EX-4.1


Table of Contents




 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

 
  

SPOTIFY USA INC., 
 THE
GUARANTOR PARTY HERETO 
 and 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 INDENTURE 

Dated as of March 2, 2021 
  

 
 0% Exchangeable
Senior Notes due 2026 
  
  

 
  

 
  

 









Table of Contents




 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
		
	 Article 1. Definitions; Rules of Construction
	  	 	1	 
			
	       Section 1.01.
	  	 Definitions
	  	 	1	 
	       Section 1.02.
	  	 Other Definitions.
	  	 	13	 
	       Section 1.03.
	  	 Rules of Construction.
	  	 	14	 
		
	 Article 2. The Notes
	  	 	15	 
			
	       Section 2.01.
	  	 Form, Dating and Denominations
	  	 	15	 
	       Section 2.02.
	  	 Execution, Authentication and Delivery
	  	 	15	 
	       Section 2.03.
	  	 Initial Notes and Additional Notes.
	  	 	16	 
	       Section 2.04.
	  	 Method of Payment
	  	 	16	 
	       Section 2.05.
	  	 No Regular Interest; Accrual and Payment of Special Interest and
	  			
		  	 Additional Interest; Defaulted Amounts; When Payment Date is Not a
	  			
		  	 Business Day
	  	 	17	 
	       Section 2.06.
	  	 Registrar, Paying Agent and Exchange Agent
	  	 	18	 
	       Section 2.07.
	  	 Paying Agent and Exchange Agent to Hold Property in Trust.
	  	 	19	 
	       Section 2.08.
	  	 Holder Lists
	  	 	19	 
	       Section 2.09.
	  	 Legends.
	  	 	19	 
	       Section 2.10.
	  	 Transfers and Exchanges; Certain Transfer Restrictions
	  	 	20	 
	       Section 2.11.
	  	 Exchange and Cancellation of Notes to Be Exchanged or to Be
	  			
		  	 Repurchased Pursuant to a Repurchase Upon Fundamental Change or
	  			
		  	 Redemption.
	  	 	25	 
	       Section 2.12.
	  	 Removal of Transfer Restrictions.
	  	 	26	 
	       Section 2.13.
	  	 Replacement Notes.
	  	 	26	 
	       Section 2.14.
	  	 Registered Holders; Certain Rights with Respect to Global Notes.
	  	 	27	 
	       Section 2.15.
	  	 Cancellation.
	  	 	27	 
	       Section 2.16.
	  	 Notes Held by the Company or its Affiliates
	  	 	27	 
	       Section 2.17.
	  	 Temporary Notes.
	  	 	27	 
	       Section 2.18.
	  	 Outstanding Notes
	  	 	27	 
	       Section 2.19.
	  	 Repurchases by the Company.
	  	 	28	 
	       Section 2.20.
	  	 CUSIP and ISIN Numbers.
	  	 	28	 
		
	 Article 3. Covenants
	  	 	29	 
			
	       Section 3.01.
	  	 Payment on Notes.
	  	 	29	 
	       Section 3.02.
	  	 Exchange Act Reports
	  	 	29	 
	       Section 3.03.
	  	 Rule 144A Information.
	  	 	29	 
	       Section 3.04.
	  	 Additional Interest.
	  	 	30	 
	       Section 3.05.
	  	 Additional Amounts
	  	 	31	 
	       Section 3.06.
	  	 Compliance and Default Certificates.
	  	 	33	 
	       Section 3.07.
	  	 Stay, Extension and Usury Laws.
	  	 	33	 
	       Section 3.08.
	  	 Acquisition of Notes by the Company and its Affiliates.
	  	 	34	 


  
 - i - 










Table of Contents





					
	Article 4. Repurchase and Redemption	  	34
			
	      Section 4.01.	  	No Sinking Fund.	  	34
	      Section 4.02.	  	Right of Holders to Require the Company to Repurchase Notes Upon a	  	
		  	Fundamental Change.	  	34
	      Section 4.03.	  	Right of the Company to Redeem the Notes.	  	39
		
	Article 5. Exchange	  	42
			
	      Section 5.01.	  	Right to Exchange	  	42
	      Section 5.02.	  	Exchange Procedures.	  	46
	      Section 5.03.	  	Settlement Upon Exchange	  	48
	      Section 5.04.	  	Status of Ordinary Shares Issued Upon Exchange.	  	51
	      Section 5.05.	  	Adjustments to the Exchange Rate.	  	52
	      Section 5.06.	  	Voluntary Adjustments.	  	62
	      Section 5.07.	  	Adjustments to the Exchange Rate in Connection with a Make-Whole	  	
		  	Fundamental Change.	  	62
	      Section 5.08.	  	Transfer of Notes to Be Exchanged to a Third Party for Settlement.	  	64
	      Section 5.09.	  	Effect of Ordinary Share Change Event.	  	64
		
	Article 6. Successors	  	66
			
	      Section 6.01.	  	When the Company May Merge, Etc.	  	66
	      Section 6.02.	  	Successor Entity Substituted	  	67
	      Section 6.03.	  	Exclusion for Asset Transfers with Wholly Owned Subsidiaries	  	67
		
	Article 7. Defaults and Remedies	  	67
			
	      Section 7.01.	  	Events of Default.	  	67
	      Section 7.02.	  	Acceleration.	  	69
	      Section 7.03.	  	Sole Remedy for a Failure to Report.	  	70
	      Section 7.04.	  	Other Remedies	  	71
	      Section 7.05.	  	Waiver of Past Defaults.	  	71
	      Section 7.06.	  	Control by Majority.	  	71
	      Section 7.07.	  	Limitation on Suits	  	72
	      Section 7.08.	  	Absolute Right of Holders to Institute Suit for the Enforcement of the	  	
		  	Right to Receive Payment and Exchange Consideration	  	72
	      Section 7.09.	  	Collection Suit by Trustee.	  	72
	      Section 7.10.	  	Trustee May File Proofs of Claim.	  	73
	      Section 7.11.	  	Priorities	  	73
	      Section 7.12.	  	Undertaking for Costs.	  	74
		
	Article 8. Amendments, Supplements and Waivers	  	74
			
	      Section 8.01.	  	Without the Consent of Holders.	  	74
	      Section 8.02.	  	With the Consent of Holders	  	75
	      Section 8.03.	  	Notice of Amendments, Supplements and Waivers.	  	76
	      Section 8.04.	  	Revocation, Effect and Solicitation of Consents; Special Record Dates;	  	
		  	Etc.	  	76
	      Section 8.05.	  	Notations and Exchanges.	  	77
	      Section 8.06.	  	Trustee to Execute Supplemental Indentures	  	77


  
 - ii - 










Table of Contents





					
	Article 9. Guarantees	  	77
			
	      Section 9.01.	  	Guarantees	  	77
	      Section 9.02.	  	Limitation on Guarantor Liability	  	79
	      Section 9.03.	  	Execution and Delivery of Guarantee	  	79
	      Section 9.04.	  	When the Guarantor May Merge, Etc	  	79
	      Section 9.05.	  	Application of Certain Provisions to the Guarantor.	  	80
	      Section 9.06.	  	Release of the Guarantee.	  	81
		
	Article 10. Satisfaction and Discharge	  	81
			
	      Section 10.01.	  	Termination of Company’s Obligations.	  	81
	      Section 10.02.	  	Repayment to Company	  	82
	      Section 10.03.	  	Reinstatement	  	82
			
	Article 11. Trustee	  		  	82
			
	      Section 11.01.	  	Duties of the Trustee.	  	82
	      Section 11.02.	  	Rights of the Trustee	  	83
	      Section 11.03.	  	Individual Rights of the Trustee.	  	84
	      Section 11.04.	  	Trustee’s Disclaimer.	  	84
	      Section 11.05.	  	Notice of Defaults.	  	84
	      Section 11.06.	  	Compensation and Indemnity.	  	85
	      Section 11.07.	  	Replacement of the Trustee.	  	86
	      Section 11.08.	  	Successor Trustee by Merger, Etc.	  	87
	      Section 11.09.	  	Eligibility; Disqualification.	  	87
		
	Article 12. Miscellaneous	  	87
			
	      Section 12.01.	  	Notices.	  	87
	      Section 12.02.	  	Delivery of Officer’s Certificate and Opinion of Counsel as to	  	
		  	Conditions Precedent.	  	89
	      Section 12.03.	  	Statements Required in Officer’s Certificate and Opinion of Counsel	  	89
	      Section 12.04.	  	Rules by the Trustee, the Registrar and the Paying Agent.	  	89
	      Section 12.05.	  	No Personal Liability of Directors, Officers, Employees and	  	
		  	Stockholders	  	90
	      Section 12.06.	  	Governing Law; Waiver of Jury Trial.	  	90
	      Section 12.07.	  	Submission to Jurisdiction.	  	90
	      Section 12.08.	  	No Adverse Interpretation of Other Agreements.	  	90
	      Section 12.09.	  	Successors.	  	90
	      Section 12.10.	  	Force Majeure.	  	91
	      Section 12.11.	  	U.S.A. PATRIOT Act.	  	91
	      Section 12.12.	  	Calculations	  	91
	      Section 12.13.	  	Severability.	  	91
	      Section 12.14.	  	Counterparts	  	91
	      Section 12.15.	  	Table of Contents, Headings, Etc	  	92
	      Section 12.16.	  	Withholding Taxes.	  	92
	      Section 12.17.	  	Service of Process.	  	92


  
 - iii - 










Table of Contents





					
	Exhibits	  	
			
	Exhibit A:	  	Form of Note	  	A-1
			
	Exhibit B-1:	  	Form of Restricted Note Legend	  	B1-1
			
	Exhibit B-2:	  	Form of Global Note Legend	  	B2-1

  

  
 - iv - 










Table of Contents




 INDENTURE, dated as of March 2, 2021, among Spotify USA Inc., a Delaware
corporation, as issuer (the “Company”), Spotify Technology S.A., a Luxembourg public limited liability company (société anonyme) having its registered office at 42-44,
avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 123052, as guarantor (the “Guarantor”), and U.S.
Bank National Association, as trustee (the “Trustee”). 
 Each party to this Indenture (as defined below) agrees as follows
for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined below) of the Company’s 0% Exchangeable Senior Notes due 2026 (the “Notes”). 

Article 1.    DEFINITIONS; RULES OF CONSTRUCTION 

Section 1.01.    DEFINITIONS. 

“Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. 

“Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. 

“Authorized Denomination” means, with respect to a Note, a minimum principal amount thereof equal to $1,000 or any integral
multiple of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal
or state or non-U.S. law for the relief of debtors. 
 “Bid Solicitation Agent”
means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be
the Company; provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice to Holders. 

“Board of Directors” means the board of directors of the Company or the Guarantor, as the context requires, or a committee of
such board duly authorized to act on behalf of such board. 
 “Business Day” means any day other than a Saturday, a Sunday
or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

“Capital Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for,
participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into or exchangeable for such equity. 

“Change in Tax Law” means any change or amendment in the laws, rules or regulations of a Relevant Taxing Jurisdiction, or any
change in an official written interpretation, administration or application of such laws, rules or regulations by any legislative body, court, governmental taxing 

  
 - 1 - 










Table of Contents




 
authority or regulatory or administrative authority of such Relevant Taxing Jurisdiction (including the enactment of any legislation and the formal announcement or publication of any judicial
decision or regulatory or administrative interpretation or determination), which change or amendment (A) had not been publicly announced; and (B) becomes effective, in each case, on or after February 25, 2021 (or, if the Relevant
Taxing Jurisdiction was not a Relevant Taxing Jurisdiction on such date, the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction). 

“Close of Business” means 5:00 p.m., New York City time. 

“Company” means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its
successors and assigns. 
 “Company Order” means a written request or order signed on behalf of the Company by one
(1) of its Officers and delivered to the Trustee. 
 “Daily Cash Amount” means, with respect to any VWAP Trading Day,
the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Exchange Value for such VWAP Trading Day. 

“Daily Exchange Value” means, with respect to any VWAP Trading Day, one-fortieth
(1/40th) of the product of (A) the Exchange Rate on such VWAP Trading Day; and (B) the Daily VWAP per Ordinary Share on such VWAP Trading Day. 

“Daily Maximum Cash Amount” means, with respect to the Exchange of any Note, the quotient obtained by dividing (A) the
Specified Dollar Amount applicable to such Exchange by (B) forty(40). 
 “Daily Share Amount” means, with respect to
any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Exchange Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For the
avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Exchange Value does not exceed such Daily Maximum Cash Amount. 

“Daily VWAP” means, for any VWAP Trading Day, the volume-weighted average price per Ordinary Share as displayed under the
heading “Bloomberg VWAP” on Bloomberg page “SPOT <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of
trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one Ordinary Share on such VWAP Trading Day, determined, using a volume-weighted average price method, by
a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the
regular trading session. 

  
 - 2 - 










Table of Contents




 “De-Legending Deadline Date” means,
with respect to any Note, the fifteenth (15th) day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after an Interest Record Date and on or before the next Interest Payment Date, then the De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date. 

“Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. 

“Default Settlement Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount
of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method by sending notice of the new Default Settlement Method to
the Holders, the Trustee and the Exchange Agent (it being understood that no such change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture); and (y) the Default
Settlement Method will be subject to Section 5.03(A)(ii). 
 “Depositary” means The Depository
Trust Company or its successor. 
 “Depositary Participant” means any member of, or participant in, the Depositary. 

“Depositary Procedures” means, with respect to any Exchange, transfer, exchange or other transaction involving a Global Note
or any beneficial interest therein, the rules and procedures of the Depositary applicable to such Exchange, transfer, exchange or transaction. 

“Ex-Dividend Date” means, with respect to an issuance, dividend or distribution on
the Ordinary Shares, the first date on which Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or similar
arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Ordinary Shares under a separate ticker symbol or CUSIP number will not be
considered “regular way” for this purpose. 
 “Exchange” means, with respect to any Note, the exchange of such
note pursuant to Article 5 into Exchange Consideration. The terms “Exchanged,” “Exchanging” and “Exchangeable” have meanings correlative to the foregoing. 

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

“Exchange Date” means, with respect to a Note, the first Business Day on which the requirements set forth in
Section 5.02(A) to Exchange such Note are satisfied, subject to Section 5.03(C). 

“Exchange Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by
(B) the Exchange Rate in effect at such time. 

  
 - 3 - 










Table of Contents




 “Exchange Rate” initially means 1.9410 Ordinary Shares per $1,000 principal
amount of Notes; provided, however, that the Exchange Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Exchange Rate as of a particular date without
setting forth a particular time on such date, such reference will be deemed to be to the Exchange Rate immediately after the Close of Business on such date. 

“Exchange Share” means any Ordinary Share issued or issuable upon Exchange of any Note. 

“Exempted Fundamental Change” means any Fundamental Change with respect to which, in accordance with
Section 4.02(I), the Company does not offer to repurchase any Notes. 
 “Free Trade Date” means,
with respect to any Note, the date that is one (1) year after the Last Original Issue Date of such Note. 
 “Freely
Tradable” means, with respect to any Note, that such Note would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an
Affiliate of the Company during the immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, during the six
(6) month period beginning on, and including, the date that is six (6) months after the Last Original Issue Date of such Note, any such requirement as to the availability of current public information will be disregarded if the same is
satisfied at that time); provided, however, that from and after the Free Trade Date of such Note, such Note will not be “Freely Tradable” unless such Note (x) is not identified by a “restricted” CUSIP or ISIN
number; and (y) is not represented by any certificate that bears the Restricted Note Legend. For the avoidance of doubt, whether a Note is deemed to be identified by a “restricted” CUSIP or ISIN number or to bear the Restricted Note
Legend is subject to Section 2.12. 
 “Fundamental Change” means any of the following events:

 (A)    a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act),
other than the Company, the Guarantor or the Company’s or Guarantor’s respective Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the
direct or indirect “beneficial owner” (as defined below) of Ordinary Shares representing more than fifty percent (50%) of the voting power of all of the Ordinary Shares; 

(B)    the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of
all or substantially all of the assets of the Guarantor and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the Company’s or the Guarantor’s Wholly Owned Subsidiaries; or (ii) any transaction or
series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Ordinary Shares are exchanged for,
converted into, acquired for, or constitute solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Guarantor pursuant to which the
Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Guarantor’s common equity 

  
 - 4 - 










Table of Contents




 
immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the
surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other
as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); 

(C)    the stockholders of the Guarantor or its successor approve any plan or proposal for the liquidation or dissolution
of the Guarantor or its successor, as applicable; or 
 (D)    the Ordinary Shares cease to be listed on any of The New
York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors); 
 provided,
however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Ordinary
Shares (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock, ordinary shares or other corporate common equity interests listed (or
depositary receipts representing shares of common stock, ordinary shares or other corporate common equity interests, which depositary receipts are listed) on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select
Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes an Ordinary Share Change Event whose Reference Property
consists of such consideration. 
 For the purposes of this definition, (x) any transaction or event described in both clause
(A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person
is a “beneficial owner,” whether shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act.

 For the avoidance of doubt, the voting power of the Guarantor’s beneficiary certificates does not constitute voting power of, or
with respect to, the Ordinary Shares. 
 “Fundamental Change Repurchase Date” means the date fixed for the repurchase of
any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. 
 “Fundamental Change Repurchase Notice” means
a notice (including a notice substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in
Section 4.02(F)(i) and Section 4.02(F)(ii). 
 “Fundamental Change Repurchase
Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

  
 - 5 - 










Table of Contents




 “Global Note” means a Note that is represented by a certificate
substantially in the form set forth in Exhibit A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary.

 “Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Guarantee” means the guarantee by the Guarantor of the Company’s
obligations under this Indenture and the Notes pursuant to Article 9. 
 “Guarantor” means the Person named as such
in the first paragraph of this Indenture and, subject to Section 9.04, its successors and assigns. 

“Holder” means a person in whose name a Note is registered on the Registrar’s books. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Purchasers” means Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Allen & Company LLC
and J.P. Morgan Securities LLC. 
 “Interest Payment Date” means, with respect to a Note, each March 15 and
September 15 of each year. For the avoidance of doubt, the Maturity Date is an Interest Payment Date. 
 “Interest Record
Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on March 15, the immediately preceding March 1; and (B) if such Interest Payment Date occurs on
September 15, the immediately preceding September 1. 
 “Internal Revenue Code” means the United States Internal
Revenue Code of 1986, as amended. 
 “Issue Date” means March 2, 2021. 

“Last Original Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any
Notes issued pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally
issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later
of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase
additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. 

  
 - 6 - 










Table of Contents




 “Last Reported Sale Price” of the Ordinary Shares for any Trading Day means
the closing sale price (or, if no closing sale price is reported, the average of the last bid price and the last ask price or, if more than one in either case, the average of the average last bid prices and the average last ask prices) per Ordinary
Share on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed. If the Ordinary Shares are not listed on a U.S. national or regional
securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per Ordinary Share on such Trading Day in the
over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Ordinary Shares are not so quoted on such Trading Day, then the Last
Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per Ordinary Share on such Trading Day from a nationally recognized independent investment banking firm
selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor the Exchange Agent will have any duty to determine the Last Reported Sale Price. 

“Make-Whole Fundamental Change” means (A) a Fundamental Change (determined after giving effect to the proviso
immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to Section 4.03(G);
provided, however, that, subject to Section 4.03(K), the sending of a Redemption Notice in respect of a Provisional Redemption will constitute a Make-Whole Fundamental Change only with respect to the Notes
called (or deemed to be called pursuant to Section 4.03(K)) for Provisional Redemption pursuant to such Redemption Notice and not with respect to any other Notes. 

“Make-Whole Fundamental Change Exchange Period” has the following meaning: 

(A)    in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the
period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole
Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and 

(B)    in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the
period from, and including, the Redemption Notice Date for the related Redemption to, and including, the second (2nd) Business Day immediately before the related Redemption Date; 

provided, however, that if the Exchange Date for the Exchange of a Note that has been called (or deemed, pursuant to
Section 4.03(K), to be called) for Redemption occurs during the Make-Whole Fundamental Change Exchange Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of
“Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in
Section 5.07, solely for purposes of such Exchange, (x) such Exchange Date will be deemed to occur solely during the Make-Whole Fundamental Change Exchange Period for the Make-Whole Fundamental Change with the earlier
Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. 

  
 - 7 - 










Table of Contents




 “Make-Whole Fundamental Change Effective Date” means (A) with respect
to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant
to clause (B) of the definition thereof, the applicable Redemption Notice Date. 
 “Market Disruption Event”
means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities
exchange or other market on which the Ordinary Shares are listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in
the Ordinary Shares or in any options contracts or futures contracts relating to the Ordinary Shares. 
 “Maturity Date”
means March 15, 2026. 
 “Note Agent” means any Registrar, Paying Agent or Exchange Agent. 

“Notes” means the 0% Exchangeable Senior Notes due 2026 issued by the Company pursuant to this Indenture. 

“Observation Period” means, with respect to any Note to be Exchanged, (A) subject to clause (B) below, if
the Exchange Date for such Note occurs before December 15, 2025, the forty (40) consecutive VWAP Trading Days beginning on, and including, the third (3rd) VWAP Trading Day immediately after such Exchange Date; (B) if such Exchange
Date occurs on or after the date the Company has sent a Redemption Notice calling all or any Notes for Redemption pursuant to Section 4.03(G) and on or before the second (2nd) Business Day before the related Redemption
Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Exchange Date
occurs on or after December 15, 2025, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before the Maturity Date. 

“Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and
that meets the requirements of Section 12.03. 
 “Open of Business” means 9:00 a.m., New York
City time. 
 “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the
Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 12.03, subject to customary qualifications and exclusions. 

  
 - 8 - 










Table of Contents




 “Ordinary Shares” means the ordinary shares, €0.000625 par value per
share, of the Guarantor, subject to Section 5.09. 
 “Person” or “person” means
any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a
limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture. 

“Physical Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set
forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. 

“Purchase Agreement” means that certain Purchase Agreement, dated February 25, 2021, between the Company and the Initial
Purchasers. 
 “Redemption” means the repurchase of any Note by the Company pursuant to
Section 4.03. 
 “Redemption Date” means the date fixed, pursuant to
Section 4.03(E), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. 

“Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for
such Redemption pursuant to Section 4.03(G). 
 “Redemption Price” means the cash price payable
by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F). 

“Repurchase Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to
Section 4.02. 
 “Responsible Officer” means (A) any officer within the Global Corporate
Trust division of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject. 

“Restricted Note Legend” means a legend substantially in the form set forth in Exhibit
B-1. 
 “Restricted Stock Legend” means, with respect to any Exchange Share, a
legend substantially to the effect that the offer and sale of such Exchange Share have not been registered under the Securities Act and that such Exchange Share cannot be sold or otherwise transferred except pursuant to a transaction that is
registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. 

  
 - 9 - 










Table of Contents




 “Rule 144” means Rule 144 under the Securities Act (or any successor rule
thereto), as the same may be amended from time to time. 
 “Rule 144A” means Rule 144A under the Securities Act (or any
successor rule thereto), as the same may be amended from time to time. 
 “Scheduled Trading Day” means any day that is
scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the
principal other market on which the Ordinary Shares are then traded. If the Ordinary Shares are not so listed or traded, then “Scheduled Trading Day” means a Business Day. 

“SEC” means the U.S. Securities and Exchange Commission. 

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

“Security” means any Note or Exchange Share. 

“Settlement Method” means Cash Settlement, Physical Settlement or Combination Settlement. 

“Share Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Ordinary Shares
receive only cash in consideration for their Ordinary Shares in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then the Share Price
is the amount of cash paid per Ordinary Share in such Make-Whole Fundamental Change; and (B) in all other cases, the Share Price is the average of the Last Reported Sale Prices per Ordinary Share for the five (5) consecutive Trading Days
ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. 

“Shoe Option” means the Initial Purchasers’ option to purchase up to two hundred million dollars ($200,000,000)
aggregate principal amount of additional Notes as provided for in the Purchase Agreement. 
 “Significant Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X
under the Exchange Act) of such Person; provided, however, that, if a Subsidiary meets the criteria of clause (1)(iii), but not clause (1)(i) or (1)(ii), of the definition of “significant subsidiary” in Rule 1-02(w) (or, if applicable, the respective successor clauses to the aforementioned clauses), then such Subsidiary will be deemed not to be a Significant Subsidiary unless such Subsidiary’s income from
continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests, for the last completed fiscal year before the date of determination exceeds one hundred million
dollars ($100,000,000). 

  
 - 10 - 










Table of Contents




 “Special Interest” means any interest that accrues on any Note pursuant to
Section 7.03. 
 “Specified Dollar Amount” means, with respect to the Exchange of a Note to which
Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such Exchange (excluding cash in lieu of any fractional Ordinary Share). 

“Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a
partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or
stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and
voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company. 
 “Surviving Entity” means any person
that the Company or the Guarantor consolidates with, merges with or into or consummates any similar transaction with, or conveys, transfers or leases all or substantially all of the Company’s or the Guarantor’s property and assets to
(including any successor thereto), if the resulting, surviving or transferee Person is not organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia. 

“Tax” means any tax, duty, levy, impost, assessment or other governmental charge of a similar nature (including penalties and
interest and other similar liabilities related thereto) that are imposed by any taxing authority. 
 “Tax Redemption” means
the Redemption of any Note pursuant to Section 4.03(C). 
 “Trading Day” means any day on which
(A) trading in the Ordinary Shares generally occurs on the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Ordinary Shares are then traded; and (B) there is no Market Disruption Event. If the Ordinary Shares are not so listed or traded, then “Trading Day” means a Business Day.

 “Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a
cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City


  
 - 11 - 










Table of Contents




 
time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided,
however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can
reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or
such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid
Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Exchange Rate on such Trading Day. 

“Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule
144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A)    such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company)
pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; 

(B)    such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company)
pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to
constitute a “restricted security” (as defined in Rule 144); and 
 (C)    such Security is eligible for
resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of
sale, availability of current public information or notice. 
 The Trustee is under no obligation to determine whether any Security is a
Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect thereto. 
 “Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means the Person named as such in the
first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. 

“Underlying Issuer” means the Guarantor; provided, however, that from and after the occurrence of an Ordinary
Share Change event whose Reference Property includes any securities, the “Underlying Issuer” will refer to the issuer of such securities. 

  
 - 12 - 










Table of Contents




 “VWAP Market Disruption Event” means, with respect to any date,
(A) the failure by the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed, or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, the principal other
market on which the Ordinary Shares are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Ordinary Shares or in any options contracts or futures contracts relating to the Ordinary Shares, and such suspension or
limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. 
 “VWAP Trading Day” means a
day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Ordinary Shares generally occurs on the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the
Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Ordinary Shares are then traded. If the Ordinary Shares are not so listed or traded, then “VWAP Trading Day”
means a Business Day. 
 “Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. 

Section 1.02.    OTHER DEFINITIONS. 

 

					
	 Term
	  	Defined in
Section	 
	 “Additional Amounts”
	  	 	3.05(A)	 
	 “Additional Shares”
	  	 	5.07(A)	 
	 “Business Combination Event”
	  	 	6.01(A)	 
	 “Cash Settlement”
	  	 	5.03(A)	 
	 “Combination Settlement”
	  	 	5.03(A)	 
	 “Exchange Agent”
	  	 	2.06(A)	 
	 “Exchange Consideration”
	  	 	5.03(B)	 
	 “Default Interest”
	  	 	2.05(B)	 
	 “Defaulted Amount”
	  	 	2.05(B)	 
	 “Event of Default”
	  	 	7.01(A)	 
	 “Expiration Date”
	  	 	5.05(A)(v)	 
	 “Expiration Time”
	  	 	5.05(A)(v)	 
	 “FATCA”
	  	 	3.05(A)(vi)	 
	 “Fundamental Change Notice”
	  	 	4.02(E)	 
	 “Fundamental Change Repurchase Right”
	  	 	4.02(A)	 
	 “Guaranteed Obligations”
	  	 	9.04(A)	 
	 “Guarantor Business Combination Event”
	  	 	9.04(A)	 
	 “Initial Notes”
	  	 	2.03(A)	 
	 “Measurement Period”
	  	 	5.01(C)(i)(2)	 
	 “Ordinary Share Change Event”
	  	 	5.09(A)	 


  
 - 13 - 










Table of Contents





					
	 “Partial Redemption Limitation”
	  	 	4.03(L)	 
	 “Paying Agent”
	  	 	2.06(A)	 
	 “Physical Settlement”
	  	 	5.03(A)	 
	 “Provisional Redemption”
	  	 	4.03(B)	 
	 “Redemption Notice”
	  	 	4.03(G)	 
	 “Reference Property”
	  	 	5.09(A)	 
	 “Reference Property Unit”
	  	 	5.09(A)	 
	 “Register”
	  	 	2.06(B)	 
	 “Registrar”
	  	 	2.06(A)	 
	 “Relevant Taxing Jurisdiction”
	  	 	3.05(A)”	 
	 “Reporting Event of Default”
	  	 	7.03(A)	 
	 “Specified Courts”
	  	 	12.07	 
	 “Spin-Off”
	  	 	5.05(A)(iii)(2)	 
	 “Spin-Off Valuation Period”
	  	 	5.05(A)(iii)(2)	 
	 “Successor Entity”
	  	 	6.01(A)	 
	 “Successor Guarantor Entity”
	  	 	9.04(A)(i)	 
	 “Successor Person”
	  	 	5.09(A)	 
	 “Tender/Exchange Offer Valuation Period”
	  	 	5.05(A)(v)	 
	 “Trading Price Condition”
	  	 	5.01(C)(i)(2)	 

 Section 1.03.    RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A)    “or” is not exclusive; 

(B)    “including” means “including without limitation”; 

(C)    “will” expresses a command; 

(D)    the “average” of a set of numerical values refers to the arithmetic average of such numerical values;

 (E)    a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will
be deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(F)    words in the singular include the plural and in the plural include the singular, unless the context requires
otherwise; 
 (G)    “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 of this Indenture, unless the context requires otherwise; 

(H)    references to currency mean the lawful currency of the United States of America, unless the context requires
otherwise; 

  
 - 14 - 










Table of Contents




 (I)    the exhibits, schedules and other attachments to this Indenture
are deemed to form part of this Indenture; and 
 (J)    the term “interest,” when used with respect to
a Note, means any Special Interest, Additional Interest or Default Interest, in each case to the extent the same is payable on such Note, unless the context requires otherwise. 

Article 2.    THE NOTES 

Section 2.01.    FORM, DATING AND DENOMINATIONS. 

The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will
bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. 

Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication
thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. 

Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another
outstanding Note. 
 The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the
provisions of this Indenture will control for purposes of this Indenture and such Note. 

Section 2.02.    EXECUTION, AUTHENTICATION AND DELIVERY. 

(A)    Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of
the Company by manual or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company. 

(B)    Authentication by the Trustee and Delivery. 

(i)    No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly
authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

  
 - 15 - 










Table of Contents




 (ii)    The Trustee will cause an authorized signatory
of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with
Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of
which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. 

(iii)    The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A
duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be
authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake.

 Section 2.03.    INITIAL NOTES AND ADDITIONAL
NOTES. 
 (A)    Initial Notes. On the Issue Date, there will be originally issued one billion
five hundred million dollars ($1,500,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this
Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 

(B)    Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this
Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except for accrued interest, if any, and, to the extent applicable, with respect to the Last Original Issue
Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however,
that if any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries or the Guarantor) are not fungible with other Notes issued under this Indenture for
purposes of U.S. federal income tax or federal securities laws or, if applicable, the Depositary Procedures, then such additional Notes will be identified by a separate CUSIP number or by no CUSIP number. 

Section 2.04.    METHOD OF PAYMENT. 

(A)    Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon
maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, Special Interest, if any, or Additional Interest, if any, on, and any cash Exchange Consideration for, any Global
Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture. 

  
 - 16 - 










Table of Contents




 (B)    Physical Notes. The Company will pay, or cause the Paying
Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, Special Interest, if any, or Additional Interest, if any, on, and
any cash Exchange Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such
lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following
sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed
to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the
payment of any Special Interest or Additional Interest, if any, due on an Interest Payment Date, the immediately preceding Interest Record Date; (y) with respect to any cash Exchange Consideration, the relevant Exchange Date; and (z) with
respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due. 

Section 2.05.    NO REGULAR INTEREST; ACCRUAL AND
PAYMENT OF SPECIAL INTEREST AND ADDITIONAL INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT
DATE IS NOT A BUSINESS DAY. 

(A)    No Regular Interest; Accrual and Payment of Special Interest and Additional Interest. The Notes will not bear
regular interest, and the principal amount of the Notes will not accrete; provided, however, that Special Interest and Additional Interest will accrue on the Notes to the extent, and only to the extent, provided in Sections
3.04 and 7.03, respectively. The amount of any such Special Interest or Additional Interest that is payable on any applicable Interest Payment Date will be the amount of unpaid Special Interest or Additional Interest, as applicable,
that has accrued from, and including, the last date as of which such interest has been paid or duly provided for (or if later, the date as of which such interest has begun to accrue, as provided in Section 3.04 or 7.03, as
applicable) to, but excluding, such Interest Payment Date (or, if earlier, the date as of which such interest has ceased to accrue, as provided in Section 3.04 or 7.03, as applicable). Special Interest and Additional
Interest, if any, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(B)    Defaulted Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on
a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise
entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount for each day, if any, during the period from, and including, such due date to, but excluding, the date of
payment of such Defaulted Amount and Default Interest, which Default Interest will accrue on each such day at the combined rate at which Special Interest and Additional Interest accrues on such Note on such day (it being understood, for the
avoidance of doubt, that no Default Interest will accrue on such Note on any day on which no Special Interest or Additional Interest accrues on such Note); (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by
the Company to the Holder of such Note as of the Close of Business on a special record 

  
 - 17 - 










Table of Contents




 
date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at
least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest
to be paid on such payment date. 
 (C)    Delay of Payment when Payment Date is Not a Business Day. If the due
date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will
accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be
deemed not to be a “Business Day.” 
 Section 2.06.    REGISTRAR, PAYING
AGENT AND EXCHANGE AGENT. 
 (A)    Generally. The
Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United
States where Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for Exchange (the “Exchange Agent”). If the
Company fails to maintain a Registrar, Paying Agent or Exchange Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Exchange Agent. 

(B)    Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and
addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and Exchange of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each
Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. 

(C)    Co-Agents; Company’s Right to Appoint Successor Registrars, Paying
Agents and Exchange Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Exchange Agents, each
of whom will be deemed to be a Registrar, Paying Agent or Exchange Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Exchange Agent (including
appointing itself or any of its Subsidiaries to act in such capacity), and will notify the Holders and the Trustee of any such change. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if
any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. 

(D)    Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar
and the initial Exchange Agent. 

  
 - 18 - 










Table of Contents




 Section 2.07.    PAYING AGENT AND
EXCHANGE AGENT TO HOLD PROPERTY IN TRUST. 

The Company will require each Paying Agent or Exchange Agent that is not the Trustee to agree in writing that such Note Agent will
(A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment
or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Exchange Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or
delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Exchange Agent, then (A) it
will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Exchange Agent; and (B) references in this Indenture or the Notes to the Paying Agent or
Exchange Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Exchange Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to
refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (ix) or (x) of
Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Exchange Agent), the Trustee will serve as the Paying Agent or Exchange Agent, as applicable, for the
Notes. 
 Section 2.08.    HOLDER LISTS. 

If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each
Interest Payment Date in respect of which any Special Interest or Additional Interest is payable, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the
names and addresses of the Holders. 
 Section 2.09.    LEGENDS. 

(A)    Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not
inconsistent with this Indenture, required by the Depositary for such Global Note). 
 (B)    Restricted Note
Legend. Subject to Section 2.12, 
 (i)    each Note that is a
Transfer-Restricted Security will bear the Restricted Note Legend; and 
 (ii)    if a Note is issued in
exchange for, in substitution of, or to effect a partial Exchange of, another Note (such other Note being referred to as the “old Note” for purposes of this Section 2.09(B)(ii)), including pursuant to
Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Exchange
Date with respect to such Exchange, as applicable; provided, however, that such Note need not 

  
 - 19 - 










Table of Contents




 
bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Exchange Date, as applicable. 

(C)    Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be
required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. 

(D)    Acknowledgment and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend
required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend. 

(E)    Restricted Stock Legend. 

(i)    Each Exchange Share will bear the Restricted Stock Legend if the Note upon the Exchange of which
such Exchange Share was issued was (or would have been had it not been Exchanged) a Transfer-Restricted Security at the time such Exchange Share was issued; provided, however, that such Exchange Share need not bear the Restricted Stock
Legend if the Company determines, in its reasonable discretion, that such Exchange Share need not bear the Restricted Stock Legend. 

(ii)    Notwithstanding anything to the contrary in this Section 2.09(E), an
Exchange Share need not bear a Restricted Stock Legend if such Exchange Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a
“restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. 

Section 2.10.    TRANSFERS AND EXCHANGES; CERTAIN
TRANSFER RESTRICTIONS. 
 (A)    Provisions Applicable to All Transfers and
Exchanges. 
 (i)    Generally. Subject to this Section 2.10,
Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. 

(ii)    Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued
upon transfer or exchange of any other Note (such other Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid
obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. 

(iii)    No Services Charge; Transfer Taxes. The Company, the Guarantor, the Trustee and the Note
Agents will not impose any service charge on any Holder for any transfer, exchange or Exchange of Notes, but the Company, the Guarantor, the Trustee, the Registrar and the Exchange Agent may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge that may be imposed in connection with any transfer, exchange or Exchange of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. 

  
 - 20 - 










Table of Contents




 (iv)    Transfers and Exchanges Must Be in Authorized
Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 

(v)    Trustee’s Disclaimer. The Trustee will have no obligation or duty to monitor, determine
or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required
by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. 

(vi)    Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each
legend, if any, required by Section 2.09. 
 (vii)    Settlement of
Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event
later than the second (2nd) Business Day after the date of such satisfaction. 

(viii)    Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as
used in this Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or
Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an
“unrestricted” CUSIP number. 
 (B)    Transfers and Exchanges of Global Notes. 

(i)    Certain Restrictions. Subject to the immediately following sentence, no Global Note may be
transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to
customary procedures, for one or more Physical Notes if: 
 (1)    (x) the Depositary notifies the
Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each
case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; 

  
 - 21 - 










Table of Contents




 (2)    an Event of Default has occurred and is
continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one
or more Physical Notes; or 
 (3)    the Company, in its sole discretion, permits the exchange of any
beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. 

(ii)    Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture
to effect a transfer or exchange of any Global Note (or any portion thereof): 
 (1)    the Trustee will
reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note
having a principal amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

(2)    if required to effect such transfer or exchange, then the Trustee will reflect any resulting
increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; 

(3)    if required to effect such transfer or exchange, then the Company will issue, execute and deliver,
and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

(4)    if such Global Note (or such portion thereof), or any beneficial interest therein, is to be
exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in
Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to
customary procedures); and (z) bear each legend, if any, required by Section 2.09. 

(iii)    Compliance with Depositary Procedures. Each transfer or exchange of a beneficial interest
in any Global Note will be made in accordance with the Depositary Procedures. 

  
 - 22 - 










Table of Contents




 (C)    Transfers and Exchanges of Physical Notes. 

(i)    Requirements for Transfers and Exchanges. Subject to this
Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion
thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and
(z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to
effect any such transfer or exchange, such Holder must: 
 (1)    surrender such Physical Note to be
transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 

(2)    deliver such certificates, documentation or evidence as may be required pursuant to
Section 2.10(D). 
 (ii)    Effecting Transfers and Exchanges. Upon the
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii))
of a Holder (or any portion of such old Physical Note in an Authorized Denomination): 
 (1)    such old
Physical Note will be promptly cancelled pursuant to Section 2.15; 
 (2)    if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more
Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder;
and (z) bear each legend, if any, required by Section 2.09; 
 (3)    in
the case of a transfer: 
 (a)    to the Depositary or a nominee thereof that will hold its interest in
such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of
Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any,
required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required
by Section 2.09 then exist, because any such increase will result in any Global Note having an 

  
 - 23 - 










Table of Contents




 
aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will
authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that is to be so
transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and 

(b)    to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to
be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that
(x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by
Section 2.09; and 
 (4)    in the case of an exchange, the Company will issue,
execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to
the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 

(D)    Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a
“restricted” CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 

(i)    cause such Note to be identified by an “unrestricted” CUSIP number; 

(ii)    remove such Restricted Note Legend; or 

(iii)    register the transfer of such Note to the name of another Person, 

then the Company, the Guarantor, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is
delivered to the Company, the Guarantor, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Guarantor, the Trustee and the Registrar may reasonably require to determine that such identification,
removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on or after the Free Trade Date
with respect to such Note unless the Company determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to volume, manner of
sale, availability of current public information or notice under the Securities Act. 

  
 - 24 - 










Table of Contents




 (E)    Transfers of Notes Subject to Redemption, Repurchase or
Exchange. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Guarantor, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered
for Exchange, except to the extent that any portion of such Note is not subject to Exchange; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F),
except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice,
except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

Section 2.11.    EXCHANGE AND CANCELLATION OF NOTES
TO BE EXCHANGED OR TO BE REPURCHASED PURSUANT TO A REPURCHASE UPON
FUNDAMENTAL CHANGE OR REDEMPTION. 
 (A)    Partial
Exchanges of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption. If only a portion of a Physical Note of a Holder is to be Exchanged pursuant to Article 5 or repurchased
pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such Exchange or repurchase, as applicable, the Company will cause such Physical Note to be
exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note
that is not to be so Exchanged or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so Exchanged or repurchased, as applicable,
which Physical Note will be Exchanged or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after
which such principal amount subject to such Exchange or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. 

(B)    Cancellation of Notes that Are Exchanged and Notes that Are Repurchased Pursuant to a Repurchase Upon
Fundamental Change or Redemption. 
 (i)    Physical Notes. If a Physical Note (or any portion
thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be Exchanged pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly
after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such Exchange or repurchase, as applicable,
(1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial Exchange or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the
Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such
Physical Note that is not to be so Exchanged or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. 

(ii)    Global Notes. If a Global Note (or any portion thereof) is to be Exchanged pursuant to
Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to 

  
 - 25 - 










Table of Contents




 
cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal
amount of such Global Note to be so Exchanged or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is
zero following such notation, cancel such Global Note pursuant to Section 2.15). 

Section 2.12.    REMOVAL OF TRANSFER RESTRICTIONS. 

Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted
Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of notice, signed on
behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted
Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this
Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such
footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers
in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of Section 3.04 and the definition of Freely Tradable,
such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.13.    REPLACEMENT NOTES. 

If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss,
destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that
is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. The Company may charge for its and the Trustee’s expenses in replacing a Note. 

Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will
be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any time be enforceable by anyone. 

  
 - 26 - 










Table of Contents




 Section 2.14.    REGISTERED HOLDERS;
CERTAIN RIGHTS WITH RESPECT TO GLOBAL NOTES. 

Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing,
Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Guarantor, the Trustee and the
Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise
authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the
Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary. 

Section 2.15.    CANCELLATION. 

The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Exchange Agent will forward
to the Trustee each Note duly surrendered to them for transfer, exchange, payment or Exchange. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of
Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or Exchange. 

Section 2.16.    NOTES HELD BY THE COMPANY
OR ITS AFFILIATES. 
 Without limiting the generality of Section 2.18, in
determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, the Guarantor or any of their respective Affiliates will be deemed not to be
outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so
disregarded. 
 Section 2.17.    TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 

Section 2.18.    OUTSTANDING NOTES. 

(A)    Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time,
have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a 

  
 - 27 - 










Table of Contents




 
Global Note representing such Note; (iii) paid in full (including upon Exchange) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in,
and subject to, clause (B), (C) or (D) of this Section 2.18. 

(B)    Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note
will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. 

(C)    Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a
Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case, with the aggregate
interest (if any), in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such
date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate
with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest, if any, on, such Notes (or such
portions thereof), in each case as provided in this Indenture. 
 (D)    Notes to Be Exchanged. At the Close of
Business on the Exchange Date for any Note (or any portion thereof) to be Exchanged, such Note (or such portion) will (unless there occurs a Default in the delivery of the Exchange Consideration or any interest due, pursuant to
Section 5.03(B) or Section 5.02(D), upon such Exchange) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08. 
 (E)    Cessation of Accrual of Interest. Except as provided in
Section 4.02(D), 4.03(F) or 5.02(D), no Special Interest or Additional Interest will accrue on any Note from and after the date that such Note is deemed, pursuant to this
Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. 

Section 2.19.    REPURCHASES BY THE COMPANY. 

Without limiting the generality of Section 2.15, the Company or the Guarantor may, from time to time, repurchase
Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. 

Section 2.20.    CUSIP AND ISIN NUMBERS. 

Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if
so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and
(ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN 

number(s) identifying any Notes. 

  
 - 28 - 










Table of Contents




 Article 3.    COVENANTS 

Section 3.01.    PAYMENT ON NOTES. 

(A)    Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase
Price and Redemption Price for, interest, if any, on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. 

(B)    Deposit of Funds. Before 11:00 A.M., New York City time, on each Redemption Date, and each Fundamental
Change Repurchase Date, and on each Interest Payment Date in respect of which on any Special Interest or Additional Interest is payable, and on the Maturity Date and each other date on which any cash amount is due on the Notes, the Company will
deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon
as practicable, any money not required for such purpose. 
 Section 3.02.    EXCHANGE ACT
REPORTS. 
 (A)    Generally. The Company will send to the Trustee copies of all reports that
the Guarantor is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Guarantor is required to file the same (after giving effect to all applicable
grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Guarantor has received, or is seeking in good faith and has not been denied, confidential treatment by
the SEC. Any report that the Guarantor files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of
any Holder, the Trustee will provide to such Holder a copy of any report that the Guarantor has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the
preceding sentence. 
 (B)    Trustee’s Disclaimer. The Trustee need not determine whether the Company has
filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or
determinable from information contained, therein, including the Company’s compliance with any of its covenants under this Indenture. 

Section 3.03.    RULE 144A INFORMATION. 

If the Guarantor or its successor is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or shares of
Ordinary Shares are issuable upon Exchange of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Guarantor or its successor, as applicable, will promptly provide, to the Trustee and, upon
written request, to any Holder, beneficial owner or prospective purchaser of such Notes or Ordinary Shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or
Ordinary Shares pursuant to Rule 144A. 

  
 - 29 - 










Table of Contents




 Section 3.04.    ADDITIONAL INTEREST. 

(A)    Accrual of Additional Interest. 

(i)    If, at any time during the six (6) month period beginning on, and including, the date that is
six (6) months after the Last Original Issue Date of any Note, 
 (1)    the Guarantor or its
successor fails to timely file any report that is required for the Guarantor or its successor, as applicable, to satisfy the requirements set forth in Rule 144(c)(1) (after giving effect to all grace periods permitted thereunder); or 

(2)    such Note is not otherwise Freely Tradable, 

then Additional Interest will accrue on such Note for each day during such period on which such failure is continuing or such Note is not
Freely Tradable. 
 (ii)    In addition, Additional Interest will accrue on a Note on each day on which
such Note is not Freely Tradable on or after the De-Legending Deadline Date for such Note. 

(B)    Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to
Section 3.04(A) will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Additional Interest accrues and, thereafter, at a rate
per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest, together with any Special Interest, accrue on any day on a Note at a combined rate per
annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, subject to the proviso in the immediately preceding sentence, any Additional Interest that accrues on a Note will be in addition to any Special Interest that accrues on
such Note. 
 (C)    Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send
notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five
(5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional
Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof.

 (D)    Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders
for the failure of their Notes to become Freely Tradable. 

  
 - 30 - 










Table of Contents




 Section 3.05.    ADDITIONAL AMOUNTS. 

(A)    Requirement to Pay Additional Amounts. All payments and deliveries made by, or on behalf of, any Surviving
Entity under or with respect to the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any Special Interest or Additional Interest on, or the delivery of any Exchange Consideration
due upon Exchange of, any Note) or by, or on behalf of, the Guarantor or any Surviving Entity under or with respect to the Guarantee will be made without withholding or deduction for, or on account of, any present or future Taxes, unless such
withholding or deduction is required by law or regulation or by governmental policy having the force of law. If any Taxes imposed or levied by or on behalf of (i) any jurisdiction in which any Surviving Entity or the Guarantor is, for tax
purposes, organized or resident or doing business or (ii) any jurisdiction through which payment is made or deemed to be made by or on behalf of such Surviving Entity or the Guarantor, or any political subdivision or taxing authority thereof or
therein (each of (i) and (ii), a “Relevant Taxing Jurisdiction”) are required to be withheld or deducted from any payments or deliveries made under or with respect to the Notes, then such Surviving Entity or the Guarantor, as
applicable, will pay to the Holder of each Note such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the net amount received by the Holder of such Note after such withholding or deduction (and after
withholding or deducting any Taxes on the Additional Amounts) will equal the amounts that would have been received by such Holder had no such withholding or deduction been required; provided, however, that such obligation to pay
Additional Amounts will not apply to: 
 (i)    any Tax that would not have been imposed but for: 

(1)    the existence of any present or former connection between the Holder or beneficial owner of such
Note (or between a fiduciary, settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant holder or beneficial owner, if the relevant holder or beneficial owner is an estate, trust, nominee, partnership,
limited liability company or corporation) and the Relevant Taxing Jurisdiction (other than any connection arising solely from the acquisition, ownership or holding of such Note or the receipt or enforcement of payments under such Note or the
Guarantee), including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident, or treated as a resident, of, or being or having been physically present or engaged in a trade or business, or
having had a permanent establishment, in, such Relevant Taxing Jurisdiction; 
 (2)    in cases where
presentation of such Note is required to receive such payment or delivery, the presentation of such Note after a period of thirty (30) days after the later of (x) the date on which such payment or delivery became due and payable or
deliverable, as applicable, pursuant to the terms of this Indenture and (y) the date such payment or delivery was made or duly provided for, except, in each case, to the extent that such Holder or beneficial owner would have been entitled to
Additional Amounts if it presented such Note for payment or delivery, as applicable, on the last day of such thirty (30) day period; or 

(3)    the failure of such Holder or beneficial owner to comply with a timely request from any Surviving
Entity or the Guarantor (or their respective agent), addressed to such Holder or beneficial owner, to (x) provide certification, information, documentation or other evidence concerning such Holder’s or beneficial owner’s nationality,
residence, identity or connection with such Relevant 

  
 - 31 - 










Table of Contents




 
Taxing Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the relevant taxing jurisdiction); or (y) make any declaration or
satisfy any other reporting requirement relating to such matters, in each case if and to the extent that such Holder or beneficial owner is legally entitled to comply with such request and due and timely compliance with such request is required by
statute, treaty, regulation or administrative practice of such Relevant Taxing Jurisdiction in order to reduce or eliminate such withholding or deduction; 

(ii)    any estate, inheritance, gift, sale, excise, transfer, personal property or similar Tax; 

(iii)    any withholding tax required to be made in accordance with the Luxembourg law of 23 December
2005 providing for a withholding tax on interest payments made to or for the benefit of Luxembourg resident individuals; 

(iv)    any United States withholding tax; 

(v)    any tax that is payable other than by withholding or deduction from payments or deliveries under or
with respect to the Notes or the Guarantee; 
 (vi)    any taxes that are imposed or withheld pursuant to
sections 1471 through 1474 of the Internal Revenue Code and any current or future U.S. Treasury Regulations or rulings promulgated thereunder (“FATCA”), any regulations or agreements thereunder, official interpretations thereof, any
law or regulation adopted pursuant to an intergovernmental agreement with respect to the foregoing or any agreements entered into pursuant to section 1471(b)(1) of the Internal Revenue Code; 

(vii)    any taxes imposed on or with respect to any payment by any Surviving Entity or the Guarantor to
such Holder if such Holder is a fiduciary, partnership or any person other than the sole beneficial owner of such payment, to the extent that such payment would be required, under the laws of such Relevant Taxing Jurisdiction, to be included for tax
purposes in the income of a beneficiary or settlor with respect to such fiduciary, a partner or member of such partnership, or a beneficial owner, who would not have been entitled to such Additional Amounts had such beneficiary, settlor, partner,
member or beneficial owner been the Holder thereof; or 
 (viii)    any combination of items referred to
in the preceding clauses (i) through (vii), inclusive, above. 
 (B)    Special Provision
Regarding Interest. For the avoidance of doubt, if any Surviving Entity or the Guarantor calls any Note for a Tax Redemption and the Redemption Date is after an Interest Record Date for an Interest Payment Date in respect of which any interest
is due on such Note, and on or before such Interest Payment Date, then the obligation of the Surviving Entity or the Guarantor, as applicable, to pay Additional Amounts will apply to any Special Interest or Additional Interest payment due on such
Note on such Interest Payment Date. 

  
 - 32 - 










Table of Contents




 (C)    Tax Receipts. If any Surviving Entity or the Guarantor, as
applicable, is required to make any deduction or withholding from any payments or deliveries with respect to the Notes, then it will use reasonable efforts to obtain certified copies of official tax receipts (or, if, after expending reasonable
efforts, it is unable to obtain such receipts, other evidence of payments) evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted; and such copies of these receipts or evidence, as applicable, will be made
available to the Holders, beneficial owners of the Notes, and the Trustee upon reasonable request. 

(D)    Interpretation of Indenture and Notes. All references in this Indenture or the Notes to any payment on, or
delivery with respect to, the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any Special Interest or Additional Interest on, or the delivery of any Exchange Consideration due upon
Exchange of, any Note or any payment under or with respect to the Guarantee) will, to the extent that Additional Amounts are payable in respect thereof, be deemed to include the payment of such Additional Amounts. 

(E)    Survival of Obligations. The obligations set forth in this Section 3.05 will
survive any termination, defeasance or discharge of this Indenture or any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any Surviving Entity is incorporated, engaged in
business, organized or resident for tax purposes, or any jurisdiction from or through which payment is made under or with respect to the Notes by or on behalf of such Surviving Entity and, in each case, any political subdivision thereof or therein.

 (F)    Notice. The Company will provide notice to the Trustee and any Paying Agent at least three
(3) Business Days prior to any payment date if Additional Amounts will be payable on such payment date. 

Section 3.06.    COMPLIANCE AND DEFAULT CERTIFICATES. 

(A)    Annual Compliance Certificate. Within one hundred and twenty (120) days after December 31, 2021 and
each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during
such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all
such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

(B)    Default Certificate. If a Default or Event of Default occurs, then the Company will, within thirty
(30) days after its first occurrence, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. 

Section 3.07.    STAY, EXTENSION AND USURY LAWS.

 To the extent that it may lawfully do so, the Company (A) agrees 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 or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits
or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though
no such law has been enacted. 

  
 - 33 - 










Table of Contents




 Section 3.08.    ACQUISITION OF
NOTES BY THE COMPANY AND ITS AFFILIATES. 

Without limiting the generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or
otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. 

Article 4.    REPURCHASE AND REDEMPTION 

Section 4.01.    NO SINKING FUND. 

No sinking fund is required to be provided for the Notes. 

Section 4.02.    RIGHT OF HOLDERS TO REQUIRE
THE COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. 

(A)    Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other
terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or
any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. 

(B)    Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated
and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related
interest pursuant to the proviso to Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and
(ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to
the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 

(C)    Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will
be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to
Section 4.02(E). 
 (D)    Fundamental Change Repurchase Price. The Fundamental Change
Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid Special Interest and Additional
Interest, if any, on such Note to, but excluding, the 

  
 - 34 - 










Table of Contents




 
Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if any payment of Special Interest or Additional Interest is due in respect of any Interest
Payment Date and such Fundamental Change Repurchase Date is after the related Interest Record Date and on or before such Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Interest Record Date will be
entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, such payment of Special Interest or Additional Interest, as applicable (assuming, solely for
these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued
and unpaid Special Interest or Additional Interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if such Interest Payment Date is not a Business Day within the meaning of
Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid Special Interest or Additional Interest, as applicable,
to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Interest Record Date; and
(y) the Fundamental Change Repurchase Price will include Special Interest and Additional Interest, if any, on the Notes to be repurchased from, and including, such Interest Payment Date. 

(E)    Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a
Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”). 

Such Fundamental Change Notice must state: 

(i)    briefly, the events causing such Fundamental Change; 

(ii)    the effective date of such Fundamental Change; 

(iii)    the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant
to this Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; 

(iv)    the Fundamental Change Repurchase Date for such Fundamental Change; 

(v)    the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental
Change (and, if any Special Interest or Additional Interest is payable in respect of an Interest Payment Date and such Fundamental Change Repurchase Date is after the related Interest Record Date and on or before such Interest Payment Date, the
amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.02(D)); 

(vi)    the name and address of the Paying Agent and the Exchange Agent; 

(vii)    the Exchange Rate in effect on the date of such Fundamental Change Notice and a description and
quantification of any adjustments to the Exchange Rate that may result from such Fundamental Change (including pursuant to Section 5.07); 

  
 - 35 - 










Table of Contents




 (viii)    that Notes for which a Fundamental Change
Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; 

(ix)    that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that
has been duly tendered may be Exchanged only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and 

(x)    the CUSIP and ISIN numbers, if any, of the Notes. 

Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change
Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. 

(F)    Procedures to Exercise the Fundamental Change Repurchase Right. 

(i)    Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its
Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: 

(1)    before the Close of Business on the Business Day immediately before the related Fundamental Change
Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and 

(2)    such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer
(if such Note is a Global Note). 
 The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice
that it receives. 
 (ii)    Contents of Fundamental Change Repurchase Notices. Each Fundamental
Change Repurchase Notice with respect to a Note must state: 
 (1)    if such Note is a Physical Note,
the certificate number of such Note; 
 (2)    the principal amount of such Note to be repurchased, which
must be an Authorized Denomination; and 
 (3)    that such Holder is exercising its Fundamental Change
Repurchase Right with respect to such principal amount of such Note; 
 provided, however, that if such Note is a Global Note,
then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
Section 4.02(F)). 

  
 - 36 - 










Table of Contents




 (iii)    Withdrawal of Fundamental Change Repurchase
Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the
Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: 

(1)    if such Note is a Physical Note, the certificate number of such Note; 

(2)    the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and

 (3)    the principal amount of such Note, if any, that remains subject to such Fundamental Change
Repurchase Notice, which must be an Authorized Denomination; 
 provided, however, that if such Note is a Global Note, then
such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)).

 Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly
deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having
been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for
book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). 

(G)    Payment of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to
deposit the Fundamental Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a
Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a
Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the
avoidance of doubt, interest, if any, payable pursuant to the proviso to Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of
whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). 

  
 - 37 - 










Table of Contents




 (H)    Third Party May Conduct Repurchase Offer In Lieu of the
Company. Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if (i) one or more third parties
conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this
Section 4.02 if conducted directly by the Company; and (ii) an owner of a beneficial interest in any Note repurchased by such third party or parties will not receive a lesser amount (as a result of withholding or
similar taxes) than such owner would have received had the Company repurchased such Note. 
 (I)    No Requirement to
Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Exchangeable into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this
Section 4.02, the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this
Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause
(B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes an Ordinary Share Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes
become Exchangeable, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of
Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (which Fundamental Change Repurchase Price will, if any Special Interest or Additional Interest is accruing on the Notes as of the
effective date of such Fundamental Change, be calculated assuming that such Fundamental Change Repurchase Price includes accrued and unpaid Special Interest or Additional Interest, as applicable, to, but excluding, the latest possible Fundamental
Change Repurchase Date for such Fundamental Change); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a
statement that the Company is relying on this Section 4.02(I). 
 (J)    Compliance with
Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the
manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the
Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations. 

(K)    Repurchase in Part. Subject to the terms of this Section 4.02, Notes may be
repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase
of a permitted portion of a Note. 

  
 - 38 - 










Table of Contents




 Section 4.03.    RIGHT OF THE
COMPANY TO REDEEM THE NOTES. 

(A)    No Right to Redeem Before March 20, 2024. The Company may not redeem the Notes at its
option at any time before March 20, 2024, except pursuant to a Tax Redemption. 
 (B)    Right to Redeem the
Notes on or After March 20, 2024. Subject to the terms of this Section 4.03 (including, for the avoidance of doubt, Section 4.03(L)), the Company has the right, at its
election, to redeem (a “Provisional Redemption”) all, or any portion in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after March 20, 2024 and on or before the fortieth
(40th) Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if the Last Reported Sale Price per Ordinary Share exceeds one hundred and thirty percent (130%) of the Exchange
Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such
Redemption; and (y) the Trading Day immediately before such Redemption Notice Date. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to
clause (B) of the definition thereof. 
 (C)    Right to Redeem the Notes After a Change in Tax Law.

 (i)    Generally. Subject to the terms of this Section 4.03, and
without limiting the Company’s right to redeem any Notes pursuant to Section 4.03(B), any Surviving Entity or the Guarantor has the right, at its election, to redeem all, but not less than all, of the Notes, at any
time, on a Redemption Date before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Surviving Entity or the Guarantor, as applicable, has (or, on the next Interest Payment Date, would) become
obligated to pay any Additional Amounts to Holders as a result of any Change in Tax Law; (2) the Surviving Entity or the Guarantor, as applicable, cannot avoid such obligation by taking reasonable measures available to it; and (3) the
Surviving Entity or the Guarantor, as applicable, delivers to the Trustee (x) an Opinion of Counsel from outside legal counsel of recognized standing in the Relevant Taxing Jurisdiction attesting to clause (1) above; and (y) an
Officer’s Certificate attesting to clauses (1) and (2) above. For the avoidance of doubt, the calling of any Notes for a Tax Redemption will constitute a Make-Whole Fundamental Change pursuant to clause (B) of the
definition thereof. 
 (ii)    Right to Exchange Not Affected. For the avoidance of doubt, a Tax
Redemption will not affect any Holder’s right to Exchange any Notes (and the Company’s obligation, if the Exchange Date for such Exchange occurs before the applicable Redemption Date, to pay any Additional Amounts with respect to such
Exchange). 
 (D)    Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has
been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to
Section 4.03(F), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to 

  
 - 39 - 










Table of Contents




 
be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the
applicable beneficial interests in such Notes in accordance with the Depositary Procedures). 
 (E)    Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such
Redemption; provided, however, that if, in accordance with Section 5.03(A)(i)(3), the Company has irrevocably elected to settle all Exchanges of Notes to be redeemed with an Exchange Date that occurs on or
after such Redemption Notice Date and on or before the second (2nd) Business Day immediately before the Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business Day no more than sixty
(60), nor less than fifteen (15), calendar days after such Redemption Notice Date. 
 (F)    Redemption Price.
The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid Special Interest and Additional Interest, if any, on such Note to, but excluding, the Redemption Date for
such Redemption; provided, however, that if any payment of Special Interest or Additional Interest is due in respect of any Interest Payment Date and such Redemption Date is after the related Interest Record Date and on or before such
Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Interest Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment
Date, such payment of Special Interest or Additional Interest, as applicable (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date);
and (ii) the Redemption Price will not include accrued and unpaid Special Interest or Additional Interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if such Interest Payment Date is not a Business Day
within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid Special Interest or Additional Interest, as
applicable, to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Interest Record Date;
and (y) the Redemption Price will include Special Interest and Additional Interest, if any, on Notes to be redeemed from, and including, such Interest Payment Date. 

(G)    Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the
Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”). 
 Such Redemption Notice must
state: 
 (i)    that such Notes have been called for Redemption, briefly describing the Company’s
Redemption right under this Indenture; 
 (ii)    the Redemption Date for such Redemption; 

  
 - 40 - 










Table of Contents




 (iii)    the Redemption Price per $1,000 principal
amount of Notes for such Redemption (and, if any Special Interest or Additional Interest is payable in respect of an Interest Payment Date and the Redemption Date is after the related Interest Record Date and on or before such Interest Payment Date,
the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.03(F)); 

(iv)    the name and address of the Paying Agent and the Exchange Agent; 

(v)    that Notes called for Redemption may be Exchanged at any time before the Close of Business on the
second (2nd) Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); 

(vi)    the Exchange Rate in effect on the Redemption Notice Date for such Redemption and a description and
quantification of any adjustments to the Exchange Rate that may result from such Redemption (including pursuant to Section 5.07); 

(vii)    the Settlement Method that will apply to all Exchanges of Notes with an Exchange Date that occurs
on or after such Redemption Notice Date and on or before the second (2nd) Business Day before such Redemption Date; and 

(viii)    the CUSIP and ISIN numbers, if any, of the Notes. 

On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent. 

(H)    Special Requirement for Notice of Tax Redemption. A Redemption Notice relating to a Tax Redemption must be
sent pursuant to Section 4.03(G) no earlier than one hundred and eighty (180) calendar days before the earliest date on which the Company, any Surviving Entity or the Guarantor would have been required to make the
related payment or withholding (assuming a payment in respect of the Notes were then due), and the obligation to pay Additional Amounts must be in effect as of the date the Company sends such Redemption Notice. 

(I)    Selection and Exchange of Notes to Be Redeemed in Part. 

(i)    If less than all Notes then outstanding are called for Provisional Redemption, then the Notes to be
redeemed will be selected by the Company as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair
and appropriate; and 
 (ii)    If only a portion of a Note is subject to Provisional Redemption and such
Note is Exchanged in part, then the Exchanged portion of such Note will be deemed to be from the portion of such Note that was subject to Provisional Redemption. 

(J)    Payment of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption
Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption
Date. For the avoidance of doubt, interest, if any, payable pursuant to the proviso to Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. 

  
 - 41 - 










Table of Contents




 (K)    Special Provisions for Partial Calls. If the Company
elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the
Close of Business on the forty second (42nd) Scheduled Trading Day (or, if, in accordance with Section 5.03(A)(i)(3), the Company has irrevocably elected to settle all Exchanges of Notes with an Exchange Date that occurs on
or after the Redemption Notice Date for such Redemption and on or before the second (2nd) Business Day immediately before the Redemption Date by Physical Settlement, the tenth (10th) calendar day) immediately before the Redemption Date for such
Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to Exchange such Note or beneficial interest, as applicable, at any time
before the Close of Business on the second (2nd) Business Day immediately before such Redemption Date, and each such Exchange will be deemed to be of a Note called for Redemption for purposes of this Section 4.03 and
Sections 5.01(C)(i)(4) and 5.07. 
 (L)    Partial Redemption Limitation. If the Company
elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03, then the excess of the principal amount of Notes outstanding as of the time the Company sends the related Redemption Notice over the
aggregate principal amount of Notes set forth in such Redemption Notice as being subject to Redemption must be at least one hundred million dollars ($100,000,000) (such requirement, the “Partial Redemption Limitation”). 

Article 5.    EXCHANGE 

Section 5.01.    RIGHT TO EXCHANGE. 

(A)    Generally. Subject to the provisions of this Article 5, each Holder may, at its option, Exchange such
Holder’s Notes into Exchange Consideration. 
 (B)    Exchanges in Part. Subject to the terms of this
Indenture, Notes may be Exchanged in part, but only in Authorized Denominations. Provisions of this Article 5 applying to the Exchange of a Note in whole will equally apply to Exchanges of a permitted portion of a Note. 

(C)    When Notes May Be Exchanged. 

(i)    Generally. Subject to Section 5.01(C)(ii), a Note may be Exchanged
only in the following circumstances: 
 (1)    Exchange upon Satisfaction of Ordinary Shares Sale
Price Condition. A Holder may Exchange its Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on June 30, 2021, if the Last Reported Sale Price per Ordinary Share exceeds
one hundred and thirty percent (130%) of the Exchange Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the
immediately preceding calendar quarter. 

  
 - 42 - 










Table of Contents




 (2)    Exchange upon Satisfaction of Note Trading
Price Condition. A Holder may Exchange its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement
Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight
percent (98%) of the product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Exchange Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading
Price Condition.” 
 The Trading Price will be determined by the Bid Solicitation Agent pursuant to this
Section 5.01(C)(i)(2) and the definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested
such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per Ordinary Share and the Exchange Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid
Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%)
of the product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Exchange Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee
and the Exchange Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the
product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Exchange Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Exchange Agent of the same. 

(3)    Exchange upon Specified Corporate Events. 

(a)    Certain Distributions. If, before December 15, 2025, the Guarantor elects to: 

(I)    distribute, to all or substantially all holders of Ordinary Shares, any rights, options or warrants
(other than rights issued pursuant to a stockholder rights plan, so long as such rights have not separated from the Ordinary Shares and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be
distributed under this clause (I) upon their 

  
 - 43 - 










Table of Contents




 
separation from the Ordinary Shares or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days after the record date of such
distribution, to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading
Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or 

(II)    distribute, to all or substantially all holders of Ordinary Shares, assets or securities of the
Guarantor or rights to purchase the Guarantor’s securities, which distribution per Ordinary Share has a value, as reasonably determined by the Company in good faith and in a commercially reasonable manner, exceeding fifteen percent (15%) of the
Last Reported Sale Price per Ordinary Share on the Trading Day immediately before the date such distribution is announced, 
 then, in
either case, (x) the Company will send notice of such distribution, and of the related right to Exchange Notes, to Holders, the Trustee and the Exchange Agent at least forty five (45) Scheduled Trading Days before the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder
rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will occur); and (y) once the Company has sent such notice, Holders may Exchange their Notes at any time
until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place; provided,
however, that the Notes will not become Exchangeable pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder
participates, at the same time and on the same terms as holders of Ordinary Shares, and solely by virtue of being a Holder, in such distribution without having to Exchange such Holder’s Notes and as if such Holder held a number of Ordinary
Shares equal to the product of (i) the Exchange Rate in effect on the record date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such record date; provided,
further, that if the Company is then otherwise permitted to settle Exchanges of Notes by Physical Settlement (and, for the avoidance of doubt, the Company has not elected (or been deemed to have elected) another Settlement Method to apply,
including pursuant to Section 5.03(A)(i)(1)), then the Company may instead elect to provide such notice at least ten (10) Scheduled Trading Days before such Ex-Dividend Date, in
which case (x) the Company must settle all Exchanges of Notes with an 

  
 - 44 - 










Table of Contents




 
Exchange Date occurring on or after the date the Company provides such notice and on or before the Business Day immediately before the Ex-Dividend Date for
such distribution (or any earlier announcement by the Guarantor that such distribution will not take place) by Physical Settlement; and (y) such notice must state that all such Exchanges will be settled by Physical Settlement. 

(b)    Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than
a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Ordinary Share Change Event occurs (other than a merger or other business combination transaction that is effected solely to change the Company’s
or the Guarantor’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may Exchange their Notes at any time from, and including, the effective date of
such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the
related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by the second (2nd) Business Day after such effective date, then the last
day on which the Notes are Exchangeable pursuant to this sentence will be extended by the number of Business Days from, and including, the second (2nd) Business Day after such effective date to, but excluding, the date the Company provides such
notice. No later than the second (2nd) Business Day after such effective date, the Company will send notice to the Holders, the Trustee and the Exchange Agent of such transaction or event, such effective date and the related right to Exchange Notes.

 (4)    Exchange upon Redemption. If the Company calls any Note for Redemption, then the Holder
of such Note may Exchange such Note at any time before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full,
at any time until such time as the Company pays such Redemption Price in full). 
 (5)    Exchanges
During Free Exchangeability Period. A Holder may Exchange its Notes at any time from, and including, December 15, 2025 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 

For the avoidance of doubt, the Notes may become Exchangeable pursuant to any one or more of the preceding
sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be Exchangeable pursuant to a particular sub-paragraph of this
Section 5.01(C)(i) will not preclude the Notes from being Exchangeable pursuant to any other sub-paragraph of this Section 5.01(C)(i). 

  
 - 45 - 










Table of Contents




 (ii)    Limitations and Closed Periods.
Notwithstanding anything to the contrary in this Indenture or the Notes: 
 (1)    Notes may be
surrendered for Exchange only after the Open of Business and before the Close of Business on a day that is a Business Day; 

(2)    in no event may any Note be Exchanged after the Close of Business on the second (2nd) Scheduled
Trading Day immediately before the Maturity Date; 
 (3)    if the Company calls any Note for Redemption
pursuant to Section 4.03, then the Holder of such Note may not Exchange such Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Redemption Date, except to the extent the
Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and 

(4)    if a Fundamental Change Repurchase Notice is validly delivered pursuant to
Section 4.02(F) with respect to any Note, then such Note may not be Exchanged, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with
Section 4.02(F); or (c) the Company fails (or, if applicable, the third party referred to in Section 4.02(H) fails) to pay the Fundamental Change Repurchase Price for such Note in accordance
with this Indenture. 
 Section 5.02.    EXCHANGE PROCEDURES. 

(A)    Generally. 

(i)    Global Notes. To Exchange a beneficial interest in a Global Note that is Exchangeable
pursuant to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for Exchanging such beneficial interest (at which time such Exchange will become irrevocable); and
(2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(ii)    Physical Notes. To Exchange all or a portion of a Physical Note that is Exchangeable
pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Exchange Agent the exchange notice attached to such Physical Note or a facsimile of such exchange notice;
(2) deliver such Physical Note to the Exchange Agent (at which time such Exchange will become irrevocable); (3) furnish any endorsements, subscription forms for Ordinary Shares and transfer documents that the Company or the Exchange Agent may
require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(B)    Effect of Exchanging a Note. At the Close of Business on the Exchange Date for a Note (or any portion
thereof) to be Exchanged, such Note (or such portion) will (unless there occurs a Default in the delivery of the Exchange Consideration or interest, if any, due, pursuant to Section 5.03(B) or 5.02(D), upon such Exchange)
be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Exchange Date), except to the extent provided in
Section 5.02(D). 

  
 - 46 - 










Table of Contents




 (C)    Holder of Record of Exchange Shares. The Person in whose
name any Ordinary Share is issuable upon Exchange of any Note will be deemed to become the holder of record of such share as of the Close of Business on (i) the Exchange Date for such Exchange, in the case of Physical Settlement; or
(ii) the last VWAP Trading Day of the Observation Period for such Exchange, in the case of Combination Settlement. 

(D)    Interest Payable upon Exchange in Certain Circumstances. If any payment of Special Interest or Additional
Interest is due in respect of any Interest Payment Date and the Exchange Date of a Note is after the related Interest Record Date and before such Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Interest
Record Date will be entitled, notwithstanding such Exchange (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date,
such payment of Special Interest or Additional Interest, as applicable (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for Exchange must
deliver to the Exchange Agent, at the time of such surrender, cash in the amount of such payment of Special Interest or Additional Interest, as applicable; provided, however, that the Holder surrendering such Note for Exchange need not
deliver such cash (a) if the Company has specified a Redemption Date that is after such Interest Record Date and on or before the second (2nd) Business Day immediately after such Interest Payment Date; (b) if such Exchange Date occurs
after the Interest Record Date immediately before the Maturity Date; (c) if the Company has specified a Fundamental Change Repurchase Date that is after such Interest Record Date and on or before the Business Day immediately after such Interest
Payment Date; or (d) to the extent of any (x) overdue Special Interest or Additional Interest or (y) interest that has accrued on any overdue Special Interest or Additional Interest. For the avoidance of doubt, as a result of, and
without limiting the generality of, the foregoing, if a Note is Exchanged with an Exchange Date that is after the Interest Record Date immediately before the Maturity Date, or immediately before a Redemption Date referred to in clause
(a) of the preceding sentence, then the Company will pay, as provided above, Special Interest and Additional Interest, if any, that would have been due on such Note on the Maturity Date (or, if the Maturity Date is not a Business Day, the
next Business Day) or on the Interest Payment Date immediately following such Redemption Date (or, if such Interest Payment Date is not a Business Day, the next Business Day), as applicable, had such Note not been Exchanged. For the avoidance of
doubt, if the Exchange Date of a Note to be Exchanged is on an Interest Payment Date in respect of which any Special Interest or Additional Interest is payable, then the Holder of such Note at the Close of Business on the Interest Record Date
immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, such Special Interest or Additional Interest, as applicable, and such Note, when surrendered for Exchange, need not be accompanied by any cash
amount pursuant to the first sentence of this Section 5.02(D). 
 (E)    Taxes and
Duties. If a Holder Exchanges a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any Ordinary Shares upon such Exchange; provided, however, that if any tax
or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty. Until having received a sum sufficient to pay such tax or duty, the Exchange Agent
may refuse to deliver any such shares to be issued in a name other than that of such Holder. 

  
 - 47 - 










Table of Contents




 (F)    Exchange Agent to Notify Company of Exchanges. If any Note
is submitted for Exchange to the Exchange Agent or the Exchange Agent receives any notice of Exchange with respect to a Note, then the Exchange Agent will promptly (and, in any event, no later than the next Business Day after the day on which the
Exchange Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Exchange Date for such
Note. 
 Section 5.03.    SETTLEMENT UPON EXCHANGE. 

(A)    Settlement Method. Upon the Exchange of any Note, the Company will settle such Exchange by paying or
delivering, as applicable and as provided in this Article 5, either (x) Ordinary Shares, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(1) (a “Physical
Settlement”); (y) solely cash as provided in Section 5.03(B)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and Ordinary Shares, together, if applicable, with cash in lieu of
fractional shares as provided in Section 5.03(B)(i)(3) (a “Combination Settlement”). 

(i)    The Company’s Right to Elect Settlement Method. The Company will have the right to elect
the Settlement Method applicable to any Exchange of a Note; provided, however, that: 

(1)    subject to clause (3) below, all Exchanges of Notes with an Exchange Date that occurs on
or after December 15, 2025 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Exchange Agent no later than the Open of Business on December 15, 2025; 

(2)    subject to clause (3) below, if the Company elects a Settlement Method with respect to
the Exchange of any Note whose Exchange Date occurs before December 15, 2025, then the Company will send notice of such Settlement Method to the Holder of such Note and the Exchange Agent no later than the Close of Business on the Business Day
immediately after such Exchange Date; 
 (3)    if any Notes are called for Redemption, then (1) the
Company will specify, in the related Redemption Notice (and, in the case of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption) sent pursuant to
Section 4.03(G), the Settlement Method that will apply to all Exchanges of Notes with an Exchange Date that occurs on or after the related Redemption Notice Date and on or before the second (2nd) Business Day before the
related Redemption Date; and (2) if such Redemption Date occurs on or after December 15, 2025, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all Exchanges of Notes
with an Exchange Date that occurs on or after December 15, 2025; 

  
 - 48 - 










Table of Contents




 (4)    the Company will use the same Settlement Method
for all Exchanges of Notes with the same Exchange Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to Exchanges of Notes with different Exchange Dates, except as provided in
clause (1) or (3) above); 
 (5)    if the Company does not timely elect a Settlement
Method with respect to the Exchange of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of
Default); 
 (6)    if the Company timely elects Combination Settlement with respect to the Exchange of a
Note but does not timely notify the Holder of such Note of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such Exchange will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt,
the failure to timely send such notification will not constitute a Default or Event of Default); and 

(7)    the Settlement Method will be subject to Sections 4.03(E) and
5.01(C)(i)(3)(a). 
 (ii)    The Company’s Right to Irrevocably Fix the
Settlement Method. The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Exchange Agent), to (1) irrevocably fix the Settlement Method that will
apply to all Exchanges of Notes with an Exchange Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all Exchanges of Notes with an Exchange Date that occurs on or
after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such Exchanges, provided, in each case, that (w) the Settlement Method(s) so elected pursuant
to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of
this Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to
Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to
the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified
Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all Exchanges of Notes with an Exchange
Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to
Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). 

  
 - 49 - 










Table of Contents




 (iii)    Requirement to Publicly Disclose the Fixed
or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant
Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a report on Form
6-K or Form 8-K (or any successor form) that is filed with, or furnished to, the SEC. 

(B)    Exchange Consideration. 

(i)    Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and
5.09(A)(2), the type and amount of consideration (the “Exchange Consideration”) due in respect of each $1,000 principal amount of a Note to be Exchanged will be as follows: 

(1)    if Physical Settlement applies to such Exchange, a number of Ordinary Shares equal to the Exchange
Rate in effect on the Exchange Date for such Exchange; 
 (2)    if Cash Settlement applies to such
Exchange, cash in an amount equal to the sum of the Daily Exchange Values for each VWAP Trading Day in the Observation Period for such Exchange; or 

(3)    if Combination Settlement applies to such Exchange, consideration consisting of (a) a number of
Ordinary Shares equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such Exchange; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such
Observation Period. 
 (ii)    Cash in Lieu of Fractional Shares. If Physical Settlement or
Combination Settlement applies to the Exchange of any Note and the number of Ordinary Shares deliverable pursuant to Section 5.03(B)(i) upon such Exchange is not a whole number, then such number will be rounded down to the
nearest whole number and the Company will deliver, in addition to the other consideration due upon such Exchange, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) (x) the Daily VWAP on
the Exchange Date for such Exchange (or, if such Exchange Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the Observation
Period for such Exchange, in the case of Combination Settlement. 
 (iii)    Exchange of Multiple
Notes by a Single Holder. If a Holder Exchanges more than one (1) Note on a single Exchange Date, then the Exchange Consideration due in respect of such Exchange will (in the case of any Global Note, to the extent permitted by, and
practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes Exchanged on such Exchange Date by such Holder. 

  
 - 50 - 










Table of Contents




 (iv)    Notice of Calculation of Exchange
Consideration. If Cash Settlement or Combination Settlement applies to the Exchange of any Note, then the Company will determine the Exchange Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation
Period and will promptly thereafter send notice to the Trustee and the Exchange Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Exchange Agent will have any duty to make any such determination. 

(C)    Delivery of the Exchange Consideration. Except as set forth in Sections 5.05(D) and
5.09, the Company will pay or deliver, as applicable, the Exchange Consideration due upon the Exchange of any Note to the Holder as follows: (i) if Cash Settlement or Combination Settlement applies to such Exchange, on the second (2nd)
Business Day immediately after the last VWAP Trading Day of the Observation Period for such Exchange; and (ii) if Physical Settlement applies to such Exchange, on the second (2nd) Business Day immediately after the Exchange Date for such
Exchange; provided, however, that if Physical Settlement applies to the Exchange of any Note with an Exchange Date that is after the Interest Record Date immediately before the Maturity Date, then, solely for purposes of such Exchange,
(x) the Company will pay or deliver, as applicable, the Exchange Consideration due upon such Exchange on the Maturity Date (or, if the Maturity Date is not a Business Day, the next Business Day); and (y) the Exchange Date will instead be
deemed to be the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 
 (D)    Deemed Payment of
Principal and Interest; Settlement of Accrued Interest Notwithstanding Exchange. If a Holder Exchanges a Note, then the Company will not adjust the Exchange Rate to account for any accrued and unpaid interest on such Note, and, except as
provided in Section 5.02(D), the Company’s delivery of the Exchange Consideration due in respect of such Exchange will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and
accrued and unpaid interest, if any, on, such Note to, but excluding the Exchange Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on an Exchanged Note will be deemed to be paid in
full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Exchange Consideration for a Note consists of both cash and Ordinary Shares, then accrued and unpaid interest, if any,
that is deemed to be paid therewith will be deemed to be paid first out of such cash. 
 Section 5.04.    STATUS
OF ORDINARY SHARES ISSUED UPON EXCHANGE. 

(A)    Authorized Stock. At all times when any Notes are outstanding, the Guarantor will maintain sufficient
authorized but unissued share capital to permit the Exchange of all then-outstanding Notes, assuming (x) Physical Settlement will apply to such Exchange; and (y) the Exchange Rate is increased by the maximum amount pursuant to which the
Exchange Rate may be increased pursuant to Section 5.07. To the extent the Guarantor delivers Ordinary Shares held in its treasury in settlement of the Exchange of any Notes, each reference in this Indenture or the Notes to
the issuance of Ordinary Shares in connection therewith will be deemed to include such delivery, mutatis mutandis. 

  
 - 51 - 










Table of Contents




 (B)    Status of Exchange Shares; Listing. Each Exchange
Share, if any, delivered upon Exchange of any Note will be a newly issued or treasury share (except that any Exchange Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued
or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim
created by the action or inaction of the Holder of such Note or the Person to whom such Exchange Share will be delivered). If the Ordinary Shares are then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the
Company will use commercially reasonable efforts to cause each Exchange Share, when delivered upon Exchange of any Note, to be admitted for listing on such exchange or quotation on such system. 

Section 5.05.    ADJUSTMENTS TO THE EXCHANGE RATE.

 (A)    Events Requiring an Adjustment to the Exchange Rate. The Exchange Rate will be adjusted from time to
time as follows: 
 (i)    Stock Dividends, Splits and Combinations. If the Guarantor issues
solely Ordinary Shares as a dividend or distribution on all or substantially all Ordinary Shares, or if the Guarantor effects a split or a combination of the Ordinary Shares (in each case excluding an issuance solely pursuant to an Ordinary Share
Change Event, as to which Section 5.09 will apply), then the Exchange Rate will be adjusted based on the following formula: 
  





 
  

					
	where:	 		  	
			
	ER0	 	=	  	the Exchange Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective
date of such stock split or stock combination, as applicable;
			
	ER1	 	=	  	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date or effective date, as applicable;
			
	OS0	 	=	  	the number of Ordinary Shares outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, split or combination; and
			
	OS1	 	=	  	the number of Ordinary Shares outstanding immediately after giving effect to such dividend, distribution, split or combination.

 If any dividend, distribution, split or combination of the type described in this
Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Exchange Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to
effect such split or combination, to the Exchange Rate that would then be in effect had such dividend, distribution, split or combination not been declared or announced. 

  
 - 52 - 










Table of Contents




 (ii)    Rights, Options and Warrants. If the
Guarantor distributes, to all or substantially all holders of Ordinary Shares, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and
5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase Ordinary Shares at a price per share that is less than the
average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Exchange Rate will be increased
based on the following formula: 
  
 



 
  

					
	 where:
	 		  	
			
	 ER0
	 	=	  	the Exchange Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	 ER1
	 	=	  	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	 OS
	 	=	  	the number of Ordinary Shares outstanding immediately before the Open of Business on such Ex-Dividend Date;
			
	 X
	 	=	  	the total number of Ordinary Shares are issuable pursuant to such rights, options or warrants; and
			
	 Y
	 	=	  	a number of Ordinary Shares obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per Ordinary Share for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 To the extent such rights, options or warrants are not so distributed, the Exchange Rate will be readjusted to
the Exchange Rate that would then be in effect had the increase to the Exchange Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that Ordinary Shares
are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Exchange Rate will be readjusted to the Exchange Rate that would then be in effect had
the increase to the Exchange Rate for such distribution been made on the basis of delivery of only the number of Ordinary Shares actually delivered upon exercise of such rights, option or warrants. 

  
 - 53 - 










Table of Contents




 For purposes of this Section 5.05(A)(ii) and
Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Ordinary Shares to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of the
Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining
the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Guarantor receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of
such consideration, if not cash, to be determined by the Company in good faith and in a commercially reasonable manner. 

(iii)    Spin-Offs and Other Distributed Property. 

(1)    Distributions Other than Spin-Offs. If the Guarantor distributes shares of its Capital Stock,
evidences of its indebtedness or other assets or property of the Guarantor, or rights, options or warrants to acquire Capital Stock of the Guarantor or other securities, to all or substantially all holders of the Ordinary Shares, excluding: 

(u)    dividends, distributions, rights, options or warrants for which an adjustment to the Exchange Rate
is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); 

(v)    dividends or distributions paid exclusively in cash for which an adjustment to the Exchange Rate is
required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); 

(w)    rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent
provided in Section 5.05(F); 
 (x)    Spin-Offs for which an adjustment to
the Exchange Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); 

(y)    a distribution solely pursuant to a tender offer or exchange offer for Ordinary Shares, as to which
Section 5.05(A)(v) will apply; and 
 (z)    a distribution solely pursuant to
an Ordinary Share Change Event, as to which Section 5.09 will apply, 
 then the Exchange Rate will be increased
based on the following formula: 
  
 



 

  
 - 54 - 










Table of Contents





					
	where:	 		  	
			
	ER0	 	=	  	the Exchange Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	ER1	 	=	  	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	 	=	  	the average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend
Date; and
			
	FMV	 	=	  	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of
indebtedness, assets, property, rights, options or warrants distributed per Ordinary Share pursuant to such distribution;

 provided, however, that if FMV is equal to or greater than SP, then, in lieu of the
foregoing adjustment to the Exchange Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same terms as holders of Ordinary Shares, and
without having to Exchange its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such record date, a
number of Ordinary Shares equal to the Exchange Rate in effect on such record date. 
 To the extent such distribution is not so paid or
made, the Exchange Rate will be readjusted to the Exchange Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. 

(2)    Spin-Offs. If the Guarantor distributes or dividends shares of Capital Stock of any class or
series, or similar equity interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Guarantor to all or substantially all holders of the Ordinary Shares (other than solely pursuant to (x) an Ordinary Share Change
Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange offer for Ordinary Shares, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests
are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Exchange Rate will be increased
based on the following formula: 
  
 



 

  
 - 55 - 










Table of Contents





					
	where:	 		  	
			
	ER0	 	=	  	the Exchange Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	ER1	 	=	  	the Exchange Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	FMV	 	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such
Spin-Off (such average to be determined as if references to Ordinary Shares in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock
or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per Ordinary Share in such Spin-Off; and
			
	SP	 	=	  	the average of the Last Reported Sale Prices per Ordinary Share for each Trading Day in the Spin-Off Valuation Period.

 Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), (i) if any
VWAP Trading Day of the Observation Period for a Note whose Exchange will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Exchange Rate for such VWAP Trading Day for such Exchange, such Spin-Off Valuation Period will be deemed to consist of
the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the
Exchange Date for a Note whose Exchange will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for
purposes of determining the Exchange Consideration for such Exchange, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such Exchange Date. 

To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not
made or paid, the Exchange Rate will be readjusted to the Exchange Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(iv)    Cash Dividends or Distributions. If any cash dividend or distribution is made to all or
substantially all holders of Ordinary Shares, then the Exchange Rate will be increased based on the following formula: 
  





 

  
 - 56 - 










Table of Contents





					
	where:	 		  	
			
	ER0	 	=	  	the Exchange Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	ER1	 	=	  	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	 	=	  	the Last Reported Sale Price per Ordinary Share on the Trading Day immediately before such Ex-Dividend Date; and
			
	D	 	=	  	the cash amount distributed per Ordinary Share in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP, then, in lieu of the
foregoing adjustment to the Exchange Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same time and on the same terms as holders of Ordinary
Shares, and without having to Exchange its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such record date, a number of Ordinary Shares equal to the Exchange Rate in effect on such record date. 

To the extent such dividend or distribution is declared but not made or paid, the Exchange Rate will be readjusted to the Exchange Rate that
would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(v)    Tender Offers or Exchange Offers. If the Company, the Guarantor or any of their Subsidiaries
makes a payment in respect of a tender offer or exchange offer for Ordinary Shares (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5)
under the Exchange Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of the cash and other consideration paid per Ordinary Share in such tender or exchange offer exceeds
the Last Reported Sale Price per Ordinary Share on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended),
then the Exchange Rate will be increased based on the following formula: 
  
 



 

  
 - 57 - 










Table of Contents





					
	where:	  		  	
			
	ER0	  	=	  	the Exchange Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
			
	ER1	  	=	  	the Exchange Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	AC	  	=	  	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Company in good faith and in a commercially reasonable manner) of all cash and other consideration paid
for Ordinary Shares purchased or exchanged in such tender or exchange offer;
			
	OS0	  	=	  	the number of Ordinary Shares outstanding immediately before the Expiration Time (including all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer);
			
	OS1	  	=	  	the number of Ordinary Shares outstanding immediately after the Expiration Time (excluding all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer); and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per Ordinary Share over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately
after the Expiration Date;

 provided, however, that the Exchange Rate will in no event be adjusted down pursuant to this
Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), (i) if any VWAP Trading Day of the
Observation Period for a Note whose Exchange will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining
the Exchange Rate for such VWAP Trading Day for such Exchange, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration
Date for such tender or exchange offer to, and including, such VWAP Trading Day; and (ii) if the Exchange Date for a Note whose Exchange will be settled pursuant to Physical Settlement occurs during the Tender/Exchange Offer Valuation Period
for such tender or exchange offer, then, solely for purposes of determining the Exchange Consideration for such Exchange, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and
including, the Trading Day immediately after the Expiration Date to, and including, such Exchange Date. 
 To the extent such tender or
exchange offer is announced but not consummated (including as a result of the Guarantor being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of Ordinary Shares in such tender or
exchange offer are rescinded, the Exchange Rate will be readjusted to the 

  
 - 58 - 










Table of Contents




 
Exchange Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of Ordinary Shares, if any, actually made, and not rescinded, in such
tender or exchange offer. 
 (B)    No Adjustments in Certain Cases. 

(i)    Where Holders Participate in the Transaction or Event Without Exchange. Notwithstanding
anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Exchange Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to
Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in
Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Ordinary Shares, and solely by virtue of being a Holder of Notes, in such transaction or event without having to Exchange
such Holder’s Notes and as if such Holder held a number of Ordinary Shares equal to the product of (i) the Exchange Rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes
held by such Holder on such date. 
 (ii)    Certain Events. The Company will not be required to
adjust the Exchange Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Exchange Rate on account of: 

(1)    except as otherwise provided in Section 5.05, the sale of Ordinary Shares
for a purchase price that is less than the market price per Ordinary Share or less than the Exchange Price; 

(2)    the issuance of any Ordinary Shares pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on the Guarantor’s securities and the investment of additional optional amounts in Ordinary Shares under any such plan; 

(3)    the issuance of any Ordinary Shares or options or rights to purchase Ordinary Shares pursuant to any
present or future employee, director or consultant benefit plan or program of, or assumed by, the Company, the Guarantor or any of the Company’s or the Guarantor’s respective Subsidiaries; 

(4)    the issuance of any Ordinary Shares pursuant to any option, warrant, right or convertible or
exchangeable security of the Guarantor or the Company outstanding as of the Issue Date; 
 (5)    solely
a change in the par value of the Ordinary Shares; or 
 (6)    any accrued and unpaid interest on the
Notes. 
 (C)    Adjustment Deferral. If an adjustment to the Exchange Rate otherwise required by this Article 5
would result in a change of less than one percent (1%) to the Exchange Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be
given effect immediately upon 

  
 - 59 - 










Table of Contents




 
the earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the Exchange Rate; (ii) the Exchange Date of, or any VWAP
Trading Day of an Observation Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Redemption; and (v) December 15, 2025. 

(D)    Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if:

 (i)    a Note is to be Exchanged pursuant to Physical Settlement or Combination Settlement; 

(ii)    the record date, effective date or Expiration Time for any event that requires an adjustment to the
Exchange Rate pursuant to Section 5.05(A) has occurred on or before the Exchange Date for such Exchange (in the case of Physical Settlement) or on or before any VWAP Trading Day in the Observation Period for such Exchange
(in the case of Combination Settlement), but an adjustment to the Exchange Rate for such event has not yet become effective as of such Exchange Date or VWAP Trading Day, as applicable; 

(iii)    the Exchange Consideration due upon such Exchange includes any whole Ordinary Shares (in the case
of Physical Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Ordinary Shares (in the case of Combination Settlement); and 

(iv)    such shares are not entitled to participate in such event (because they were not held on the
related record date or otherwise), 
 then, solely for purposes of such Exchange, the Company will, without duplication, give effect to such adjustment on
such Exchange Date (in the case of Physical Settlement) or such VWAP Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such Exchange is
before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such Exchange until the second (2nd) Business Day after such first date. 

(E)    Exchange Rate Adjustments where Exchanging Holders Participate in the Relevant Transaction or Event.
Notwithstanding anything to the contrary in this Indenture or the Notes, if: 
 (i)    an Exchange Rate
adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); 

(ii)    a Note is to be Exchanged pursuant to Physical Settlement or Combination Settlement; 

(iii)    the Exchange Date for such Exchange (in the case of Physical Settlement) or any VWAP Trading Day
in the Observation Period for such Exchange (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

  
 - 60 - 










Table of Contents




 (iv)    the Exchange Consideration due upon such
Exchange includes any whole Ordinary Shares (in the case of Physical Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Ordinary Shares (in the case of Combination Settlement), in each case based on an Exchange
Rate that is adjusted for such dividend or distribution; and 
 (v)    such shares would be entitled to
participate in such dividend or distribution (including pursuant to Section 5.02(C)), 
 then (x) in the case of Physical
Settlement, such Exchange Rate adjustment will not be given effect for such Exchange and the shares of Ordinary Shares are issuable upon such Exchange based on such unadjusted Exchange Rate will not be entitled to participate in such dividend or
distribution, but there will be added, to the Exchange Consideration otherwise due upon such Exchange, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such Ordinary Shares had
such shares been entitled to participate in such dividend or distribution; and (y) in the case of Combination Settlement, the Exchange Rate adjustment relating to such Ex-Dividend Date will be made for
such Exchange in respect of such VWAP Trading Day, but the Ordinary Shares issuable with respect to such VWAP Trading Day based on such adjusted Exchange Rate will not be entitled to participate in such dividend or distribution. 

(F)    Stockholder Rights Plans. If any Ordinary Shares are to be issued upon Exchange of any Note and, at the time
of such Exchange, the Guarantor has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Exchange Consideration otherwise payable under this
Indenture upon such Exchange, the rights set forth in such stockholder rights plan, unless such rights have separated from the Ordinary Shares at such time, in which case, and only in such case, the Exchange Rate will be adjusted pursuant to
Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Guarantor had made a distribution of the type referred to in such Section to all holders of the Ordinary Shares, subject to
potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). 

(G)    Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company and the Guarantor will
not engage in or be a party to any transaction or event that would require the Exchange Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the
Exchange Price per Ordinary Share being less than the par value per Ordinary Share. 
 (H)    Equitable Adjustments
to Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Share Price or an adjustment
to the Exchange Rate), or to calculate Daily VWAPs, Daily Exchange Values, Daily Cash Amounts or Daily Share Amounts over an Observation Period, the Company will, if appropriate, make proportionate adjustments, if any, to such calculations to
account for any adjustment to the Exchange Rate pursuant to Section 5.05(A) that becomes effective, or any event requiring such an adjustment to the Exchange Rate where the
Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during such period or Observation Period, as applicable. 

  
 - 61 - 










Table of Contents




 (I)    Calculation of Number of Outstanding Ordinary Shares. For
purposes of Section 5.05(A), the number of Ordinary Shares outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares; and (ii) exclude
Ordinary Shares held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on Ordinary Shares held in its treasury). 

(J)    Calculations. All calculations with respect to the Exchange Rate and adjustments thereto will be made to the
nearest 1/10,000th of a Ordinary Share (with 5/100,000ths rounded upward). 
 (K)    Notice of Exchange Rate
Adjustments. Upon the effectiveness of any adjustment to the Exchange Rate pursuant to Section 5.05(A), the Company will, as soon as reasonably practicable, send notice to the Holders, the Trustee and the Exchange Agent
containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Exchange Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment.

 Section 5.06.    VOLUNTARY ADJUSTMENTS. 

(A)    Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to
time, may (but is not required to) increase the Exchange Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any
income tax imposed on holders of Ordinary Shares or rights to purchase Ordinary Shares as a result of any dividend or distribution of shares (or rights to acquire shares) of Ordinary Shares or any similar event; (ii) such increase is in effect
for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. 

(B)    Notice of Voluntary Increases. If the Board of Directors determines to increase the Exchange Rate pursuant
to Section 5.06(A), then, no later than the first Business Day of the related twenty (20) Business Day period referred to in Section 5.06(A), the Company will send notice to each Holder, the
Trustee and the Exchange Agent of such increase, the amount thereof and the period during which such increase will be in effect. 

Section 5.07.    ADJUSTMENTS TO THE EXCHANGE RATE
IN CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. 

(A)    Generally. If a Make-Whole Fundamental Change occurs and the Exchange Date for the Exchange of a Note occurs
during the related Make-Whole Fundamental Change Exchange Period, then, subject to this Section 5.07, the Exchange Rate applicable to such Exchange will be increased by a number of shares (the “Additional
Shares”) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Share Price of such Make-Whole Fundamental Change:


  
 - 62 - 










Table of Contents





																																																	
	 	  	Share Price	 
	 Make-Whole
Fundamental
Change Effective
Date
	  	$303.06	 	  	$375.00	 	  	$450.00	 	  	$515.20	 	  	$600.00	 	  	$669.76	 	  	$750.00	 	  	$850.00	 	  	$1,000.00	 	  	$1,200.00	 	  	$1,500.00	 	  	$2,000.00	 
	 March 2, 2021
	  	 	1.3586	 	  	 	0.9619	 	  	 	0.7003	 	  	 	0.5455	 	  	 	0.4052	 	  	 	0.3232	 	  	 	0.2533	 	  	 	0.1908	 	  	 	0.1287	 	  	 	0.0793	 	  	 	0.0405	 	  	 	0.0136	 
	 March 15, 2022
	  	 	1.3586	 	  	 	0.9364	 	  	 	0.6654	 	  	 	0.5076	 	  	 	0.3670	 	  	 	0.2864	 	  	 	0.2190	 	  	 	0.1600	 	  	 	0.1031	 	  	 	0.0598	 	  	 	0.0276	 	  	 	0.0074	 
	 March 15, 2023
	  	 	1.3586	 	  	 	0.8973	 	  	 	0.6165	 	  	 	0.4564	 	  	 	0.3172	 	  	 	0.2397	 	  	 	0.1765	 	  	 	0.1230	 	  	 	0.0739	 	  	 	0.0389	 	  	 	0.0152	 	  	 	0.0025	 
	 March 15, 2024
	  	 	1.3586	 	  	 	0.8468	 	  	 	0.5519	 	  	 	0.3890	 	  	 	0.2529	 	  	 	0.1807	 	  	 	0.1247	 	  	 	0.0801	 	  	 	0.0424	 	  	 	0.0186	 	  	 	0.0051	 	  	 	0.0001	 
	 March 15, 2025
	  	 	1.3586	 	  	 	0.7811	 	  	 	0.4584	 	  	 	0.2900	 	  	 	0.1617	 	  	 	0.1013	 	  	 	0.0601	 	  	 	0.0319	 	  	 	0.0125	 	  	 	0.0033	 	  	 	0.0001	 	  	 	0.0000	 
	 March 15, 2026
	  	 	1.3586	 	  	 	0.7257	 	  	 	0.2812	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 If such Make-Whole Fundamental Change Effective Date or Share Price is not set forth in the table above, then:

 (i)    if such Share Price is between two Share Prices in the table above or the Make-Whole
Fundamental Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Share
Prices in the table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and 

(ii)    if the Share Price is greater than $2,000.00 (subject to adjustment in the same manner as the Share
Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $303.06 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to
the Exchange Rate. 
 Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Exchange Rate be
increased to an amount that exceeds 3.2996 Ordinary Shares per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Exchange Rate is required to be
adjusted pursuant to Section 5.05(A). 
 For the avoidance of doubt, but subject to
Section 4.03(K), (x) the sending of a Redemption Notice with respect to a Provisional Redemption will constitute a Make-Whole Fundamental Change only with respect to the Notes called (or deemed called) for Provisional
Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Exchange Rate applicable to the Notes not so called (or deemed called) for Provisional Redemption will not be subject to increase pursuant to
this Section 5.07 on account of such Redemption Notice. 
 (B)    Adjustment of Share
Prices and Number of Additional Shares. The Share Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for
the same events for which, the Exchange Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be
adjusted in the same manner as, and at the same time and for the same events for which, the Exchange Rate is adjusted pursuant to Section 5.05(A). 

(C)    Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the
Trustee and the Exchange Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring
pursuant to clause (B) of the definition thereof in accordance with Section 4.03(G). 

  
 - 63 - 










Table of Contents




 Section 5.08.    TRANSFER OF NOTES
TO BE EXCHANGED TO A THIRD PARTY FOR SETTLEMENT. 

Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if
a Note is submitted for Exchange, the Company may elect to arrange to have such Note transferred to a third party for settlement in lieu of Exchange by a financial institution designated by the Company. To make such election, the Company must send
notice of such election to the Holder of such Note, the Trustee and the Exchange Agent before the Close of Business on the Business Day immediately following the Exchange Date for such Note. If the Company has made such election, then: 

(A)    no later than the Business Day immediately following such Exchange Date, the Company must deliver (or cause the
Exchange Agent to deliver) such Note, together with delivery instructions for the Exchange Consideration due upon such Exchange (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to
deliver such Exchange Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; 

(B)    if such Note is a Global Note, then (i) such designated institution will send written confirmation to the
Exchange Agent promptly after wiring the cash Exchange Consideration, if any, and delivering any other Exchange Consideration, due upon such Exchange to the Holder of such Note; and (ii) the Exchange Agent will as soon as reasonably practicable
thereafter contact such Holder’s custodian with the Depositary to confirm receipt of the same; and 
 (C)    such
Note will not cease to be outstanding by reason of such transfer to a third party for settlement; 
 provided, however, that if such financial
institution does not accept such Note or fails to timely deliver such Exchange Consideration, then the Company will be responsible for delivering such Exchange Consideration in the manner and at the time provided in this Article 5 as if the Company
had not elected to make a transfer to a third party for settlement. 
 Section 5.09.    EFFECT OF
ORDINARY SHARE CHANGE EVENT. 
 (A)    Generally.
If there occurs any: 
 (i)    recapitalization, reclassification or change of the Ordinary Shares (other
than (x) changes solely resulting from a subdivision or combination of the Ordinary Shares, (y) a change only in par value or from par value to no par value or no par value to par value and (z) splits and combinations that do not
involve the issuance of any other series or class of securities); 
 (ii)    consolidation, merger,
combination or binding or statutory share exchange involving the Guarantor; 
 (iii)    sale, lease or
other transfer of all or substantially all of the assets of the Guarantor and its Subsidiaries, taken as a whole, to any Person; or 

  
 - 64 - 










Table of Contents




 (iv)    other similar event, 

and, as a result of which, the Ordinary Shares are converted into, or are exchanged for, or represent solely the right to receive, other securities, cash or
other property, or any combination of the foregoing (such an event, a “Ordinary Share Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference
Property that a holder of one (1) Ordinary Share would be entitled to receive on account of such Ordinary Share Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other
property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, 

(1)    from and after the effective time of such Ordinary Share Change Event, (I) the Exchange
Consideration due upon Exchange of any Note, and the conditions to any such Exchange, will be determined in the same manner as if each reference to any number of Ordinary Shares in this Article 5 (or in any related definitions) were instead a
reference to the same number of Reference Property Units; (II) for purposes of Section 4.03(B), each reference to any number of Ordinary Shares in such Section (or in any related definitions) will instead be deemed to
be a reference to the same number of Reference Property Units; and (III) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Ordinary Shares” and the
Guarantor’s “common equity” will be deemed to refer to the common equity (including depositary receipts representing common equity), if any, forming part of such Reference Property; 

(2)    if such Reference Property Unit consists entirely of cash, then (I) each Exchange of any Note
with an Exchange Date that occurs on or after the effective date of such Ordinary Share Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being Exchanged, equal to the product of (x) the
Exchange Rate in effect on such Exchange Date (including, for the avoidance of doubt, any increase to such Exchange Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such reference
property unit; and (II) the Company will settle each such Exchange no later than the fifth (5th) Business Day after the relevant Exchange Date; and 

(3)    for these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that
consists of a class of common equity securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II) the Daily
VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities,
will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof).

 If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of
stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per Ordinary Share, by the holders of Ordinary Shares. The 

Company will notify Holders and the Exchange Agent of such weighted average as soon as practicable after such determination is made. 

  
 - 65 - 










Table of Contents




 At or before the effective time of such Ordinary Share Change Event, the Company, the
Guarantor and the resulting, surviving or transferee Person (if not the Company or Guarantor) of such Ordinary Share Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to
Section 8.01(F), which supplemental indenture will (x) provide for subsequent Exchanges of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the
Exchange Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company reasonably determines are appropriate
to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person
other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve
the economic interests of the Holders. 
 (B)    Notice of Ordinary Share Change Events. The Company will provide
notice of each Ordinary Share Change Event to Holders, the Trustee and the Exchange Agent no later than the Business Day after the effective date of such Ordinary Share Change Event. 

(C)    Compliance Covenant. The Guarantor will not become a party to any Ordinary Share Change Event unless its
terms are consistent with this Section 5.09. 
 Article 6.    SUCCESSORS 

Section 6.01.    WHEN THE COMPANY MAY MERGE,
ETC. 
 (A)    Generally. The Company will not consolidate with or merge with or into, or
(directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to
another Person (other than the Guarantor) (a “Business Combination Event”), unless: 

(i)    the resulting, surviving or transferee Person either (x) is the Company or (y) if not the
Company, is a corporation, limited liability company, limited partnership or other similar entity, or the foreign equivalent of any of the foregoing (the “Successor Entity”) duly organized and existing under the laws The Grand Duchy
of Luxembourg, Sweden, Jersey, the Cayman Islands, Bermuda, Switzerland, the United Kingdom, the Kingdom of the Netherlands, Ireland, the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing
and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the
Notes; 
 (ii)    immediately following such Business Combination Event, (x) either the Company is
(or, if the resulting, surviving or transferee Person is not the Company, the Successor Entity is) a Wholly Owned Subsidiary of, or is merged with, the Underlying 

  
 - 66 - 










Table of Contents




 
Issuer; and (y) if the Underlying Issuer is not the Company (or, if the resulting, surviving or transferee person is not the Company, the Successor Entity) or the Guarantor, the Underlying
Issuer has fully and unconditionally guaranteed the obligations of the Company or the Successor Entity, as applicable, under the Notes; provided, however, that the requirements set forth in this
Section 6.01(A)(ii) will not apply if such Business Combination Event is, or is part of, an Ordinary Share Change Event whose Reference Property does not include any securities; and 

(iii)    immediately after giving effect to such Business Combination Event, no Default or Event of Default
will have occurred and be continuing. 
 (B)    Delivery of Officer’s Certificate and Opinion of Counsel to the
Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable,
the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. 

Section 6.02.    SUCCESSOR ENTITY SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Entity (if not
the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Entity had been named as the Company in this Indenture and the Notes, and, except in
the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. 

Section 6.03.    EXCLUSION FOR ASSET TRANSFERS WITH
WHOLLY OWNED SUBSIDIARIES. 
 Notwithstanding anything to the contrary in this Article
6, this Article 6 will not apply to any transfer of assets between or among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation. 

Article 7.    DEFAULTS AND REMEDIES 

Section 7.01.    EVENTS OF DEFAULT. 

(A)    Definition of Events of Default. “Event of Default” means the occurrence of any of the
following: 
 (i)    a default in the payment when due (whether at maturity, upon Redemption or
Repurchase Upon Fundamental Change or otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; 

(ii)    a default for thirty (30) consecutive days in the payment when due of any Special Interest or
Additional Interest that has accrued on any Note; 

  
 - 67 - 










Table of Contents




 (iii)    the Company’s failure to deliver, when
required by this Indenture, (x) a Fundamental Change Notice pursuant to Section 4.02(E); (y) a notice pursuant to Section 5.01(C)(i)(3)(b); or (z) a notice pursuant to
Section 5.01(C)(i)(3)(a), if, only in the case of clause (x) or (y), such failure is not cured within three (3) Business Days after its occurrence; 

(iv)    a default in the Company’s obligation to Exchange a Note in accordance with Article 5 upon the
exercise of the Exchange right with respect thereto, if such default is not cured within five (5) Business Days after its occurrence; 

(v)    a default in the Company’s obligations under Article 6 or in the Guarantor’s
obligations under Section 9.04; 
 (vi)    a default in any of the
Company’s obligations or agreements, or in the Guarantor’s obligations or agreements, under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or
(v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five
percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a “Notice of Default”; 

(vii)    a default by the Company, the Guarantor or any of the Company’s or the Guarantor’s
respective Significant Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least two hundred
and fifty million dollars ($250,000,000) (or its foreign currency equivalent) in the aggregate of the Company, the Guarantor or any of the Company’s or the Guarantor’s respective Significant Subsidiaries, whether such indebtedness exists
as of the Issue Date or is thereafter created, where such default: 
 (1)    constitutes a failure to pay
the principal of such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or 

(2)    results in such indebtedness becoming or being declared due and payable before its stated maturity,

 in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the
Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; 

(viii)    Except as expressly permitted by this Indenture, the Guarantee ceases to be in full force and
effect or the Guarantor denies or disaffirms its obligations under its Guarantee; 

  
 - 68 - 










Table of Contents




 (ix)    the Company, the Guarantor, or any of their
respective Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: 

(1)    commences a voluntary case or proceeding; 

(2)    consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(3)    consents to the appointment of a custodian of it or for any substantial part of its property; 

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

(5)    takes any comparable action under any foreign Bankruptcy Law; or 

(6)    generally is not paying its debts as they become due; or 

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

 (1)    is for relief against the Company, the Guarantor, or any of their respective Significant
Subsidiaries in an involuntary case or proceeding; 
 (2)    appoints a custodian of the Company, the
Guarantor, or any of their respective Significant Subsidiaries, or for any substantial part of the property of the Company, the Guarantor, or any of their respective Significant Subsidiaries; 

(3)    orders the winding up or liquidation of the Company, the Guarantor, or any of their respective
Significant Subsidiaries; or 
 (4)    grants any similar relief under any foreign Bankruptcy Law, 

and, in each case under this Section 7.01(A)(x), such order or decree remains unstayed and in effect for at least
sixty (60) days. 
 (B)    Cause Irrelevant. Each of the events set forth in
Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body. 
 Section 7.02.    ACCELERATION. 

(A)    Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in
Section 7.01(A)(ix) or 7.01(A)(x) occurs with respect to the Company or the Guarantor (and not solely with respect to a Significant Subsidiary of the Company or a Significant Subsidiary of the Guarantor), then the
principal amount of, and all accrued and unpaid interest, if any, on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. 

  
 - 69 - 










Table of Contents




 (B)    Optional Acceleration. Subject to
Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(ix) or 7.01(A)(x) with respect to the Company or the Guarantor and not solely with respect
to a Significant Subsidiary of the Company or a Significant Subsidiary of the Guarantor) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of
Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest, if any, on, all of the Notes then outstanding to become due and payable immediately. 

(C)    Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the
Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would
not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest, if any, on, the Notes that has
become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. 

Section 7.03.    SOLE REMEDY FOR A FAILURE
TO REPORT. 
 (A)    Generally. Notwithstanding anything to the contrary in this
Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply
with Section 3.02 will, for each of the first three hundred and sixty five (365) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special
Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including,
the three hundred and sixty sixth (366th) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to
accrue on any Notes from, and including, such three hundred and sixty sixth (366th) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)).

 (B)    Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to
Section 7.03(A) will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof for the first one hundred and eighty (180) days on which Special Interest accrues and,
thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest, together with any Additional Interest, accrue on any day on a Note at
a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, subject to the proviso of the immediately preceding sentence, any Special Interest that accrues on a Note will be in addition to any Additional
Interest that accrues on such Note. 
 (C)    Notice of Election. To make the election set forth in
Section 7.03(A), the Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the


  
 - 70 - 










Table of Contents




 
Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and
(iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. 

(D)    Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note,
then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated
to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount
thereof. 
 (E)    No Effect on Other Events of Default. No election pursuant to this
Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. 

Section 7.04.    OTHER REMEDIES. 

(A)    Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue
any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. 

(B)    Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or
does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such
Event of Default. All remedies will be cumulative to the extent permitted by law. 
 Section 7.05.    WAIVER
OF PAST DEFAULTS. 
 An Event of Default pursuant to clause (i), (ii),
(iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a
Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal
amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no
such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. 

Section 7.06.    CONTROL BY MAJORITY. 

Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any
proceeding for exercising 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, this Indenture or the Notes, or that, subject


  
 - 71 - 










Table of Contents




 
to Section 11.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered
security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. 

Section 7.07.    LIMITATION ON SUITS. 

No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of,
or the Redemption Price or Fundamental Change Repurchase Price for, or interest, if any, on, any Notes; or (y) the Company’s obligations to Exchange any Notes pursuant to Article 5), unless: 

(A)    such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; 

(B)    Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a
request to the Trustee to pursue such remedy; 
 (C)    such Holder or Holders offer and, if requested, provide to the
Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; 

(D)    the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such
request and such offer of security or indemnity; and 
 (E)    during such sixty (60) calendar day period, Holders
of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence. 

Section 7.08.    ABSOLUTE RIGHT OF HOLDERS TO
INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT
AND EXCHANGE CONSIDERATION. 
 Notwithstanding anything to the contrary in this Indenture or
the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental
Change Repurchase Price for, or any interest on, or the Exchange Consideration due pursuant to Article 5 upon Exchange of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or
affected without the consent of such Holder. 
 Section 7.09.    COLLECTION SUIT BY
TRUSTEE. 
 The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to
clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or


  
 - 72 - 










Table of Contents




 
Redemption Price or Fundamental Change Repurchase Price for, or interest, if any, on, or Exchange Consideration due pursuant to Article 5 upon Exchange of, the Notes, as applicable, and, to the
extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 11.06. 

Section 7.10.    TRUSTEE MAY FILE PROOFS OF
CLAIM. 
 The Trustee has the right to (A) 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 and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and
distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to
Section 11.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured
by a lien on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or
arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 7.11.    PRIORITIES. 

The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: 

First:    to the Trustee and its agents and attorneys for amounts due under
Section 11.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second:    to Holders for unpaid amounts or other property due on the Notes, including the principal
of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or any Exchange Consideration due upon Exchange of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other
property due and payable on all of the Notes; and 
 Third:    to the Company or such other Person
as a court of competent jurisdiction directs. 

  
 - 73 - 










Table of Contents




 The Trustee may fix a record date and payment date for any payment or delivery to the
Holders pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee
a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable. 

Section 7.12.    UNDERTAKING FOR COSTS. 

In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action
taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit; and (B) assess reasonable costs (including reasonable
attorneys’ fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12
does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding. 

Article 8.    AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01.    WITHOUT THE CONSENT OF HOLDERS.

 Notwithstanding anything to the contrary in Section 8.02, the Company, the Guarantor and the Trustee may
amend or supplement this Indenture, the Notes or the Guarantee without the consent of any Holder to: 
 (A)    cure any
ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; 
 (B)    add additional
guarantees with respect to the Company’s obligations under this Indenture or the Notes; 
 (C)    secure the Notes
or the Guarantee; 
 (D)    add to the Company’s or the Guarantor’s covenants or Events of Default for the
benefit of the Holders or surrender any right or power conferred on the Company or the Guarantor; 
 (E)    provide for
the assumption of the Company’s or the Guarantor’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6 or Section 9.04, as applicable; 

(F)    enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in
connection with an Ordinary Share Change Event; 
 (G)    irrevocably elect or eliminate any Settlement Method or
Specified Dollar Amount; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to
Section 5.03(A); 
 (H)    evidence or provide for the acceptance of the appointment, under
this Indenture, of a successor Trustee; 

  
 - 74 - 










Table of Contents




 (I)    conform the provisions of this Indenture and the Notes to the
“Description of Notes” section of the Company’s preliminary offering memorandum, dated February 24, 2021, as supplemented by the related pricing term sheet, dated February 25, 2021; 

(J)    provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); 

(K)    comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental
indenture under the Trust Indenture Act, as then in effect; or 
 (L)    make any other change to this Indenture or the
Notes that does not, individually or in the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect. 

At the written request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the
“Description of Notes” section and pricing term sheet referred to in Section 8.01(I). 

Section 8.02.    WITH THE CONSENT OF HOLDERS. 

(A)    Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following
sentence, the Company, the Guarantor and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any
provision of this Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this
Indenture, the Notes or the Guarantee, or waiver of any provision of this Indenture, the Notes or the Guarantee, may: 

(i)    reduce the principal, or extend the stated maturity, of any Note; 

(ii)    reduce the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times
at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; 

(iii)    reduce the rate, or extend the time for the payment, of Special Interest or Additional Interest on
any Note 
 (iv)    make any change that adversely affects the Exchange rights of any Note; 

(v)    impair the rights of any Holder set forth in Section 7.08 (as such section
is in effect on the Issue Date); 
 (vi)    change the ranking of the Notes or the Guarantee; 

(vii)    other than in accordance with the provisions of this Indenture, eliminate the Guarantee; 

(viii)    make any Note payable in money, or at a place of payment, other than that stated in this
Indenture or the Note; 

  
 - 75 - 










Table of Contents




 (ix)    make any change to
Section 3.05 in any manner that is adverse to the rights of the Holders of the Notes; 

(x)    reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other
modification; or 
 (xi)    make any direct or indirect change to any amendment, supplement, waiver or
modification provision of this Indenture or the Notes that requires the consent of each affected Holder. 
 For the avoidance of doubt,
pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the
Notes, may change the amount or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon Exchange, or otherwise), or the date(s) or time(s) such
consideration is payable or deliverable, as applicable, without the consent of each affected Holder. 

(B)    Holders Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this
Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. 

Section 8.03.    NOTICE OF AMENDMENTS, SUPPLEMENTS AND
WAIVERS. 
 As soon as reasonably practicable after any amendment, supplement or waiver pursuant to
Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the
effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within
four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. 

Section 8.04.    REVOCATION, EFFECT AND SOLICITATION OF
CONSENTS; SPECIAL RECORD DATES; ETC. 

(A)    Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver
will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not
prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. 

(B)    Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of
determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date 

  
 - 76 - 










Table of Contents




 
is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will
be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be
valid or effective for more than one hundred and twenty (120) calendar days after such record date. 

(C)    Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the
consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. 

(D)    Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8
will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion). 

Section 8.05.    NOTATIONS AND EXCHANGES. 

If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder
of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such
Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note
pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. 

Section 8.06.    TRUSTEE TO EXECUTE SUPPLEMENTAL
INDENTURES. 
 The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this
Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that adversely affects the Trustee’s rights, duties,
liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 11.01 and 11.02) will be fully protected in relying on, an Officer’s
Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or
supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. 
 Article
9.    GUARANTEES 
 Section 9.01.    GUARANTEES. 

(A)    Generally. By its execution of this Indenture (or any amended or supplemental indenture pursuant to
Section 8.01(B)), the Guarantor acknowledges and agrees that it receives substantial benefits from the Company and that the Guarantor is providing its Guarantee for good 

  
 - 77 - 










Table of Contents




 
and valuable consideration, including such substantial benefits. Subject to this Article 9, the Guarantor hereby fully and unconditionally guarantees, to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, regardless of the validity or enforceability of this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, that: 

(i)    the principal of, any interest on, and any Exchange Consideration for, the Notes will be promptly
paid in full when due, whether at maturity, by acceleration, on a Fundamental Change Repurchase Date, upon Redemption or otherwise, and interest on the overdue principal of, any interest on, or any Exchange Consideration for, the Notes, if lawful,
and all other obligations of the Company to the Holders or the Trustee under this Indenture or the Notes, will be promptly paid or delivered in full or performed, as applicable, in each case in accordance with this Indenture and the Notes; and 

(ii)    in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration, on a Fundamental Change Repurchase Date, upon Redemption or
otherwise, 
 (collectively, the “Guaranteed Obligations”), in each case subject to Section 9.02. 

Upon the failure of any payment when due of any amount so guaranteed, upon the failure of any performance so guaranteed, for whatever reason,
or upon the express request of the Company to the Guarantor, the Guarantor will be obligated to pay or perform, as applicable, the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(B)    Guarantee Is Unconditional; Waiver of Diligence, Presentment, Etc. The Guarantor agrees that its Guarantee
of the Guaranteed Obligations is unconditional, regardless of the validity or enforceability of this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, the absence of any action to enforce the same, any waiver
or consent by any Holder with respect to any provisions of this Indenture or the Notes, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance that might otherwise constitute a legal or equitable
discharge or defense of a guarantor. The Guarantor waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever, and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in this Indenture and the Notes. 

(C)    Reinstatement of Guarantee Upon Return of Payments. If any Holder or the Trustee is required by any court or
otherwise to return, to the Company, the Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to the Company or the Guarantor, any consideration paid or delivered by the Company or the Guarantor to such Holder
or the Trustee, then the Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 

  
 - 78 - 










Table of Contents




 (D)    Subrogation. The Guarantor agrees that any right of
subrogation, reimbursement or contribution it may have in relation to the Holders or in respect of any Guaranteed Obligations will be subordinated to, and will not be enforceable until payment in full of, all Guaranteed Obligations. The Guarantor
further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations may be accelerated as provided in Article 7, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations; and (ii) if any Guaranteed Obligations are accelerated pursuant to Article 7, then such Guaranteed Obligations will, whether or not
due and payable, immediately become due and payable by the Guarantor. 
 Section 9.02.    LIMITATION
ON GUARANTOR LIABILITY. 
 The Guarantor, and, by its acceptance of any Note, each Holder,
confirms that the Guarantor and the Holders intend that the Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to the Guarantee. Each of the Trustee, the Holders and the Guarantor irrevocably agrees that the obligations of the Guarantor under its Guarantee will be limited to the maximum amount that
will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the obligations of the Guarantor under its Guarantee not constituting a fraudulent transfer
or conveyance. 
 Section 9.03.    EXECUTION AND DELIVERY OF
GUARANTEE. 
 The execution by the Guarantor of this Indenture (or an amended or supplemental indenture pursuant to
Section 8.01(B)) evidences the Guarantee of the Guarantor, and the delivery of any Note by the Trustee after its authentication constitutes due delivery of the Guarantee on behalf of the Guarantor. A Guarantee’s
validity will not be affected by the failure of any officer of the Guarantor executing this Indenture or any such amended or supplemental indenture on the Guarantor’s behalf to hold, at the time any Note is authenticated, the same or any other
office at the Guarantor, and the Guarantee will be valid and enforceable even if no notation, certificate or other instrument is set upon or attached to, or otherwise executed and delivered to the Holder of, any Note. 

Section 9.04.    WHEN THE GUARANTOR MAY MERGE,
ETC. 
 (A)    Generally. The Guarantor will not consolidate with or merge with or into, or
(directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Guarantor and its Subsidiaries, taken as a whole, to
another Person (other than the Company) (a “Guarantor Business Combination Event”), unless: 

(i)    the resulting, surviving or transferee Person either (x) is the Guarantor or (y) if not
the Guarantor (such Person, if not the Guarantor, the “Successor Guarantor Entity”), is a corporation or its foreign equivalent treated for U.S. federal income tax purposes as a corporation (or, if such Guarantor Business
Combination Event constitutes an Ordinary Share Change Event whose Reference Property consists entirely of cash in U.S. dollars, is a corporation, limited liability company, limited partnership or other similar


  
 - 79 - 










Table of Contents




 
entity, or the foreign equivalent of any of the foregoing) duly organized and existing under the laws of The Grand Duchy of Luxembourg, Sweden, Jersey, the Cayman Islands, Bermuda, Switzerland,
the United Kingdom, the Kingdom of the Netherlands, Ireland, the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such
Guarantor Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Guarantor’s obligations under this Indenture and the Notes; 

(ii)    immediately following such Guarantor Business Combination Event, (x) the Company is a Wholly
Owned Subsidiary of, or the Company is merged with, the Underlying Issuer; and (y) if the Underlying Issuer is not the Company or the Guarantor, the Underlying Issuer has fully and unconditionally guaranteed the Company’s obligations under
the Notes; provided, however, that the requirements set forth in this Section 9.04(A)(ii) will not apply if such Guarantor Business Combination Event is, or is part of, an Ordinary Share Change Event whose
Reference Property does not include any securities; and 
 (iii)    immediately after giving effect to
such Guarantor Business Combination Event, no Default or Event of Default will have occurred and be continuing. 

(B)    Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the
effective time of any Guarantor Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Guarantor Business Combination Event (and, if applicable, the
related supplemental indenture) comply with Section 9.04(A); and (ii) all conditions precedent to such Guarantor Business Combination Event provided in this Indenture have been satisfied. 

(C)    Successor Guarantor Entity Substituted. At the effective time of any Guarantor Business Combination Event
that complies with Section 9.04(A) and Section 9.04(B), the Successor Guarantor Entity (if not the Guarantor) will succeed to, and may exercise every right and power of, the Guarantor under this
Indenture and the Notes with the same effect as if such Successor Guarantor Entity had been named as the Guarantor in this Indenture and the Notes, and, except in the case of a lease, the predecessor Guarantor will be discharged from its obligations
under this Indenture and the Notes. 
 Section 9.05.    APPLICATION OF CERTAIN
PROVISIONS TO THE GUARANTOR. 
 (A)    Officer’s
Certificates and Opinions of Counsel. Upon any request or application by the Guarantor to the Trustee to take any action under this Indenture, the Trustee will be entitled to receive an Officer’s Certificate and an Opinion of Counsel
pursuant to Section 12.02 with the same effect as if each reference to the Company in Section 12.02 or in the definitions of “Officer,” “Officer’s Certificate” or
“Opinion of Counsel” were instead a reference to the Guarantor. 
 (B)    Company Order. A Company
Order may be given by the Guarantor with the same effect as if each reference to the Company in the definitions of “Company Order” or “Officer” were instead a reference to the Guarantor. 

  
 - 80 - 










Table of Contents




 (C)    Notices and Demands. Any notice or demand that this
Indenture requires or permits to be given by the Trustee, or by any Holders, to the Company may instead be given to the Guarantor. 

Section 9.06.    RELEASE OF THE GUARANTEE. 

The Guarantee will be automatically released, and the Guarantor’s obligations under the Guarantee will be automatically released and
discharged, and, in each case, be of no future force and effect, upon the occurrence of any of the following events: 

(A)    the Company’s obligations under this Indenture are discharged in accordance with Article 10; 

(B)    the merger or consolidation of the Guarantor with the Company; or 

(C)    all remaining obligations to make payments or deliver other Exchange Consideration with respect all Notes are
discharged in full after the same has become due. 
 For the avoidance of doubt, the provisions of this
Section 9.06 will not limit the operation of the provisions of Section 5.09. Accordingly, if a Guarantor Business Combination Event or other merger or consolidation involving the Guarantor
constitutes an Ordinary Share Change Event whose Reference Property includes any securities of any person (whether the Guarantor or another person), then that person will be required to execute a supplemental indenture in accordance with
Section 5.09(A). 
 Article 10.    SATISFACTION AND DISCHARGE 

Section 10.01.    TERMINATION OF COMPANY’S
OBLIGATIONS. 
 This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under
this Indenture, when: 
 (A)    all Notes then outstanding (other than Notes replaced pursuant to
Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon Exchange or
otherwise) for an amount of cash or Exchange Consideration, as applicable, that has been fixed; 
 (B)    the Company
has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Exchange Consideration, the Exchange Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to
the Holders, cash (or, with respect to Notes to be Exchanged, Exchange Consideration) sufficient to satisfy all amounts or other property (including, if applicable, all related Additional Amounts) due on all Notes then outstanding (other than Notes
replaced pursuant to Section 2.13); 
 (C)    the Company has paid all other amounts payable
by it under this Indenture; and 
 (D)    the Company has delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; 

  
 - 81 - 










Table of Contents




 provided, however, that Article 11 and Section 12.01 will
survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Exchange Agent with respect to money or other property deposited with them will
survive such discharge. 
 At the Company’s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture.

 Section 10.02.    REPAYMENT TO COMPANY. 

Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Exchange Agent will promptly notify the Company if there
exists (and, at the Company’s request, promptly deliver to the Company) any cash, Exchange Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on which
such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Exchange Agent will have no further liability to any Holder with respect to such cash, Exchange Consideration or other property, and Holders
entitled to the payment or delivery of such cash, Exchange Consideration or other property must look to the Company for payment as a general creditor of the Company. 

Section 10.03.    REINSTATEMENT. 

If the Trustee, the Paying Agent or the Exchange Agent is unable to apply any cash or other property deposited with it pursuant to
Section 10.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture
pursuant to Section 10.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be
subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Exchange Agent, as applicable. 

Article 11.    TRUSTEE 

Section 11.01.    DUTIES OF THE TRUSTEE. 

(A)    If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(B)    Except during the continuance of an Event of Default: 

(i)    the duties of the Trustee will be determined solely by the express provisions of this Indenture, and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

  
 - 82 - 










Table of Contents




 (ii)    in the absence of bad faith or willful
misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform
to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(C)    The Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that:

 (i)    this paragraph will not limit the effect of Section 11.01(B); 

(ii)    the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee will 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 7.06. 
 (D)    Each
provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of this Section 11.01, regardless of whether such provision so expressly provides.

 (E)    No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any
liability. 
 (F)    The Trustee will 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 11.02.    RIGHTS OF THE TRUSTEE. 

(A)    The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the
proper Person, and the Trustee need not investigate any fact or matter stated in such document. 
 (B)    Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in
reliance thereon without liability. 
 (C)    The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any such agent appointed with due care. 
 (D)    The Trustee will not
be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. 

  
 - 83 - 










Table of Contents




 (E)    Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 

(F)    The Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of
any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such request or direction. 

(G)    The Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage
(including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(H)    The permissive rights of the Trustee enumerated herein will not be construed as duties. 

(I)    The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or
otherwise. 
 (J)    Unless a Responsible Officer of the Trustee has received written notice thereof from the Company or
the Guarantor, the Trustee may assume that no Special Interest, Additional Interest or Additional Amounts are owed on the Notes. 

Section 11.03.    INDIVIDUAL RIGHTS OF THE TRUSTEE.

 The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the
Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust
Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 11.03. 

Section 11.04.    TRUSTEE’S DISCLAIMER. 

The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes;
(B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s
certificate of authentication. 
 Section 11.05.    NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send
Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a
Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment 

  
 - 84 - 










Table of Contents




 
of the principal of, or interest, if any, on, or a Default in the payment or delivery of the Exchange Consideration due upon Exchange of, any Note, the Trustee may withhold such notice if and for
so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has
been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred. 

Section 11.06.    COMPENSATION AND INDEMNITY. 

(A)    The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture
and services under this Indenture. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the
Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(B)    The Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 11.06) and defending
itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability
or expense is attributable to its negligence, bad faith or willful misconduct. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the
Company of its obligations under this Section 11.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate in such defense. If the
Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and
the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any
such claim made without its consent, which consent will not be unreasonably withheld. 
 (C)    The obligations of the
Company under this Section 11.06 will survive the resignation or removal of the Trustee and the discharge of this Indenture. 

(D)    To secure the Company’s payment obligations in this Section 11.06, the Trustee will
have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest, if any, on, particular Notes, which lien will survive the discharge of this Indenture. 

  
 - 85 - 










Table of Contents




 (E)    If the Trustee incurs expenses or renders services after an Event
of Default pursuant to clause (ix) or (x) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy Law. 
 Section 11.07.    REPLACEMENT
OF THE TRUSTEE. 
 (A)    Notwithstanding anything to the contrary in
this Section 11.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this
Section 11.07. 
 (B)    The Trustee may resign at any time and be discharged from the trust
created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the
Trustee if: 
 (i)    the Trustee fails to comply with Section 11.09; 

(ii)    the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect
to the Trustee under any Bankruptcy Law; 
 (iii)    a custodian or public officer takes charge of the
Trustee or its property; or 
 (iv)    the Trustee becomes incapable of acting. 

(C)    If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then
(i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may
appoint a successor Trustee to replace such successor Trustee appointed by the Company. 
 (D)    If a successor Trustee
does not take office within thirty (30) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may
petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (E)    If the Trustee, after
written request by a Holder of at least six (6) months, fails to comply with Section 11.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee. 
 (F)    A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee
will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the
avoidance of doubt, be subject to the lien provided for in Section 11.06(D). 

  
 - 86 - 










Table of Contents




 Section 11.08.    SUCCESSOR TRUSTEE
BY MERGER, ETC. 
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, then such corporation will become the successor Trustee without any further act. 

Section 11.09.    ELIGIBILITY; DISQUALIFICATION. 

There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United
States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 
 Article
12.    MISCELLANEOUS 
 Section 12.01.    NOTICES. 

Any notice or communication by the Company or the Guarantor or the Trustee to the other will be deemed to have been duly given if in writing
and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing
next day delivery, or to the other’s address, which initially is as follows: 
 If to the Company or the Guarantor: 

Spotify USA Inc. 
 150 Greenwich
Street, 63rd Floor 
 New York, New York 10007 

Attention: Chief Legal Officer 
 E-mail: legal@spotify.com 
 with a copy (which will not constitute notice) to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022-4834 
 Attention: Gregory P. Rodgers, Esq. & Benjamin J. Cohen, Esq. 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust 

West Side Flats St. Paul 
 60
Livingston Avenue 
 Saint Paul, MN 55107 

EP-MN-WS3C 

Attention: Brandon Bonfig 

  
 - 87 - 










Table of Contents




 The Company, the Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications. 
 Any communication
sent to Trustee under this Indenture that requires a signature must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to
Trustee by an authorized representative of the Company). The Company agrees to assume all risks arising out of its use of digital signatures and electronic methods to submit communications to Trustee, including the risk of the Trustee acting on
unauthorized instructions and the risk of interception and misuse by third parties. 
 All notices and communications (other than those sent
to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged,
if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery. 
 All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be
deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided,
however, that a notice or communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send
a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. 

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee,
the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the
Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any
liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 
 If a notice or
communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 

Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to
send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than
one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. 

  
 - 88 - 










Table of Contents




 Section 12.02.    DELIVERY OF
OFFICER’S CERTIFICATE AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT.

 Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial
authentication of Notes under this Indenture), the Company will furnish to the Trustee: 
 (A)    an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 12.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided
for in this Indenture relating to such action have been satisfied; and 
 (B)    an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee that complies with Section 12.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 12.03.    STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.06) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A)    a statement that the signatory thereto has read such covenant or condition; 

(B)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained therein are based; 
 (C)    a statement that, in the opinion of such signatory, he, she or it has
made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(D)    a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. 

Section 12.04.    RULES BY THE TRUSTEE, THE
REGISTRAR AND THE PAYING AGENT. 
 The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

  
 - 89 - 










Table of Contents




 Section 12.05.    NO PERSONAL
LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS. 

No past, present or future director, officer, employee, incorporator or stockholder of the Company or the Guarantor, as such, will have any
liability for any obligations of the Company or 
 the Guarantor under this Indenture, the Notes or the Guarantee or for any claim based on, in respect of,
or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

Section 12.06.    GOVERNING LAW; WAIVER OF JURY
TRIAL. 
 THIS INDENTURE, THE GUARANTEE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS INDENTURE, THE GUARANTEE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE, THE NOTES OR THE GUARANTEE. 

Section 12.07.    SUBMISSION TO JURISDICTION. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any
applicable statute or rule of court) to such party’s address set forth in Section 12.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the
Guarantor, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 12.08.    NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 Neither this Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt
agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes. 

Section 12.09.    SUCCESSORS. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 

  
 - 90 - 










Table of Contents




 Section 12.10.    FORCE MAJEURE. 

The Trustee and each Note Agent will not incur any liability for not performing any act or 

fulfilling any duty, obligation or responsibility under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or
provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other
wire or communication facility). 
 Section 12.11.    U.S.A. PATRIOT ACT. 

The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company
agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. 

Section 12.12.    CALCULATIONS. 

Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or
the Notes, including determinations of the Last Reported Sale Price, the Daily Exchange Value, the Daily Cash Amount, the Daily Share Amount, accrued interest (including, for the avoidance of doubt, Special Interest and Additional Interest) on the
Notes and the Exchange Rate. 
 The Company will make all calculations in good faith, and, absent manifest error, its calculations will be
final and binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Exchange Agent, and each of the Trustee and the Exchange Agent may rely conclusively on the accuracy of the Company’s calculations
without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee will not be obligated to make or confirm any calculations called
for under this Indenture or the Notes. 
 Section 12.13.    SEVERABILITY. 

If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the
remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. 

Section 12.14.    COUNTERPARTS. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same
agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. 

  
 - 91 - 










Table of Contents




 Section 12.15.    TABLE OF
CONTENTS, HEADINGS, ETC. 
 The table of contents and the headings of the Articles and
Sections of this Indenture have 
 been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way
modify or restrict any of the terms or provisions of this Indenture. 
 Section 12.16.    WITHHOLDING
TAXES. 
 Each Holder of a Note agrees, and each beneficial owner of an interest in a Global Note, by its acquisition of
such interest, is deemed to agree, that if the Company, the Guarantor or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result of an adjustment or the non-occurrence of an adjustment to the Exchange Rate, then the Company, the Guarantor or such withholding agent, as applicable, may, at its option, withhold from or set off such payments against payments of cash or
the delivery of any Ordinary Shares or other Exchange Consideration in respect of such Note, any payments on the Ordinary Shares or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. 

Section 12.17.    SERVICE OF PROCESS. 

The Guarantor irrevocably appoints Horacio Gutierrez, Head of Global Affairs and Chief Legal Officer, 150 Greenwich Street, 63rd Floor, New
York, New York 10007, United States of America, as its authorized agent in the City of New York upon which process may be served in any suit, action or proceeding referred to in Section 12.07, and agrees that service of
process upon such agent, and written notice of such service to the Guarantor by the person serving the same to Spotify Technology S.A., 150 Greenwich Street, 63rd Floor, New York, New York 10007, Attention: Chief Legal Officer, will be, in every
respect, effective service of process upon the Guarantor in any such suit, action or proceeding. The Guarantor agrees to take any and all reasonable action as may be necessary to maintain such designation and appointment of such agent in full force
and effect until the date that is six (6) months after the Maturity Date. If, for any reason, such agent ceases to be such agent for service of process, then the Guarantor will promptly appoint a new agent of recognized standing for service of
process in the State of New York and deliver to the Holders and the Trustee a copy of the new agent’s acceptance of that appointment within ten (10) Business Days of such acceptance. Nothing in this Section 12.17
will affect the right of the Trustee, any Note Agent or any Holder to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Guarantor in any other court of competent jurisdiction. To the
extent that the Guarantor has or hereafter may acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect to itself or its property, the Guarantor irrevocably waives such immunity in respect of its
obligations under this Indenture or under any Note. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page
Follows] 

  
 - 92 - 










Table of Contents




 IN WITNESS WHEREOF, the parties to this Indenture have caused this Indenture to be
duly executed as of the date first written above. 
  

			
	SPOTIFY USA INC.
		
	By:	 	 /s/ Paul Vogel

	Name:	 	Paul Vogel
	Title:	 	Chief Financial Officer
	
	SPOTIFY TECHNOLOGY S.A.
		
	By:	 	 /s/ Peter Grandelius

	Name:	 	Peter Grandelius
	Title:	 	Associate General Counsel
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Donald T. Hurrelbrink

	Name:	 	Donald T. Hurrelbrink
	Title:	 	Vice President



  
 [Signature Page to
Indenture] 










Table of Contents




 EXHIBIT A 

FORM OF NOTE 
 [Insert
Global Note Legend, if applicable] 
 [Insert Restricted Note Legend, if applicable] 

Spotify USA Inc. 
 0%
Exchangeable Senior Note due 2026 
  

									
	CUSIP No.:	 	[        ]	 	[Insert for a “restricted” CUSIP number: *]	  		 	Certificate No. [        ]
	ISIN No.:	 	[        ]	 	[Insert for a “restricted” ISIN number: *]	  		 	

 Spotify USA Inc., a Delaware corporation, for value received, promises to pay to [Cede & Co.], or its
registered assigns, the principal sum of [            ] dollars ($[    ]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)] on
March 15, 2026 and, to the extent applicable, to pay Special Interest and Additional Interest thereon, as provided in the Indenture referred to below, until the principal and all accrued and unpaid interest, if any, are paid or duly provided
for. 
  

			
	Interest Payment Dates:	  	March 15 and September 15 of each year.
	Interest Record Dates:	  	March 1 and September 1.

 Additional provisions of this Note are set forth on the other side of this Note. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

 
  

	* 	 This Note will be deemed to be identified by CUSIP No. [        ] and
ISIN No. [        ] from and after such time when the Company delivers, pursuant to Section 2.12 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted Note
Legend affixed to this Note. 



	† 	 Insert bracketed language for Global Notes only. 



  
 A-1 










Table of Contents




 IN WITNESS WHEREOF, Spotify USA Inc. has caused this instrument to be duly executed
as of the date set forth below. 
  

									
		 		  	SPOTIFY USA INC.
				
	Date:	 	  
	  	By:	 	  

		 		  		 	Name:	  	
		 		  		 	Title:	  	


  
 A-2 










Table of Contents




 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. Bank National Association, as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

									
	Date:	 	  
	  		  	By:	  	  

		 		  		  		  	Authorized Signatory


  
 A-3 










Table of Contents




 Spotify USA Inc. 

0% Exchangeable Senior Note due 2026 

This Note is one of a duly authorized issue of notes of Spotify USA Inc., a Delaware corporation (the “Company”), designated
as its 0% Exchangeable Senior Notes due 2026 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of March 2, 2021 (as the same may be amended from time to time, the “Indenture”), among
the Company, the Guarantor and U.S. Bank National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. 

The Indenture sets forth the rights and obligations of the Company, the Guarantor, the Trustee and the Holders and the terms of the Notes.
Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1.    Interest. This Note will not bear regular interest, and the principal amount of this Note will not accrete.
Special Interest and Additional Interest will accrue on this Note in the circumstances, at the rates, and payable on the dates, and in the manner, set forth in Sections 2.05, 7.03 and 3.04 of the Indenture. 

2.    Maturity. This Note will mature on March 15, 2026, unless earlier repurchased, redeemed or Exchanged.

 3.    Guarantee. The Company’s obligations under the Indenture and the Notes are fully and
unconditionally guaranteed by the Guarantor as provided in Article 9 of the Indenture. 
 4.    Method of
Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture. 

5.    Persons Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes.

 6.    Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in
principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other
materials. 
 7.    Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a
Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in
Section 4.02 of the Indenture. 
 8.    Right of the Company to Redeem the Notes. The Company will have the
right to redeem the Notes for cash in the manner, and subject to the terms, set forth in Section 4.03 of the Indenture. 

  
 A-4 










Table of Contents




 9.    Exchange. The Holder of this Note may Exchange this Note
into Exchange Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 

10.    When the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the
Company’s ability to be a party to a Business Combination Event. 
 11.    Defaults and Remedies. If an
Event of Default occurs, then the principal amount of, and all accrued and unpaid interest, if any, on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to
the terms, set forth in Article 7 of the Indenture. 
 12.    Amendments, Supplements and Waivers. The Company,
the Guarantor and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the
Indenture. 
 13.    No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present
or future director, officer, employee, incorporator or stockholder of the Company or the Guarantor, as such, will have any liability for any obligations of the Company or the Guarantor under the Indenture, the Notes or the Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

14.    Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be
duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

15.    Abbreviations. Customary abbreviations may be used in the name of a Holder or its 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 Gift to Minors Act). 

16.    Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 * * * 

  
 A-5 










Table of Contents




 To request a copy of the Indenture, which the Company will provide to any Holder at no
charge, please send a written request to the following address: 
 Spotify USA Inc. 

150 Greenwich Street, 63rd Floor 

New York, NY 10007 
 Attention:
Chief Financial Officer 

  
 A-6 










Table of Contents




 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[    ] 

The following exchanges, transfers or cancellations of this Global Note have been made: 

 

							
	 Date
	 	 Amount of Increase

(Decrease) in
 Principal
Amount of
 this Global Note
	 	 Principal Amount of

this Global Note
 After Such
Increase
 (Decrease)
	  	 Signature of

Authorized
 Signatory of
Trustee

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  


  

 

	* 	 Insert for Global Notes only. 



  
 A-7 










Table of Contents




 EXCHANGE NOTICE 

Spotify USA Inc. 
 0% Exchangeable
Senior Notes due 2026 
 Subject to the terms of the Indenture, by executing and delivering this Exchange Notice, the undersigned Holder of the Note
identified below directs the Company to Exchange (check one): 
  

	☐	 the entire principal amount of 



 

	☐	 $             * aggregate principal amount of 


 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that if the Exchange Date of a Note to be Exchanged is after an Interest Record Date and before the next Interest Payment Date, then such Note, when surrendered for Exchange, must, in certain circumstances, be accompanied with an amount
of cash equal to the Special Interest and Additional Interest, if any, that would have accrued on such Note to, but excluding, such Interest Payment Date. 
  

											
	Date:	 	  
	  		  	  

		 		  		  		  	(Legal Name of Holder)
					
		 		  		  	By:	  	  

		 		  		  		  	Name:	  	
		 		  		  		  	Title:	  	
				
		 		  		  	Signature Guaranteed:
				
		 		  		  	  

		 		  		  		  	Participant in a Recognized Signature
		 		  		  		  	Guarantee Medallion Program
					
		 		  		  	By:	  	  

		 		  		  		  	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 



  
 A-8 










Table of Contents




 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

Spotify USA Inc. 
 0%
Exchangeable Senior Notes due 2026 
 Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the
undersigned Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): 
  

	☐	 the entire principal amount of 



 

	☐	 $             * aggregate principal amount of 


 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. 
  

											
	Date:	 	  
	  		  	  

		 		  		  		  	(Legal Name of Holder)
					
		 		  		  	By:	  	  

		 		  		  		  	Name:	  	
		 		  		  		  	Title:	  	
				
		 		  		  	Signature Guaranteed:
				
		 		  		  	  

		 		  		  		  	Participant in a Recognized Signature
		 		  		  		  	Guarantee Medallion Program
					
		 		  		  	By:	  	  

		 		  		  		  	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 



  
 A-9 










Table of Contents




 ASSIGNMENT FORM 

Spotify USA Inc. 
 0%
Exchangeable Senior Notes due 2026 
 Subject to the terms of the Indenture, the undersigned Holder of the Notes identified below assigns (check one): 

 

	☐	 the entire principal amount of 



 

	☐	 $             * aggregate principal amount of 


 the Notes identified by CUSIP No.
                 and Certificate No.
                , and all rights thereunder, to: 
  

					
			
		 	Name:	 	  

			
		 	Address:	 	  

			
		 	Social security or tax id. #:	 	  

		
	and irrevocably appoints:	 	  


 as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. 

 

											
	Date:	 	  
	  		  	  

		 		  		  		  	(Legal Name of Holder)
					
		 		  		  	By:	  	  

		 		  		  		  	Name:	  	
		 		  		  		  	Title:	  	
				
		 		  		  	Signature Guaranteed:
				
		 		  		  	  

		 		  		  		  	Participant in a Recognized Signature
		 		  		  		  	Guarantee Medallion Program
					
		 		  		  	By:	  	  

		 		  		  		  	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 



  
 A-10 










Table of Contents




 TRANSFEROR ACKNOWLEDGMENT 

If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 

 

	1. ☐	 Such Transfer is being made to the Company or a Subsidiary of the Company. 



 

	2. ☐	 Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective
under the Securities Act at the time of the Transfer. 


  

	3. ☐	 Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and,
accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such
Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If
this item is checked, then the transferee must complete and execute the acknowledgment contained on the next page. 


  

	4. ☐	 Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the
registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act). 


  

			
	Dated:	 	 


					
	
	  

		 	(Legal Name of Holder)
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Signature Guaranteed:
	
	  

		 	(Participant in a Recognized Signature
		 	Guarantee Medallion Program)
		
	By:	 	  

		 	Authorized Signatory


  
 A-11 










Table of Contents




 TRANSFEREE ACKNOWLEDGMENT 

The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned
exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is
relying, in transferring the within Note on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A. 
  

			
	Dated:	 	  

	
	  

		 	(Name of Transferee)
		
	By:	 	  

		 	Name:
		 	Title:


  
 A-12 










Table of Contents




 EXHIBIT B-1 

FORM OF RESTRICTED NOTE LEGEND 
 THE OFFER
AND SALE OF THIS NOTE AND THE ORDINARY SHARES, IF ANY, ISSUABLE UPON EXCHANGE OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	(1)	 REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND 


  

	(2)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN, EXCEPT ONLY: 


  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 



 

	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; 



 

	 	(C)	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT;



  

	 	(D)	 PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR 



 

	 	(E)	 PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 


 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE
TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.* 
  

 

	* 	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned Indenture. 



  
 B1-1 










Table of Contents




 EXHIBIT B-2 

FORM OF GLOBAL NOTE LEGEND 
 THIS IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF
THIS NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO 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 HEREON
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 SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

  
 B2-1