Exhibit 4.1




 


 






 






 


AKOUSTIS TECHNOLOGIES, INC.


 


AKOUSTIS, INC.


 


AND


 


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


 


as Trustee


 


 



 


INDENTURE


 


Dated as of June 9, 2022


 


 



 


6.0% CONVERTIBLE SENIOR NOTES DUE 2027


 


 



 


 



 




     


    


    

 


TABLE OF CONTENTS


 





	ARTICLE 1.	 
	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.01	Definitions.	15
	Section 1.02	Other Definitions.	17
	Section 1.03	Incorporation by Reference of Trust Indenture Act.	17
	Section 1.04	Rules of Construction.	17
	 	 	 
	ARTICLE 2.	 
	THE NOTES	18
	Section 2.01	Title, Terms, Form and Dating.	18
	Section 2.02	Execution and Authentication.	18
	Section 2.03	Registrar, Paying Agent and Conversion Agent.	19
	Section 2.04	Paying Agent to Hold Money in Trust.	19
	Section 2.05	Holder Lists; Acts.	19
	Section 2.06	Transfer and Exchange.	20
	Section 2.07	Replacement Notes.	21
	Section 2.08	Outstanding Notes.	22
	Section 2.09	Treasury Notes.	22
	Section 2.10	Temporary Notes.	22
	Section 2.11	Cancellation.	22
	Section 2.12	Repurchases.	23
	Section 2.13	Legend; Additional Transfer and Exchange Requirements.	23
	Section 2.14	CUSIP Numbers.	24
	Section 2.15	Book-Entry Provisions for Global Notes.	24
	Section 2.16	Transfers to QIBs.	25
	Section 2.17	Ranking.	26
	 	 	 
	ARTICLE 3.	 
	REDEMPTION AND PREPAYMENT	26
	Section 3.01	Notices to Trustee.	26
	Section 3.02	Selection of Notes To Be Redeemed.	26
	Section 3.03	Notice of Redemption	27
	Section 3.04	Effect of Notice of Redemption.	28
	Section 3.05	Deposit of Redemption Price and Redemption Interest Make-Whole Payment.	28
	Section 3.06	Notes Redeemed in Part.	28
	Section 3.07	Optional Redemption by the Company.	28
	 	 	 
	ARTICLE 4.	 
	[INTENTIONALLY OMITTED]	29
	ARTICLE 5.	 
	COVENANTS	29
	Section 5.01	Payment of Notes.	29
	Section 5.02	Maintenance of Office or Agency.	30



 



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	Section 5.03	Reports.	30
	Section 5.04	Compliance Certificate.	31
	Section 5.05	Taxes.	31
	Section 5.06	Stay, Extension and Usury Laws.	31
	Section 5.07	Restricted Payments.	32
	Section 5.08	Dividend and Other Payment Restrictions Affecting Subsidiaries.	34
	Section 5.09	Incurrence of Indebtedness and Issuance of Disqualified Stock.	35
	Section 5.10	Asset Sales.	37
	Section 5.11	Transactions with Affiliates.	39
	Section 5.12	Liens.	39
	Section 5.13	Line of Business.	39
	Section 5.14	Corporate Existence.	40
	Section 5.15	Maintenance of Properties and Insurance.	40
	Section 5.16	Payments for Consent.	40
	Section 5.17	Issuance or Sale of Subsidiary Stock.	40
	Section 5.18	Additional Interest; Special Interest.	41
	Section 5.19	Economic Sanctions.	41
	 	 	 
	ARTICLE 6.	 
	CONSOLIDATION, MERGER AND SALE OF ASSETS	41
	Section 6.01	When Company May Merge, Etc.	41
	Section 6.02	Successor Corporation to Be Substituted.	42
	Section 6.03	Opinion of Counsel to Be Given to Trustee.	42
	 	 	 
	ARTICLE 7.	 
	DEFAULTS AND REMEDIES	43
	Section 7.01	Events of Default.	43
	Section 7.02	Acceleration.	44
	Section 7.03	Other Remedies.	45
	Section 7.04	Waiver of Past Defaults.	46
	Section 7.05	Control by Majority.	46
	Section 7.06	Limitation on Suits.	46
	Section 7.07	Unconditional Rights of Holders of Notes to Receive Payment.	46
	Section 7.08	Collection Suit by Trustee.	47
	Section 7.09	Trustee May File Proofs of Claim.	47
	Section 7.10	Priorities.	47
	Section 7.11	Undertaking for Costs.	48
	Section 7.12	Waiver of Stay or Extension of Laws.	48
	 	 	 
	ARTICLE 8.	 
	TRUSTEE	48
	Section 8.01	Duties of Trustee.	48
	Section 8.02	Rights of Trustee.	49
	Section 8.03	Individual Rights of Trustee.	51
	Section 8.04	Trustee’s Disclaimer.	51
	Section 8.05	Notice of Defaults.	51
	Section 8.06	Reports by Trustee to Holders of the Notes.	52
	Section 8.07	Compensation and Indemnity.	52



 



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	Section 8.08	Replacement of Trustee.	53
	Section 8.09	Successor Trustee by Merger, etc.	53
	Section 8.10	Eligibility; Disqualification.	54
	Section 8.11	Preferential Collection of Claims Against Company.	54
	 	 	 
	ARTICLE 9.	 
	CONVERSION OF NOTES	54
	Section 9.01	Conversion Privilege.	54
	Section 9.02	Conversion Procedure; Settlement Upon Conversion.	55
	Section 9.03	Adjustment to Conversion Rate Upon a Qualifying Fundamental Change.	59
	Section 9.04	Adjustment of Conversion Rate.	61
	Section 9.05	Adjustments of Prices.	69
	Section 9.06	Share Reservations.	69
	Section 9.07	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	70
	Section 9.08	Certain Covenants	71
	Section 9.09	Responsibility of Trustee.	72
	Section 9.10	Notice to Holders Prior to Certain Actions.	72
	Section 9.11	Stockholder Rights Plans.	73
	 	 	 
	ARTICLE 10.	 
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	73
	Section 10.01	Repurchase at Option of Holder Upon Fundamental Change.	73
	Section 10.02	Withdrawal of Fundamental Change Repurchase Notice.	75
	Section 10.03	Deposit of Fundamental Change Repurchase Price.	76
	Section 10.04	Covenant to Comply with Applicable Laws Upon Repurchase of Notes.	76
	 	 	 
	ARTICLE 11.	 
	COVENANT DEFEASANCE	77
	Section 11.01	Option to Effect Covenant Defeasance.	77
	Section 11.02	Covenant Defeasance.	77
	Section 11.03	Conditions to Covenant Defeasance.	77
	Section 11.04	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	78
	Section 11.05	Repayment to Company.	79
	 	 	 
	ARTICLE 12.	 
	AMENDMENT, SUPPLEMENT AND WAIVER	79
	Section 12.01	Without Consent of Holders of Notes.	79
	Section 12.02	With Consent of Holders of Notes.	80
	Section 12.03	Compliance with Trust Indenture Act.	81
	Section 12.04	Revocation and Effect of Consents.	82
	Section 12.05	Notation on or Exchange of Notes.	82
	Section 12.06	Trustee to Sign Amendments, etc.	82
	 	 	 
	ARTICLE 13.	 
	[INTENTIONALLY OMITTED]	82



 



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	ARTICLE 14.	 
	NOTE GUARANTEE	82
	Section 14.01	Guarantee.	82
	Section 14.02	Limitation on Guarantor Liability.	83
	Section 14.03	Continuing Guarantee.	83
	Section 14.04	Releases Following Sale of Assets.	84
	 	 	 
	ARTICLE 15.	 
	SATISFACTION AND DISCHARGE	84
	Section 15.01	Satisfaction and Discharge.	84
	Section 15.02	Application of Trust Money.	85
	 	 	 
	ARTICLE 16.	 
	MATURITY DATE, INTEREST, AND INTEREST RATE	85
	Section 16.01	Maturity	85
	Section 16.02	Interest and Interest Rate	85
	 	 	 
	ARTICLE 17.	 
	MISCELLANEOUS	87
	Section 17.01	Trust Indenture Act Controls.	87
	Section 17.02	Notices.	87
	Section 17.03	Communication by Holders of Notes with Other Holders of Notes.	88
	Section 17.04	Legal Holidays.	88
	Section 17.05	Calculations.	89
	Section 17.06	Certificate and Opinion as to Conditions Precedent.	89
	Section 17.07	Statements Required in Certificate or Opinion.	89
	Section 17.08	Rules by Trustee and Agents.	90
	Section 17.09	Indenture, Note Guarantee and Notes Solely Corporate Obligations.	90
	Section 17.10	Governing Law.	90
	Section 17.11	Submission to Jurisdiction.	90
	Section 17.12	Waiver of Jury Trial.	90
	Section 17.13	No Adverse Interpretation of Other Agreements.	90
	Section 17.14	Successors.	91
	Section 17.15	Severability.	91
	Section 17.16	Counterpart Originals.	91
	Section 17.17	Table of Contents, Headings, etc.	91
	Section 17.18	Force Majeure.	91
	Section 17.19	Foreign Account Tax Compliance Act (FATCA)	91
	 	 	 
	Exhibit A – FORM OF NOTE	A-1


 




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INDENTURE dated as
of June 9, 2022, by and among Akoustis Technologies, Inc., a Delaware corporation (including any successors or assigns), the Guarantor
(as defined below), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee.


 


The Company, the Guarantor
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the 6.0% Convertible
Senior Notes due 2027 (including all 6.0% Convertible Senior Notes issued in exchange, transfer or replacement hereof, the “Notes”):


 


ARTICLE
1.

DEFINITIONS AND INCORPORATION BY REFERENCE


 


Section 1.01 Definitions.


 


“Acquired Debt”
means, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged with
or into or became a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any real property or fixed
assets acquired by such specified Person.


 


“Additional Interest”
means all liquidated damages then owing pursuant to Section 2(c) of the Registration Rights Agreement. 


 


“Additional Shares”
means any Freely Tradeable Common Stock issued pursuant to the terms of this Indenture, including those shares of Freely Tradeable Common
Stock issued as Common Stock Interest, pursuant to an Interest Make-Whole Payment and/or pursuant to a Qualifying Fundamental Change Payment.


 


“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this Indenture, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise; provided, that, solely for the purposes of this
definition of “Affiliate,” beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control.
Notwithstanding the foregoing, no Holder shall be deemed, for purposes of this Indenture, to be an Affiliate of the Company or any of
its Subsidiaries solely by reason of holding the Notes.


 


“Agent”
means any Registrar, Paying Agent, Conversion Agent, or co-registrar.


 


“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable
to such matter at such time.


 


“Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.


 


“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise
of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. For purposes of this
definition, “Beneficially Owns” and “Beneficially Owned” shall have a correlative meaning.


 




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“Board of Directors”
means:


 


(i) with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board;


 


(ii) with
respect to a partnership, the board of directors of the general partner of the partnership;


 


(iii) with
respect to a limited liability company, the managing member or members, the manager or any controlling committee or board of managers
or managing members thereof; and


 


(iv) with
respect to any other Person, the board or committee of such Person serving a similar function.


 


“Business Day”
means any day other than a Legal Holiday.


 


“Capital Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such
time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the maturity thereof shall be the date of
the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the
lessee without payment of a penalty.


 


“Capital Stock”
means:


 


(i) in
the case of a corporation, corporate stock;


 


(ii) in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;


 


(iii) in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and


 


(iv) any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or
not such debt securities include any right of participation with Capital Stock.


 


“Cash Equivalents”
means and of the following types of property:


 


(i) United
States dollars,


 


(ii) readily
marketable direct obligations of the government of the United States or any agency or instrumentality thereof, or obligations the timely
payment of principal and interest on which are fully and unconditionally guaranteed by the government of the United States or any state
or municipality thereof, in each case so long as such obligation has an investment grade rating by S&P and Moody’s;


 




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(iii) commercial
paper issued by a Person other than an Affiliate of the Company and maturing no more than one year from the date of creation thereof and
rated at least P-1 (or the then equivalent grade) by Moody’s and A-1 (or the then equivalent grade) by S&P, or carrying an equivalent
rating by a nationally recognized rating agency if at any time neither Moody’s and S&P shall be rating such obligations;


 


(iv) insured
certificates of deposit or bankers’ acceptances of, or time deposits with any commercial bank that (a) is a member of the Federal
Reserve System, (b) issues (or the parent of which issues) commercial paper rated as described in clause (iii) above, (c) is organized
under the laws of the United States or of any state thereof and (d) has combined capital and surplus of at least $500,000,000;


 


(v) readily
marketable general obligations of any corporation (other than an Affiliate of the Company) organized under the laws of any state of the
United States, payable in the United States, expressed to mature not later than 12 months following the date of issuance thereof and rated
A or better by S&P or A2 or better by Moody’s; and


 


(vi) readily
marketable shares of investment companies or money market funds that, in each case, invest solely in the foregoing Investments described
in clauses (i) through (v) above.


 


“Closing Sale Price”
means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than
one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for
the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for
trading on a U.S. national or regional securities exchange on the relevant date, the “Closing Sale Price” will be the last
quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar
organization. If the Common Stock is not so quoted, the “Closing Sale Price” will be the average of the mid-point of the last
bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment
banking firms selected by the Company for this purpose.


 


“Common Equity”
of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person
or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers
or others that will control the management or policies of such Person.


 


“Common Stock”
means the Common Stock of the Company, par value $0.001 per share, as it exists on the date of this Indenture and any shares of any class
or classes of Capital Stock of the Company resulting from any reclassification or reclassifications thereof and which have no preference
in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the
Company and which are not subject to redemption by the Company; provided, however, that if at any time there shall be more than one such
resulting class, the shares of each such class then so issuable on conversion of the Notes shall be substantially in the proportion which
the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.


 


“Company”
means Akoustis Technologies, Inc., a Delaware corporation, and any and all successors thereto in accordance with this Indenture, and thereafter
“Company” shall mean such successor Company.


 




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“Company Order”
means a written order of the Company, signed by one of its Officers, and delivered to the Trustee.


 


“Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries
for such period, on a consolidated basis, determined in accordance with GAAP; provided that:


 


(1) the
Net Income (but not loss) of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting will be included
only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Subsidiary of the Person;


 


(2) the
Net Income of any Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that
Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary or its stockholders;


 


(3) the
cumulative effect of a change in accounting principles will be excluded; and


 


(4) the
Net Income of any Person acquired during the specified period for any period prior to the date of acquisition will be excluded.


 


“Conversion Price”
means as of any time, $1,000, divided by the Conversion Rate as of such time.


 


“Corporate Trust
Office” means the office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at 4655 Salisbury Road, Suite 300, Jacksonville, Florida 32256, Attention: Corporate Trust Administration,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate trust
office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders
and the Company).


 


“Credit Facilities”
means, one or more debt facilities or commercial paper facilities, in each case, with banks or other institutional lenders providing for
revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified,
renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities
to institutional investors) in whole or in part from time to time.


 


“Daily VWAP”
means for each Trading Day during any calculation period under this Indenture, the per share volume-weighted average price of the Common
Stock as displayed under the heading "“Bloomberg VWAP"” on Bloomberg page “AKTS <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market
value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized
independent investment banking firm retained for this purpose by the Company). The "Daily VWAP” will be determined without
regard to after-hours trading or any other trading outside of the regular trading session trading hours.


 




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“Default”
or “default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event
of Default.


 


“Depositary”
means The Depository Trust Company until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depositary” shall mean such successor Depositary.


 


“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior
to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such
Capital Stock upon the occurrence of a Fundamental Change or an Asset Sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase
or redemption complies with Section 5.07 of this Indenture. The amount of Disqualified Stock deemed to be outstanding at any time for
purposes of hereof shall be the maximum amount that the Company and its Subsidiaries may become obligated to pay upon the maturity of,
or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.


 


“Effective Date”
means the date on which any Fundamental Change, Qualifying Fundamental Change, Share Exchange Event, or any of the transactions described
in Section 9.04 occurs or becomes effective.


 


“Electronic Means”
shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.


 


“Eligible Market”
means The New York Stock Exchange, Inc., The Nasdaq Global Market, The Nasdaq Global Select Market or The Nasdaq Capital Market.


 


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


 


“Ex-Dividend Date”
means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common
Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. For the avoidance of
doubt, any alternative trading convention on the applicable exchange or market in respect of shares of the Common Stock under a separate
ticker symbol or CUSIP number will not be considered “regular way” for this purpose.


 


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


 


“Existing Indebtedness”
means Indebtedness of the Company and its Subsidiaries in existence on the date of this Indenture.


 




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“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture).


 


“Freely Tradeable”
means, with respect to any shares of Common Stock, shares of Common Stock which, at the time of issuance thereof, (i) are duly authorized,
validly issued, fully paid and non-assessable; (ii) are eligible for resale by the recipient without limitation or restriction, including
any volume, manner of sale or current public information limitations, under both state and Federal securities laws or pursuant to an effective
Registration Statement; and (iii) do not bear, and are not subject to, any restrictive legend, stop transfer or similar restriction.


 


“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:


 


(a) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company,
its wholly owned Subsidiaries and the employee benefit plans of the Company and its wholly owned Subsidiaries, files a Schedule TO (or
any successor schedule, form or report) or any schedule, form or report under the Exchange Act that discloses that such person or group
has become the direct or indirect Beneficial Owner of Common Stock representing more than 50% of the voting power of the Common Stock,
unless such beneficial ownership arises solely as a result of a revocable proxy delivered in response to a public proxy or consent solicitation
made pursuant to the applicable rules and regulations under the Exchange Act; provided that no person or group shall be deemed
to be the Beneficial Owner of any securities tendered pursuant to a tender or exchange offer made by or on behalf of such person or group
until such tendered securities are accepted for purchase or exchange under such offer;


 


(b) the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination or solely a change in par value) as a result of which the Common Stock would be converted into, or exchanged for, stock,
other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the
Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one
transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken
as a whole, to any person other than one or more of the Company’s direct or indirect wholly owned Subsidiaries; provided, however,
that a transaction described in clauses (A) or (B) in which the holders of all classes of the Company’s
Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the
continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions
(relative to each other) as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause
(b);


 


(c) the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or


 


(d) the
Common Stock (or other common stock, American depository receipts, original shares or other Equity Interests underlying the Notes) ceases
to be listed or quoted on any Eligible Market (or any of their respective successors);


 




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provided, however, that (i) any
event, transaction or series of transactions that constitute a Fundamental Change under both clause (a) and (b) above
(determined without regard to the proviso in clause (b) above) will be deemed to be a Fundamental Change solely under clause
(b) above; and (ii) a transaction or transactions described in clause (a) or clause (b) above shall
not constitute a Fundamental Change if at least 90% of the consideration received or to be received by the common stockholders of the
Company, excluding cash payments for fractional shares and cash payments made pursuant to of dissenters’ appraisal rights, in connection
with such transaction or transactions consists of shares of common stock, American depository receipts, original shares or other Equity
Interests that are listed or quoted on any of Eligible Markets (or any of their respective successors) or will be so listed when issued
or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions such consideration
becomes Reference Property, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal
rights (subject to the provisions of Section 9.02(a)). If any transaction in which the Common Stock is replaced by the securities
of another entity occurs, following completion of any related Qualifying Fundamental Change Period (or, in the case of a transaction that
would have been a Fundamental Change or a Qualifying Fundamental Change but for the clause (ii) of the proviso immediately
following clause (d) of the definition thereof, following the effective date of such transaction) references to the Company
in this definition shall instead be references to such other entity.


 


“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the date of this Indenture, including
those set forth in (1) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants, (2) the statements and pronouncements of the Financial Accounting Standards Board, (3) such other statements by such other
entity as approved by a significant segment of the accounting profession and (4) the rules and regulations of the SEC governing the inclusion
of financial statements (including pro forma financial statements) in Registration Statements and periodic reports required to be filed
pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements
from the accounting staff of the SEC.


 


“Global Notes”
means one or more Notes in global form registered in the register in the name of a Depositary or a nominee thereof.


 


“Government Securities”
means securities that are direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which
the United States pledges its full faith and credit.


 


“Guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect,
in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof), of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities, or services, to take or pay or to maintain financial statement conditions or otherwise).


 


“Guarantor”
means Akoustis, Inc., a Delaware corporation, and any and all successors thereto in accordance with this Indenture, and thereafter “Guarantor”
shall mean such successor.


 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under (i) interest rate swap agreements (whether from fixed
to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements, (ii) other agreements or arrangements
designed to manage interest rates or interest rate risk, and (iii) other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates or commodity prices.


 


“Holder”
means, except as set forth in Section 9.02(l), a Person in whose name a Note is registered.


 




    -7-


     


    

 


“Indebtedness”
means with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables that are not
yet overdue by 30 days), whether or not contingent:


 


(i) in
respect of borrowed money;


 


(ii) evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);


 


(iii) in
respect of banker’s acceptances;


 


(iv) representing
Capital Lease Obligations;


 


(v) representing
the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired
or such services are completed;


 


(vi) representing
any Hedging Obligations; if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP; or


 


(vii) all
Disqualified Stock.


 


In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the Guarantee by or other contingent obligation of the specified Person
of any Indebtedness of or relating to or arising from any other Person.


 


“Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with its terms.


 


“Interest”
or “interest” means, when used with reference to the Notes, the sum of (i) any interest accrued and unpaid at the Interest
Rate pursuant to Section 16.02(a) hereof, (ii) accrued and unpaid Additional Interest, if any, payable under the terms of the Registration
Rights Agreement and (iii) accrued and unpaid Special Interest, if any, pursuant to Section 7.03 hereof. References in this Indenture
and in the Notes to the “interest” accrued or payable on the Notes shall be deemed to include any Additional Interest and
Special Interest that may become accrued or payable thereon pursuant to the terms of this Indenture, the Notes and the Transaction Documents
unless the context otherwise requires.


 


“Interest Make-Whole
Date” means June 9, 2025.


 


“Interest Make-Whole
Payment” means the Conversion Interest Make-Whole Payment and the Redemption Interest Make-Whole Payment.


 


“Interest Payment
Date” means June 15 and December 15 of each year until the Stated Maturity with the first Interest Payment Date being December
15, 2022.


 


“Interest Rate”
means a rate per annum equal to 6.0%.


 


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


 




    -8-


     


    

 


“Issue Date”
means the date of the first issuance of Notes under this Indenture.


 


“Legal Holiday”
means a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York or at a place of payment under this Indenture are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment under this Indenture,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment
for the intervening period, as more fully described at Section 17.04. If a record date is a Legal Holiday, the record date shall not be
affected.


 


“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction).


 


“Majority Holders”
means the Holders of at least 50.01% in aggregate Principal Amount of the Notes at the time then outstanding.


 


“Market Disruption
Event” means (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session or (ii) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock, for more than one half-hour
period in the aggregate during regular trading hours, of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock.


 


“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties or condition
(financial or otherwise) of the Company and its Subsidiaries, taken as a whole; (b) a material impairment of the ability of the Company
or any of its Subsidiaries to perform in any material respect its obligations under any Transaction Document; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability of any material provision of any Transaction Document.


 


“Moody’s”
means Moody’s Investors Services, Inc.


 


“Net Income”
means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction
in respect of preferred stock dividends, excluding, however:


 


(1) any
gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with (a) any Asset
Sale or (b) the disposition of any securities by such Person or any of its Subsidiaries or the extinguishment of any Indebtedness of such
Person or any of its Subsidiaries; and


 


(2) any
extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss).


 




    -9-


     


    

 


“Note Custodian”
means the Trustee, as custodian for the Depositary, with respect to the Global Notes, or any successor entity thereto.


 


“Note Guarantee”
means the Guarantee by the Guarantor of the Company’s payment obligations under this Indenture.


 


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


 


“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.


 


“Officer”
means, with respect to any Person, the Chair of the Board, the Vice Chair of the Board, 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 such Person.


 


“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the
Chief Executive Officer, the Chief Financial Officer or the Treasurer, that meets the requirements of Section 17.06 and Section 17.07
hereof.


 


“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 17.06 and Section
17.07 hereof. The counsel may be internal or external counsel to the Company.


 


“Permitted Business”
means any business similar in nature to any business conducted by the Company or any of its Subsidiaries as of the date of this Indenture
and any business reasonably ancillary, incidental, complimentary or related thereto or a reasonable extension, development or expansion
thereof, in each case, as determined in good faith by the Board of Directors of the Company.


 


“Permitted Investments”
means:


 


(i) any
Investment in the Company or in a Subsidiary of the Company;


 


(ii) any
Investment in Cash Equivalents;


 


(iii) any
Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment: (a) such Person becomes a Subsidiary
of the Company; or (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the Company or a Subsidiary of the Company;


 


(iv) any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with
Section 5.10 hereof;


 


(v) any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company;


 


(vi) any
Investments received in compromise or resolution of litigation, arbitration or other disputes;


 


(vii) Investments
represented by Hedging Obligations; and


 


(viii) repurchases
of the Notes, including the related Note Guarantee, in accordance with the terms of this Indenture.


 




    -10-


     


    

 


“Permitted
Liens” means:


 


(i) Liens
securing Existing Indebtedness;


 


(ii) Liens
on Secured Funded Indebtedness permitted to be incurred pursuant to Section 5.09(xiii) and Permitted Refinancing Indebtedness of such
Secured Funded Indebtedness incurred pursuant to Section 5.09(iv);


 


(iii) Liens
on property, plant or equipment securing Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money
obligations permitted to be incurred pursuant to clauses (iii) or (iv) of the definition of “Permitted Debt”;


 


(iv) Liens
in favor of the Company or the Guarantor;


 


(v) Liens
to secure the performance of statutory obligations, performance bonds or other obligations of a like nature incurred in the ordinary course
of business;


 


(vi) Liens
for taxes, assessments or charges, claims or other obligations owed to governmental or quasi-governmental authorities that are not yet
delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided
that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor;


 


(vii) Liens
consisting of judgment or judicial attachment liens not constituting an Event of Default hereunder;


 


(viii) Licenses
of intellectual property granted in accordance with industry practice in the ordinary course of the Company’s business which (a)
do not interfere in any material respect with the ordinary conduct of the business of the Company or any Subsidiaries and (b) do not secure
any Indebtedness;


 


(ix) leases,
subleases, licenses or sublicenses in the ordinary course of business to third Persons not interfering in any material respect with the
ordinary conduct of the business of the Company or any Subsidiaries and do not secure any Indebtedness;


 


(x) Liens
in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code;


 


(xi) Liens
imposed by law, such as carriers’, warehousemen’s, materialmans’, landlord’s and mechanics’ Liens, in each
case, incurred in the ordinary course of business and securing obligations that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision
as if required in conformity with GAAP has been made therefor;


 


(xii) with
respect to any Real Estate Assets, (a) Liens that would otherwise be permissible under clause (ii), (iii), (vi) or (ix) of this definition,
(b) all easements and restrictions of record that would not be reasonably expected to, individually or in the aggregate, materially impair
the value of any real property leased or owned by the Company or materially interfere with its intended use for the Permitted Business,
and (c) such other title and survey exceptions that would not be reasonably expected to, individually or in the aggregate, materially
impair the value of any real property leased or owned by the Company or materially interfere with the Permitted Business; and


 




    -11-


     


    

 


(xiii) and
any Liens securing the Notes and the Note Guarantee.


 


“Permitted Refinancing
Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries issued in exchange for, or the net proceeds of
which are used to renew, refund, refinance, replace, defease or discharge other Permitted Debt of the Company or any of its Subsidiaries
(other than intercompany Indebtedness); provided that


 


(i) the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or
accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest
on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith);


 


(ii) such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged;


 


(iii) if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the Notes,
such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right
of payment to, the Notes on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged;


 


(iv) such
Indebtedness is incurred either by the Company or by the Subsidiary who is the obligor on the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged; and


 


(v) such
the Indebtedness may only be secured by the same assets securing (and at the same priority as) the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged.


 


“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited
liability company, or government or other entity.


 


“Physical Note”
means permanent certificated Note in registered form issued in denomination of $1,000 Principal Amount and integral multiples thereof.


 


“Principal”
or “Principal Amount” means, when referring to the principal or principal amounts of any Note, as set forth on the
face of the Note as such amount may be reduced by any conversions, redemptions or otherwise pursuant hereto.


 


“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or 430B promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.


 




    -12-


     


    

 


“Purchase Agreement”
means the Purchase Agreement dated June 7, 2022 among the Company and the purchasers of the Notes identified therein, as such agreements
may be amended, modified or supplemented from time to time in accordance with their terms.


 


“Qualified Institutional
Buyer” or “QIB” shall have the meaning specified in Rule 144A.


 


“Qualifying Fundamental
Change” means any transaction or event that constitutes a Fundamental Change in clause (a), (b) or (d) of
the definition of Fundamental Change (determined after giving effect to any exceptions to or exclusions from such definition, but without
regard to the proviso in clause (b) of the definition thereof).


 


“Real Estate Asset”
means any interest (fee, leasehold or otherwise) then owned in any land, any improvements, structures or buildings erected or located
on such land, and any equipment located thereon which is so related to such land, improvements, structures or buildings that it is deemed
to be a fixture or otherwise forms part of the real property under the law of the applicable jurisdiction.


 


“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of the Common Stock (or other applicable
security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock
(or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors,
by statute, by contract or otherwise).


 


“Redemption Dates”
means, collectively, the Fundamental Change Repurchase Date and the Optional Redemption Date, and each of the foregoing, individually,
a Redemption Date.


 


“Redemption Prices”
means, collectively, the Fundamental Change Repurchase Price and the Optional Redemption Price, and each of the foregoing, individually,
a Redemption Price.


 


“Registration Rights
Agreement” means the Registration Rights Agreement dated as of the date of this Indenture among the Company and the purchasers
of the Notes identified therein, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.


 


“Registration Statement”
means any registration statement of the Company and any other entity required to be a registrant with respect to such registration statement
pursuant to the requirements of the Securities Act on an appropriate form, and including, in each case, the Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and
all material incorporated by reference or deemed to be incorporated by reference in such registration statement.


 


“Regular Record Date”
and “regular record date” with respect to any Interest Payment Date, means the June 1 or December 1 (whether or not
such day is a Business Day) immediately preceding the applicable Interest Payment Date.


 


“Regulation S”
means Regulation S promulgated under the Securities Act (or any successor provision promulgated by the SEC).


 




    -13-


     


    

 


“Relevant Stock Exchange”
means the Nasdaq Capital Market or, if the Common Stock is not then listed on the Nasdaq Capital Market, the principal other U.S. national
or regional securities exchange or market on which the Common Stock is listed or admitted for trading.


 


“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.


 


“Restricted Investment”
means any Investment other than a Permitted Investment.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act (or any successor provision promulgated by the SEC).


 


“Rule 144A”
means Rule 144A promulgated under the Securities Act (or any successor provision promulgated by the SEC).


 


“Scheduled Trading
Day” means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange, or if the Common Stock is not then listed
on any Relevant Stock Exchange, a Business Day.


 


“SEC” means
the Securities and Exchange Commission.


 


“Secured Funded Indebtedness”
means, with respect to any specified Person, (i) Indebtedness described in any of clauses (i), (ii) and (iv) of the definition of “Indebtedness”
that is secured by Liens encumbering all or any portion of the assets and property of such Person, and (ii) Guarantees in respect of any
such Indebtedness of another Person that are secured by Liens encumbering all or any portion of the assets and property of such Person.


 


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


 


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


 


“Stated Maturity”
when used in respect of any Note, means the date specified in such Note as the fixed date on which an amount equal to the Principal of
such Note together with accrued and unpaid Interest, and any other amounts accrued and unpaid hereunder if any, is due and payable.


 


“Stockholder Approval”
means the affirmative vote of a majority of the voting power of the issued and outstanding Capital Stock of the Company voting in accordance
with the provisions of the Company’s certificate of incorporation and by-laws as in effect on the date of such vote.


 


“Subsidiary”
means, with respect to any specified Person:


 


(i) any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and 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 of the corporation, association or
other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and


 




    -14-


     


    

 


(ii) any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).


 


“TIA” means
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under
the TIA.


 


“Trading Day”
means a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs
on the Relevant Stock Exchange, or, if the Common Stock (or such other security) is not then listed on a Relevant Stock Exchange, on the
principal other market on which the Common Stock (or such other security) is then traded, and (ii) a last reported sale price for the
Common Stock (or closing sale price for such other security) is available on such securities exchange or market. If the Common Stock (or
such other security) is not so listed or traded “Trading Day” means a “Business Day.” For purposes of any calculation
under this Indenture based upon the Daily VWAP, “Trading Day” means a scheduled trading day on which (i) there is no Market
Disruption Event and (ii) trading in the Common Stock generally occurs on the Relevant Stock Exchange or, if the Common Stock is
not then listed on a Relevant Stock Exchange, on the principal other market on which the Common Stock is then listed or admitted for trading.
If the Common Stock is not so listed or admitted for trading, “Trading Day” means a “Business Day.”


 


“Transaction Documents”
means this Indenture, the Notes, the Note Guarantee, the Purchase Agreement and the Registration Rights Agreement.


 


“Trustee”
means The Bank of New York Mellon Trust Company, N.A., until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.


 


“Underlying Securities”
means the shares of Common Stock into which the Principal Amount of the Notes is convertible.


 


“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.


 


“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum
of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect of the Indebtedness, by (y) the number of years (calculated to
the nearest one-twelfth) that will elapse between such date and the making of such payment, by (b) the then outstanding principal amount
of such Indebtedness.


 




    -15-


     


    

 


Section 1.02 Other
Definitions.


 


	Term	 	Defined in 

Section
	1% Provision	 	9.04
	Act	 	2.05
	Affiliate Transaction	 	5.11
	Agent Members	 	2.15
	Applicable Law	 	17.19
	Asset Sale	 	5.10
	Authentication Order	 	2.02
	Cash Interest	 	16.02
	Clause A Distribution	 	9.04
	Clause B Distribution	 	9.04
	Clause C Distribution	 	9.04
	Common Stock Interest	 	16.02
	Common Stock Interest Share Amount	 	16.02
	Conversion Agent	 	2.03
	Conversion Date	 	9.02
	Conversion Interest Make-Whole Payment	 	9.01
	Conversion Limitation	 	9.02
	Conversion Obligation	 	9.01
	Conversion Rate	 	9.01
	Convertible Securities	 	9.04
	Covenant Defeasance	 	11.02
	Distributed Property	 	9.04
	Effective Time	 	9.04
	Event of Default	 	7.01
	Form of Note	 	2.01
	Fundamental Change Company Notice	 	10.01
	Fundamental Change Repurchase Date	 	10.01
	Fundamental Change Repurchase Notice	 	10.01
	Fundamental Change Repurchase Price	 	10.01
	Expiration Date	 	9.04
	incur	 	5.09
	indenture securities	 	1.03
	indenture security Holder	 	1.03
	indenture to be qualified	 	1.03
	indenture trustee	 	1.03
	institutional trustee	 	1.03
	Legend	 	2.13
	Maximum Additional Share Reserve	 	9.06
	Maximum Conversion Share Reserve	 	9.06
	Maximum Share Reserve	 	9.06
	Notice of Conversion	 	9.02
	obligor	 	1.03
	Optional Redemption Date	 	3.03
	Optional Redemption Notice	 	3.03
	Optional Redemption Price	 	3.07
	Optional Redemption Right	 	3.07
	Options	 	9.04
	Paying Agent	 	2.03
	Payment Default	 	7.01
	Permitted Asset Sale	 	5.10
	Permitted Debt	 	5.09
	Qualifying Fundamental Change Additional Shares	 	9.03
	Qualifying Fundamental Change Company Notice	 	9.03
	Qualifying Fundamental Change Payment	 	9.03


 



    -16-


     


    

 


	Qualifying Fundamental Change Period	 	9.03
	Redemption Interest Make-Whole Payment	 	3.07
	Reference Property	 	9.07
	Registrar	 	2.03
	Restricted Payments	 	5.07
	Sanctions	 	5.19
	Securities Register	 	2.03
	Share Exchange Event	 	9.07
	Special Interest	 	7.03
	Stock Price	 	9.03
	Surviving Entity	 	6.01
	transfer	 	2.13
	Trigger Event	 	9.04
	unit of Reference Property	 	9.07
	Valuation Period	 	9.04


 


Section 1.03 Incorporation
by Reference of Trust Indenture Act.


 


Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.


 


The following TIA terms used
in this Indenture have the following meanings:


 


“indenture securities”
means the Notes and the Note Guarantee;


 


“indenture security
Holder” means a Holder of a Note;


 


“indenture to be
qualified” means this Indenture;


 


“indenture trustee”
or “institutional trustee” means the Trustee; and


 


“obligor” on
the Notes and the Note Guarantee means the Company and the Guarantor, respectively, and any successor obligor upon the Notes and the Note
Guarantee, respectively.


 


All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings
so assigned to them.


 


Section 1.04 Rules
of Construction.


 


Unless the context otherwise
requires:


 


(a) a
term has the meaning assigned to it;


 


(b) an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(c) “or”
is not exclusive;


 


(d) words
in the singular include the plural, and in the plural include the singular;


 


(e) provisions
apply to successive events and transactions;


 


(f) the
words “include” and “including” shall be deemed to be followed by the words “without limitation”;
and


 


(g) references
to sections of or rules under the TIA, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time.


 




    -17-


     


    

 


ARTICLE
2.

THE NOTES


 


Section 2.01 Title,
Terms, Form and Dating.


 


The Notes shall be known and
designated as the “6.0% Convertible Senior Notes Due 2027” of the Company. The Principal Amount shall be payable on the Stated
Maturity or on an applicable Redemption Date or as otherwise provided under this Indenture.


 


The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto (the “Form of Note”).
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date
of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof.


 


The terms and provisions contained
in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantor and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the
extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern
and be controlling.


 


Section 2.02 Execution
and Authentication.


 


The Notes shall be executed
on behalf of the Company by two of the following officers: the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President, the Treasurer and the Corporate Secretary of the Company. The signatures of any of these officers on the Securities may
be manual, electronic or facsimile.


 


Notes bearing the manual,
electronic or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did
not hold such offices at the date of such Notes.


 


A Note shall not be valid
until authenticated by the manual or electronic signature of the Trustee. The signature shall be conclusive evidence that the Note has
been authenticated under this Indenture.


 


The Trustee shall, upon a
written order of the Company signed by two Officers (an “Authentication Order”) accompanied by an Officers’ Certificate
and Opinion of Counsel, authenticate Notes for original issue up to the aggregate Principal Amount of $44.0 million.


 


The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee
may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.


 




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Section 2.03 Registrar,
Paying Agent and Conversion Agent.


 


The Company shall maintain
an office or agency in The City of New York where Notes may be presented for registration of transfer or for exchange (“Registrar”),
an office or agency where Notes may be presented for payment (“Paying Agent” or “paying agent”) and
an office or agency where the Notes may be presented for conversion (“Conversion Agent”). The Registrar shall
keep a register of the Notes and of their transfer and exchange (the “Securities Register”). The Company may appoint
one or more co-registrars and one or more additional paying agents and conversion agents. The term “Registrar” includes any
co-registrar, the term “Paying Agent” includes any additional paying agent, and the term “Conversion Agent” includes
any additional conversion agent. The Company may change any Paying Agent, Registrar or Conversion Agent without notice to any Holder.
The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails
to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries
may act as Paying Agent or Registrar.


 


The Company initially appoints
the Trustee to act as the Registrar, Paying Agent and Conversion Agent.


 


Section 2.04 Paying
Agent to Hold Money in Trust.


 


The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the
Trustee all money held by the Paying Agent for the payment of Principal, premium, if any, Interest or any other amounts due on the Notes,
and will notify the Trustee, in writing, of any default by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall
have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Company, the Trustee shall serve as Paying Agent for the Notes.


 


Section 2.05 Holder
Lists; Acts.


 


(a) The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the
Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the
Company shall otherwise comply with TIA § 312(a).


 


(b) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of Holders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.


 




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(c) The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a
capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.


 


(d) The
ownership of the Notes shall be proved by the Register.


 


(e) Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder
of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation
of such action is made upon such Note.


 


(f) If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to a resolution of its Board of Directors, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation
to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to
be Holders for the purposes of determining whether Holders of the requisite proportion of the then outstanding Notes have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
then outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.


 


Section 2.06 Transfer
and Exchange.


 


(a) Subject
to compliance with any applicable additional requirements contained in Section 2.13, when a Note is presented to a Registrar, at the office
of the Registrar, with a request to register a transfer thereof or to exchange such Note for an equal Principal Amount of Notes of other
authorized denominations, the Registrar shall register the transfer or make the exchange as requested; provided, however, that
every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form
and, if applicable, an appropriately completed certificate of transfer in the form set forth in Attachment 4 to the Form of Note attached
hereto as Exhibit A, and in form satisfactory to the Registrar duly executed by the Holder thereof or its attorney duly
authorized in writing. To permit registration of transfers and exchanges, upon surrender of any Note for registration of transfer or exchange
at an office or agency maintained pursuant to Section 2.03, the Company shall execute and the Trustee shall authenticate Notes of a like
aggregate Principal Amount at the Registrar’s request. Any exchange or transfer shall be without charge, except that the Company
or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto other than any tax or other governmental charge payable upon any exchange or transfer pursuant to Section 2.10, Section 2.13(a),
Section 3.07, ARTICLE 10 and Section 12.05.


 




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(b) The
Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening
of business 15 days before the day of any selection of Notes for repurchase under Section 3.07 hereof and ending at the close of business
on the day of selection, (B) to register the transfer of or to exchange any Note so selected for repurchase in whole or in part, except
the unpurchased portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Regular
Record Date and the next succeeding Interest Payment Date set forth on the face of such Note.


 


(c) All
Notes issued upon any transfer or exchange of Notes shall be valid obligations of the Company, evidencing the same debt and entitled to
the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange.


 


(d) Any
Registrar appointed pursuant to Section 2.03 hereof shall provide to the Trustee such information as the Trustee may reasonably require
in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes.


 


(e) Each
Holder agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment
of such Holder's Notes in violation of any provision of this Indenture and/or applicable United States Federal or state securities law.


 


(f) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among
Agent Members or book-entry interests) other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.


 


(g) Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person
in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of Principal of and Interest
and any other amounts due on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected
by notice to the contrary.


 


(h) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect
a registration of transfer or exchange may be submitted by facsimile.


 


Section 2.07 Replacement
Notes.


 


If any mutilated Note is surrendered
to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the
Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in
the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss
that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.


 


Every replacement Note is
an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with
all other Notes duly issued hereunder.


 






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Section 2.08 Outstanding
Notes.


 


The Notes outstanding at any
time are all the Notes authenticated by the Trustee, except for those canceled by it, those converted pursuant to ARTICLE 9, those delivered
to it for cancellation, and those described in Section 2.12 or this Section as not outstanding. Except as set forth in Section 2.09 hereof,
a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.


 


If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held
by a bona fide purchaser.


 


If the entire Principal, accrued
and unpaid Interest on such Principal and any other amounts due on any Note is considered paid under Section 5.01 hereof, such Note ceases
to be outstanding and Interest on it ceases to accrue.


 


If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a Redemption Date or Stated Maturity, money sufficient to pay
all Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to
accrue Interest.


 


Section 2.09 Treasury
Notes.


 


In determining whether the
Holders of the requisite Principal Amount of outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have
consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder,
Notes held for the account of the Company, or for any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company, shall be disregarded and deemed not to be outstanding, except that in determining whether the Trustee
shall be protected in making such a determination or relying upon any such quorum, consent or vote, only Notes which a Responsible Officer
of the Trustee actually knows to be so owned shall be so disregarded.


 


Section 2.10 Temporary
Notes.


 


Until certificates representing
Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate
for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate definitive Notes in exchange for temporary Notes without charge to the Holders.


 


Holders of temporary Notes
shall be entitled to all of the benefits of this Indenture as Physical Notes.


 


Section 2.11 Cancellation.


 


The Company shall cause all
Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange or conversion, if surrendered to the Company
or any of the Company’s agents, Subsidiaries or Affiliates, including the Registrar, Paying Agent and Conversion Agent, to be surrendered
to the Trustee for cancellation. All Notes delivered to the Trustee shall, upon receipt of a written request in a Company Order, be canceled
promptly by it. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted by any
of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation.
The Trustee shall cancel Notes in accordance with its customary procedures and, after such cancellation, shall deliver evidence of such
cancellation to the Company, at the Company’s written request in a Company Order. Except as otherwise provided in this Indenture,
the Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation, or
that any Holder has converted pursuant to ARTICLE 9 hereof.


 




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Section 2.12 Repurchases.


 


The Company may, to the extent
permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the
open market or otherwise, whether by the Company or its Subsidiaries or through a privately negotiated transaction or public tender or
exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case, without
prior notice to the Holders. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps
or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.11 and such Notes shall no longer
be considered outstanding under this Indenture upon their repurchase.


 


Section 2.13 Legend;
Additional Transfer and Exchange Requirements.


 


(a) If
Notes are issued upon the transfer, exchange or replacement of Notes subject to restrictions on transfer and bearing the legends set forth
on the Form of Note (collectively, the “Legend”), or if a request is made to remove the Legend on a Note, (i)
the Notes so issued shall bear the Legend, or (ii) the Legend shall not be removed, as the case may be, unless in the case of clause
(ii) there is delivered to the Company and the Registrar such satisfactory evidence, which shall include an Opinion of Counsel if requested
by the Company or such Registrar, as may be reasonably required by the Company and the Registrar, that neither the Legend nor the restrictions
on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation
S under the Securities Act or that such Notes are not “restricted” within the meaning of Rule 144 under the Securities Act;
provided that no such evidence need be supplied in connection with the sale of such Note pursuant to a Registration Statement that
is effective at the time of such sale. Upon (1) provision of such satisfactory evidence if requested, or (2) notification by the Company
to the Trustee and Registrar of the sale of such Note pursuant to a Registration Statement that is effective at the time of such sale,
the Trustee, at the written direction of the Company, shall authenticate and deliver a Note that does not bear the Legend. If the Legend
is removed from the face of a Note and the Note is subsequently held by an Affiliate of the Company, the Legend shall be reinstated.


 


(b) No
transfer of a Note to any Person shall be effective under this Indenture or the Notes unless and until such Note has been registered in
the name of such Person.


 


(c) Subject
to the succeeding paragraph, every Note shall be subject to the restrictions on transfer provided in the Legend. Whenever any restricted
Note is presented or surrendered for registration of transfer or for exchange for a Note registered in a name other than that of the Holder,
such Note must be accompanied by a certificate of transfer in the form set forth in Attachment 4 to the Form of Note attached hereto as
Exhibit A, dated the date of such surrender and signed by the Holder of such Note, as to compliance with any applicable
restrictions on transfer. The Registrar shall not be required to accept for such registration of transfer or exchange any Note not so
accompanied by a properly completed certificate.


 


(d) The
restrictions imposed by the Legend upon the transferability of any Note shall cease and terminate when such Note has been sold pursuant
to an effective Registration Statement or transferred in compliance with Rule 144 under the Securities Act (or any successor provision
thereto) or, if earlier, upon the expiration of the holding period applicable to sales thereof under Rule 144(d) under the Securities
Act (or any successor provision). Any Note as to which such restrictions on transfer shall have expired in accordance with their terms
or shall have terminated may, upon a surrender of such Note for exchange to the Registrar in accordance with the provisions of this Section
2.13 (accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144
or any successor provision, by, if requested by the Company or the Registrar, an Opinion of Counsel reasonably acceptable to the Company
and addressed to the Company in form acceptable to the Company, to the effect that the transfer of such Note has been made in compliance
with Rule 144 or such successor provision), be exchanged for a new Note, of like tenor and aggregate Principal Amount, which shall not
bear the restrictive Legend. The Company shall inform the Trustee, in writing, of the effective date of any Registration Statement registering
the Notes. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned
Opinion of Counsel or Registration Statement.


 




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As used in the preceding Section
2.13(c) and (d), the term “transfer” encompasses any sale, transfer or other disposition of any Note.


 


Section 2.14 CUSIP
Numbers.


 


The Company in issuing the
Notes may use one or more “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption or purchase as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase
and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or purchase shall
not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee, in writing, of any change
in the “CUSIP” numbers.


 


Section 2.15 Book-Entry
Provisions for Global Notes.


 


(a) The
Global Note initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be delivered to the
Trustee as custodian for the Depositary and (iii) bear legends as set forth on the face of the Form of Note. The transfer and exchange
of book-entry interests shall be effected through the Depositary, in accordance with the provisions of this Indenture and its Applicable
Procedures. Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.


 


(b) Members
of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture in respect of any
Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may
be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary
and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder.


 


(c) Transfers
of the Global Note shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees.
Interests of Beneficial Owners in a Global Note may be transferred or exchanged, in whole or in part, for Physical Notes in accordance
with the rules and procedures of the Depositary and the provisions of Section 2.13. In addition, Physical Notes shall be transferred to
all Beneficial Owners in exchange for their beneficial interests in the Global Note if (A) such Depositary has notified the Company (or
the Company becomes aware) that the Depositary (i) is unwilling or unable to continue as Depositary for such Global Note or (ii) has ceased
to be a clearing agency registered under the Exchange Act when the Depositary is required to be so registered to act as such Depositary
and, in either such case, no successor Depositary shall have been appointed within 90 days of such notification or of the Company becoming
aware of such event; or (B) there shall have occurred and be continuing an Event of Default in respect of such Global Note and the outstanding
Notes shall have become due and payable pursuant to Section 7.02 and the Holders request that Physical Note be issued; provided that Holders
of Physical Note offered and sold in reliance on Rule 144A shall have the right, subject to applicable law, to request that such Notes
be exchanged for interests in the applicable Global Note.


 




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(d) In
connection with any transfer or exchange of a portion of the beneficial interest in the Global Note to Beneficial Owners pursuant to clause
(c) of this Section 2.15, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date
and a decrease in the Principal Amount of the Global Note in an amount equal to the Principal Amount of the beneficial interest in the
Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Notes
of like tenor and amount.


 


(e) In
connection with the transfer of the entire Global Note to Beneficial Owners pursuant to clause (c) of this Section 2.15, the Global Note
shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and
deliver, to each Beneficial Owner identified by the Depositary in exchange for its beneficial interest in the Global Note, an equal aggregate
Principal Amount of Physical Notes of authorized denominations and the same tenor.


 


(f) Any
Physical Note bearing a restrictive Legend delivered in exchange for an interest in the Global Note pursuant to clause (c) or (d) of this
Section 2.15 shall bear the legend regarding transfer restrictions applicable to the Physical Notes set forth on the face of the Form
of Note in Exhibit A hereto.


 


(g) The
Holder of the Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests
through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.


 


(h) The
Trustee shall have no responsibility or obligation to any Beneficial Owner of a Global Note, a member or, or a participant in the Depositary
or other Person in respect of the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any
participant or member thereof, in respect of any ownership interest in the Notes or in respect of the delivery to any participant, member,
Beneficial Owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any
amount, under or in respect of such Notes. All notices and communications to be given to the Holders and all payment to be made to Holders
under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee
in the case of a Global Note). The rights of Beneficial Owners in any Global Note shall be exercised only through the Depositary subject
to its Applicable Procedures. The Trustee may rely on information furnished by the Depositary in respect of its Agent Members and any
Beneficial Owners.


 


Section 2.16 Transfers
to QIBs.


 


The following provisions shall
apply in respect of the registration of any proposed transfer of a Note constituting a Note bearing a restrictive Legend to a QIB:


 


(a) the
Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for on
the Form of Note stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance
with the provisions of Rule 144A to a transferee who has signed the certification provided for on the Form of Note stating, or has otherwise
advised the Company and the Registrar in writing, that it is purchasing the Note for its own account or an account in respect of which
it exercises sole investment discretion and that it and any such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.


 




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(b) if
the proposed transferee is an Agent Member, and the Notes to be transferred consist of Physical Notes which after transfer are to be evidenced
by an interest in the Global Note, upon receipt by the Registrar of instructions given in accordance with the Depositary’s and the
Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the Principal Amount of
the Global Note in an amount equal to the Principal Amount of the Physical Notes to be transferred, and the Trustee shall cancel the Physical
Notes so transferred.


 


Section 2.17 Ranking.


 


The Notes constitute a senior
general unsecured obligation of the Company, ranking equally in right of payment with all existing and future senior unsecured indebtedness
of the Company and ranking senior in right of payment to any future indebtedness of the Company that is expressly made subordinate to
the Notes by the terms of such indebtedness.


 


ARTICLE
3.

REDEMPTION AND PREPAYMENT


 


Section 3.01 Notices
to Trustee.


 


If the Company elects to exercise
the Optional Redemption Right pursuant to Section 3.07 hereof, it shall notify the Trustee and the Registrar in writing at least 5 Business
Days prior to the date that any Optional Redemption Notice is sent to the Holders (unless the Trustee consents to a shorter period) of
the Optional Redemption Date, the Principal Amount of the Notes to be redeemed, and the amount of the Redemption Interest Make-Whole Payment,
together with an Officers’ Certificate that all conditions precedent with respect to such redemption contained in Section 3.07 have
been satisfied and that such redemption will comply with this Indenture.


 


Section 3.02 Selection
of Notes To Be Redeemed.


 


In the case of any partial
redemption, selection of the Notes for redemption will be made, with respect to Global Notes, in accordance with the Applicable Procedures
of the Depositary and, with respect to Physical Notes, by lot, pro rata or by such other method as Trustee deems fair and reasonable.
The Notes or portions of them selected will be redeemed in Principal Amounts of $1,000 or a whole multiple of $1,000. Provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the
Company promptly of the Notes or portions of Notes to be redeemed. The Trustee may rely upon information provided by the Registrar for
purposes of this Section 3.02.


 


If any portion of a Note selected
for partial redemption is converted in part before termination of the conversion right in respect of the portion of the Note so selected,
the converted portion of such Note shall be deemed (so far as may be) to be the portion selected for redemption such that the amount designated
for partial redemption shall be reduced by the amount so converted. With respect to Physical Notes, Notes which have been converted during
a selection of Notes to be redeemed may be treated by the Trustee as outstanding for the purpose of such selection.


 




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Section 3.03 Notice
of Redemption


 


At least 30 days but not more
than 60 days before an Optional Redemption Date, the Company shall deliver a notice of redemption (an “Optional Redemption Notice“)
(with a copy to the Trustee) to each Holder of Notes to be redeemed at such Holder’s registered address.


 


The Optional Redemption Notice
shall identify the Notes to be redeemed and shall state:


 


(i) each
date when, pursuant to the provisions of Section 3.07 hereof, the Company elects to redeem the Notes in whole or in part (the “Optional
Redemption Date”);


 


(ii) the
Optional Redemption Price;


 


(iii) the
Conversion Price;


 


(iv) the
amount, form (i.e., cash or Freely Tradeable Common Stock) and procedures for payment of the Redemption Interest Make-Whole Payment;


 


(v) the
name and address of the Paying Agent where Notes are to be surrendered;


 


(vi) that
Notes called for redemption may be converted at any time prior to the close of business on the Business Day immediately preceding the
Optional Redemption Date;


 


(vii) that
Notes called for redemption must be surrendered to the Paying Agent to collect the Optional Redemption Price and the Redemption Interest
Make-Whole Payment;


 


(viii) if
fewer than all the outstanding Notes are to be redeemed, the identification and Principal Amounts of the particular Notes to be redeemed;


 


(ix) that,
unless the Company defaults in making such redemption payment or Redemption Interest Make-Whole Payment, Interest on Notes (or portion
thereof) called for redemption ceases to accrue on and after the Optional Redemption Date; and


 


(x) the
CUSIP number or ISIN number, if any, printed on the Notes being redeemed.


 


At the Company’s request,
the Trustee shall give the Optional Redemption Notice in the Company’s name and at the Company’s expense. In such event, the
Company shall provide the Trustee with the information required by this Section 3.03.


 


The Company will issue a press
release if the Notes are redeemed.


 




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Section 3.04 Effect
of Notice of Redemption.


 


Once an Optional Redemption
Notice is delivered to the Holders, the Notes (or portions thereof) called for redemption shall become irrevocably due and payable on
the Optional Redemption Date and at the Optional Redemption Price, together with the Redemption Interest Make-Whole Payment, each as stated
in the Optional Redemption Notice. An Optional Redemption Notice may not be conditional and shall be irrevocable; provided that
an Optional Redemption Notice shall be rescinded to the extent that the condition set forth in Section 3.07(a)(2) fails to be satisfied
at any time after such Optional Redemption Notice is delivered to the Holders and prior to the Optional Redemption Date. Upon surrender
to the Paying Agent, such Notes shall be paid on the Optional Redemption Date at the Optional Redemption Price, together with the Redemption
Interest Make-Whole Payment, each as stated in the Optional Redemption Notice; provided that if the Optional Redemption Date is
on or after a Regular Record Date and on or prior to the Interest Payment Date, the accrued and unpaid Interest shall be payable to the
Holder of the redeemed Notes registered on the Regular Record Date (other than the Redemption Interest Make-Whole Payment which shall
be payable to the Holder entitled to receive payment of the Optional Redemption Price). Failure to give notice or any defect in the notice
to any Holder shall not affect the validity of the notice to any other Holder.


 


Section 3.05 Deposit
of Redemption Price and Redemption Interest Make-Whole Payment.


 


No later than 11:00 a.m. (New
York City time) on the Business Day prior to the date on which any Redemption Price on any Note is due and payable, the Company shall
deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money and, if
applicable, provide to the transfer agent of the Common Stock an instruction letter and any other documentation requested by the transfer
agent for the issuance Freely Tradeable Common Stock, in each case sufficient to pay the Redemption Price and any Redemption Interest
Make-Whole Payment to be paid on all Notes to be redeemed on the applicable Redemption Date other than Notes or portions of Notes called
for redemption which are owned by the Company or a Subsidiary and have been delivered by the Company or such Subsidiary to the Trustee
for cancellation. If the Company complies with the provisions of this Section 3.05, then on and after the applicable Redemption Date,
Interest will cease to accrue on the Notes (or portions of the Notes) called for redemption.


 


Section 3.06 Notes
Redeemed in Part.


 


Upon cancellation of a Note
that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder (at the Company’s expense) a
new Note equal in Principal Amount to the unredeemed portion of the Note surrendered. The Trustee shall notify the Registrar of the issuance
of such new Note.


 


Section 3.07 Optional
Redemption by the Company.


 


(a) The
Notes may not be redeemed at the option of the Company pursuant to this Indenture at any time prior to June 9, 2023. At any time and from
time to time on or after June 9, 2023, the Notes shall become subject to Company’s right to redeem (the “Optional Redemption
Right”) at a redemption price (the “Optional Redemption Price”) payable in cash equal to 100% of the Principal
Amount plus accrued and unpaid Interest on such Principal, if any, up to the Optional Redemption Date as follows:


 


(i) on
or after June 9, 2023, up to one-third of the aggregate Principal Amount of Notes initially issued;


 


(ii) on
or after June 9, 2024, up to two-thirds of the aggregate Principal Amount of Notes initially issued; and


 


(iii) on
or after June 9, 2025, up to 100% of the aggregate Principal Amount of Notes initially issued;


 




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provided that at any
time the Company exercises the Optional Redemption Right, (1) the Closing Sale Price of the Common Stock must be greater than 150% of
the then effective Conversion Price for each of any 20 consecutive Trading Days during the 30 consecutive Trading Day period ending on
the Trading Day immediately preceding the date that the applicable Optional Redemption Notice is delivered to Holders and (2) a Registration
Statement registering the resale of all Underlying Securities and all Additional Shares issuable upon conversion or redemption of any
Notes to be redeemed pursuant to such Optional Redemption Right is and remains effective, and a current Prospectus related thereto available
for use, throughout the period from the date the Optional Redemption Notice is delivered to the Holders to and including the Optional
Redemption Date such that all such Underlying Securities and Additional Shares may be immediately sold or otherwise disposed of by the
Holders without further registration or other restriction under the Securities Act and applicable state securities laws.


 


(b) If
the Company elects to exercise the Optional Redemption Right pursuant to this Section 3.07 prior to the Interest Make-Whole Date, then
on the Optional Redemption Date, the Company shall make a payment to the Holder of such redeemed Notes equal to the sum of the remaining
scheduled payments of interest that would have been made on the Notes to be redeemed had such Notes remained outstanding through, and
including, the Interest Make-Whole Date (the “Redemption Interest Make-Whole Payment”).


 


(c) If
an Optional Redemption Date occurring prior to the Interest Make-Whole Date occurs after the close of business on a Regular Record Date
but prior to the open of business on the Interest Payment Date corresponding to such Regular Record Date, the Redemption Interest Make-Whole
Payment will not include the accrued interest to, but excluding, the Optional Redemption Date to any Holder of Notes called for redemption
and instead the Company will pay the full amount of the relevant interest payment on such Interest Payment Date to the Holder of record
on such Regular Record Date. In such case, the Redemption Interest Make-Whole Payment to such Holders of Notes called for redemption will
equal the value of all remaining interest payments, starting with the next Interest Payment Date for which interest has not been provided
for through the Interest Make-Whole Date.


 


(d) The
Company will have the option to pay any Redemption Interest Make-Whole Payment in cash and/or, subject to the limitations in Section 9.02(k)
and Section 9.02(l), by delivering Freely Tradeable Common Stock. The number of shares of Freely Tradeable Common Stock a Holder will
receive, if any, in respect of its Redemption Interest Make-Whole Payment will be the number of shares equal to the amount of the Redemption
Interest Make-Whole Payment to be paid in Freely Tradeable Common Stock to such Holder, divided by the product of (x) 95% and (y) the
simple average of the Daily VWAP of the Common Stock for the ten consecutive Trading Days ending on and including the Trading Day immediately
preceding the Optional Redemption Date.


 


(e) If
the Company has failed to pay any Interest or premium on the Notes and such failure to pay is continuing, the Company may not redeem the
Notes.


 


ARTICLE
4.

[INTENTIONALLY OMITTED]


 


ARTICLE
5.

COVENANTS


 


Section 5.01 Payment
of Notes.


 


The Company shall pay or cause
to be paid the Principal of, premium, if any, Redemption Price, if applicable, Interest and any other amounts to be paid on the Notes
on the dates and in the manner provided in this Indenture and the Notes. Principal, premium, if any, Redemption Price, if applicable,
Interest and any other amounts to be paid shall be considered paid on the date due if the Paying Agent, if other than the Company or a
Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the Business Day prior to the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all Principal of, premium, if any, Redemption Price, if applicable, Interest
and any other amounts to be paid then due. Any payments of the Principal of, premium, if any, Redemption Price, if applicable, Interest
and any other amounts which are paid in cash on the Notes shall be paid in United States dollars.


 




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Section 5.02 Maintenance
of Office or Agency.


 


The Company shall maintain
in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to
or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency in the Borough of Manhattan and any other designation or rescission
of any other office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.


 


The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York, for
such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency.


 


The Company hereby designates
the office of an affiliate of the Trustee, presently located at 240 Greenwich Street, New York, NY 10286, Attn: Corporate Trust Administration
as one such office or agency of the Company in accordance with Section 2.03.


 


Section 5.03 Reports.


 


The Company shall file with
the Trustee and each Holder copies of any annual or quarterly reports (on Form 10-K or Form 10-Q or any respective successor form) that
the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding, for the avoidance
of doubt, any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with
the Commission) within 15 days after the same are required to be filed with the Commission (giving effect to any grace period provided
by Rule 12b-25 under the Exchange Act or any successor rule). Any such document or report that the Company files with the Commission via
the Commission’s EDGAR system (or any successor system) shall be deemed to be filed with the Trustee and the Holders for purposes
of this Section 5.03 at the time such document or report is filed via the EDGAR system (or such successor system), it being understood
that the Trustee shall have no responsibility to determine if such filings have been made. Notwithstanding the foregoing, at any time
the Company is otherwise not required to file documents or reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act and
the Conversion Obligation for the Notes may be satisfied by the delivery of Reference Property consisting of, in whole or in part, another
entity’s common stock, American depositary receipts, ordinary shares or other Capital Stock, as the case may be, the Company may
satisfy its obligations under this Section 5.03 by delivering or filing the financial information of such entity within the same time
periods and in the same manner described above. Delivery of the reports and documents described in this Section 5.03 to the Trustee is
for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive or actual notice or knowledge
of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). Trustee shall
have no liability or responsibility for the filing, timeliness or content of any such reports.


 




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Section 5.04 Compliance
Certificate.


 


(a) The
Company and the Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate,
one of the signatories of which is the Company’s Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer, stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company and each obligor under the Notes and this Indenture has kept, observed,
performed and fulfilled its obligations under this Indenture, the Notes and the Note Guarantee and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company and each such obligor has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture, the Notes and the Note Guarantee and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture, the Notes and the Note Guarantee (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Company or such obligor is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the Principal of, Interest or any other amounts
due, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company or such
obligor is taking or proposes to take with respect thereto.


 


(b) The
Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Event
of Default, an Officers’ Certificate specifying such Event of Default and what action the Company is taking or proposes to take
with respect thereto.


 


Section 5.05 Taxes.


 


The Company shall pay, and
shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such payment would not reasonably be expected
to have a Material Adverse Effect.


 


Section 5.06 Stay,
Extension and Usury Laws.


 


The Company and the Guarantor
covenant (to the extent that they may lawfully do so) they shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company and the Guarantor (to the extent that it may lawfully do so)
hereby expressly waive all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee.


 




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Section 5.07 Restricted
Payments.


 


(a) For
so long as the aggregate Principal Amount of all Notes then outstanding is greater than $10,000,000, the Company shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly:


 


(i) declare
or pay any dividend or make any other payment or distribution on account of its Equity Interests (including, without limitation, any payment
in connection with any merger or consolidation involving the Company or any Subsidiary of the Company) or to the direct or indirect holders
of its Equity Interests in their capacity as such, other than dividends or distributions payable (a) in Equity Interests (other than Disqualified
Stock) of the Company or any Subsidiary of the Company to the Company or any Subsidiary of the Company, or (b) in the case of dividends
or distributions payable by any Subsidiary of the Company, pro rata to the holders of such Subsidiary’s Equity Interests;


 


(ii) purchase,
redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or consolidation involving
the Company) any Equity Interests of the Company;


 


(iii) make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Company
or any of its Subsidiaries that is contractually subordinated to the Notes and the Note Guarantee (excluding any intercompany Indebtedness
between or among the Company and any of its Subsidiaries), except regularly scheduled payments of interest or a payment of principal at
the maturity date; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment
to the Notes and the Note Guarantees solely by virtue of being unsecured or, to the extent constituting secured Permitted Debt, by virtue
of being secured on a first or junior Lien basis; or


 


(iv) make
any Restricted Investment,


 


all such payments and other actions set forth
in clauses (i) through (iv) above being collectively referred to as “Restricted Payments” unless, solely with respect
to any payment or other action that would otherwise constitute a Restricted Payment as set forth in clause (i), (ii) or (iv) above, at
the time of and after giving effect to such Restricted Payment:


 


(1) no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and


 


(2) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Subsidiaries since
the date of this Indenture (excluding Restricted Payments permitted by clauses (ii) through and including (v)) of the next succeeding
paragraph, is less than the sum, without duplication, of:


 


A. 50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the first fiscal quarter
commencing after the date of this Indenture to the end of the Company’s most recently ended fiscal quarter for which internal financial
statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less
100% of such deficit); plus


 




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B. 100%
of the aggregate net cash proceeds received by the Company from and after the date of this Indenture as a contribution to its common equity
capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible
or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged
for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company);
plus


 


C. to
the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash or otherwise liquidated or repaid
for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any)
and (ii) the initial amount of such Restricted Investment.


 


(b) So
long as no Event of Default shall have occurred and be continuing or would occur as a consequence thereof, the foregoing provisions shall
not prohibit:


 


(i) the
payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend
or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would
have complied with the provisions of this Indenture;


 


(ii) the
making of any Restricted Payment (other than a Restricted Payment as defined in clause (iii) of the definition of Restricted Payment)
in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company or the
Guarantor) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common
equity capital to the Company;


 


(iii) the
redemption, repurchase, defeasance or other acquisition or retirement for value of Indebtedness of the Company or its Subsidiaries that
is contractually subordinated or subordinated with respect to security interests to the Notes or the Note Guarantee with the net cash
proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;


 


(iv) the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Subsidiary of the Company
held by any current or former officer, director, employee or contractor of the Company or any of its Subsidiaries in order to pay or satisfy
such officer’s, director’s, employee’s or contractor’s aggregate exercise price or withholding tax payment obligations
or otherwise upon death, disability, retirement or termination of employment or engagement, pursuant to awards granted under the Company’s
equity incentive, stock option, restricted stock or other long-term equity compensation plans; provided that the aggregate price
paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $500,000 in the aggregate in any calendar
year, provided, that any unused amounts in any calendar year may be carried forward to one or more future periods; and


 


(v) Restricted
Investments by the Company and its subsidiaries not otherwise permitted under this Indenture, in an aggregate amount not to exceed $3.0
million at any time outstanding.


 




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The amount of all Restricted
Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed
to be transferred or issued by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market
Value of any non-cash Restricted Payment shall be determined by the Board of Directors whose resolution with respect thereto shall be
delivered to the Trustee in an Officers’ Certificate.


 


Section 5.08 Dividend
and Other Payment Restrictions Affecting Subsidiaries.


 


The Company shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, create or otherwise permit, cause or suffer to exist or become effective
any consensual encumbrance or restriction on the ability of any Subsidiary to (a)(i) pay dividends or make any other distributions on
its Capital Stock to the Company or any of its Subsidiaries or with respect to any other interest or participation in, or measured by,
its profits or (ii) pay any indebtedness owed to the Company or any of its Subsidiaries, (b) make loans or advances to the Company or
any of its Subsidiaries or (c) sell, lease or transfer any of its properties or assets to the Company or any of its Subsidiaries, except
for such encumbrances or restrictions existing under or by reasons of:


 


(i) this
Indenture, the Notes and the Note Guarantee;


 


(ii) agreements
governing Existing Indebtedness and Credit Facilities as in effect on the date of this Indenture and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive with respect to such
dividend and other payment restrictions than those contained in those agreements on the date of this Indenture;


 


(iii) any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Subsidiaries as in effect at the
time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation
of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other
than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was
permitted by the terms of this Indenture;


 


(iv) purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions on the
property purchased or leased of the nature set forth in Section 5.09(iii);


 


(v) Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness
are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;


 


(vi) applicable
law rule, regulation or order;


 


(vii) customary
non-assignment provisions in contracts and licenses entered into in the ordinary course of business;


 


(viii) any
agreement for the sale or other disposition of a Subsidiary that restricts distributions by that Subsidiary pending the sale or other
disposition;


 




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(ix) Liens
permitted to be incurred under the provisions of Section 5.12 hereof that limit the right of the debtor to dispose of the assets subject
to such Liens;


 


(x) provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements entered into with the approval of the Company’s Board of Directors, which limitation
is applicable only to the assets that are the subject of such agreements; and


 


(xi) restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business.


 


Section 5.09 Incurrence
of Indebtedness and Issuance of Disqualified Stock.


 


For so long as the aggregate
Principal Amount of all Notes then outstanding is greater than $10,000,000, the Company shall not, and shall not permit any of its Subsidiaries
to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or
otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt) and, while the Company
may issue shares of preferred stock, the Company shall not issue any Disqualified Stock and shall not permit any of its Subsidiaries to
issue any shares of preferred stock.


 


The provisions of the first
paragraph of this Section 5.09 shall not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted
Debt”):


 


(i) The
incurrence by the Company and its Subsidiaries of Existing Indebtedness;


 


(ii) The
incurrence by the Company and the Guarantor of Indebtedness represented by the Notes and the Note Guarantee on the date of this Indenture;


 


(iii) the
incurrence by the Company or any of its Subsidiaries of (x) Indebtedness represented by Capital Lease Obligations or purchase money obligations,
in each case incurred for the purpose of financing the purchase price or cost of equipment used in the production lines of the Company
or any of its Subsidiaries (other than any sale-leaseback transaction involving any such equipment owned by the Company or any of its
Subsidiaries on the date hereof) and (y) additional Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase
money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction,
installation or improvement of property, plant or equipment used in the Permitted Business (other than as described in clause (x)) of
the Company or any of its Subsidiaries, in the case of clause (y), in an aggregate principal amount (together with all Indebtedness incurred
pursuant to Section 5.09(xiii) and any Permitted Refinancing Indebtedness incurred pursuant to Section 5.09(iv) to renew, refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to Section 5.09(iii)(y) or Section 5.09(xiii)) not to exceed $25.0 million
in the aggregate outstanding at any time outstanding;


 


(iv) the
incurrence by the Company or any of its Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which
are used to renew, refund, refinance, replace, defease or discharge any Indebtedness that was permitted by this Indenture to be incurred
pursuant to clauses (i), (iii), (viii) or (xiii) of this Section 5.09;


 




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(v) the
incurrence by the Company or any of its Subsidiaries of Indebtedness not to exceed in the aggregate at any time outstanding $5.0 million;
provided, however, that (a) such Indebtedness is expressly subordinated to the prior payment in full in cash of all Obligations with respect
to this Indenture, the Notes and the Note Guarantee, (b) such Indebtedness matures no less than 181 days following the maturity of the
Notes;


 


(vi) the
incurrence by the Company or any of its Subsidiaries of Hedging Obligations in the ordinary course of business (other than for speculative
purposes);


 


(vii) the
incurrence by the Company or any of its Subsidiaries of Indebtedness in respect of workers’ compensation claims, self insurance
obligations, bankers’ acceptances, performance and surety bonds in the ordinary course of business;


 


(viii) the
incurrence by the Company or any of its Subsidiaries of unsecured Indebtedness not to exceed in the aggregate at any time outstanding
(together with any outstanding Permitted Refinancing Indebtedness incurred pursuant to Section 5.09(iv) to renew, refund, refinance, replace,
defease or discharge any Indebtedness incurred pursuant to this Section 5.09(viii)) $25.0 million;


 


(ix) Guarantees
by the Company or any of its Subsidiaries of Indebtedness otherwise permitted by this Section 5.09;


 


(x) the
incurrence of Indebtedness by the Company or any of its Subsidiaries arising from agreements providing for indemnification, contribution,
earnout, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or
disposition of any business, assets or Capital Stock of a Subsidiary otherwise permitted under this Indenture;


 


(xi) the
incurrence of intercompany Indebtedness among the Company and any of its Subsidiaries;


 


(xii) the
incurrence by the Company or any of its Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within
five Business Days; and


 


(xiii) the
incurrence by the Company or any of its Subsidiaries of Secured Funded Indebtedness so long as either (x) the aggregate at any time outstanding,
together with any outstanding secured Indebtedness incurred under Section 5.09(iii)(y) (but excluding any outstanding secured Indebtedness
incurred under Section 5.09(iii)(x)) and any secured Permitted Refinancing Indebtedness incurred pursuant to Section 5.09(iv) to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to Section 5.09(iii)(y) or Section 5.09(xiii) (but
excluding any secured Permitted Refinancing Indebtedness incurred pursuant to 5.09(iv) to renew, refund, refinance, replace, defease or
discharge any Indebtedness pursuant to Section 5.09(iii)(x)) does not exceed $25.0 million or (y) the Company enters into a pledge and
security agreement with a collateral agent and takes such other actions as are necessary in order to cause all payments due under this
Indenture, the Notes and the Note Guarantee to be secured on an equal and ratable (or senior) basis with the Obligations so secured by
such Lien securing the Secured Funded Indebtedness until such time as such Secured Funded Indebtedness is no longer secured by a Lien.


 


The Company will not incur,
and will not permit the Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of
payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated in right
of payment to the Notes and the Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed
to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by
virtue of being secured on a first or junior Lien basis.


 




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For purposes of determining
compliance with this Section, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories
of Permitted Debt set forth above, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence,
or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this covenant.


 


The accrual of interest, the
accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms will not be deemed to be an incurrence of Indebtedness for purposes of this covenant. Notwithstanding any other provision
of this covenant, the maximum amount of Indebtedness that the Company or any Subsidiary may incur pursuant to this covenant shall not
be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.


 


The amount of any Indebtedness
outstanding as of any date will be:


 


(1) the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and


 


(2) the
principal amount of the Indebtedness, in the case of any other Indebtedness.


 


Section 5.10 Asset
Sales.


 


(a) For
so long as the aggregate Principal Amount of all Notes then outstanding is greater than $10,000,000, the
Company shall not, and shall not permit any of its Subsidiaries to:


 


(i) sell,
lease, convey or otherwise dispose of any assets or rights other than the sale, lease, conveyance or other disposition of all or substantially
all of the assets of the Company and its Subsidiaries taken as a whole, which will be governed by Section 6.01 and not by the provisions
of this Section 5.10; and


 


(ii) issue
Equity Interests in any of the Subsidiaries or sell Equity Interests in any of its Subsidiaries.


 


(each of the foregoing, an “Asset Sale”),
unless such Asset Sale is a Permitted Asset Sale (as defined below).


 


(b) A
“Permitted Asset Sale” shall mean:


 


(i) an
Asset Sale in which the Company (or the Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and at least 75% of the consideration
received therefor by the Company or such Subsidiary is in the form of cash; provided, however, that the amounts of the following
shall be deemed to be cash for purposes of this provision:


 


A. any
liabilities (as shown on the Company’s most recent consolidated balance sheet or in the notes thereto), of the Company or any Subsidiary
(other than contingent liabilities or liabilities that are by their terms subordinated in right of payment or as to security interests
to the Notes or the Note Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that
releases the Company or such Subsidiary from further liability,


 




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B. any
securities, notes or other obligations received by the Company or any such Subsidiary from such transferee that are contemporaneously,
subject to ordinary settlement periods, converted by the Company or such Subsidiary into cash (to the extent of the cash received in that
conversion), and


 


C. any
stock or assets received of the Company or any Subsidiary used to acquire (1) all or substantially all of the assets of, or any Capital
Stock of, another Permitted Business if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes
a Subsidiary of the Company or the Guarantor or (2) other assets that are not classified as current assets under GAAP and that are used
or useful in a Permitted Business.


 


(ii) any
single Asset Sale pursuant to Section 5.10(a)(i) or series of related Asset Sales pursuant to Section 5.10(a)(i) that involves assets
having a Fair Market Value of less than $5.0 million in the aggregate;


 


(iii) the
transfer, sale or lease of products, services or accounts receivable by the Company or any Subsidiary in the ordinary course of business
and any sale or other disposition of damaged, worn-out, replaced, retired or obsolete assets by the Company or any Subsidiary in the ordinary
course of business;


 


(iv) the
sale or other disposition by the Company or any Subsidiary of cash or Cash Equivalents;


 


(v) a
transfer of assets by the Company to a Subsidiary or by a Subsidiary of the Company to the Company or another Subsidiary of the Company;


 


(vi) an
issuance of Equity Interests by a Subsidiary to the Company or to another Subsidiary of the Company;


 


(vii) any
Restricted Payment or Permitted Investment that is permitted by Section 5.07 hereof or Permitted Lien that is permitted by Section 5.12
hereof;


 


(viii) any
leases or subleases in the ordinary course of business to third Persons not interfering in any material respect with the ordinary conduct
of the business of the Company and otherwise not prohibited by this Indenture;


 


(ix) any
dispositions of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business; and


 


(x) any
licensing of intellectual property in accordance with industry practice in the ordinary course of the Company’s business.


 




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Section 5.11 Transactions
with Affiliates.


 


For so long as the aggregate
Principal Amount of all Notes then outstanding is greater than $10,000,000, the Company shall not, and shall not permit any of its Subsidiaries
to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property
or assets from, or enter into or make or amend any contract, agreement, understanding, loan, advance, transaction or guarantee with, or
for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”), unless;


 


(a) such
Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Subsidiary than those that could
reasonably have been obtained in a comparable transaction by the Company or such Subsidiary with an unrelated Person, and


 


(b) the
Company delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $1.0 million, a resolution of the Board of Directors set forth in an Officers’ Certificate certifying
that such Affiliate Transaction complies with clause (a) above and that such Affiliate Transaction has been approved by a majority of
the disinterested members of the Board of Directors of the Company;


 


provided, however,
that the Company shall not be required to comply with this Section 5.11 with respect to the following, none of which shall be an Affiliate
Transaction:


 


(i) any
employment agreement, employee benefit plan, officer or director indemnification agreement or any similar arrangement entered into by
the Company or any of its Subsidiaries in the ordinary course of business and payments made pursuant thereto;


 


(ii) transactions
between or among the Company and/or the Guarantor;


 


(iii) Restricted
Payments that do not violate Section 5.07 of this Indenture;


 


(iv) payment
of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company; or


 


(v) loans
or advances to employees for expenses incurred or to be incurred in connection with the Permitted Business and such employee’s employment
in the ordinary course of business not to exceed $250,000 in the aggregate at any time outstanding.


 


Section 5.12 Liens.


 


The Company shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien of any kind on any
asset now owned or hereafter acquired, except Permitted Liens.


 


Section 5.13 Line
of Business.


 


The Company shall not, and
shall not permit any of its Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not
be material to the Company and its Subsidiaries taken as a whole.


 




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Section 5.14 Corporate
Existence.


 


Subject to ARTICLE 6 hereof,
the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence,
and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Company or any such Subsidiary and (ii) the rights (charter and statutory), licenses
and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and the loss thereof would not reasonably
be expected to have a Material Adverse Effect.


 


Section 5.15 Maintenance
of Properties and Insurance.


 


(a) For
so long as the aggregate Principal Amount of all Notes then outstanding is greater than $10,000,000, the Company shall, and shall cause
each of its Subsidiaries to, maintain all material properties in good working order and condition in all material respects (subject to
ordinary wear and tear) and make all necessary repairs, renewals, replacements, additions, betterments and improvements thereto and actively
conduct and carry on its business; provided, however, that nothing in this Section 5.15 shall prevent the Company or any of its Subsidiaries
from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the good faith judgment of the
Board of Directors or other governing body of the Company or the Subsidiary concerned, as the case may be, desirable in the conduct of
its business and is not disadvantageous in any material respect to the Holders.


 


(b) For
so long as the aggregate Principal Amount of all Notes then outstanding is greater than $10,000,000, the Company shall maintain insurance
(including appropriate self-insurance) against loss or damage of the kinds that, in the good faith judgment of the holdings and the Company,
are adequate and appropriate for the conduct of the business of the Company and its Subsidiaries in a prudent manner, with reputable insurers
or with the government of the United States of America or an agency or instrumentality thereof, in such amounts, with such deductibles,
and by such methods as shall be customary, in the good faith judgment of the Company, for companies similarly situated in the industry.


 


Section 5.16 Payments
for Consent.


 


Neither the Company nor any
of its Subsidiaries shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise,
to or for the benefit of any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive
or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.


 


Section 5.17 Issuance
or Sale of Subsidiary Stock.


 


The Company shall not, and
shall not permit any of its Subsidiaries to, sell any Capital Stock of a Subsidiary of the Company, except to the Company or to another
wholly owned Subsidiary of the Company, unless the Company and its Subsidiaries, as the case may be, sell 100% of the Capital Stock of
the subject Subsidiary that they own in accordance with this Indenture, as applicable. In addition, no Subsidiary of the Company shall
issue any Capital Stock, other than to the Company or another Subsidiary of the Company.


 




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Section 5.18 Additional
Interest; Special Interest.


 


If at any time Additional
Interest becomes payable by the Company pursuant to the Registration Rights Agreement or any Special Interest becomes payable by the Company
pursuant to Section 7.03 hereof, the Company shall promptly deliver to the Trustee a certificate to that effect and stating (i) the amount
of such applicable Additional Interest or Special Interest that is payable and (ii) the date on which such applicable Additional Interest
is payable pursuant to the terms of the Registration Rights Agreement or Special Interest is payable pursuant to Section 7.03 hereof.
Unless and until a Responsible Officer of the Trustee receives such a certificate, the Trustee may assume without inquiry that no Additional
Interest or Special Interest is payable. If the Company has paid Additional Interest or Special Interest directly to the Persons entitled
to such Additional Interest or Special Interest, the Company shall deliver to the Trustee a certificate setting forth the particulars
of such payment.


 


Section 5.19 Economic
Sanctions.


 


(a) The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target or subject
of any sanctions enforced by the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department
of the Treasury or the U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury,
or other relevant sanctions authority (collectively “Sanctions”).


 


(b) The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will directly or indirectly
use any payments made pursuant to this Indenture, (i) to fund or facilitate any activities of or business with any person who, at the
time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business
with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation
of Sanctions by any person.


 


ARTICLE
6.

CONSOLIDATION, MERGER AND SALE OF ASSETS


 


Section 6.01 When
Company May Merge, Etc.


 


Subject to the provisions
of Section 6.02, the Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially
all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person
(other than one or more of the Company’s direct or indirect Subsidiaries), unless:


 


(a) the
resulting, surviving or transferee Person (the “Surviving Entity”), if not the Company, is a corporation organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Surviving Entity,
if not the Company, expressly assumes by supplemental indenture all of the obligations of the Company under the Notes and this Indenture;
and


 


(b) immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.


 


For purposes of this Section
6.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of
the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all
or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance,
transfer or lease of all or substantially all of the properties and assets of the Company to another Person.


 




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Section 6.02 Successor
Corporation to Be Substituted.


 


In case of any such consolidation,
merger, sale, conveyance, transfer or lease and upon the assumption by the Surviving Entity, by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest
on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes
and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Surviving
Entity (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties
and assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part.
Such Surviving Entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all
of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the
written order of such Surviving Entity signed by one of its Officers (instead of a Company Order) and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered,
any Notes that previously shall have been signed and delivered by an Officer of the Company to the Trustee for authentication, and any
Notes that such Surviving Entity thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any
such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this ARTICLE 6 the Person
named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in
the manner prescribed in this ARTICLE 6) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a
lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture
and the Notes.


 


In case of any such consolidation,
merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.


 


Section 6.03 Opinion
of Counsel to Be Given to Trustee.


 


If the Surviving Entity is
not the Company, no such consolidation, merger, sale, conveyance, transfer or lease pursuant to Section 6.01 shall be effective unless
the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation,
merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture, complies with the provisions of this ARTICLE 6.


 






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ARTICLE
7.


DEFAULTS AND REMEDIES


 


Section 7.01
Events of Default.


 


An “Event of Default”
means any of the following events:


 


(a)
the Company’s failure to comply with its obligation to convert any Notes in accordance with this Indenture upon exercise
of a Holder’s conversion right, including the payment of any Interest Make-Whole Payment or Qualifying Fundamental Change Payment,
and such failure continues for a period of five (5) Business Days;


 


(b)
the Common Stock is not listed on any Eligible Market;


 


(c)
the Company defaults in the payment when due of Interest (whether in cash or shares, as determined by the Company) on the Notes
and such default continues for a period of 30 days;


 


(d)
the Company defaults in the payment when due of Principal of or premium, if any, on the Notes when the same becomes due and payable
at maturity, upon redemption (including in connection with an offer to purchase) or otherwise;


 


(e)
the Company or any of its Subsidiaries fails to comply with any of the provisions of Section 5.07, Section 5.09, Section 5.10,
Section 5.12, Section 6.01 or ARTICLE 10 hereof;


 


(f)
failure by the Company to give a Qualifying Fundamental Change Company Notice pursuant to Section 9.03(b) or Fundamental Change
Company Notice pursuant to Section 10.01(c), in each case, when due and such failure continues for three (3) Business Days after the due
date for such notice;


 


(g)
the Company or the Guarantor fails to observe or perform any other covenant, representation, warranty or other agreement in this
Indenture (other than a default specified in clauses (a) through (f) above), the Notes or the Note Guarantee for 30 days after notice
to the Company by the Trustee or the Holders of at least 25% in aggregate Principal Amount of the Notes then outstanding voting as a single
class;


 


(h)
a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries (or the payment of which is guaranteed by the
Company or any of its Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture,
which default (i) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration
of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (ii) results
in the acceleration of such Indebtedness prior to its express maturity and, in each case, the Principal Amount of such Indebtedness, together
with the Principal Amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been
so accelerated, aggregates $2.5 million or more, in any such case, after notice to the Company by the Trustee or the Holders of at least
25% in aggregate Principal Amount of the Notes then outstanding voting as a single class;


 


(i) a final judgment or
final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of
its Subsidiaries and such judgment or judgments remain undischarged, unpaid or unstayed for a period (during which execution shall
not be effectively stayed) of 60 days, provided that the aggregate of all such undischarged judgments exceeds $10.0 million
(excluding amounts covered by insurance), after notice to the Company by the Trustee or the Holders of at least 25% in aggregate
Principal Amount of the Notes then outstanding voting as a single class;


 






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(j)
the Company, any Significant Subsidiary (as defined in Rule 1-02 of Regulation S-X under the Securities Act and Exchange Act or
any successor rule) or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within
the meaning of Bankruptcy Law:


 


(i)
commences a voluntary case,


 


(ii)
consents to the entry of an order for relief against it in an involuntary case,


 


(iii)
consents to the appointment of a custodian, receiver, trustee, assignee, liquidator or similar official under Bankruptcy Law of
it or for all or substantially all of its property,


 


(iv)
makes a general assignment for the benefit of its creditors, or


 


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


 


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


 


(i)
is for relief against the Company, any of the Subsidiaries, any Significant Subsidiary or any group of Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, in an involuntary case;


 


(ii)
appoints a custodian, receiver, trustee, assignee, liquidator or similar official under Bankruptcy Law of the Company, any of the
Subsidiaries, any Significant Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary,
or for all or substantially all of the property of the Company, any of the Subsidiaries, any Significant Subsidiary or any group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary; or


 


(iii)
orders the liquidation of the Company, any of the Subsidiaries, any Significant Subsidiary or any group of Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive days;
or


 


(l)
except as otherwise permitted by this Indenture, the Note Guarantee is held in any judicial proceeding to be unenforceable or invalid
or ceases for any reason to be in full force and effect, or the Guarantor, or any Person acting on behalf of the Guarantor, denies or
disaffirms its obligations under the Note Guarantee.


 


Section 7.02
Acceleration.


 


If any Event of Default
(other than an Event of Default specified in clause (j) or (k) of Section 7.01) occurs and is continuing, the Trustee or the Holders
of at least 25% in Principal Amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon
any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default
specified in clause (j) or (k) of Section 7.01 hereof occurs, all outstanding Notes shall be due and payable immediately without
further action or notice.


 






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The Majority Holders by written
notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences if the rescission would not conflict
with any judgment or decree and if all existing Events of Default (except nonpayment of Principal, Interest or premium that has become
due solely because of the acceleration) have been cured or waived.


 


In the event of a declaration
of acceleration of the Notes solely because an Event of Default described in Section 7.01(h) has occurred and is continuing, the declaration
of acceleration of the Notes shall be automatically rescinded and annulled if the payment default or acceleration triggering such Event
of Default pursuant to Section 7.01(h) shall be remedied or cured or waived by the holders of the relevant debt within 20 Business Days
after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would
not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on
the Notes.


 


Section 7.03
Other Remedies.


 


If an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy to collect the payment of Principal, premium, if any, and Interest on the
Notes then due or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.


 


Notwithstanding the foregoing,
the sole remedy for an Event of Default relating to the failure by the Company to comply with the provisions of Section 5.03 shall, for
the first 180 days after the occurrence of such an Event of Default, consist exclusively of the right to receive special interest (“Special
Interest”) on the Notes at an annual rate equal to 0.50% of the Principal Amount of the Notes. Such Special Interest shall be
paid quarterly in arrears on each Interest Payment Date, with the first payment due of the first Interest Payment Date following the date
on which such Special Interest began to accrue on the Notes and shall cease to accrue upon the cure or waiver of such Event of Default.
Special Interest shall accrue on all outstanding Notes from and including the date on which an Event of Default relating to a failure
to comply with the provisions of Section 5.03 shall first occur to but not including the 180th day thereafter (or such earlier date on
which such Event of Default shall have been cured or waived). On such 180th day (or earlier, if the Event of Default relating to the failure
to comply with Section 5.03 is cured or waived prior to such 180th day), such Special Interest shall cease to accrue and, if the Event
of Default relating to the failure to comply with Section 5.03 shall not have been cured or waived prior to such 180th day, the Notes
shall be subject to acceleration as provided in Section 7.02. The provisions of this paragraph shall not affect the rights of holders
in the event of the occurrence of any other Event of Default. Upon the occurrence of an Event of Default giving rise to the obligation
to pay Special Interest, all references herein to interest accrued or payable of any date shall include any Special Interest accrued or
payable as of such dates if and to the extent provided in this Section 7.03.


 






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Section 7.04
Waiver of Past Defaults.


 


The Majority Holders by
notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default and its consequences hereunder,
except (a) a Default or Event of Default described in clauses (j) or (k) of Section 7.01 or (b) in respect of a covenant or
provision hereof which under Section 12.02 cannot be modified or amended without the consent of the Holder of each outstanding Note
affected (in which case such notice to waive such existing Default and its consequences hereunder shall be given to the Trustee by
all Holders of affected Notes). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon.


 


Section 7.05
Control by Majority.


 


Subject to Section 8.02(g)
the Majority Holders shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee, provided that: (a) such direction shall not be in conflict with
any rule of law, this Indenture; (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction; and (c) the Trustee may refuse to follow any direction that conflicts with law or that the Trustee determines may involve
the Trustee in personal liability or may be prejudicial to the rights of the Holders of Notes.


 


Section 7.06
Limitation on Suits.


 


No Holder shall have any right
to institute any proceeding, judicial or otherwise, in respect of this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder (other than in the case of an Event of Default specified in clause (j) or (k) of Section 7.01), unless:


 


(a)
the Holder of a Note gives to the Trustee written notice of a continuing Event of Default;


 


(b)
the Holders of at least 25% in Principal Amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;


 


(c)
such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity reasonably satisfactory to
the Trustee against any loss, liability or expense;


 


(d)
the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of indemnity; and


 


(e)
during such 60-day period the Majority Holders do not give the Trustee a direction inconsistent with the request.


 


No one or more Holders shall
have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such
actions or forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other
Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
the Holders.


 


Section 7.07
Unconditional Rights of Holders of Notes to Receive Payment.


 


Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of the Principal, the Redemption Price, or Interest,
in respect of the Notes held by such Holder, on or after the respective due dates expressed in the Notes or any Redemption Date, as
applicable, and to convert the Notes in accordance with ARTICLE 9, or to bring suit for the enforcement of any such payment on or
after such respective dates or the right to convert, shall not be impaired or affected adversely without the consent of such
Holder.


 






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Section 7.08
Collection Suit by Trustee.


 


If an Event of Default specified
in Section 7.01(c) or (d) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company and the Subsidiaries for the whole amount of Principal of, premium, if any, Redemption Price, Interest
and any other amounts remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.


 


Section 7.09
Trustee May File Proofs of Claim.


 


The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes and the Note
Guarantees, including the Guarantor), its creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.07 hereof. To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 8.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured
by a Lien on, and shall 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 herein contained shall be deemed to authorize the Trustee to authorize or consent to or 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 7.10
Priorities.


 


If the Trustee collects any
money pursuant to this ARTICLE 7, it shall pay out the money in the following order:


 


First: to the Trustee and its agents
and attorneys for amounts due under Section 8.07 hereof, including payment of all compensation, expense and liabilities incurred, and
all advances made, by the Trustee and the costs and expenses of collection;


 


Second: to Holders of Notes for amounts
due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the


 




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Notes for Principal, premium, if any, Interest
and any other amounts due, respectively; and


 


Third: to the Company or to such party
as a court of competent jurisdiction shall direct.


 


The Trustee may fix a record
date and payment date for any payment to Holders of Notes pursuant to this Section 7.10.


 


Section 7.11
Undertaking for Costs.


 


In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, in either
case in respect of the Notes, a court may require any party litigant in such suit to file an undertaking to pay the costs of the suit,
and the court may assess reasonable costs, including reasonable attorney’s fees, and expenses, against any party litigant in the
suit having due regard to the merits and good faith of the claims or defenses made by the party litigant; but the provisions of this Section
7.11 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% in aggregate Principal Amount of the then outstanding Notes, or to any suit
instituted by any Holder for the enforcement of the payment of the Principal Amount or Interest, on any Note on or after the Stated Maturity
of such Note or applicable Redemption Price on or after the applicable Redemption Date.


 


Section 7.12
Waiver of Stay or Extension of Laws.


 


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


 


ARTICLE
8.

TRUSTEE


 


Section 8.01
Duties of Trustee.


 


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


 


(b)
The duties and responsibilities of the Trustee shall be as provided by the TIA. Except during the continuance of an Event of Default:


 


(i)
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and


 




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(ii)
 in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).


 


(c)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:


 


(i)
this paragraph does not limit the effect of paragraph (b) of this Section 8.01;


 


(ii)
the Trustee shall 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;


 


(iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Majority Holders, determined as provided in Section 2.05, Section 2.08, Section 2.09 and Section 7.05, relating to
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture; and


 


(iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.


 


(d)
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b), and (c) of this Section 8.01


 


(e)
The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder,
unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.


 


(f)
The Trustee shall be under no liability for interest on any money received by it hereunder except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee hereunder need not be segregated from other funds except to the extent required by
law.


 


Section 8.02
Rights of Trustee.


 


(a)
The Trustee may conclusively rely, and shall be protected in acting or refraining from acting, upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Trustee
need not investigate any fact or matter stated in any such paper or document.


 




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(b)
 Whenever in the administration of this Indenture, the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee may require an Officers’ Certificate or an Opinion of Counsel
or both, and may, in the absence of bad faith on its part, conclusively rely upon such Officers’ Certificate or Opinion of Counsel.


 


(c)
The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.


 


(d)
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys, and the Trustee shall not be responsible for the misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.


 


(e)
The Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.


 


(f)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or the Guarantor
mentioned herein shall be sufficiently evidenced by Company Order.


 


(g)
In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing
less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee,
in its sole discretion, may determine what action, if any, will be taken and shall not incur any liability for its failure to act until
such inconsistency or conflict is, in its reasonable opinion, resolved.


 


(h)
The Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which is in
fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture.


 


(i)
The rights, privileges, immunities and benefits given to the Trustee, including without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other person
employed to act hereunder.


 


(j)
The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed
by any person authorized to sign an Officers’ Certificate, including any person specified as to authorized in any such certificate
previously delivered and not suspended.


 


(k)
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.


 






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(l) The Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit, and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no
liability or additional liability of any kind by reason of such inquiry or investigation.


 


(m)
Delivery of reports, information and documents to the Trustee (including, without limitation, under Section 5.03 hereof) is for
informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice or knowledge
of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with
any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).


 


(n)
The Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary functions
under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances
beyond its control.


 


Section 8.03
Individual Rights of Trustee.


 


The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company
with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest, and
a default occurs with respect to the Notes, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as Trustee or resign. Any authentication agent, any Agent, or any other agent of the Trustee may do the same with like rights and duties.
The Trustee is also subject to Section 8.10 and Section 8.11 hereof.


 


Section 8.04
Trustee’s Disclaimer.


 


The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes. The Trustee and any authenticating agent
shall not be 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, and shall not be responsible for the use or application of any money received by any
Paying Agent other than the Trustee. The statements and recitals contained herein, in the Notes or in any other document in connection
with the sale of the Notes or pursuant to this Indenture, except the Trustee's certificates of authentication, shall be taken as the statements
of the Company, and the Trustee or any authenticating agent assumes no responsibility for their correctness.


 


Section 8.05
Notice of Defaults.


 


If a Default or Event of Default
occurs and is continuing and if it is known to the Trustee, the Trustee shall send to Holders of Notes a notice of the Default or Event
of Default within 90 days after it knows of such Default or Event of Default, unless such Default or Event of Default shall have been
cured or waived. Except in the case of a Default or Event of Default in payment of Principal of, premium, if any, Interest or any other
amounts due on any Note, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interest of the Holders; and provided, further, that in the case of any default of the character specified in Section
7.01(g), no such notice to Holders shall be given until at least 30 days after the occurrence thereof.


 






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Section 8.06
Reports by Trustee to Holders of the Notes.


 


The Trustee shall transmit
to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the TIA at the times
and in the manner provided pursuant thereto. If required by TIA § 313(a), the Trustee shall, within sixty days after each October
15 following the date of the initial issuance of Securities under this Indenture deliver to Holders a brief report, dated as of such October
15, which complies with the provisions of TIA § 313(a).


 


A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Notes are
listed, with the Commission and with the Company. The Company will promptly notify the Trustee in writing when the Securities are listed
on any stock exchange and of any delisting thereof.


 


Section 8.07
Compensation and Indemnity.


 


The Company shall pay to the
Trustee from time to time compensation for its acceptance of this Indenture and services hereunder as shall be agreed in writing by the
Company and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses
of the Trustee’s agents and counsel.


 


The Company shall indemnify
the Trustee and its agents for, and to hold them harmless against, any and all losses, liabilities, damages, claims or expenses, including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee) 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 8.07) and defending itself against any claim (whether asserted by the Company or any Holder
or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the
extent any such loss, damage, claim, liability or expense is due to its own gross negligence or willful misconduct (as determined by a
court of competent jurisdiction in a final, non-appealable order). The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall
pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent
shall not be unreasonably withheld.


 


The obligations of the Company
under this Section 8.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee.


 


To secure the Company’s
payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the
Trustee for any amount owing to it or any predecessor Trustee pursuant to this Section 8.07, except that held in trust to pay Principal
and Interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.


 


When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 7.01 (j) or (k) hereof occurs, the expenses and the compensation for
the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.


 






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Section 8.08
Replacement of Trustee.


 


A resignation or removal of
the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
and taking of office as provided in this Section.


 


The Trustee may resign in
writing at any time and be discharged from the trust hereby created by so notifying the Company. The Majority Holders may remove the Trustee
by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:


 


(a)
the Trustee fails to comply with Section 8.10 hereof;


 


(b)
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;


 


(c)
a custodian, receiver, trustee, assignee, liquidator or similar official under Bankruptcy Law or public officer takes charge of
the Trustee or its property; or


 


(d)
the Trustee becomes incapable of acting.


 


If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within
one year after the successor Trustee takes office, the Majority Holders may appoint a successor Trustee to replace the successor Trustee
appointed by the Company.


 


If a successor Trustee does
not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of
at least 10% in Principal Amount of the then outstanding Notes may petition any court of competent jurisdiction, at the expense of the
Company, for the appointment of a successor Trustee.


 


If the Trustee, after written
request by any Holder who has been a Holder for at least six months, fails to comply with Section 8.10, such Holder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall deliver a notice of its succession to Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to
the Lien provided for in Section 8.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 8.08, the Company’s
obligations under Section 8.07 hereof shall continue for the benefit of the retiring Trustee.


 


Section 8.09
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, the successor
corporation without any further act shall be the successor Trustee; provided, that such successor corporation shall otherwise be eligible
and qualified under this ARTICLE 8.


 






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Section 8.10
Eligibility; Disqualification.


 


There shall at all times be
a Trustee hereunder 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 million as set forth in its most recent published annual
report of condition.


 


This Indenture shall always
have a Trustee who satisfies the requirements of TIA § 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b).


 


Section 8.11
Preferential Collection of Claims Against Company.


 


The Trustee is subject to
TIA § 311 (a), excluding any creditor relationship listed in TIA § 311 (b). A Trustee who has resigned or been removed shall
be subject to TIA § 31I (a) to the extent indicated therein.


 


ARTICLE
9.

CONVERSION OF NOTES


 


Section 9.01
Conversion Privilege.


 


(a)
Subject to and upon compliance with the provisions of this Article 9, on or after December 9, 2022, each Holder of
a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 Principal
Amount or an integral multiple thereof) of such Note at any time prior to the close of business on the Business Day immediately preceding
the Stated Maturity at an initial conversion rate of 212.3142 shares of Common Stock (subject to adjustment as provided in this Article 9,
the “Conversion Rate”) per $1,000 Principal Amount of Notes (subject to, and in accordance with, the settlement provisions
of Section 9.02, the “Conversion Obligation”).


 


(b)
Subject to Section 9.03, for any Conversion Date that occurs prior to the Interest Make-Whole Date, the Company shall make
a payment to the Holder of such Notes equal to the sum of the remaining scheduled payments of interest that would have been made on the
Notes to be converted had such Notes remained outstanding from the Conversion Date through, and including the Interest Make-Whole Date
(the “Conversion Interest Make-Whole Payment”).


 


If a Conversion Date occurs
after the close of business on a Regular Record Date but prior to the open of business on the Interest Payment Date corresponding to such
Regular Record Date, the Conversion Interest Make-Whole Payment will not include the accrued interest to any converting Holder and instead
the Company will pay the full amount of the relevant interest payment on such Interest Payment Date to the Holder of record on such Regular
Record Date. In such case, the Conversion Interest Make-Whole Payment to such converting Holders will equal the value of all remaining
interest payments, starting with the next Interest Payment Date for which interest has not been provided for, through the Interest Make-Whole
Date.


 






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The Company will have
the option to pay any Conversion Interest Make-Whole Payment in cash and/or by delivering Freely Tradeable Common Stock. Subject to
the limitations in Section 9.02(k) and Section 9.02(l), all Conversion Interest Make-Whole Payments shall be paid by delivering
Freely Tradeable Common Stock, unless the Company delivers prior written notice to each Holder (with a copy to the Trustee) stating
that the Company will pay all or a portion of any future Conversion Interest Make-Whole Payments in cash, and specifying the time
periods during which such election shall apply and the percentages of the Conversion Interest Make-Whole Payments that will be paid
as cash and Freely Tradeable Common Stock, respectively. Such notice shall not be effective until the end of the 15th Trading Day
after such notice has been delivered. For all time periods, the number of shares of Freely Tradeable Common Stock a converting
Holder will receive, if any, will be the number of shares equal to the amount of the Conversion Interest Make-Whole Payment to be
paid in Freely Tradeable Common Stock to such Holder, divided by the product of (x) 95% and (y) the simple average of the
Daily VWAP of the Common Stock for the ten consecutive Trading Days ending on and including the Trading Day immediately preceding
the Conversion Date.


 


Section 9.02
Conversion Procedure; Settlement Upon Conversion.


 


(a)
Subject to this Section 9.02, Section 9.03(b) and Section 9.07(a), upon conversion of
any Note, the Company shall satisfy its Conversion Obligation by delivering to the converting Holder, in respect of each $1,000 Principal
Amount of Notes being converted, a number of shares of Common Stock equal to the Conversion Rate, together with a cash payment, if applicable,
in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 9.02,
and a Conversion Interest Make-Whole Payment or Qualifying Fundamental Change Payment, if applicable, on the second Business Day immediately
following the relevant Conversion Date (or such longer period as the Applicable Procedures of the Depositary may require, with respect
to any conversions by Beneficial Owners of interests in a Global Note). 


 


(b)
Subject to Section 9.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such
Holder shall (i) in the case of a Global Note, comply with the Applicable Procedures of the Depositary and, if required, pay funds
equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 9.02(h) and
(ii) in the case of a Physical Note, the Holder thereof shall (1) complete, manually sign and deliver an irrevocable notice
(or a facsimile, PDF or other electronic transmission thereof) to the Conversion Agent as set forth in the Form of Notice of Conversion
(a “Notice of Conversion”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit
A, at the office of the Conversion Agent and state in writing therein the Principal Amount of Notes to be converted and the name
or names (with addresses) in which such Holder wishes the certificate or certificates for the shares of Common Stock to be delivered upon
settlement of the Conversion Obligation (and settlement of any Conversion Interest Make-Whole Payment or Qualifying Fundamental Change
Payment, if applicable) to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by
appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements
and transfer documents, (4) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder
is not entitled as set forth in Section 9.02(h) and (5) if required, pay all transfer or similar taxes, if any.
The Conversion Agent shall notify the Company of any conversion pursuant to this Article 9 on the Conversion Date for such
conversion. Subject to Section 9.02(l), the exercise of such conversion rights shall be irrevocable. No Holder may surrender Notes
for conversion if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has
not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 10.02.


 


If more than one Note shall
be surrendered for conversion at one time by the same Holder, the Conversion Obligation and Conversion Interest Make-Whole Payment or
Qualifying Fundamental Change Payment, if applicable, with respect to such Notes shall be computed on the basis of the aggregate Principal
Amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.


 






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(c) A Note shall be deemed
to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the
Holder has complied with the requirements set forth in Section 9.02(b). The Company shall issue or cause to be issued, and
deliver (if applicable) to its transfer agent or to such Holder, or such Holder’s nominee or nominees, the full number of
shares of Common Stock to which such Holder shall be entitled, in book-entry format through the Depositary, in satisfaction of the
Company’s Conversion Obligation together with any Conversion Interest Make-Whole Payment or Qualifying Fundamental Change
Payment, if applicable. 


 


(d)
In case any Note shall be surrendered for partial conversion, the Company shall deliver a Company Order, and the Company shall
execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note
or Notes in authorized denominations in an aggregate Principal Amount equal to the unconverted portion of the surrendered Note, without
payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to
cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name
of the Holder of the old Notes surrendered for such conversion.


 


(e)
If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on
the issuance of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares of Common Stock
to be issued in a name other than such Holder’s name, in which case such Holder shall pay that tax. The conversion of such a Holder’s
Note may be delayed if the Trustee, and the Conversion Agent does not, receives a sum sufficient to pay any tax that is due by such Holder
in accordance with the immediately preceding sentence. 


 


(f)
Except as provided in Section 9.04, no adjustment shall be made for dividends on any shares of Common Stock issued
upon the conversion of any Note as provided in this Article 9. 


 


(g)
Upon the conversion of an interest in a Global Note, the Trustee, or the Note Custodian (if other than the Trustee) at the direction
of the Trustee, shall make a notation on such Global Note as to the reduction in the Principal Amount represented thereby. The Company
shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee. 


 


(h)
Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth
below and in connection with a Conversion Interest Make-Whole Payment, if applicable. The Company’s settlement of the full Conversion
Obligation shall be deemed to satisfy in full its obligation to pay the Principal Amount of the Note and accrued and unpaid interest,
if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including,
the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the
foregoing, if Notes are converted after the close of business on a Regular Record Date, but prior to the open of business on the immediately
following Interest Payment Date, Holders of such Notes as of the close of business on such Regular Record Date shall receive the full
amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion.


 






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Notes surrendered for
conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately
following Interest Payment Date shall be accompanied by funds equal to the amount of interest payable on the Notes so converted on
the corresponding Interest Payment Date (regardless of whether the Holder was the holder of record on the corresponding Regular
Record Date); provided that no such payment shall be required (1) for conversions following the Regular Record Date
immediately preceding the Stated Maturity; (2) for conversions in respect of which a Conversion Interest Make-Whole Payment is
payable upon conversion; (3) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record
Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date, in respect of Notes
converted; or (4) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect
to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the
Stated Maturity, any Holders of record entitled to receive a Conversion Interest Make-Whole Payment upon conversion described in clause
(2) above and any Fundamental Change Repurchase Date described in clause (3) above shall receive the full
interest payment due on the Stated Maturity or other applicable Interest Payment Date in cash regardless of whether their Notes have
been converted or repurchased following such Regular Record Date.


 


(i)
The Person in whose name the shares of Common Stock shall be issuable upon conversion shall become the holder of record of such
shares as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder
of such Notes surrendered for conversion; provided that (a) the converting Holder shall have the right to receive the Conversion
Obligation due upon conversion and the Conversion Interest Make-Whole Payment or Qualifying Fundamental Change Payment, if applicable,
and (b) in the case of a conversion between a Regular Record Date and the corresponding Interest Payment Date, the Holder of record
as of the close of business on such Regular Record Date shall have the right to receive the full amount of interest payable on such Interest
Payment Date, in accordance with clause (h) above.


 


(j)
The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu
of delivering any fractional share of Common Stock issuable upon conversion based on the Closing Sale Price of the Common Stock on the
relevant Conversion Date.


 


(k)
Notwithstanding anything to the contrary in this Indenture, unless the Company shall have obtained the requisite Stockholder Approval
pursuant to Nasdaq Marketplace Rule 5635(d) (in such case at a meeting with a record date prior to the issuance of any shares of Common
Stock in respect of the Notes), or the listing requirements of such other Relevant Stock Exchange, the number of shares of Common Stock
the Company may deliver in respect of the Notes, including those delivered as payment of Common Stock Interest, in connection with an
Interest Make-Whole Payment, in connection with a Qualifying Fundamental Change Payment, or in satisfaction of the Conversion Obligation,
will not exceed 19.99% of the Common Stock of the Company outstanding as of the close of the Trading Day immediately preceding the date
of the Purchase Agreement (as appropriately adjusted to give effect to any stock splits, reverse stock splits, stock combinations, reclassifications,
reorganizations or other similar transactions occurring after the date of this Indenture) (the “20% Threshold”), which
amount as of the close of the Trading Day immediately preceding the date of the Purchase Agreement is 11,403,332. The Company will not
have any further obligation to deliver any shares of Common Stock in excess of the 20% Threshold; provided, however, that the Company
will make a cash payment in lieu of any shares of Common Stock (or fractions thereof) that are not able to be delivered in excess of the
20% Threshold, calculated based upon the simple average of the Daily VWAP for the ten consecutive Trading Days ending on and including
the Trading Day immediately preceding the relevant payment date.


 






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(l) Notwithstanding anything
to the contrary in this Indenture, no Holder will be entitled to receive shares of Common Stock upon conversion of Notes (including any
Qualifying Fundamental Change Payment), as payment of any Interest Make-Whole Payment, or as payment of Common Stock Interest, and no
such conversion or payment of Notes shall take place, to the extent (but only to the extent) that such receipt (or conversion) would
cause such Holder and its affiliates (as defined in Rule 12b-2 under the Exchange Act) and associates (as defined in Rule 12b-2 under
the Exchange Act), in each case together with any other persons whose beneficial ownership would be aggregated with such Person for purposes
of Section 13(d) of the Exchange Act (including any “group” of which such Person is a member) to beneficially own shares
of Common Stock in excess of 4.9% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion
(the “Conversion Limitation”). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by such Holder and its affiliates (as defined in Rule 12b-2 under the Exchange Act) shall include the number of shares of Common
Stock issuable upon conversion of a Note, as payment of any Interest Make-Whole Payment, or as payment of Common Stock Interest, in each
case with respect to which the determination of such sentence is being made, but shall exclude the number of shares of Common Stock which
would be issuable upon (A) conversion of the remaining, nonconverted portion of any Note beneficially owned by such Holder, any of its
affiliates (as defined in Rule 12b-2 under the Exchange Act), any of its associates (as defined in Rule 12b-2 under the Exchange Act)
or any other persons whose beneficial ownership would be aggregated with any of the foregoing Person for purposes of Section 13(d) of
the Exchange Act (including any “group” of which such Person is a member) and (B) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by such Holder, any of its affiliates (as defined in Rule 12b-2 under the Exchange Act), any of its
associates (as defined in Rule 12b-2 under the Exchange Act) or any other persons whose beneficial ownership would be aggregated with
any of the foregoing Person for purposes of Section 13(d) of the Exchange Act (including any “group” of which such Person
is a member). Except as set forth in the preceding sentence, for purposes of this Section 9.02(l), beneficial ownership shall be calculated
in accordance with Section 13(d) of the Exchange Act, and a determination as to any “group” status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act. By written notice to the Company, any Holder may increase or
decrease the Conversion Limitation to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such
increase will not be effective until the 61st day after such notice is delivered to the Company, (ii) any such decrease will be effective
when indicated in the notice delivered to the Company and (iii) any such increase or decrease will apply only to the Holder sending such
notice and not to any other Holder of Notes.


 


For purposes of this Section
9.02(l), in determining the number of outstanding shares of Common Stock, such Holder may rely on the number of outstanding shares of
Common Stock as reflected in (x) the Company’s most recent annual, quarterly or current report on Form 10-K, Form 10-Q or Form 8-K,
respectively, as the case may be; (y) a more recent public announcement by the Company or (z) any other notice by the Company setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of a Holder, the
Company shall within two Business Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including any Note, by such Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported.


 


For purposes of calculating
the number of shares of Common Stock issuable to the Holder that would not exceed the limitation contained in this Section 9.02(l), the
determination of the amount of securities beneficially owned by the Holder shall be in the sole discretion of the Holder (subject to the
terms of this Section 9.02(l)), and, unless otherwise indicated in connection with the Notice of Conversion, the submission of a Notice
of Conversion shall be deemed to be the Holder’s determination of whether any Notes may be converted (in relation to other securities
beneficially owned by the Holder), subject to the applicable Conversion Limitation. To ensure compliance with this restriction, unless
otherwise indicated in connection with the Notice of Conversion, the Holder shall be deemed to represent to the Company each time it delivers
a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this Section 9.02(l). If all or a
portion of any Common Stock Interest payment or Redemption Interest Make-Whole Payment would cause the Holder to exceed its Conversion
Limitation, such Holder shall notify the Company via email at the address set forth in Section 17.02 at least two Business Days prior
to the relevant payment date, which notice shall specify the number of shares of Common Stock such Holder may receive without exceeding
its Conversion Limitation, and the Company shall not deliver any shares of Common Stock in excess of such amount.


 




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Any purported delivery of
shares of Common Stock upon conversion of the Notes, as payment of any Interest Make-Whole Payment, or as payment of Common Stock Interest,
shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the applicable Holder exceeding
its Conversion Limitations in violation of this Section 9.02(l). Solely for the purpose of this Section 9.02(l), in the case of Global
Notes, “Holder” shall mean a person that holds a beneficial interest in the Notes and not the Depositary or its nominee.


 


To the extent that any shares
of Common Stock cannot be delivered due to the limitations specified in this Section 9.02(l):


 


(1)
if such shares of Common Stock that are unable to be issued would be used to satisfy a conversion of this Note in whole or in part,
the Holder may request return of the Notes surrendered by such Holder for conversion, after which the Company shall deliver such Notes
to such Holder within two Trading Days after receipt of such request; or


 


(2)
if such shares of Common Stock that are unable to be issued would be used to satisfy payment of any Qualifying Fundamental Change
Payment, payment of any Interest Make-Whole Payment or payment of Common Stock Interest in whole or in part, the Holder may elect compliance
with this Section 9.02(l)(2) and the Company shall have been deemed to elect to pay all such amounts in cash.


 


Section 9.03
Adjustment to Conversion Rate Upon a Qualifying Fundamental Change.


 


(a)
If the Effective Date of a Qualifying Fundamental Change occurs prior to the Stated Maturity and a Holder elects to convert its
Notes in connection with such Qualifying Fundamental Change, the Company shall, under the circumstances described below, subject in all
cases to the limitations in Section 9.02(k) and Section 9.02(l), increase the Conversion Rate by an additional number of shares of Common
Stock (the “Qualifying Fundamental Change Additional Shares”), as described below. The number of Qualifying Fundamental
Change Additional Shares shall be determined by reference to the table below, based on the Effective Date of the Qualifying Fundamental
Change and the price paid (or deemed to be paid) per share of the Common Stock in the Qualifying Fundamental Change (the “Stock
Price”). A conversion of Notes shall be deemed for these purposes to be “in connection with” such Qualifying Fundamental
Change if the relevant Conversion Date occurs during the period from, and including, the Effective Date of the Qualifying Fundamental
Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of
a Qualifying Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the
definition thereof, the 35th Trading Day immediately following the Effective Date of such Qualifying Fundamental Change) (such period,
the “Qualifying Fundamental Change Period”). 


 


The number of Qualifying Fundamental
Change Additional Shares set forth in the table below shall be adjusted in the same manner as and as of any date on which the Conversion
Rate of the Notes is adjusted pursuant to this ARTICLE 9. The Stock Prices set forth in the first row of the table below (i.e., the column
headers) shall be simultaneously adjusted to equal the Stock Prices immediately prior to such adjustment, multiplied by a fraction, the
numerator of which shall be the Conversion Rate immediately prior to the adjustment and the denominator of which shall be the Conversion
Rate as so adjusted.


 






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The following table sets forth
the number of Qualifying Fundamental Change Additional Shares per $1,000 principal amount of Notes by which the Conversion Rate shall
be increased upon conversion in connection with a Qualifying Fundamental Change:


 




	Effective 	 	Stock Price	 
	Date	 	$	4.00	 	 	$	5.00	 	 	$	6.00	 	 	$	7.00	 	 	$	8.00	 	 	$	9.00	 	 	$	10.00	 	 	$	11.00	 	 	$	12.00	 	 	$	13.00	 	 	$	14.00	 	 	$	15.00	 	 	$	16.00	 	 	$	17.00	 	 	$	18.00	 	 	$	19.00	 	 	$	20.00	 
	June 9, 2022	 	 	38.14	 	 	 	26.22	 	 	 	18.02	 	 	 	12.39	 	 	 	8.52	 	 	 	5.86	 	 	 	4.03	 	 	 	2.77	 	 	 	5.69	 	 	 	4.83	 	 	 	4.10	 	 	 	3.49	 	 	 	2.96	 	 	 	2.51	 	 	 	2.12	 	 	 	1.79	 	 	 	1.49	 
	June 15, 2023	 	 	38.14	 	 	 	24.91	 	 	 	17.12	 	 	 	11.77	 	 	 	8.09	 	 	 	5.56	 	 	 	3.83	 	 	 	2.63	 	 	 	4.20	 	 	 	3.57	 	 	 	3.04	 	 	 	2.59	 	 	 	2.20	 	 	 	1.87	 	 	 	1.58	 	 	 	1.32	 	 	 	1.10	 
	June 15, 2024	 	 	38.14	 	 	 	23.66	 	 	 	16.27	 	 	 	11.18	 	 	 	7.69	 	 	 	5.29	 	 	 	3.63	 	 	 	2.50	 	 	 	2.37	 	 	 	2.03	 	 	 	1.74	 	 	 	1.49	 	 	 	1.27	 	 	 	1.08	 	 	 	0.92	 	 	 	0.77	 	 	 	0.64	 
	June 15, 2025	 	 	38.14	 	 	 	22.48	 	 	 	15.45	 	 	 	10.62	 	 	 	7.30	 	 	 	5.02	 	 	 	3.45	 	 	 	2.37	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	June 15, 2026	 	 	38.14	 	 	 	21.35	 	 	 	14.68	 	 	 	10.09	 	 	 	6.94	 	 	 	4.77	 	 	 	3.28	 	 	 	2.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	June 15, 2027	 	 	38.14	 	 	 	20.29	 	 	 	13.95	 	 	 	9.59	 	 	 	6.59	 	 	 	4.53	 	 	 	3.12	 	 	 	2.14	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 



 


provided, however, that:


 


(i)
if the exact Stock Price is between two Stock Prices listed in the table above under the columns titled “Stock Price,”
or if the exact Effective Date of such Qualifying Fundamental Change is between two Effective Dates listed in the table above in the rows
immediately below the title “Effective Date,” then the number of Qualifying Fundamental Change Additional Shares by which
the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Qualifying Fundamental
Change Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates based on a 365-day
year; and


 


(ii)
(a) if the exact Stock Price is greater than $20.00 per share (subject to adjustment in the same manner and at the same time as
the Stock Prices listed in the table above), then the Conversion Rate shall not be increased, or (b) if the exact Stock Price is less
than $4.00 per share (subject to adjustment in the same manner and at the same time as the Stock Prices listed in the table above), then
the Conversion Rate shall not be increased.


 


(b)
If the holders of Common Stock receive in exchange for their Common Stock only cash in a Qualifying Fundamental Change described
in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share (as further described in
the proviso in Section 9.03(c)). Otherwise, the Stock Price shall be the average of the Closing Sale Prices of the Common Stock over the
ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the relevant Effective Date. The Company’s
Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment
to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date,
Effective Date or expiration date of the event occurs during such ten consecutive Trading Day period. The Company shall notify the Trustee,
the Conversion Agent (if other than the Trustee) and Holders (a “Qualifying Fundamental Change Company Notice”), in
writing, of the Effective Date of any Qualifying Fundamental Change, and shall issue a press release or file a Current Report on Form
8-K with the SEC announcing such Effective Date, in each case no later than five (5) Business Days after such Effective Date.


 






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(c) Subject to the
limitations in Section 9.02(k) and Section 9.02(l), the Company will have the option to pay any portion of a Conversion Obligation
represented by Qualifying Fundamental Change Additional Shares (“Qualifying Fundamental Change Payment”) in cash
and/or by delivering Freely Tradeable Common Stock. Subject to the limitations in Section 9.02(k) and Section 9.02(l), all
Qualifying Fundamental Change Payments shall be paid by delivering Freely Tradeable Common Stock, unless the Company delivers prior
written notice to each Holder (with a copy to the Trustee) stating that the Company will pay all or a portion of any future
Qualifying Fundamental Change Payments in cash, and specifying the time periods during which such election shall apply and the
percentages of the Qualifying Fundamental Change Payments that will be paid as cash and Freely Tradeable Common Stock, respectively; provided
that if, at the relevant Effective Time of a Qualifying Fundamental Change described in clause (b) of the definition of Fundamental
Change, the Reference Property following such Qualifying Fundamental Change is composed entirely of cash, for any conversion of
Notes following the Effective Date of such Qualifying Fundamental Change, the Conversion Obligation shall be calculated based solely
on the Stock Price for the transaction and shall be deemed to be (and paid as) an amount of cash per $1,000 Principal Amount of
converted Notes equal to the Conversion Rate, multiplied by such Stock Price. Such notice shall not be effective until the
end of the 15th Trading Day after such notice has been delivered. Except as set forth in this Section 9.03(c), for purposes of
determining any cash payment to be made in respect of a Qualifying Fundamental Change Payment, each share of Freely Tradeable Common
Stock will be valued at 95% of the Stock Price as determined in Section 9.03(b).


 


Notwithstanding the foregoing,
if an Interest Make-Whole Payment is due in respect of converted Notes entitled to a Qualifying Fundamental Change Payment pursuant to
this Section 9.03, the Holder of such Notes shall be entitled to receive the greater of the Interest Make-Whole Payment and such Qualifying
Fundamental Change Payment, but not both, with respect to such converted Notes.


 


(d)
Nothing in this Section 9.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 9.04
in respect of a Qualifying Fundamental Change.


 


Section 9.04
Adjustment of Conversion Rate.


 


The Conversion Rate shall
be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments
to the Conversion Rate if Holders participate (other than in the case of (x) a share split or share combination or (y) a tender
or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes,
in any of the transactions described in this Section 9.04, without having to convert their Notes as if they held a number
of shares of Common Stock equal to the Conversion Rate, multiplied by the Principal Amount (expressed in thousands) of Notes held
by such Holder.


 


(a)
If the Company exclusively issues shares of the Common Stock as a dividend or distribution on shares of the Common Stock, or if
the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the close of business on such Record Date or immediately after the open of business on such Effective Date, as applicable;
	 	 	 	 
	OS0	 	=	the number of shares of the Common Stock outstanding immediately prior to the close of business on such Record Date or immediately prior to the open of business on such Effective Date, as applicable (before giving effect to any such dividend, distribution, split or combination); and



 


	OS1	 	=	the number of shares of the Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.


 






    -61-


     


    

 



Any adjustment made under this Section 9.04(a) shall become effective immediately after the close of business on the
Record Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or
share combination, as applicable. If any dividend or distribution of the type described in this Section 9.04(a) is declared
but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines
not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not
been declared.


 


(b)
If the Company distributes to all or substantially all holders of the Common Stock any rights, options or warrants (other than
pursuant to a stockholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such
distribution, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the Closing
Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement of such distribution, the Conversion Rate shall be increased based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the close of business on such Record Date;


 


	OS0	 	=	the number of shares of the Common Stock outstanding immediately prior to the close of business on such Record Date;
	 	 	 	 
	X	 	=	the total number of shares of the Common Stock distributable pursuant to such rights, options or warrants; and
	 	 	 	 
	Y	 	=	the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the distribution of such rights, options or warrants.


 


Any increase made under
this Section 9.04(b) shall be made successively whenever any such rights, options or warrants are distributed and
shall become effective immediately after the close of business on the Record Date for such distribution. To the extent that such
rights, options or warrants are not exercised prior to their expiration or shares of Common Stock are not delivered after the
expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in
effect had the increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of
only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so distributed or if such
rights, options or warrants are not exercised prior to their expiration, the Conversion Rate shall be decreased to the Conversion
Rate that would then be in effect if such Record Date for such distribution had not occurred.


 






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For the purpose of this Section 9.04(b),
in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at
less than such average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of such distribution, and in determining the aggregate offering price of
such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants
and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the
Company in good faith and in a commercially reasonable manner.


 


(c)
If the Company distributes shares of its Capital Stock, evidences of its Indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock,
excluding (i) dividends, distributions or issuances as to which an adjustment was effected or pursuant to Section 9.04(a) or
Section 9.04(b) or will be so effected in accordance with the 1% Provision, (ii) except as otherwise provided below,
rights issued pursuant to any stockholder rights plan of the Company then in effect, (iii) dividends or distributions paid exclusively
in cash as to which the provisions set forth in Section 9.04(d) shall apply, (iv) dividends or distributions of
Reference Property issued in exchange for the Common Stock pursuant to Section 9.07, and (v) Spin-Offs as to which the
provisions set forth below in this Section 9.04(c) shall apply (any of such shares of Capital Stock, evidences of Indebtedness,
other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”),
then the Conversion Rate shall be increased based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the close of business on such Record Date;


 


	SP0	 	=	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
	 	 	 	 
	FMV	 	=	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner) of the Distributed Property distributed with respect to each outstanding share of the Common Stock on the Record Date for such distribution.


 






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Any increase made under
the portion of this Section 9.04(c) above shall become effective immediately after the close of business on the
Record Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the
Conversion Rate that would then be in effect if such distribution had not been declared. In the case of any distribution of rights,
options or warrants, to the extent such rights options or warrants expire unexercised, the applicable Conversion Rate shall be
immediately readjusted to the applicable Conversion Rate that would then be in effect had the increase made for the distribution of
such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered
upon exercise of such rights, options or warrants. Notwithstanding the foregoing, if “FMV” (as defined above) is equal
to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in
respect of each $1,000 Principal Amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the
Distributed Property without having to convert its Notes, the amount and kind of Distributed Property such Holder would have
received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for the
distribution. If the Company determines the “FMV” (as defined above) of any distribution for purposes of this Section 9.04(c) by
reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market
over the same period used in computing “SP0.”


 


With respect to an adjustment
pursuant to this Section 9.04(c) where there has been a payment of a dividend or other distribution on the Common Stock
of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of
the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the end of the Valuation Period;
	 	 	 	 
	FMV0	 	=	the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Closing Sale Price as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 	 
	MP0	 	=	the average of the Closing Sale Prices of the Common Stock over the Valuation Period.


 


The increase to the Conversion
Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided
that in respect of any conversion of Notes, if the relevant Conversion Date occurs during the Valuation Period, the references to “10”
in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend
Date of such Spin-Off and such Conversion Date in determining the Conversion Rate. If any dividend or distribution that constitutes a
Spin-Off is declared but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of the date the Board of
Directors determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend
or distribution had not been declared or announced.


 






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For purposes of this Section 9.04(c) (and
subject in all respects to Section 9.11), rights, options or warrants distributed by the Company to all holders of the
Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including shares of Common
Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock;
(ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed
not to have been distributed for purposes of this Section 9.04(c) (and no adjustment to the Conversion Rate under
this Section 9.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights,
options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion
Rate shall be made under this Section 9.04(c). If any such right, option or warrant, including any such existing rights,
options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such
rights, options or warrants become exercisable to purchase different securities, evidences of Indebtedness or other assets, then the
date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new
rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate
and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed
distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment
to the Conversion Rate under this Section 9.04(c) was made, (1) in the case of any such rights, options or
warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or
purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and
(y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger
Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a
holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights,
options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of
such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion
Rate shall be readjusted as if such rights, options and warrants had not been issued.


 


For purposes of Section 9.04(a),
Section 9.04(b) and this Section 9.04(c), if any dividend or distribution to which this Section 9.04(c) is
applicable also includes one or both of:


 


(A) a dividend or distribution
of shares of Common Stock to which Section 9.04(a) is applicable (the “Clause A Distribution”); or


 


(B) a dividend or distribution
of rights, options or warrants to which Section 9.04(b) is applicable (the “Clause B Distribution”),


 


then, in either case, (1) such dividend or
distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to
which this Section 9.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment
required by this Section 9.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause
A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment
required by Section 9.04(a) and Section 9.04(b) with respect thereto shall then be made, except that,
if determined by the Company (I) the “Record Date” of the Clause A Distribution and the Clause B Distribution shall be
deemed to be the Record Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution
or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the close of business on such Record Date or
immediately after the open of business on such Effective Date, as applicable” within the meaning of Section 9.04(a) or
“outstanding immediately prior to the close of business on such Record Date” within the meaning of Section 9.04(b).


 






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(d)
If the Company pays or makes any cash dividend or distribution to all or substantially all holders of the shares of the Common
Stock, the Conversion Rate shall be adjusted based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the close of business on such Record Date for such dividend or distribution;
	 	 	 	 
	SP0	 	=	the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
	 	 	 	 
	C	 	=	the amount in cash per share of the Common Stock the Company distributes to all or substantially all holders of the Common Stock.


 



Any increase to the Conversion Rate made pursuant to this Section 9.04(d) shall become effective immediately after the
close of business on the Record Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion
Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution,
to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing,
if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, for each $1,000 Principal Amount of Notes, at the same time and upon the same terms as holders of
shares of the Common Stock without having to convert its Notes, the amount of cash that such Holder would have received if such Holder
owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such cash dividend or distribution.


 


(e)
If the Company or any of its Subsidiaries make a payment pursuant to a tender or exchange offer for the Common Stock that is subject
to the then-applicable tender offer rules under the Exchange Act (other than any odd-lot tender offer), to the extent that the cash
and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Closing Sale Prices
of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last
date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the
Conversion Rate shall be increased based on the following formula:


 





 


where,


 


	CR0	 	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date;
	 	 	 	 
	CR1	 	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date;
	 	 	 	 



 






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	AC	 	=	the aggregate value of all cash and any other consideration (as determined by the Company in good faith and in a commercially reasonable manner) paid or payable for shares of Common Stock purchased in such tender or exchange offer;


 


	OS0	 	=	the number of shares of Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 	 
	OS1	 	=	the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 	 
	SP1	 	=	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.


 


The increase to the Conversion
Rate under this Section 9.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and
including, the Trading Day next succeeding the Expiration Date; provided that, in respect of any conversion of Notes, if the relevant
Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration
Date, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number
of Trading Days as have elapsed between the Expiration Date and such Conversion Date in determining the Conversion Rate.


 


If the Company is obligated
to purchase shares of Common Stock pursuant to any such tender or exchange offer described in this Section 9.04(e) but
is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the applicable Conversion
Rate will be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had
been made only in respect of the purchases that have been effected.


 


(f)
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of Common Stock or any securities
convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such convertible or exchangeable
securities. 


 


(g)
In addition to those adjustments required by clauses (a), (b), (c), (d), and (e) of this
Section 9.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which
any securities of the Company are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period
of at least 20 Business Days if the Company determines that such increase would be in the Company’s best interest. In addition,
to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s
securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax
to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares of Common
Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either of
the preceding two sentences, the Company shall deliver to the Holder of each Note a notice of the increase at least 15 days prior to the
date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which
it will be in effect.


 






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(h)
Notwithstanding anything to the contrary in this Article 9, the Conversion Rate shall not be adjusted: 


 


(i)
 upon the issuance or deemed issuance of shares of Common Stock at a price below the Conversion Price or otherwise, other than
for any adjustment described in Section 9.04(a), Section 9.04(b), or Section 9.04(c); 


 


(ii)
upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends
or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under
any plan; 


 


(iii)
upon the issuance of any capital stock, rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities
(as hereinafter defined) (“Options”) issued to directors, officers, employees or consultants of the Company or its
Subsidiaries in connection with their service as directors of the Company, their employment by the Company or its Subsidiaries or their
retention as consultants by the Company or its Subsidiaries pursuant to an employee benefit plan approved by the Board of Directors of
the Company or the compensation committee of the Board of Directors of the Company;


 


(iv)
upon the issuance of any shares of Common Stock issued upon the conversion or exercise of Options or any stock or securities (other
than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock (“Convertible
Securities”) that were issued and outstanding immediately preceding the execution and delivery of the Purchase Agreement (the
“Effective Time”), provided such securities are not amended after the Effective Time to increase the number of shares
of Common Stock issuable thereunder, lower the exercise or conversion price thereof or extend the term thereof;


 


(v)
for a third-party tender offer by any party other than a tender offer by one or more of the Company’s Subsidiaries as described
in Section 9.04(e);


 


(vi)
upon the repurchase of any shares of the Common Stock pursuant to an open market share repurchase program or other buy-back transaction,
including structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives, or other
buy-back transaction, that is not a tender offer or exchange offer of the kind described in Section 9.04(e);


 


(vii)
solely for a change in the par value of the Common Stock; or


 


(viii)
upon the issuance of any securities issued pursuant to the Purchase Agreement and shares of Common Stock issued in respect of such
securities.


 


(i)
All calculations and other determinations under this Article 9 shall be made by the Company and all calculations of
the Conversion Rate shall be made to the nearest one-ten thousandth (1/10,000th) of a share. 


 


(j)
If an adjustment to the Conversion Rate otherwise required by the provisions described in Section 9.04 would result
in a change of less than 1% to the Conversion Rate, then, notwithstanding the foregoing, the Company may, at its election, defer and carry
forward such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest to occur of the
following: (i) when all such deferred adjustments would result in an aggregate change of at least 1% to the Conversion Rate; (ii) the
Conversion Date for any Notes; and (iii) on the Effective Date of any Qualifying Fundamental Change, in each case, unless the adjustment
has already been made (the “1% Provision”). 


 




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(k)
 Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion
Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief
statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee (and the Conversion Agent if not
the Trustee) shall have received such Officers’ Certificate, the Trustee (and the Conversion Agent if not the Trustee) shall not
be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which
it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment
of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver
such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or
validity of any such adjustment and for the avoidance of doubt, neither the Trustee nor the Conversion Agent shall have any liability
or responsibility for the Conversion Rate (or any adjustments thereof), the calculation thereof or application thereof. 


 


(l)
For purposes of this Section 9.04, the number of shares of Common Stock at any time outstanding shall not include shares
of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares
of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock.


 


Section 9.05
 Adjustments of Prices.


 


Whenever any provision of
this Indenture requires the Company to calculate the Closing Sale Prices or the Daily VWAPs over a span of multiple days (including, without
limitation, the period, if any, for determining the Stock Price for purposes of a Qualifying Fundamental Change), the Company shall make
appropriate adjustments in good faith and in a commercially reasonable manner (to the extent no corresponding adjustment is otherwise
made pursuant to the provisions described under Section 9.04) to each to account for any adjustment to the Conversion Rate
that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or Expiration
Date, as the case may be, of the event occurs, at any time during the period when the Closing Sale Prices or the Daily VWAPs, are to be
calculated.


 


For the avoidance of doubt,
the adjustments made pursuant to this Section 9.05 shall be made, solely to the extent the Company determines in good faith
and in a commercially reasonable manner that any such adjustment is appropriate, without duplication of any adjustment made pursuant to
the provision set forth under Section 9.04.


 


Section 9.06
Share Reservations.


 


The Company shall reserve
and keep available at all times, free from preemptive rights, out of its authorized but unissued shares, 11,185,000 shares of Common Stock
(less any number of shares theretofore issued as Underlying Securities or Additional Shares (as appropriately adjusted to give effect
to any stock splits, reverse stock splits, stock combinations, reclassifications, reorganizations or other similar transactions occurring
after the date of this Indenture) (the “Maximum Share Reserve”) to provide for issuance upon conversion of the Notes
from time to time as such Notes are presented for conversion, and for issuances as Additional Shares. 9,341,825 shares of the Maximum
Share Reserve (as adjusted from time to time to reflect any adjustments to the Conversion Rate) shall be reserved exclusively for issuance
upon conversion of the Notes from time to time as such Notes are presented for conversion (the “Maximum Conversion Share Reserve”).
Up to all of the remaining shares in the Maximum Share Reserve shall be reserved for issuance as Additional Shares (the “Maximum
Additional Share Reserve”).


 




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The Company shall use the
Maximum Conversion Share Reserve exclusively for the issuance of shares pursuant to the Conversion Obligation and may use the Maximum
Additional Share Reserve for the issuance of Additional Shares. No Additional Shares shall be issued by the Company to the extent that
the shares of Common Stock remaining in the Maximum Share Reserve would, after giving effect to such issuance, be less than the remaining
shares that could then be issued pursuant to the Conversion Obligation. The Maximum Share Reserve (and as a result, the Maximum Additional
Share Reserve) may be increased by the Company to the extent that the Company has obtained the requisite Stockholder Approval pursuant
to Nasdaq Marketplace Rule 5635(d) or the listing requirements of such other Relevant Stock Exchange; provided, that nothing herein
shall obligate the Company to obtain or seek to obtain such Stockholder Approval.


 


Section 9.07
Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.


 


(a)
In the case of: 


 


(i)
any recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from par value to no
par value, or changes resulting from a share split or share combination),


 


(ii)
any consolidation, merger or combination involving the Company,


 


(iii)
any sale, lease or other transfer to a third party of all or substantially all of the consolidated assets of the Company and the
Company’s Subsidiaries, taken as a whole; or


 


(iv)
 any statutory share exchange, 


 


in each case, as a result of which the Common
Stock would be converted into, or exchanged for, stock, other securities or other property or assets (including cash or any combination
thereof) (any such event, a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event,
the right to convert each $1,000 Principal Amount of Notes shall be changed into a right to convert such Principal Amount of Notes into
the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that
a holder of a number of shares of the Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have
owned or been entitled to receive (the “Reference Property”, with each “unit of Reference Property”
meaning the kind and amount of Reference Property that a holder of one share of Common Stock would have been entitled to receive) upon
such Share Exchange Event; provided, however, that at and after the effective time of the Share Exchange Event, the number
of shares of Common Stock otherwise deliverable upon conversion of the Notes in accordance with Section 9.02 shall instead
be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have been entitled
to receive in such Share Exchange Event.


 


If the Share Exchange Event
causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall
be deemed to be (x) the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively
make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration
actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding
paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. The Company
shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as
reasonably practicable after such determination is made.


 




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If the Reference Property
in respect of any Share Exchange Event includes, in whole or in part, shares of Common Equity, the supplemental indenture providing that
the Notes will be convertible into Reference Property will also provide for anti-dilution and other adjustments that are as nearly equivalent
as possible to the adjustments described under Section 9.04 with respect to the portion of the Reference Property consisting
of such Common Equity. If the Reference Property in respect of any Share Exchange Event includes shares of stock, securities or
other property or assets (other than cash and/or Cash Equivalents) of a company other than the Company or the successor or purchasing
corporation, as the case may be, in such Share Exchange Event, then such other company, if an Affiliate of the Company or the successor
or acquiring company, shall also execute such supplemental indenture, and such supplemental indenture shall contain such additional provisions
to protect the interests of the Holders, including the right of Holders to require the Company to repurchase their Notes upon a Fundamental
Change pursuant to Section 10.01, as the Company in good faith reasonably considers necessary by reason of the foregoing.


 


(b)
Promptly following execution by the Company of a supplemental indenture pursuant to subsection (a) of this Section 9.07,
the Company shall file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash,
securities or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to
be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver notice thereof to all
Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to each Holder, within twenty
days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 


 


(c)
The Company shall not become a party to any Share Exchange Event unless its terms are consistent with this Section 9.07.
None of the foregoing provisions shall affect the right of a Holder to convert its Notes into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, as applicable, as set forth in Section 9.01 and Section 9.02 prior to the
Effective Date of such Share Exchange Event. 


 


(d)
The above provisions of this Section 9.07 shall similarly apply to successive Share Exchange Events.


 


Section 9.08
Certain Covenants


 


(a)
The Company covenants that all shares of Common Stock issuable as Common Stock Interest, pursuant to an Interest Make-Whole Payment
and/or pursuant to a Qualifying Fundamental Change Payment will be Freely Tradeable.


 


(b)
The Company covenants that all shares of Common Stock issued upon conversion of Notes, as Common Stock Interest, pursuant to an
Interest Make-Whole Payment and/or pursuant to a Qualifying Fundamental Change Payment will be duly authorized by all necessary corporate
action (including any necessary action by the Company’s Board of Directors), validly issued, fully paid and non-assessable by the
Company and free from all taxes, liens and charges with respect to the issue thereof.


 


(c)
 The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes, as Common
Stock Interest, pursuant to an Interest Make-Whole Payment and/or pursuant to a Qualifying Fundamental Change Payment hereunder require
registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly
issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure
such registration or approval, as the case may be.


 




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(d)
 The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or
automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated
quotation system, any Common Stock issuable upon conversion of the Notes, as Common Stock Interest, pursuant to an Interest Make-Whole
Payment and/or pursuant to a Qualifying Fundamental Change Payment.


 


Section 9.09
Responsibility of Trustee.


 


The Trustee shall not at
any time be under any duty or responsibility to determine the Closing Sale Price. The Trustee and any other Conversion Agent shall not
at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether
any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent
or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided
to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or
delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto.
Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares
of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion
or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality
of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 9.07 relating either to the kind or amount of shares
of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred
to in such Section 9.07 or to any adjustment to be made with respect thereto, may accept (without any independent investigation)
as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate
(which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto.


 


Section 9.10
Notice to Holders Prior to Certain Actions.


 


In case of any:


 


(a)
action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 9.04
or Section 9.11; 


 


(b)
Share Exchange Event; or 


 


(c)
voluntary or involuntary dissolution, liquidation or winding-up of the Company; 


 


then, in each case (unless notice of such event
is otherwise required pursuant to another provision of this Indenture, in which case the timing and delivery requirements of such provision
shall supersede this Section 9.10), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other
than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 3 Business Days after the occurrence
of such event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company
or one of its Subsidiaries, Share Exchange Event, dissolution, liquidation or winding-up.


 






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Section 9.11
Stockholder Rights Plans.


 


If the Company has a stockholder
rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled
to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall
bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended
from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance
with the provisions of the applicable stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the
Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in Section 9.04(c),
subject to readjustment in the event of the expiration, termination or redemption of such rights.


 


ARTICLE
10.

REPURCHASE OF NOTES AT OPTION OF HOLDERS


 


Section 10.01
Repurchase at Option of Holder Upon Fundamental Change.


 


(a)
If a Fundamental Change occurs at any time prior to the Stated Maturity, each Holder shall have the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000
or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company
that is not less than 20 Business Days or more than 35 Business Days following the date of the Fundamental Change Company Notice at a
repurchase price payable in cash equal to 100% of the Principal Amount thereof, plus accrued and unpaid interest thereon to, but
excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental
Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date
relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest (to, but not including, such Interest
Payment Date) to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100%
of the Principal Amount of Notes to be repurchased pursuant to this ARTICLE 10.


 


(b)
Repurchases of Notes under this Section 10.01 shall be made, at the option of the Holder thereof, upon: 


 


(i)
delivery to the Trustee by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”)
in the form set forth in Attachment 3 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes,
or in compliance with the Applicable Procedures of the Depositary, if the Notes are Global Notes, in each case at any time prior to the
close of business on second Business Day immediately preceding the Fundamental Change Repurchase Date; and


 


(ii)
 delivery of the Notes, if the Notes are Physical Notes, to the paying agent at any time after delivery of the Fundamental
Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or
if the Notes are Global Notes, in compliance with the Applicable Procedures of the Depositary, in each case such delivery being a condition
to receipt by the Holder of the Fundamental Change Repurchase Price therefor.


 






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The Fundamental Change Repurchase
Notice in respect of any Notes to be repurchased that are Physical Notes shall state:


 


(i)
 the certificate numbers of the Notes to be delivered for repurchase;


 


(ii)
the portion of the Principal Amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and


 


(iii)
that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture; 


 


provided, however, that if the Notes
are Global Notes, Holders must surrender their Notes in accordance with the Applicable Procedures of the Depositary.


 


Notwithstanding anything herein to the contrary,
any Holder delivering to the Trustee (or, in the case of the Global Notes, otherwise in accordance with the Applicable Procedures of the
Depositary) the Fundamental Change Repurchase Notice contemplated by this Section 10.01 shall have the right to withdraw, in whole or
in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the second Business Day immediately preceding
the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Trustee in accordance with Section 10.02.


 


The Trustee shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.


 


(c)
On or before the 20th Business Day after the occurrence of the Effective Date of a Fundamental Change, the Company shall provide
to all Holders of Notes, the Trustee, the Conversion Agent (if other than the Trustee) and the paying agent (if other than the Trustee)
a notice (the “Fundamental Change Company Notice”) of the occurrence of the Effective Date of the Fundamental Change
of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be
by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the Applicable Procedures of the
Depositary. Each Fundamental Change Company Notice shall specify: 


 


(i)
the events causing the Fundamental Change;


 


(ii)
the Effective Date of the Fundamental Change;


 


(iii)
 the last date on which a Holder may exercise the repurchase right pursuant to this ARTICLE 10 or, if the Fundamental Change
is a Qualifying Fundamental Change, convert its Notes pursuant to ARTICLE 9;


 


(iv)
the Fundamental Change Repurchase Price;


 


(v)
the Fundamental Change Repurchase Date;


 


(vi)
the name and address of the paying agent and the Conversion Agent, if applicable;


 


(vii)
if applicable, the Conversion Rate and any adjustments to the Conversion Rate;


 


(viii)
that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only
if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and


 




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(ix)
 the procedures that Holders must follow to require the Company to repurchase their Notes.


 


No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 10.01. Notwithstanding anything to the contrary above, the Company will not be required to repurchase
or make an offer to repurchase the Notes upon the occurrence of the Effective Date of a Fundamental Change if a third party makes such
an offer in the same manner, at the same time and otherwise is in compliance with the requirements for an offer made by the Company as
set forth in this Indenture, and such third party purchases all Notes properly surrendered and not validly withdrawn under its offer in
the same manner, at the same time and otherwise is in compliance with the requirements for an offer made by the Company as set forth in
this Indenture.


 


At the Company’s written request, the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases,
the text of such Fundamental Change Company Notice shall be prepared by the Company.


 


(d)
Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental
Change if the Principal Amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price
with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during
the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental
Change Repurchase Price with respect to such Notes), or, with respect to any Global Notes, in compliance with the Applicable Procedures
of the Depositary any election by Holders with respect to such Notes shall be deemed to have been cancelled, and, upon such return or
cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.


 


Section 10.02
Withdrawal of Fundamental Change Repurchase Notice.


 


A Fundamental Change Repurchase
Notice may be withdrawn (in whole or in part), with respect to any Physical Notes, by means of a written notice of withdrawal delivered
to the Corporate Trust Office of the Paying Agent in accordance with this Section 10.02 at any time prior to the close of business on
the second Business Day immediately preceding the Fundamental Change Repurchase Date specifying:


 


(i)
the Principal Amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be $1,000 or an
integral multiple thereof, 


 


(ii)
the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and 


 


(iii)
the Principal Amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in Principal Amounts of $1,000 or an integral multiple of $1,000; 


 


provided, however, that if the Notes
are Global Notes, Holders must withdraw the relevant Fundamental Change Repurchase Notice in accordance with the Applicable Procedures
of the Depositary.


 






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Section 10.03
Deposit of Fundamental Change Repurchase Price.


 


(a)
The Company will deposit with the Trustee (or other paying agent appointed by the Company, or if the Company is acting as its own
paying agent, set aside, segregate and hold in trust) on or prior to 11:00 a.m., New York City time, on the Business Day prior to the
Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental
Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other paying agent appointed by the Company), payment
for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the second Business Day immediately preceding
the Fundamental Change Repurchase Date) will be made on the later of (i) with respect to Global Notes, the Fundamental Change Repurchase
Date (provided that the Holder has satisfied the conditions in Section 10.01) pursuant to the Applicable Procedures of the Depositary,
and (ii) with respect to Physical Notes, the time of book-entry transfer or the delivery of such Note to the Trustee (or other paying
agent appointed by the Company) by the Holder thereof in the manner required by Section 10.01 by mailing checks for the amount payable
to the Holders of such Notes entitled thereto as they shall appear in the Note Register. The Trustee shall, promptly after such payment
and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 


 


(b)
If by 11:00 a.m. New York City time, on the Business Day prior to the Fundamental Change Repurchase Date, the Trustee (or
other paying agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be
repurchased on such Fundamental Change Repurchase Date, then, on the Fundamental Change Repurchase Date, with respect to the Notes that
have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest
will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to
the Trustee or paying agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive
the Fundamental Change Repurchase Price and, if the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior
to the Interest Payment Date to which such Regular Record Date relates, accrued and unpaid interest payable to the Holders as of such
Regular Record Date). 


 


(c)
Upon surrender of a Note that is to be repurchased in part pursuant to Section 10.01, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in Principal Amount to the unrepurchased portion
of the Note surrendered.


 


Section 10.04
Covenant to Comply with Applicable Laws Upon Repurchase of Notes.


 


 In connection with any repurchase offer
pursuant to a Fundamental Change Repurchase Notice, the Company will, if required:


 


(a)
comply with tender offer rules under the Exchange Act that may then be applicable;


 


(b)
 file a Schedule TO or any other required schedule under the Exchange Act; and


 


(c)
 otherwise comply in all material respects with all federal and state securities laws in connection with any offer by the
Company to repurchase the Notes;


 


 in each case, so as to permit the rights
and obligations under this ARTICLE 10 to be exercised in the time and in the manner specified in this ARTICLE 10.


 




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To the extent that the provisions
of any securities law or regulations conflict with the provisions of this Indenture relating to the Company’s obligation to repurchase
the Notes upon the occurrence of a Fundamental Change, the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached the Company’s obligations under such provisions of this Indenture by virtue of such conflict.


 


ARTICLE
11.

COVENANT DEFEASANCE


 


Section 11.01
Option to Effect Covenant Defeasance.


 


The Company may, at the option
of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have Section 11.02
hereof be applied to all outstanding Notes and all obligations of the Guarantor discharged with respect to the Note Guarantee upon compliance
with the conditions set forth below in this ARTICLE 11.


 


Section 11.02
Covenant Defeasance.


 


Upon the Company’s exercise
under Section 11.01 hereof of the option applicable to this Section 11.02, the Company and the Guarantor shall, subject to the satisfaction
of the conditions set forth in Section 11.03 hereof, be released from its obligations under the covenants contained in Section 5.07, Section
5.08, Section 5.09, Section 5.10, Section 5.11, Section 5.12, Section 5.13, Section 5.15, Section 5.17, and Section 6.01 and ARTICLE 10
hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 11.03 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default
or an Event of Default under Section 7.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Company’s exercise under Section 11.01 hereof of the option applicable to this Section
11.02 hereof, subject to the satisfaction of the conditions set forth in Section 11.03 hereof, Section 7.01(c) through Section 7.01(i)
hereof shall not constitute Events of Default.


 


Section 11.03
Conditions to Covenant Defeasance.


 


The following shall be the
conditions to the application of Section 11.02 hereof to the outstanding Notes:


 


(a)
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, premium, if any, and interest on the
outstanding Notes, including the maximum amount potentially payable as of the date of such deposit as any Interest Make-Whole Payment
or any Qualifying Fundamental Change Payment, on the stated dates for payment thereof;


 




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(b)
 the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result
of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred;


 


(c)
no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event
of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant
to this ARTICLE 11 concurrently with such incurrence) or insofar as Section 7.01(l) hereof is concerned, at any time in the period ending
on the 91st day after the date of deposit;


 


(d)
such Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or
instrument (other than this Indenture) to which the Company or the Guarantor is a party or by which the Company or the Guarantor is bound;


 


(e)
the Company shall have delivered to the Trustee an Opinion of Counsel (which may be subject to customary exceptions) to the effect
that on the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally;


 


(f)
the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Company; and


 


(g)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Covenant Defeasance have been complied with.


 


Section 11.04
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.


 


Subject to Section 11.05 hereof,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 11.04, the “Trustee”) pursuant to Section 11.03 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine,
to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law.


 


The Company and the Guarantor
shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 11.03 hereof or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the outstanding Notes.


 


Anything in this ARTICLE
11 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided in Section 11.03 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee
(which may be the opinion delivered under Section 11.03(a) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.


 






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Section 11.05
Repayment to Company.


 


Any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on
any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall
be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note
shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease.


 


ARTICLE
12.

AMENDMENT, SUPPLEMENT AND WAIVER


 


Section 12.01
Without Consent of Holders of Notes.


 


Notwithstanding Section 12.02
of this Indenture, the Company, the Guarantor and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantee
without the consent of any Holder of a Note:


 


(a)
to cure any ambiguity, defect or inconsistency; provided, however, that such cure does not adversely affect the interests of the
Holders;


 


(b)
to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of ARTICLE 2 hereof
(including the related definitions) in a manner that does not adversely affect any Holder;


 


(c)
to provide for the assumption of the Company’s or the Guarantor’s obligations to the Holders of the Notes under this
Indenture, the Notes and the Note Guarantee by a successor to the Company or the Guarantor pursuant to ARTICLE 6 or ARTICLE 14 hereof;


 


(d)
to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights hereunder or under the Notes or the Note Guarantee of any Holder of the Note; or


 


(e)
to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.


 


In determining whether the
Holders of the requisite Principal Amount of outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have
consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder,
Notes held for the account of the Company, or for any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company, shall be disregarded and deemed not to be outstanding; provided, however, that no Holder shall be deemed
to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Company solely by reason
of ownership of such Notes. A change in a defined term used in this Section shall be deemed to be a change to this Section.


 




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Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon
receipt by the Trustee of the documents described in Section 12.06 hereof, the Trustee shall join with the Company and the Guarantor in
the execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended
or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.


 


Section 12.02
With Consent of Holders of Notes.


 


Except as provided below in
this Section 12.02, the Company and the Trustee may amend or supplement this Indenture (including, without limitation, Section 5.10 and
ARTICLE 10 hereof), the Notes and the Note Guarantee with the consent of the Majority Holders voting as a single class (including consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Section 7.04 and Section
7.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the Principal of, premium,
if any, Interest or any other amounts due on the Notes, except a payment default resulting from an acceleration that has been rescinded
pursuant to Section 7.02) or compliance with any provision of this Indenture, the Notes and the Note Guarantee may be waived with the
consent of the Majority Holders voting as a single class (including consents obtained in connection with a tender offer or exchange offer
for, or purchase of, the Notes).


 


After an amendment, supplement
or waiver under this Section becomes effective, the Company shall deliver to the Holders of Notes affected thereby a notice briefly describing
the amendment, supplement or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amended or supplemental Indenture, Notes, Note Guarantee or waiver. Subject to Section 7.04
and Section 7.07 hereof, the Majority Holders voting as a single class may waive compliance in a particular instance by the Company with
any provision of this Indenture, the Notes or the Note Guarantee. Notwithstanding anything in this Indenture to the contrary, without
the consent of each Holder affected, an amendment or waiver under this Section 12.02 may not (with respect to any Notes held by a non-consenting
Holder):


 


(a)
reduce the Principal Amount of Notes whose Holders must consent to an amendment, supplement or waiver;


 


(b)
reduce the Principal of, Redemption Price of, Interest, premium, or any other amounts due hereunder or change the fixed maturity
of any Note or alter or waive any of the provisions with respect to the redemption of the Notes;


 


(c)
reduce the rate of or change the time for payment of Interest on any Note;


 


(d)
waive a Default or Event of Default in the payment of Principal of or premium, if any, Interest or any other amounts due on the
Notes (except a rescission of acceleration of the Notes by the Majority Holders and a waiver of the payment default that resulted from
such acceleration pursuant to Section 7.02);


 


(e)
make any Note payable in money or currency other than that stated in the Notes;


 


(f)
make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of Principal or Interest or premium, if any, or any other amounts due on the Notes;


 




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(g)
 make any change in Section 7.04 or Section 7.07 hereof or in the amendment and waiver provisions of Section 12.01 or this Section
12.02;


 


(h)
impair the right to institute suit for the enforcement of any payment on or with respect to, or conversion of, any Note;


 


(i)
modify the Company’s obligation to purchase Notes at the option of Holders or the Company’s right to redeem the Notes,
in each case in a manner adverse to the Holders;


 


(j)
make any change that adversely affects the repurchase option of Holders upon a Fundamental Change;


 


(k)
reduce the percentage in aggregate Principal Amount of Notes outstanding necessary to modify or amend this Indenture or to waive
any past default;


 


(l)
modify any provision of this Indenture, the Notes or the Note Guarantee requiring notice to the Trustee in any manner adverse to
Holders;


 


(m)
reduce the quorum or voting requirements under this Indenture;


 


(n)
modify in any manner the calculation of the Interest Make-Whole Payment or Qualifying Fundamental Change Payment; or


 


(o)
change the ranking of the Notes in a manner adverse to the Holders; and


 


(p)
adversely affect the conversion rights of the Holders of the Notes set forth in ARTICLE 10 hereof; and


 


(q)
release the Guarantor from any of its obligations under the Note Guarantee or this Indenture, except in accordance with the terms
of this Indenture.


 


Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon
the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders holding the applicable percentage of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 12.06 hereof, the Trustee shall join with the
Company in the execution of such amended or supplemental Indenture, the Notes or the Note Guarantee unless such amended or supplemental
Indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture.


 


It shall not be necessary
for the consent of the Holders of Notes under this Section 12.02 to approve the particular form of any proposed amendment or waiver, but
it shall be sufficient if such consent approves the substance thereof.


 


Section 12.03
Compliance with Trust Indenture Act.


 


Every amendment or supplement
to this Indenture, the Notes or the Note Guarantee shall be set forth in an amended or supplemental Indenture that complies with the TIA
as then in effect.


 






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Section 12.04 Revocation
and Effect of Consents.


 


Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee or the relevant agent receives written notice of revocation before the date the waiver, supplement or amendment becomes effective.
An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.


 


Section 12.05
Notation on or Exchange of Notes.


 


The Trustee may place an appropriate
notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue
and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes (and accompanying Note Guarantee) that reflect
the amendment, supplement or waiver.


 


Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.


 


Section 12.06
Trustee to Sign Amendments, etc.


 


The Trustee shall sign any
amended or supplemental Indenture, Note or Note Guarantee authorized pursuant to this ARTICLE 12 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company and the Guarantor may not sign an amendment
or supplemental Indenture until the Board of Directors or the Guarantor, as applicable, approves it. In executing any amended or supplemental
indenture, the Trustee shall be entitled to receive and (with respect to the Trustee, subject to Section 8.01 hereof) shall be fully protected
in relying upon, in addition to the documents required by Section 17.06 hereof, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental Indenture, Note or Note Guarantee , as applicable, is authorized or permitted
by this Indenture and that such amended or supplemental Indenture, Note or Note Guarantee, as applicable, is the legal, valid and binding
obligation of the Company (and the Guarantor) enforceable against them in accordance with its terms, subject to customary exceptions,
and complies with the provisions of this Indenture, the Note or the Note Guarantee, as applicable.


 


ARTICLE
13.

[INTENTIONALLY OMITTED]


 


ARTICLE
14.

NOTE GUARANTEE


 


Section 14.01
Guarantee.


 


Subject to this ARTICLE
14, the Guarantor unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of
the Company hereunder or thereunder, that: (a) the Principal of and Interest on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption, repurchase or otherwise, any other amounts due on the Notes, if any, if lawful,
and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of
any Notes or any of such other obligations, that 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 or otherwise. Failing payment when due of any amount
so guaranteed or any performance so guaranteed for whatever reason, the Guarantor shall be jointly and severally obligated to pay
the same immediately, whether or not such failure to pay has become an Event of Default which could cause acceleration pursuant to
ARTICLE 7 hereof. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.


 






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The Guarantor hereby agrees
that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes 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 covenant that the Note Guarantee shall not be discharged
except by complete performance of the obligations contained in the Notes and this Indenture.


 


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 either the Company or the Guarantor, any amount paid by either to the Trustee or such Holder, the Note Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect.


 


The Guarantor agrees that
it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in
ARTICLE 7 hereof for the purposes of the Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided
in ARTICLE 7 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the
purpose of the Note Guarantee.


 


Section 14.02
Limitation on Guarantor Liability.


 


The Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee 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 Note Guarantee. To effectuate the foregoing intention, the Trustee,
the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor 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 the Note Guarantee not constituting a fraudulent transfer or conveyance.


 


Section 14.03
Continuing Guarantee.


 


The Guarantor hereby
agrees that the Note Guarantee set forth in Section 14.01 shall remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of the Note Guarantee. If an Officer whose signature is on this Indenture no longer holds that
office at the time the Trustee authenticates the Note, the Note Guarantee shall be valid nevertheless. The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Guarantor.


 






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Section 14.04
Releases Following Sale of Assets.


 


In the event of a sale or
other transfer, including by way of merger or consolidation, of all the Capital Stock of the Guarantor in compliance with the terms of
this Indenture following which the Guarantor ceases to be the Company’s direct or indirect Subsidiary, the Guarantor shall automatically
and unconditionally be released and relieved of any of its obligations under the Note Guarantee. Upon delivery by the Company to the Trustee
of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company
in accordance with the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence
the release of the Guarantor from its obligations under the Note Guarantee.


 


ARTICLE
15.

SATISFACTION AND DISCHARGE


 


Section 15.01
Satisfaction and Discharge.


 


This Indenture will be discharged
and will cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly
provided for) as to all Notes issued hereunder, when:


 


(i)
either:


 


(1)
all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation;
or


 


(2)
all Notes that have not been delivered to the Trustee for cancellation have become due and payable and the Company or the Guarantor
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash
in U.S. dollars, non-callable Government Securities, or a combination thereof, and/or (in the case of conversion or other payments to
be made in shares of Common Stock pursuant to the terms of this Indenture) shares of Common Stock in such amounts as will be sufficient
without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation for Principal, premium, if any, and accrued Interest to the Stated Maturity;


 


(ii)
the Company or the Guarantor has paid or caused to be paid all other sums payable by it under the Transaction Documents;


 


(iii)
the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the
payment of the Notes at maturity; and


 


(iv)
the Company has delivered an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
to satisfaction and discharge have been satisfied.


 




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Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 8.07 and, if money shall have been deposited
with the Trustee pursuant to subclause (b) of clause (1) of this Section, the provisions of Section 15.02 and Section 11.05 shall survive.


 


Section 15.02
Application of Trust Money.


 


Subject to the provisions
of Section 11.05, all money deposited with the Trustee pursuant to Section 15.01 shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the Principal (and premium, if any)
and Interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds
except to the extent required by law.


 


If the Trustee or Paying Agent
is unable to apply any money or Government Securities in accordance with Section 15.01 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Company’s and the Guarantor’s obligations under this Indenture, the Notes and the Note Guarantee shall be revived and reinstated
as though no deposit had occurred pursuant to Section 15.01; provided that if the Company has made any payment of Principal of, premium,
if any, or Interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.


 


ARTICLE
16.

MATURITY DATE, INTEREST, AND INTEREST RATE


 


Section 16.01
Maturity


 


(a)
The Company promises to pay an amount in cash representing the outstanding Principal Amount of the Notes plus accrued and unpaid
Interest and any other amounts due on the Stated Maturity.


 


Section 16.02
Interest and Interest Rate


 


(a)
The Notes shall accrue interest at the Interest Rate per annum. Interest on the Notes shall be payable quarterly in arrears on
each Interest Payment Date to Holders of record on the Regular Record Date immediately preceding such Interest Payment Date. Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day months and, for partial months, on the basis of the number
of days actually elapsed in a 30-day month. Interest on the Notes shall accrue from the most recent date to which Interest has been paid,
or if no Interest has been paid, from the Issue Date, until the Principal Amount or Redemption Price, if applicable, is paid or duly made
available for payment.


 


(b)
If prior to any Interest Payment Date, any Additional Interest has accrued pursuant to the Registration Rights Agreement or any
Special Interest has accrued pursuant to Section 7.03 hereof, and not theretofore been paid in full, any such Additional Interest or Special
Interest shall be due and payable on such Interest Payment Date, and shall be included in Interest payable on such Interest Payment Date
and shall be paid in the manner provided for herein for the payment of Interest (unless otherwise specified in the applicable Transaction
Document).


 






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(c) Subject to the
limitations in Section 9.02(k) and Section 9.02(l), Interest shall be payable on each Interest Payment Date in cash (“Cash
Interest”) and/or, at the Company’s election, by delivering Freely Tradeable Common Stock of the Company
(“Common Stock Interest”). Subject to the limitations in Section 9.02(k) and Section 9.02(l), all Interest shall
be paid as Common Stock Interest, unless the Company delivers prior written notice to each Holder (with a copy to the Trustee)
stating that the Company will pay all or a portion of any future Interest as Cash Interest and specifying the time periods during
which such election shall apply and the percentages of Interest that will be paid as Cash Interest and Common Stock Interest,
respectively. Such notice shall not be effective until the end of the 15th Trading Day after such notice has been delivered. For all
time periods, subject to the limitations in Section 9.02(k) and Section 9.02(l), the number of shares of Freely Tradeable Common
Stock to be issued as Common Stock Interest, if any, shall equal the amount of the payment (or portion thereof) to be paid in Freely
Tradeable Common Stock divided by the product of (x) 95% and (y) the simple average of the Daily VWAP of the Common Stock for the
ten consecutive Trading Days ending on and including the Trading Day immediately preceding the Interest Payment Date (the
“Common Stock Interest Share Amount”).


 


(d)
Cash Interest on any Note that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Holder of such Note on the Regular Record Date for such Interest at the office or agency of the Company maintained for such purpose.
Each installment of Cash Interest on any Physical Note shall be made by check mailed to the address of the Holder specified in the Securities
Register; provided, however, that, in respect of any Holder of Physical Notes with an aggregate Principal Amount in excess of $2,000,000,
at the request of such Holder in writing to the Company, Cash Interest on such Holder’s Notes shall be paid by wire transfer in
immediately available funds to such Holder’s account within the United States in accordance with the written wire transfer instruction
supplied by such Holder from time to time to the Trustee and Paying Agent (if different from the Trustee) at least ten days prior to the
applicable Interest Payment Date. In the case of a permanent Global Note, Cash Interest payable on any Interest Payment Date will be paid
to the Depositary pursuant to the Applicable Procedures.


 


(e)
Common Stock Interest on any Note that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Holder of such Note on the Regular Record Date for such Interest by issuance of the number of whole shares of Freely Tradeable
Common Stock representing the Common Stock Interest Share Amount and shall, (x) provided the Company’s transfer agent is participating
in The DTC’s Fast Automated Securities Transfer Program, cause its transfer agent to credit such aggregate number of shares of Freely
Tradeable Common Stock to which each such Holder shall be entitled to the Holder’s or its designee’s balance account with
DTC through its Deposit Withdrawal Agent Commission system or (y) if such transfer agent is not participating in DTC’s Fast Automated
Securities Transfer Program, execute, and shall deliver, to the address as specified in the Securities Register, a certificate or book-entry
position registered in the name of the Holder or its designee, for the number of shares of Freely Tradeable Common Stock to which such
Holder shall be entitled. The Person or Persons entitled to receive such Freely Tradeable Common Stock pursuant to a payment of Common
Stock Interest shall be treated for all purposes as the holder or holders of such Freely Tradeable Common Stock, as of the close of business
on the applicable Interest Payment Date; provided, however, that no payment of Common Stock Interest on any Interest Payment Date when
the stock transfer books of the Company shall be closed shall be effective to constitute the Person or Persons entitled to receive the
shares of Freely Tradeable Common Stock upon such payment of Common Stock Interest as the holder or holders of such shares of Freely Tradeable
Common Stock on such date, but such payment of Common Stock Interest shall be effective to constitute the Person or Persons entitled to
receive such shares of Freely Tradeable Common Stock as the holder or holders thereof for all purposes at the close of business on the
next succeeding day on which such stock transfer books are open; provided further that such payment of Common Stock Interest shall be
in the amount in effect on the Interest Payment Date as if the stock transfer books of the Company had not been closed.


 






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ARTICLE
17.


MISCELLANEOUS


 


Section 17.01
Trust Indenture Act Controls.


 


If any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties shall control.


 


Section 17.02
Notices.


 


Any notice or communication
by the Company, the Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class
mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’
address:


 


If to the Company or the Guarantor:


 


Akoustis Technologies, Inc.

9805 Northcross Center Court

Suite A

Huntersville, NC 28078

Tel: (704) 997-5735

Email: [___]

Attention: General Counsel


 


With a copy (which shall not
constitute notice) to:


 


K&L Gates LLP

300 South Tryon Street

Suite 1000

Charlotte, NC 28202

Tel: (704) 331-7406

Email: sean.jones@klgates.com

           coleman.wombwell@klgates.com

Attention: Sean M. Jones


   Coleman Wombwell


 


If to the Trustee:


 


The Bank of New York Mellon Trust Company, N.A.

4655 Salisbury Road, Suite 300

Jacksonville, Florida 32256

Email: [___]

Fax: (904) 998-4747

Attention: Corporate Trust Administration


 


The Company, the Guarantor
or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.


 


All notices and
communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery.


 






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Any notice or communication
to a Holder with respect to Global Notes, delivered in accordance with the Applicable Procedures of the Depositary and, with respect to
Physical Notes, shall be 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 kept by the Registrar.


 


If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.


 


If the Company or the Guarantor
delivers a notice or communication to Holders, it shall send a copy to the Trustee and each Agent at the same time.


 


The Trustee shall have the
right to accept and act upon instructions, including funds transfer instructions (“Instructions”), given pursuant to
this Indenture and delivered using Electronic Means; provided, however, that the Issuer shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures
of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted from
the listing. If the Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to
act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Issuer understands
and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively
presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee
have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions
to the Trustee and that the Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable
user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees: (i) to assume all
risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections
and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of
transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed in connection
with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.


 


Section 17.03
Communication by Holders of Notes with Other Holders of Notes.


 


Holders may communicate pursuant
to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Guarantor, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).


 


Section 17.04
Legal Holidays.


 


In any case where any
payment date described in this Indenture is not a Business Day, then any action to be taken on such date need not be taken on such
date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest
shall accrue in respect of the delay.


 






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Section 17.05
Calculations.


 


Except as otherwise provided
herein, the Company shall be responsible for making all calculations called for under this Indenture and the Notes. Neither the Trustee,
acting in any capacity under this Indenture, nor the Conversion Agent shall have any liability or responsibility for any such calculations
or information underlying such calculations, of for monitoring the price of the Common Stock. The Company shall make all calculations
in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company
shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent
is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee shall
forward the Company’s calculations to any Holder of Notes upon the written request of that Holder at the sole cost and expense of
the Company.


 


Section 17.06
Certificate and Opinion as to Conditions Precedent.


 


Upon any request or application
by the Company or the Guarantor to the Trustee to take any action under this Indenture, the Note Guarantee or the Notes, the Company or
the Guarantor, as applicable, shall furnish to the Trustee, as applicable:


 


(a)
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements
set forth in Section 17.07 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture, the Notes and the Note Guarantee relating to the proposed action have been satisfied; and


 


(b)
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth
in Section 17.07 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants provided for in this
Indenture, the Notes and the Note Guarantee relating to the proposed action have been satisfied.


 


Section 17.07
Statements Required in Certificate or Opinion.


 


Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:


 


(a)
a statement that the Person making such certificate or opinion 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
in such certificate or opinion are based;


 


(c)
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and


 


(d)
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.


 






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Section 17.08
Rules by Trustee and Agents.


 


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.


 


Section 17.09
Indenture, Note Guarantee and Notes Solely Corporate Obligations.


 


No recourse for the payment
of the principal of, or accrued and unpaid interest on, any Note or the Note Guarantee, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or the Guarantor in this Indenture
or in any Note or Note Guarantee, or because of the creation of any Indebtedness represented thereby, shall be had against any past, present
or future incorporator, stockholder, employee, agent, officer or director of the Company or the Guarantor as such or of any successor
Person, either directly or through the Company or any successor Person, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes and the
Note Guarantee.


 


Section 17.10
Governing Law.


 


THE INTERNAL LAW OF THE STATE
OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAW THAT WOULD APPLY ANY OTHER LAW.


 


Section 17.11
Submission to Jurisdiction.


 


The Company and the Guarantor
hereby irrevocably submit to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York
or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action
or proceeding arising out of or relating to this Indenture, the Notes and the Note Guarantee, and irrevocably accepts for itself and in
respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.


 


Section 17.12
Waiver of Jury Trial.


 


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


 


Section 17.13
No Adverse Interpretation of Other Agreements.


 


This Indenture may not be
used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.


 






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Section 17.14
Successors.


 


All agreements of the Company
in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.
All agreements of the Guarantor in this Indenture shall bind its successors, except as otherwise provided by Section 14.04.


 


Section 17.15
Severability.


 


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


 


Section 17.16
Counterpart Originals.


 


The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.


 


Section 17.17
Table of Contents, Headings, etc.


 


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


 


Section 17.18
Force Majeure.


 


In no event shall the Trustee,
acting in any capacity under this Indenture, be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, pandemics or epidemics, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.


 


Section 17.19
Foreign Account Tax Compliance Act (FATCA)


 


In order to comply with applicable tax laws, rules
and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to
time (“Applicable Law”), the Company agrees (i) to use commercially reasonable efforts to provide to the Trustee, upon
request, such information as it has in its possession about Holders and other applicable parties and/or transactions (including any modification
to the terms of such transactions), so that the Trustee can determine whether it has tax related obligations under Applicable Law and
(ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary
to comply with Applicable Law, for which the Trustee shall not have any liability. The terms of this section shall survive the termination
of this Indenture.


 


[Signatures on following page]


 




    -91-


     


    

 


Dated as of June 9, 2022


 


	 	AKOUSTIS TECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Kenneth E. Boller
	 	 	Name: 	Kenneth E. Boller
	 	 	Title: 	Chief Financial Officer
	 	 
	 	AKOUSTIS, INC.
	 	 
	 	By:	/s/ Kenneth E. Boller
	 	 	Name: 	Kenneth E. Boller
	 	 	Title: 	Chief Financial Officer
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 
	 	 
	 	By:	/s/ Lawrence M. Kusch
	 	 	Name:  	Lawrence M. Kusch
	 	 	Title: 	Vice President


 


[Signature Page to Indenture]


 











    


     


    

 


EXHIBIT A


 


[FORM OF FACE OF NOTE]


 


[INCLUDE
IF NOTE IS A RESTRICTED NOTE — THIS NOTE, THE NOTE GUARANTEE AND THE SHARES OF COMMON STOCK OF AKOUSTIS TECHNOLOGIES, INC. ISSUABLE
UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE, THE NOTE GUARANTEE, THE SHARES OF COMMON STOCK OR OTHER SECURITIES ISSUABLE UPON CONVERSION
OF THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.
EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION
5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.


 


THE HOLDER OF THIS NOTE,
BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD
APPLICABLE TO SALES OF THIS NOTE UNDER RULE 144 UNDER THE SECURITIES ACT (THE “RESALE RESTRICTION TERMINATION DATE”)
ONLY (A) TO AKOUSTIS TECHNOLOGIES, INC. OR ANY PARENT OR SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE UNDER RULE 144A, (C) PURSUANT TO OFFERS AND SALES THAT
OCCUR OUTSIDE THE U.S. WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (D) TO A PERSON IT REASONABLY BELIEVES IS AN
INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(l), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF AN INSTITUTIONAL “ACCREDITED INVESTOR” TO WHICH NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 501 (a)(l), (2), (3) OR (7), (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO AKOUSTIS TECHNOLOGIES, INC.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR
TRANSFER PURSUANT TO CLAUSE (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER DULY COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE (C)
ABOVE OR UPON ANY TRANSFER OF THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION).]


 


[INCLUDE
IF NOTE IS A GLOBAL NOTE — THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


 


UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“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 HEREUNDER IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]


 




    A-1


     


    

 


THE HOLDER OF THIS
NOTE IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH AGREEMENT.


 


ANY TRANSFER OF ALL OR PART OF A NOTE
MAY BE EFFECTED ONLY BY REGISTRATION OF SUCH TRANSFER ON THE REGISTER KEPT BY THE SECURITY REGISTRAR.


 


AKOUSTIS TECHNOLOGIES, INC.


6.0% Convertible Senior Note due 2027


 


No. [    ] [Initially]1
$[    ]


 


CUSIP No. [    ]


 


Akoustis Technologies, Inc.,
a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which term
includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby
promises to pay to [CEDE & CO.]2 [ ]3,
or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]4
[of $[ ]]5, which amount, taken together with the principal amounts of all
other outstanding Notes, shall not, unless permitted by the Indenture, exceed $44,000,000 in aggregate at any time in accordance with
the rules and the Applicable Procedures of the Depositary, on June 15, 2027, and interest thereon as set forth below.


 


This Note shall bear interest at the
rate of 6.0% per year from June 9, 2022 or from the most recent date to which interest had been paid or duly provided for to, but excluding,
the next scheduled Interest Payment Date until June 15, 2027. Interest is payable semi-annually in arrears on June 15 and December
15, commencing on December 15, 2022, to Holders of record at the close of business on the preceding June 1 or December 1 (whether
or not such day is a Business Day), respectively. Additional Interest and/or Special Interest will be payable as set forth in the within-mentioned
Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest and/or
Special Interest if, in such context, Additional Interest and/or Special Interest is, was or would be payable pursuant to the within-mentioned
Indenture, and any express mention of the payment of Additional Interest and/or Special Interest in any provision therein shall not be
construed as excluding Additional Interest and/or Special Interest in those provisions thereof where such express mention is not made.


 


The Company shall pay the Principal of and
Interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its
nominee, as the case may be, as the registered Holder of such Note. The Company shall pay the Principal of and Interest on this
Note, if and so long as such Note is a Physical Note by check mailed to the address of the Holder of this Note specified in the
Securities Register, or, upon written application by a Holder of an aggregate Principal Amount of greater than U.S. $2 million to
the Registrar setting forth wire instructions not later than ten (10) days prior to the relevant payment date, such Holder may
receive payment by wire transfer in immediately available funds, in such lawful money of the United States of America as at the time
of payment shall be legal tender for the payment of public and private debts. The Company has initially designated the Trustee as
its Paying Agent, Conversion Agent and Registrar in respect of the Notes and its agency in the Borough of Manhattan, The City of New
York, as a place where Notes may be presented for payment or for registration of transfer and exchange. The Company may change any
Paying Agent, Conversion Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act as Paying
Agent or Registrar.


 





 



 


1
Include if a global note.


2
Include if a global note.


3
Include if a physical note.


4
Include if a global note.


5
Include if a physical note.


 




    A-2


     


    

 


Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert
this Note into shares of Common Stock of the Company and the right of the Holder of this Note to require the Company to repurchase this
Note and upon certain events, in each case, on the terms and subject to the limitations set forth in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place. Capitalized terms used in this Note and not defined
in this Note shall have the respective meanings set forth in the Indenture.


 


This Note, and
any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws
of the State of New York (without regard to the conflicts of law provisions thereof).


 


In the case of any conflict between this Note and the Indenture,
the provisions of the Indenture shall control and govern.


 


This Note shall not be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed manually, electronically or by facsimile
by the Trustee or a duly authorized authenticating agent under the Indenture.


 


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


 


Akoustis Technologies,
Inc. 

9805 Northcross Center Court 

Suite A


Huntersville, NC 28078 

Attention: President


 


[Remainder of page intentionally
left blank]


 




    A-3


     


    

 


IN WITNESS WHEREOF, the Company has caused this Note to
be duly executed.


 


	 	AKOUSTIS TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	 	Name: 	Jeffrey B. Shealy
	 	 	Title: 	President and Chief Executive Officer
	 	 
	 	By:	 
	 	 	Name:  	Kenneth E. Boller
	 	 	Title: 	Chief Financial Officer



 


[Signature Page – Akoustis
Technologies, Inc. - 6.0% Convertible Senior Note due 2027]


 




    A-4


     


    

 


Dated:


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


as Trustee, certifies that this is one of the Notes described


in the within-named Indenture.


 


	By:	 	 
	 	Authorized Signatory	 



 


[Signature Page – Akoustis Technologies, Inc.
- 6.0% Convertible Senior Note due 2027]


 




    A-5


     


    

 


[FORM OF REVERSE OF NOTE]


 


AKOUSTIS TECHNOLOGIES, INC.


6.0% Convertible Senior Note due
2027


 


This Note is one of a duly authorized
issue of Notes of the Company, designated as its 6.0% Convertible Senior Notes due 2027 (the “Notes”), limited to the
aggregate principal amount of $44,000,000, all issued or to be issued under and pursuant to an Indenture dated as of June 9, 2022 (the
“Indenture” as it may be amended or supplemented from time to time), by and between the Company, the Guarantor and
The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) to which Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Notes.


 


The indebtedness evidenced by the Notes
are the Company’s senior general unsecured obligations and rank equally to all of the Company’s existing and future unsecured
indebtedness and rank senior in right of payment to any future indebtedness of the Company that is expressly made subordinate to the Notes
by the terms of such indebtedness. The Notes rank junior to any such indebtedness to the extent of the assets acquired with the proceeds
thereof.


 


The interest rate to be borne by this
Note shall be subject to increase based on the following: (i) pursuant to, and as set forth in, the Registration Rights Agreement and
the Indenture, the Company may be required to pay Additional Interest and (ii) pursuant to, and as set forth in, the Indenture, the Company
may be required to pay Special Interest.


 


The Notes may not be redeemed at the option of the Company
at any time prior to June 9, 2023.


 


At any time and from time to time on
or after June 9, 2023, the Notes become subject to the Company’s right, pursuant to Article 3 of the Indenture, to redeem the
Notes at a redemption price equal to 100% of the Principal Amount plus accrued and unpaid Interest on such Principal as follows: (i) on
or after June 9, 2023, up to one-third of the aggregate Principal Amount of Notes initially issued; (ii) on or after June 9, 2024,
up to two-thirds of the aggregate Principal Amount of Notes initially issued; and (iii) on or after June 9, 2025, up to 100% of the
aggregate Principal Amount of Notes initially issued; provided that (x) the Closing Sale Price of the Common Stock is greater than 150%
of the then effective Conversion Price for each of 20 of any 30 consecutive Trading Days immediately preceding the applicable Optional
Redemption Notice and (y) a Registration Statement registering the resale of all Underlying Securities and all Additional Shares issuable
pursuant to such Notes to be redeemed pursuant to such Optional Redemption Right is and remains effective, and a current Prospectus related
thereto available for use, throughout the period from the date the Optional Redemption Notice is delivered to the Holders to and including
the Optional Redemption Date such that all such Underlying Securities and Additional Shares may be immediately sold or otherwise disposed
of by the Holders without further registration or other restriction under the Securities Act and applicable state securities laws. For
any Optional Redemption Date that occurs prior to June 9, 2025, the Company will make a Redemption Interest Make-Whole Payment to the
converting Holder, payable in cash and/or Freely Tradeable Common Stock, at the Company’s option and in accordance with the Indenture,
equal to the sum of the remaining scheduled payments of Interest that would have been made on the Notes to be redeemed had such Notes
remained outstanding from the Optional Redemption Date through and including June 9, 2025.


 


In case certain Events of Default shall
have occurred and be continuing, the Principal of, and Interest on, all Notes may be declared, by either the Trustee or Holders of at
least 25% in aggregate Principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner,
with the effect and subject to the conditions and certain exceptions set forth in the Indenture.


 


Subject to the terms and conditions
of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the Principal amount on the Stated Maturity, as the case may be, to the Holder who surrenders a Note to a Paying
Agent to collect such payments in respect of the Note. The Company shall pay cash amounts in money of the United States that at the time
of payment is legal tender for payment of public and private debts.


 


The Indenture contains
provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain
other circumstances, with the consent of the Majority Holders, evidenced as in the Indenture provided, to modify the terms of the Indenture
and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Majority Holders may
on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.


 


Each Holder shall
have the right to receive payment or delivery, of (x) the Principal (including the Fundamental Change Repurchase Price, if applicable),
(y) accrued and unpaid Interest, if any, on, and (z) the consideration due upon conversion of, this Note at the place, at the respective
times, at the rate and in the lawful money and/or Freely Tradeable Common Stock, as the case may be, pursuant to the Indenture.


 




    A-6


     


    

 


The Notes are issuable in registered
form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
designated by the Company for such purpose under the Indenture, and in the manner and subject to the limitations provided in the Indenture,
Notes may be exchanged for a like aggregate Principal Amount of Notes of other authorized denominations, without payment of any service
charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed
in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from
the name of the Holder of the old Notes surrendered for such exchange. The Trustee and the Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents.


 


Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, prior to the close of business on the Business Day immediately preceding the Maturity
Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock at the Conversion
Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.


 


Subject to the terms of the Indenture,
for any Conversion Date that occurs prior to June 9, 2025, the Company will make a Conversion Interest Make-Whole Payment to the converting
Holder, payable in cash and/or Freely Tradeable Common Stock, at the Company’s option and in accordance with the Indenture, equal
to the sum of the remaining scheduled payments of Interest that would have been made on the Notes to be converted had such Notes remained
outstanding from the Conversion Date through and including June 9, 2025.


 


Upon the occurrence of a Fundamental
Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes or any portion thereof (in Principal Amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date
at a price equal to the Fundamental Change Repurchase Price. If any Holder converts its Note in connection with a Qualifying Fundamental
Change, the Company will make a Qualifying Fundamental Change Payment as provided in the Indenture.


 


Unless the Company shall have obtained
the requisite Stockholder Approval pursuant to Nasdaq Marketplace Rule 5635(d) or the listing requirements of such other Relevant Stock
Exchange, the number of shares of Common Stock the Company may deliver in respect of the Notes, including those delivered as Interest,
in connection with an Interest Make-Whole Payment, or in connection with a Qualifying Fundamental Change Payment, will not exceed, and
the Conversion Rate will not be adjusted beyond the amount that results in the total number of shares issuable in respect of the Notes
exceeding, 19.99% of the Common Stock outstanding (as appropriately adjusted to give effect to any stock splits, reverse stock splits,
stock combinations, reclassifications, reorganizations or other similar transitions occurring after the date of the Indenture) as of the
close of the Trading Day immediately preceding the date of the Purchase Agreement. The Company will make a cash payment in lieu of any
whole shares of Common Stock that are not able to be delivered in excess of the foregoing threshold as provided in the Indenture.


 


If money for the payment of Principal
or Interest, if any, remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its written
request, subject to applicable unclaimed property laws. After that, Holders entitled to money must look to the Company for payment as
general creditors unless applicable abandoned property law designates another person.


 


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


 




    A-7


     


    

 


ABBREVIATIONS


 


The following abbreviations, when used
in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or
regulations:


 


TEN COM = as tenants in common


 


UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 



 


CUST = Note
Custodian


 


TEN ENT = as tenants by the entireties


 


JT TEN = joint tenants with right
of survivorship and not as tenants in common


 


Additional abbreviations may also be used though not in the above list.


 




    A-8


     


    

 


AKOUSTIS TECHNOLOGIES, INC.


6.0% Convertible
Senior Note due 2027 



 


SCHEDULE OF EXCHANGES OF NOTES6


 


The initial Principal Amount of this
Global Note is [   ] DOLLARS ($[    ]). The following increases or decreases in this Global Note have been made:


 


	Date
    of exchange  	 	Amount
    of

    decrease in

    principal amount

    of this Global Note	 	Amount
    of

    increase in

    principal amount

    of this Global Note	 	Principal
    amount

    of this Global Note

    following such

    decrease or

    increase  	 	Signature
    of

    authorized

 signatory 

    of

 Trustee or Note

    Custodian  
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 




 





 






		6	Include if a global note.



 




    A-9


     


    

 


AKOUSTIS TECHNOLOGIES,
INC.


6.0% Convertible Senior Note due
2027 



 


ATTACHMENT 1


 


GUARANTEE


 


The Guarantor listed below and its
successors under the Indenture hereby irrevocably and unconditionally guarantees, on a senior basis, (i) the due and punctual payment
of the Principal of, premium, if any, and Interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual
payment of Interest on the overdue Principal of an Interest, if any, on the Notes, to the extent lawful and the due and punctual performance
of all other Obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in the Indenture, and
(ii) in case of any extension of time of payment or renewal of any Notes or any 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
or otherwise. Capitalized terms used herein have the meanings assigned to them in the Indenture and the Note unless otherwise indicated.


 


This Guarantee shall be binding upon
the Guarantor listed below and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee
and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein
conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions
hereof.


 


This Guarantee shall not be valid
or obligatory for any purposes until the certificate of authentication on the Note upon which this Guarantee is noted shall have been
executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.


 


This Guarantee is subject to release
upon the terms set forth in the Indenture.


 


The obligations of the undersigned
to Holders and to the Trustee pursuant to this guarantee and the Indenture are expressly set forth in Article 14 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the guarantee and all other provisions of the Indenture to which this
Guarantee relates.


 


This Guarantee shall be governed by,
and construed in accordance with, the laws of the State of New York.


 


	 	AKOUSTIS, INC.
	 	 
	 	By:	           
	 		Name:
	 	 	Title:



 







    A-10


     


    

 


AKOUSTIS TECHNOLOGIES,
INC.


6.0% Convertible Senior Note due
2027



 


ATTACHMENT 2


 


FORM OF NOTICE OF CONVERSION


 


	To:	Akoustis Technologies, Inc. 
	 	9805 Northcross Center Court 
	 	Suite A
	 	Huntersville, NC 28078
	 	 
	 	The Bank of New York Mellon Trust Company, N.A., as Conversion Agent 4655 
	 	4655 Salisbury Road, Suite 300
	 	Jacksonville, Florida 32256
	 	Attention: Corporate Trust Administration



 


The undersigned registered owner of this Note hereby exercises the
option to convert this Note, or the portion hereof (that is $1,000 in principal amount or an integral multiple thereof) below
designated, into shares of Common Stock in accordance with the terms of the Indenture referred to in this Note, and directs that the
shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share of Common
Stock and cash payable for an Interest Make-Whole Payment or Qualifying Fundamental Change Payment, if applicable, and any Notes
representing any unconverted Principal amount hereof, be issued and delivered to the registered Holder hereof unless a different
name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name
of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any
in accordance with Section 9.02(d) and Section 9.02(e) of the Indenture. Any amount required to be paid to the
undersigned on account of Interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture.


 


Dated:


 


Signature(s)


 


Signature Guarantee


 


Signature(s) must be guaranteed by an eligible Guarantor


Institution (banks, stock brokers, savings and loan associations 

and credit unions) with membership in an approved signature

 guarantee
medallion program pursuant to Securities and 

Exchange Commission Rule 17Ad-15 if shares of Common 

Stock are to be issued, or Notes are
to be delivered, other than 

to and in the name of the registered holder.


 


Fill in for registration of shares if to be issued, and
Notes if to 

be delivered, other than to and in the name of the registered

 holder:


 


(Name)


 


(Street Address)


 


(City, State and Zip Code) 

Please print name and address


 


	 	Principal amount to be converted (if less than all): $ ,000
	 	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
	 	 
	 	Social Security or Other Taxpayer Identification Number



 




    A-11


     


    

 


AKOUSTIS TECHNOLOGIES, INC.


6.0% Convertible Senior Note due
2027


 


ATTACHMENT 3


 


FORM OF FUNDAMENTAL CHANGE REPURCHASE
NOTICE


 





	To:	Akoustis Technologies, Inc.
	 	 9805 Northcross Center Court 
	 	Suite A
	 	Huntersville, NC 28078
	 	 
	 	The Bank of New York Mellon Trust Company, N.A., as Paying Agent 
	 	4655 Salisbury Road, Suite 300
	 	Jacksonville, Florida 32256
	 	Attention: Corporate Trust Administration


 


The undersigned registered owner of
this Note hereby acknowledges receipt of a notice from Akoustis Technologies, Inc. (the “Company”) as to the occurrence
of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the
Company to pay to the registered holder hereof in accordance with Section 10.01 of the Indenture referred to in this Note (1) the
entire Principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated,
and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the
corresponding Interest Payment Date, accrued and unpaid Interest, if any, thereon to, but excluding, such Fundamental Change Repurchase
Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.


 


In the case of Physical Notes, the certificate numbers
of the Notes to be repurchased are as set forth below:


 


Dated:


 


	 	Signature(s)
	 	 
	 	Social Security or Other Taxpayer Identification Number 
 
	 	 
	 	Principal amount to be repurchased (if less than all): $ ,000
	 	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.



 




    A-12


     


    

 


AKOUSTIS TECHNOLOGIES, INC.


6.0% Convertible Senior Note due
2027


 


ATTACHMENT 4


 


FORM OF ASSIGNMENT AND TRANSFER


 


For value received, hereby sell(s),
assign(s) and transfer(s) unto (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby
irrevocably constitutes and appoints as attorney to transfer the said Note on the books of the Company, with full power of substitution
in the premises.


 


Dated:


 


Signature(s) Signature Guarantee


 


Signature(s) must be guaranteed by an eligible Guarantor


Institution (banks, stock brokers, savings and loan associations 

and credit unions) with membership in an approved signature 

guarantee
medallion program pursuant to Securities and

 Exchange Commission Rule 17Ad-15 if Notes are to be 

delivered, other than to and in the name
of the registered holder.


 


NOTICE: The signature on the assignment must correspond
with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.


 


 


A-13