Form of $175,000,000 3% Senior Convertible Notes due 2023



 Exhibit 4.3 
  

THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND ACCORDINGLY, THIS NOTE, AND THE COMMON STOCK ISSUABLE UPON CONVERSION HEREOF, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS (1) THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT); (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THE NOTE EVIDENCED HEREBY, OR THE COMMON
STOCK ISSUABLE UPON CONVERSION OF SUCH NOTE, EXCEPT (A) TO THE ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); (D) THROUGH
OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S; OR (E) UNDER AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144 OF THE SECURITIES ACT; AND (3) AGREES THAT IT WILL, PRIOR
TO ANY TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER IN ACCORDANCE WITH CLAUSE (2)(B) ABOVE) WITHIN THE LATER OF (X) TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY AND (Y) THREE MONTHS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE
MEANING OF RULE 144 ADOPTED UNDER THE SECURITIES ACT) OF THE ISSUER, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED PURSUANT TO THE INDENTURE TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES. 
  
 THIS SECURITY AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON AND PROCEDURES FOR RESALES AND
OTHER TRANSFERS OF THIS SECURITY TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS SECURITY SHALL BE DEEMED
BY THE ACCEPTANCE OF THIS SECURITY TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT. THE HOLDER OF THIS SECURITY IS SUBJECT TO, AND ENTITLED TO THE BENEFITS OF, A REGISTRATION RIGHTS AGREEMENT, DATED AS OF JUNE 11, 2003, ENTERED INTO BY THE
COMPANY FOR THE BENEFIT OF CERTAIN HOLDERS OF SECURITIES FROM TIME TO TIME. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY 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 (“DTC”), A NEW YORK
CORPORATION, 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 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 IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 







 FLIR Systems, Inc. 
  
 3.0% Senior Convertible Notes Due 2023 
  

	 No. 1
	 	CUSIP NO. 302445 AA 9 U.S.	 	$175,000,000

  
 FLIR Systems, Inc., a
corporation duly organized and validly existing under the laws of the State of Oregon (herein called the “Company”), which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received
hereby promises to pay to Cede &Co., or registered assigns, the principal sum of One Hundred Seventy Five Million United States Dollars ($175,000,000) (which amount may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for the Depositary, in accordance with the rules and procedures of the Depositary) on June 1, 2023 and to pay interest on said principal sum semi-annually on June 1 and December 1 of each year, commencing
December 1, 2003 at the rate of 3.0% per annum to holders of record on the immediately preceding May 15 and November 15, respectively. Interest on this Security shall accrue from the most recent date to which interest has been paid, or if no
interest has been paid, from June 11, 2003, until the Principal Amount is paid or duly made available for payment. Payment of the principal of and interest accrued on this Security shall be made by check mailed to the address of the Holder of this
Security specified in the register of Securities, or, at the option of the Holder of this Security, at the Corporate Trust Office, 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 Issue Date of this Security
is June 11, 2003. 
  
 Reference is made to the further provisions
of this Security set forth on the reverse hereof, including, without limitation, provisions giving the Company the right to repurchase this Security commencing June 8, 2010, the Holder of this Security the right to convert this Security into Common
Stock of the Company subject to the occurrence of certain events and the right of the Holders to require the Company to repurchase this Security on certain dates and upon certain events, in each case, on the terms and subject to the limitations
referred to on the reverse hereof and as more fully specified 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 but not defined herein shall have
such meanings as are ascribed to such terms in the Indenture. 
  
 This Security shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State. 







 This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
  
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

	 FLIR SYSTEMS, INC.

		
	 By:
  
	 	

	 	 	 Authorized Signatory



  
 Attest: 
  

		
	 By:
	 	  


	 	 	Authorized Signatory








 This is one of the Securities referred to in the within-mentioned Indenture. 
  

	 	 	 	 	 J.P. MORGAN TRUST COMPANY,
N.A.,
 as Trustee

				
	 Dated: June 11, 2003
	 	 	 	By:	 	

	 	 	 	 	 	 	Authorized Signatory








 REVERSE OF SECURITY 
  
 This Security is one of a duly authorized issue of Securities of the Company, designated as its 3.0% Senior Convertible
Notes Due 2023 (the “Securities”), all issued or to be issued under and pursuant to an Indenture dated as of June 11, 2003 (the “Indenture”), between the Company and the J.P. Morgan Trust Company, N.A. (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 Securities.

  
 The indebtedness evidenced by the Securities is unsecured and
unsubordinated indebtedness of the Company and ranks equally with the Company’s other unsecured and unsubordinated indebtedness. 
  
 Redemption at the Option of the Company. No sinking fund is provided for the Securities. The Securities are redeemable as a whole, or from time to
time in part, at any time commencing on June 8, 2010 at the option of the Company at the redemption price (the “Redemption Price”) equal to 100%, expressed as a percentage of Principal Amount for Securities redeemed, together with accrued
and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date. 
  
 Purchase By the Company at the Option of the Holder. Subject to the terms and conditions of the Indenture, the Company shall become obligated to purchase, at the option of the Holder, the Securities held by
such Holder on each of the Purchase Dates of June 1, 2010 and June 1, 2018, at 100% of the Principal Amount, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Purchase Date (the “Purchase Price”), upon
delivery of a Purchase Notice containing the information set forth in the Indenture, at any time from the opening of business on the date that is 25 days prior to such Purchase Date until the close of business on the date that is 1 Business Day
prior to such Purchase Date and upon delivery of the Securities to the Paying Agent by the Holder as set forth in the Indenture. The Purchase Price will be paid in cash. 
  
 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to
repurchase the Securities if a Fundamental Change occurs at any time prior to the Stated Maturity at 100% of the Principal Amount plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Fundamental Change Repurchase
Date (the “Fundamental Change Repurchase Price”), which Fundamental Change Repurchase Price shall be paid in cash. However, notwithstanding the foregoing, a Holder will not have the right to require the Company to repurchase the
Securities if the Sale Price per share of the Company’s Common Stock for any five Trading Days within the period of 10 consecutive Trading Days ending immediately after the later of the Fundamental Change or the public announcement of the
Fundamental Change equals or exceeds 105% of the Conversion Price of the Securities in effect on each of those five Trading Days. 
  
 Holders have the right to withdraw any Purchase Notice or Fundamental Change Repurchase Notice, as the case may be, by delivering to the Paying Agent a
written notice of withdrawal in accordance with the provisions of the Indenture. 







 If cash sufficient to pay the Purchase Price or Fundamental Change Repurchase Price, as the case may be,
of all Securities or portions thereof to be purchased on a Purchase Date or on a Fundamental Change Repurchase Date, as the case may be, is deposited with the Paying Agent on the Business Day following the Purchase Date or the Fundamental Change
Repurchase Date, as the case may be, such Securities will cease to be outstanding and interest, including Additional Amounts, if any, will cease to accrue on such Securities (or portions thereof) immediately after such Purchase Date or Fundamental
Change Repurchase Date, as the case may be, and the Holder thereof shall have no other rights as such (other than the right to receive the Purchase Price or Fundamental Change Repurchase Price, as the case may be, upon surrender of such Security).

  
 Conversion. Subject to the provisions of the Indenture
(including without limitation the conditions to conversion described more fully below set forth in Section 13.01 of the Indenture), a Holder may convert each of its Securities into shares of the Company’s common stock at an initial conversion
price of approximately $44.38 per share of common stock (the “Conversion Price”), at any time prior to the close of business on June 1, 2023. The Conversion Conversion Price in effect at any given time is subject to adjustment. A
Holder may convert fewer than all of such Holder’s Securities so long as the Securities converted are an integral multiple of $1,000 principal amount. Subject to the Company’s right to deliver cash or a combination of cash and shares of
its Common Stock upon conversion of the Securities, Holders will not receive any cash payment representing accrued and unpaid interest upon conversion of a Security. 
  
 Holders may surrender their Securities for conversion, in whole or in part, into shares of the Company’s Common Stock
prior to maturity, redemption or repurchases under the following circumstances (in each case, as more fully described in the Indenture): (A) if during any fiscal quarter (beginning with the fourth fiscal quarter of 2003) the closing Sale Price of
the Company’s Common Stock for at least 20 Trading days in the 30 Trading Day period ending on the last Trading Day of the immediately preceding fiscal quarter exceeds 130% of the Conversion Price of the Securities as in effect on that 30th
Trading Day; (B) if a Security is called for redemption, at any time prior to the close of business on the Business Day prior to the Redemption Date, even if the Securities are not otherwise convertible at such time; (C) if the Company elects to (i)
distribute to all holders of the Company’s Common Stock certain rights entitling them to purchase shares of the Company’s Common Stock at less than the last reported Sale Price of a share of the Company’s Common Stock on the trading
day preceding the declaration date for such distribution or (ii) distribute to all holders of the Company’s common stock its assets, debt securities or certain rights to purchase its securities, which distribution has a per share value as
determined by the Company’s Board of Directors exceeding 15% of the last reported Sale Price of its Common Stock on the Trading Day preceding the declaration date for such distribution; or (D) if, at any time during any period that the
Securities are rated by either Moody’s Investors Service, Inc. or Standard & Poor’s Rating Group, the credit rating initially assigned to the Securities by either such rating agency is reduced by two or more ratings levels. 

 
 Upon conversion, the Company may choose to deliver, in lieu of shares of
its Common Stock, cash or a combination of cash and shares of its Common Stock, as described in the Indenture. 







 In the event of a deposit or withdrawal of an interest in this Security, including an exchange, transfer,
repurchase or conversion of this Security in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the rules and procedures of the Depositary.

  
 Subject to certain limitations in the Indenture, at any time
when the Company is not subject to Section 13 or 15(d) of the United States Securities Exchange Act of 1934, as amended, upon the request of a Holder of a Restricted Security, the Company will promptly furnish or cause to be furnished Rule 144A
Information (as defined below) to such Holder of Restricted Securities, or to a prospective purchaser of any such security designated by any such Holder, to the extent required to permit compliance by any such Holder with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”). “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). 

 
 If an Event of Default shall occur and be continuing, the Principal Amount
plus interest accrued and Additional Amounts, if any, through such date on all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate Principal Amount of the
Outstanding Securities. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate Principal Amount of the Outstanding Securities, on behalf of the Holders of all the Securities, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 As provided in and subject to the provisions of the Indenture, the Holder of
this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Securities, the Holders of not less than 25% in aggregate Principal Amount of the Outstanding Securities shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity satisfactory to it, the Trustee shall not have received from the Holders of a majority in Principal Amount of Outstanding Securities a direction inconsistent with such
request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of said principal hereof or interest hereon on or after the respective due dates expressed herein or for the enforcement of any conversion right. 







 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the Principal Amount, Purchase Price or Fundamental Change Repurchase Price of, and interest and Additional Amounts, if any, on, this Security at the times, place and
rate, and in the coin or currency, herein prescribed. 
  
 As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the
Company in The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the same aggregate Principal Amount, will be issued to the designated transferee or transferees. 
  
 The Securities are issuable only in registered form in denominations of $1,000 and any integral multiple of $1,000 above
that amount, as provided in the Indenture and subject to certain limitations therein set forth. Securities are exchangeable for a like aggregate Principal Amount of Securities of a different authorized denomination, as requested by the Holder
surrendering the same. 
  
 No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
  
 This Security shall be governed by and
construed in accordance with the laws of the State of New York. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 







 ASSIGNMENT FORM 
  

If you want to assign this Security, fill in the form below and have your signature guaranteed: 
  
 I or we assign and transfer this Security to: 
  

  

  

 (Print or type name,
address and zip code and social security or tax ID number of assignee) and irrevocably appoint                      agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

				
	Date:	 	  

	 	Signed:	 	  



  
 (Sign exactly as your
name appears on the other side of this Security) 
  
 Signature
Guarantee: __________________________________________________ 
  
 Note: Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or
such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 







 In connection with any transfer of this Security occurring prior to the date which is the earlier of (i)
the date of the declaration by the Commission of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Security (which effectiveness shall not have been
suspended or terminated at the date of the transfer) and (ii) the second anniversary of the Issue Date set forth on the face of this Security, the undersigned confirms that it has not utilized any general solicitation or general advertising in
connection with the transfer and that this Security is being transferred: 
  
 [Check One] 
  

	 (1)
	  	  ̈
	  	to the Company or a subsidiary thereof; or
			
	 (2)
	  	 ̈	  	to a “Qualified Institutional Buyer” pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	 (3)
	  	 ̈	  	outside the United States to a “foreign person” in compliance with Rule 904 of Regulation S under the Securities Act; or
			
	 (4)
	  	 ̈	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act.


  
 Unless one of
the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof, provided that if box (3) or (4) is checked, the Company may require,
prior to registering any such transfer of the Securities, in its sole discretion, such legal opinions, certifications (including an investment letter in the case of box (3)) and other information as the Company may reasonably request to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 
  
 If none of the foregoing boxes is checked, the Trustee or Security Registrar shall not be obligated to register this Security in the name of any Person
other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in             . of the Indenture shall have been satisfied.

  

		
	Date:                                     
                                        
                     	 	Signed:                                     
                                        
                 
	 	 	 	 	 	 	 (Sign exactly as your name appears on
 the other side of this Security)

	 Signature Guarantee:                                  
                                        
                                        
                                        
                       


  
 Note: Signatures must be guaranteed by
an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 







 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 
  
 The undersigned represents and warrants that it is purchasing this Security
for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act 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 the undersigned 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 the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

				
	Date:	 	  

	 	Signed:	 	  



  
 NOTICE: To be executed
by an executive officer. 







 CONVERSION NOTICE 
  

If you want to convert this Security into Common Stock of the Company, check the box: ? 
  
 To convert only part of this Security, state the Principal Amount to be converted (which must be $1,000 or an integral
multiple of $1,000): 
  
 $_______________________________________

  
 If you want the stock certificate made out in another
person’s name, fill in the form below: 
  

 (Insert other person’s social security or tax ID no.) 
  

  

  

 (Print or type other person’s name, address and zip code) 
  

				
	Date:	 	  

	 	Signed:	 	  



  
 (Sign exactly as your
name appears on the other side of this Security) 
  
 Signature
Guarantee: __________________________________________________ 
  
 Note: Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or
such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.