prior to the date of conversion. 






 To convert a Note, a Holder must (a) complete and sign the conversion notice set forth below and
deliver such notice to the Conversion Agent, (b) surrender the Note to the Conversion Agent, (c) furnish appropriate endorsements and transfer documents if required by the Registrar or the Conversion Agent, (d) pay any transfer or
similar tax, if required and (e) if the Note is held in book-entry form, complete and deliver to the Depositary appropriate instructions pursuant to the Depositary’s book-entry conversion programs. If a Holder surrenders a Note for
conversion after a Record Date for the payment of an installment of interest and prior to the opening of business on the next Interest Payment Date, including the maturity date, the Note must be accompanied by payment of an amount equal to the
interest payable (including Additional Interest, if any) on such Interest Payment Date on the principal amount of the Note or portion thereof then converted. The foregoing sentence shall not apply to (i) Notes called for redemption on a
Redemption Date within the period between 5:00 p.m., New York City time on the Record Date and the Business Day immediately following the next Interest Payment Date (ii) Notes surrendered for conversion if the Company has specified a Repurchase
Date following a Change in Control that is after 5:00 p.m., New York City time on the Record Date and on or prior to the next Interest Payment Date or (iii) only to the extent of overdue interest, if any overdue interest exists at the time of
conversion with respect to such Notes. A Holder may only convert a Note or a portion of a Note in a denomination equal to $1,000 or any integral multiple thereof. 
 A Note in respect of which a Holder has delivered a Purchase Notice or a Repurchase Notice exercising the option of such Holder to require the Company to repurchase such Note as provided in Section 3.09(b) or
Section 3.10, respectively, of the Indenture may be converted only if such notice of exercise is withdrawn as provided above and in accordance with the terms of the Indenture. 
  

	9.	Ranking. 

 The Notes are senior unsecured obligations of
the Company and will rank equally in right of payment with all existing and future senior unsecured and unsubordinated indebtedness of the Company and senior to any existing and future subordinated indebtedness of the Company. 
  

	10.	Denominations, Transfer, Exchange. 

 The Notes are in
registered form without coupons in denominations of $1,000 and integral multiples thereof. A Holder may register the transfer of or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes or other governmental charges that may be imposed by law or permitted by the Indenture. 






 [Global Note Insert: 
 The aggregate principal amount of the Note in global form represented hereby may from time to time be reduced or increased to reflect conversions, redemptions, repurchases, transfers or exchanges of a part of this
Note in global form or cancellations of a part of this Note in global form, in each case, and in any such case, by means of notations on the Global Note Transfer Schedule on the last page hereof. Notwithstanding any provision of this Note to the
contrary, conversions, redemptions, repurchases, transfers or exchanges of a part of this Note in global form and cancellations of a part of this Note in global form, may be effected without the surrendering of this Note in global form, provided
that appropriate notations on the Schedule of Exchanges, Conversions, Redemptions, Cancellations and Transfers are made by the Trustee, or the Custodian at the direction of the Trustee, to reflect the appropriate reduction or increase, as the case
may be, in the aggregate principal amount of this Note in a global form resulting therefrom or as a consequence thereof.] 
  

	11.	Persons Deemed Owners. 

 The registered holder of a Note
may be treated as the owner of it for all purposes. 
  

	12.	Unclaimed Money. 

 If money for the payment of principal,
premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent will pay, subject to applicable escheatment laws, the money back to the Company at its request. After that, Holders entitled to money must look to the Company
for payment unless an abandoned property law designates another person. 
  

	13.	Amendment, Supplement, Waiver. 

 Subject to certain
exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding and any past default or compliance with any provision may be waived in a
particular instance with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without the consent of or notice to any Holder, the Company and the Trustee may amend or supplement the Indenture or the
Notes to, among other things, cure any ambiguity, omission, defect or inconsistency or make any other change that does not adversely affect the rights of any Holder, or amend the terms of the Notes to make them consistent with the description
thereof in the Offering Memorandum dated March 14, 2006. 







	14.	Successor Corporation. 

 When a successor corporation
assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor corporation will be released from those obligations. 
  

	15.	Defaults and Remedies. 

 An Event of Default is: default
for 30 days in payment of interest (including Additional Interest, if any) on the Notes; default in payment of principal on the Notes when due; failure to deliver the Principal Return, the Net Shares or any cash in lieu of fractional shares, as the
case may be, upon conversion of the Notes in not more than four Business Days after the Determination Date and continuation of such failure for a period of five Business Days; failure by the Company for 60 days after appropriate notice under the
Indenture to it to comply with any of its other agreements contained in the Indenture or the Notes; default by the Company or any Subsidiary with respect to its obligation to pay principal of or interest on indebtedness for borrowed money
aggregating more than $20.0 million or the acceleration of such indebtedness if not withdrawn within 15 days from the date of appropriate notice under the Indenture; and certain events of bankruptcy, insolvency or reorganization of the Company or
any of its Significant Subsidiaries. If an Event of Default (other than as a result of certain events of bankruptcy, insolvency or reorganization) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes
then outstanding may declare all unpaid principal of and accrued interest (including Additional Interest, if any) to the date of acceleration on the Notes then outstanding to be due and payable immediately, all as and to the extent provided in the
Indenture. If an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization, all unpaid principal of and accrued interest (including Additional Interest, if any) on the Notes then outstanding shall become due
and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to the extent provided in the Indenture. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests. The Company is required to file periodic
reports with the Trustee as to the absence of default. 
  

	16.	Trustee Dealings with the Company. 

 U.S. Bank National
Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or an Affiliate of the Company, and may otherwise deal with the Company or an
Affiliate of the Company, as if it were not the Trustee, except that if the Trustee has or shall acquire a conflicting interest 







 
within the meaning of the TIA after a Default has occurred and is continuing, the Trustee shall either (i) eliminate such interest within 90 days or
(ii) resign. 
  

	17.	No Recourse Against Others. 

 A director, officer, employee
or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect or by reason of, such obligations or their creation. The Holder of this
Note by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 
  

	18.	Discharge Prior to Maturity. 

 If the Company irrevocably
deposits with the Trustee, the Paying Agent or the Conversion Agent, if applicable, after all outstanding Notes have become due and payable, whether at maturity, any Redemption Date, any Purchase Date or any Repurchase Date, upon conversion or
otherwise, cash and, to the extent applicable, Common Stock or other securities sufficient to pay all amounts due and owing on all outstanding Notes, the Company will be discharged from the Indenture except for certain Sections thereof. 

 

	19.	Authentication. 

 This Note shall not be valid until the
Trustee or an authenticating agent signs the certificate of authentication on the other side of this Note. 
  

	20.	Abbreviations and Definitions. 

 Customary abbreviations
may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (=
Uniform Gifts to Minors Act). 
 All capitalized terms used in this Note and not specifically defined herein are defined in the Indenture and
are used herein as so defined. 
  

	21.	Indenture to Control. 

 In the case of any conflict between
the provisions of this Note and the Indenture, the provisions of the Indenture shall control. 
 The Company will furnish to any Holder, upon
written request and without charge, a copy of the Indenture. Requests may be made to: Waste Connections, Inc., 35 Iron Point Circle, Suite 200, Folsom, California 95630-8589, Attention: Chief Financial Officer. 






 TRANSFER NOTICE 
 This Transfer Notice relates to $__________ principal amount of the 3.75% Convertible Senior Notes due 2026 of Waste Connections, Inc., a Delaware corporation, held by ______________________________ (the “Transferor”).

 (I) or (we) assign and transfer this Convertible Note to 
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Print or type
assignee’s name, address and zip code) 
  

                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s social security or tax I.D. no.) 
 and irrevocably appoint _______________________________ agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

			
	 Your Signature:
	  	  

 (Sign exactly as your name appears on the other side of this Convertible Note) 
 Date: ________________ 
  

			
		
	 Signature
 Guarantee1
	 	  



	1	Signature must be guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange. 







 CONVERSION NOTICE 
 To Waste Connections, Inc.: 
 The undersigned owner of this Note hereby irrevocably exercises the option to
convert this Note, or the portion below designated, into cash and Common Stock, if any, of Waste Connections, Inc. in accordance with the terms of the Indenture referred to in this Note, and directs that the consideration issuable and deliverable
upon conversion, together with any check in payment for fractional shares, be issued in the name of and delivered to the undersigned, unless a different name has been indicated in the assignment below. If shares are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. 
  

			
	  ̈        Convert whole
	  	  ̈        Convert in part

		
		  	 Amount of Note to be converted ($1,000 or integral multiples thereof):
  
 $____________________

		
		  	  
		  	Signature (sign exactly as name appears on the other side of this Note)
		
		  	  
		  	Signature Guarantee:1



	1	Signature must be guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange. 







 If you want the stock certificate made out in another person’s name, complete the following for such
person: 
  

			
	
	   
	 Name

	
	   
	 Social Security or Taxpayer Identification Number

		
	   	 	   
	 Street
	 	Address
	
	   
	 City, State and Zip Code








 OPTION OF HOLDER TO ELECT REPURCHASE 
 If you want to elect to have this Note repurchased by the Company pursuant to Section 3.09 of the Indenture, check the box: 
  ̈ 
 If you want to elect to have only part of this Note repurchased by the Company pursuant to Section 3.09 of the Indenture, state the principal amount
(which shall be $1,000 or a multiple thereof) to be repurchased: 
 $__________________ 
  

									
					
	 Dated: 
	 	  	 		 		 	  
		 		 		 		 	Signature (sign exactly as name appears on the other side of this Note)
				
	  	 		 		 	
	 Signature Guarantee:1
	 		 		 	



	1	Signature must be guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange. 







 OPTION OF HOLDER TO ELECT REPURCHASE 
 If you want to elect to have this Note repurchased by the Company pursuant to Section 3.10 of the Indenture, check the box: 
  ̈ 
 If you want to elect to have only part of this Note repurchased by the Company pursuant to Section 3.10 of the Indenture, state the principal amount
(which shall be $1,000 or a multiple thereof) to be repurchased: 
 $__________________ 
  

									
					
	 Dated: 
	 	  	 		 		 	  
		 		 		 		 	Signature (sign exactly as name appears on the other side of this Note)
				
	  	 		 		 	
	 Signature Guarantee:1
	 		 		 	



	1	Signature must be guaranteed by a commercial bank, trust company or member firm of the New York Stock Exchange. 







 [Schedule A to Exhibit A 
 Global Note Transfer Schedule 
 Changes to Principal Amount of Global Security 
  

							
	 Date
	  	 Principal Amount of Securities by
 which this Global Note Is to Be
 Reduced or Increased and Reason
 for Reduction or Increase
	  	 Remaining Principal
 Amount of this Global
 Security (following
 decrease or increase)
	  	 Authorized Signature of
 officer of Trustee or
 Note Custodian

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

 Schedule to be maintained by Depositary in cooperation with Trustee.] 






 Schedule I 
 The following table sets forth the increase in the Conversion Rate, expressed as a number of additional shares to be received per $1,000 principal amount of Securities. 
  

														
	 	  	Effective Date
	 Stock
 Price
	  	3/20/06	  	4/1/07	  	4/1/08	  	4/1/09	  	4/1/10	  	4/1/11
	$	37.79	  	6.8568	  	6.5472	  	6.2795	  	6.1030	  	6.2839	  	0.0000
	$	42.00	  	5.3263	  	4.9017	  	4.4715	  	4.0207	  	3.7772	  	0.0000
	$	47.00	  	4.0855	  	3.5887	  	3.0533	  	2.4086	  	1.5376	  	0.0000
	$	52.00	  	3.2680	  	2.7486	  	2.1838	  	1.4937	  	0.3523	  	0.0000
	$	57.00	  	2.7367	  	2.2252	  	1.6795	  	1.0441	  	0.3214	  	0.0000
	$	65.00	  	2.2670	  	1.8002	  	1.3246	  	0.8172	  	0.2819	  	0.0000
	$	75.00	  	1.9600	  	1.5545	  	1.1448	  	0.7083	  	0.2443	  	0.0000
	$	85.00	  	1.7294	  	1.3716	  	1.0101	  	0.6249	  	0.2156	  	0.0000
	$	95.00	  	1.5474	  	1.2273	  	0.9038	  	0.5592	  	0.1929	  	0.0000
	$	105.00	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

  

 B-1