Exhibit 4.1


 


Execution Version


 


 


 


Bentley
Systems, Incorporated


 


and


 


Wilmington
Trust, National Association


 


as Trustee


 


 



 


INDENTURE


 


Dated as of June 28, 2021


 


 



 


0.375% Convertible Senior Notes due 2027


 


 




 






     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	Article 1.	Definitions; Rules of Construction	1
	 	 	 
	Section 1.01.	Definitions.	1
	Section 1.02.	Other Definitions.	14
	Section 1.03.	Rules of Construction.	14
	 	 	 
	Article 2.	The Notes	15
	 	 	 
	Section 2.01.	Form, Dating and Denominations.	15
	Section 2.02.	Execution, Authentication and Delivery.	15
	Section 2.03.	Initial Notes and Additional Notes.	16
	Section 2.04.	Method of Payment.	17
	Section 2.05.	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day.	17
	Section 2.06.	Registrar, Paying Agent and Conversion Agent.	18
	Section 2.07.	Paying Agent and Conversion Agent to Hold Property in Trust.	19
	Section 2.08.	Holder Lists.	19
	Section 2.09.	Legends.	19
	Section 2.10.	Transfers and Exchanges; Certain Transfer Restrictions.	20
	Section 2.11.	Exchange and Cancellation of Notes to Be Converted, Redeemed or Repurchased.	25
	Section 2.12.	Removal of Transfer Restrictions.	26
	Section 2.13.	Replacement Notes.	27
	Section 2.14.	Registered Holders; Certain Rights with Respect to Global Notes.	27
	Section 2.15.	Cancellation.	27
	Section 2.16.	Notes Held by the Company or its Affiliates.	27
	Section 2.17.	Temporary Notes.	28
	Section 2.18.	Outstanding Notes.	28
	Section 2.19.	Repurchases by the Company.	29
	Section 2.20.	CUSIP Numbers.	29
	 	 	 
	Article 3.	Covenants	29
	 	 	 
	Section 3.01.	Payment on Notes.	29
	Section 3.02.	Exchange Act Reports.	30
	Section 3.03.	Rule 144A Information.	30
	Section 3.04.	Additional Interest.	30
	Section 3.05.	Compliance and Default Certificates.	31
	Section 3.06.	Stay, Extension and Usury Laws.	32
	Section 3.07.	[reserved].	32
	Section 3.08.	Acquisition of Notes by the Company and its Affiliates.	32
	 	 	 
	Article 4.	Repurchase and Redemption	32
	 	 	 
	Section 4.01.	No Sinking Fund.	32
	Section 4.02.	Right of Holders to Require the Company to Repurchase Notes upon a Fundamental Change.	32
	Section 4.03.	Right of the Company to Redeem the Notes.	37



 






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	Article 5.	Conversion	39
	 	 	 
	Section 5.01.	Right to Convert.	39
	Section 5.02.	Conversion Procedures.	44
	Section 5.03.	Settlement upon Conversion.	45
	Section 5.04.	Reserve and Status of Common Stock Issued upon Conversion.	49
	Section 5.05.	Adjustments to the Conversion Rate.	50
	Section 5.06.	Voluntary Adjustments.	61
	Section 5.07.	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change.	61
	Section 5.08.	Exchange in Lieu of Conversion.	62
	Section 5.09.	Effect of Common Stock Change Event.	63
	Section 5.10.	Responsibility of Trustee and Conversion Agent.	65
	 	 	 
	Article 6.	Successors	66
	 	 	 
	Section 6.01.	When the Company May Merge, Etc.	66
	Section 6.02.	Successor Entity Substituted.	66
	 	 	 
	Article 7.	Defaults and Remedies	67
	 	 	 
	Section 7.01.	Events of Default.	67
	Section 7.02.	Acceleration.	69
	Section 7.03.	Sole Remedy for a Failure to Report.	69
	Section 7.04.	Other Remedies.	70
	Section 7.05.	Waiver of Past Defaults.	70
	Section 7.06.	Control by Majority.	71
	Section 7.07.	Limitation on Suits.	71
	Section 7.08.	Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.	72
	Section 7.09.	Collection Suit by Trustee.	72
	Section 7.10.	Trustee May File Proofs of Claim.	72
	Section 7.11.	Priorities.	73
	Section 7.12.	Undertaking for Costs.	73
	Section 7.13.	Restoration of Rights.	73
	 	 	 
	Article 8.	Amendments, Supplements and Waivers	74
	 	 	 
	Section 8.01.	Without the Consent of Holders.	74
	Section 8.02.	With the Consent of Holders.	75
	Section 8.03.	Notice of Amendments, Supplements and Waivers.	76
	Section 8.04.	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	76
	Section 8.05.	Notations and Exchanges.	76
	Section 8.06.	Trustee to Execute Supplemental Indentures.	77
	 	 	 
	Article 9.	Satisfaction and Discharge	77
	 	 	 
	Section 9.01.	Termination of Company’s Obligations.	77
	Section 9.02.	Repayment to Company.	78
	Section 9.03.	Reinstatement.	78



 



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	Article 10.	Trustee	78
	 	 	 
	Section 10.01.	Duties of the Trustee.	78
	Section 10.02.	Rights of the Trustee.	79
	Section 10.03.	Individual Rights of the Trustee.	81
	Section 10.04.	Trustee’s Disclaimer.	81
	Section 10.05.	Notice of Defaults.	81
	Section 10.06.	Compensation and Indemnity.	81
	Section 10.07.	Replacement of the Trustee.	82
	Section 10.08.	Successor Trustee by Merger, Etc.	83
	Section 10.09.	Eligibility; Disqualification.	83
	 	 	 
	Article 11.	Miscellaneous	84
	 	 	 
	Section 11.01.	Notices.	84
	Section 11.02.	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.	86
	Section 11.03.	Statements Required in Officer’s Certificate and Opinion of Counsel.	86
	Section 11.04.	Rules by the Trustee, the Registrar and the Paying Agent.	86
	Section 11.05.	No Personal Liability of Directors, Officers, Employees and Stockholders.	86
	Section 11.06.	No Stockholder Rights for Holders	87
	Section 11.07.	Governing Law; Waiver of Jury Trial.	87
	Section 11.08.	Submission to Jurisdiction.	87
	Section 11.09.	No Adverse Interpretation of Other Agreements.	87
	Section 11.10.	Successors.	87
	Section 11.11.	Force Majeure.	88
	Section 11.12.	U.S.A. PATRIOT Act.	88
	Section 11.13.	Calculations.	88
	Section 11.14.	Severability; Entire Agreement.	88
	Section 11.15.	Counterparts.	88
	Section 11.16.	Table of Contents, Headings, Etc.	89
	Section 11.17.	Withholding Taxes.	89



 


	Exhibits	 
	Exhibit A: Form of Note	A-1
	Exhibit B-1: Form of Restricted Note Legend	B1-1
	Exhibit B-2: Form of Global Note Legend	B2-1
	Exhibit B-3: Form of Non-Affiliate Legend	B3-1



 






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INDENTURE,
dated as of June 28, 2021, between Bentley Systems, Incorporated, a Delaware corporation, as issuer (the “Company”),
and Wilmington Trust, National Association, as trustee (the “Trustee”).


 


Each party to this Indenture
(as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined
below) of the Company’s 0.375% Convertible Senior Notes due 2027 (the “Notes”).


 


Article
1.         Definitions;
Rules of Construction


 


Section 1.01.    
Definitions.


 


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


 


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


 


“Authorized Denomination”
means, with respect to a Note, a minimum principal amount thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof.


 


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


 


“Bid Solicitation
Agent” means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2)
and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company; provided,
however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation
Agent at any time after the Issue Date without prior notice.


 


“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board.


 


“Business Day”
means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law
or executive order to close or be closed.


 


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


 


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


 


“Common Stock”
means the Class B common stock, par value $0.01 per share, of the Company, subject to Section 5.09.


 


“Common
Equity” of any Person means capital stock of such Person that is generally entitled (i) to vote in the election of
directors of such Person or (ii) 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.


 






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“Common Stock Purchase
Agreement” means that certain Common Stock Purchase Agreement, dated September 23, 2016, by and among the Company, Siemens AG
and the other parties listed on the signature pages thereto, as such agreement may be amended from time to time.


 


“Company”
means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns.


 


“Company Order”
means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee.


 


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


 


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


 


“Conversion Rate”
initially means 12.0153 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion
Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the
Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the
Conversion Rate immediately after the Close of Business on such date.


 


“Conversion Share”
means any share of Common Stock issued or issuable upon conversion of any Note.


 


“Corporate Trust
Office” means the office of the Trustee or a Note Agent, as applicable, at which, at any particular time, its corporate trust
business in respect of this Indenture is administered, which office as of the Issue Date is located at Wilmington Trust, National Association,
50 South Sixth Street, Suite 1290, Minneapolis, MN 55402, Attn: – Bentley Systems, Incorporated, Administrator, or the principal
corporate trust office of any successor Trustee or Note Agent, as applicable (or such other address as such successor Trustee or Note
Agent, as applicable, may designate from time to time by notice to the Holders and the Company).


 


“Daily Cash Amount”
means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion
Value for such VWAP Trading Day.


 


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


 






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“Daily
Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified
Dollar Amount applicable to such conversion by (B) forty (40).


 


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


 


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


 


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


 


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


 


“Default Settlement
Method” means, initially, Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes;
provided, however, that (x) the Company may, from time to time, change the Default Settlement Method by sending written
notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent (if other than the Trustee) (it being
understood that no such change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note
pursuant to this Indenture); and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii).


 


“Deferral Exception”
means the ability to defer adjustments to the Conversion Rate as forth in Section 5.05(K).


 


“Depositary”
means The Depository Trust Company or its successor.


 


“Depositary Participant”
means any member of, or participant in, the Depositary.


 


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


 






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“Effective Date”,
in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the Relevant Stock
Exchange, regular way, reflecting the relevant stock split or stock combination, as applicable.


 


“Ex-Dividend Date”
means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution
(including pursuant to due bills or similar arrangements required by the Relevant Stock Exchange). For the avoidance of doubt, any alternative
trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number
will not be considered “regular way” for this purpose.


 


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


 


“Exempted Fundamental
Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not
offer to repurchase any Notes.


 


“Final Offering Memorandum”
means the final offering memorandum, dated June 23, 2021, relating to the offering and sale of the Notes.


 


“Free Trade Date”
means, with respect to any Note, the date that is one (1) year after the Last Original Issue Date of such Note.


 


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


 


“Fundamental Change”
means any of the following events:


 


(A)       (i)
a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) (other than the Company
or the Company’s Wholly-Owned Subsidiaries or any employee benefit plan of the Company or the Company’s Wholly-Owned
Subsidiaries or any Permitted Holder) has become the direct or indirect “beneficial owner” of (x) the Company’s
Common Equity representing more than fifty percent (50%) of the voting power of all of the Company’s then-outstanding Common
Equity or (y) issued and outstanding shares of Common Stock representing more than fifty percent (50%) of all of the Company’s
then-outstanding Common Stock or (ii) a Permitted Holder, or a “group” (within the meaning of Section 13(d)(3) of the
Exchange Act) (other than the Company or the Company’s Wholly-Owned Subsidiaries or any employee benefit plan of the Company
or the Company’s Wholly-Owned Subsidiaries) that includes one or more Permitted Holders, has become the direct or indirect
 “beneficial owner” of issued and outstanding shares of Common Stock representing more than seventy-five percent (75%) of
all then-outstanding Common Stock (excluding, for purposes of such calculation, any shares of Common Stock acquired or received by
such “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) after the date of the
Final Offering Memorandum in an issuance approved by the Board of Directors (including, without limitation, pursuant to any
executive compensation and/or employee benefit plan));


 






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(B)       the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of
the assets of the Company and its Subsidiaries, taken as a whole, to any Person (other than one or more of the Company’s Wholly-Owned
Subsidiaries); or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation,
share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged
for, converted into, acquired for, or constitutes solely the right to receive, stock, other securities, cash or other property or assets;
provided, however, that a transaction described in clause (ii) above pursuant to which the Persons that directly or indirectly
 “beneficially owned” (as defined below) all classes of the Company’s Common Equity immediately before such transaction
directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes
of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially
the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change
pursuant to this clause (B);


 


(C)       the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or


 


(D)       the
Common Stock ceases to be listed on any of The Nasdaq Global Select Market, The Nasdaq Global Market or The New York Stock Exchange (or
any of their respective successors);


 


provided, however, that a
transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety
percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional
shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock or other
corporate Common Equity interests (or depositary receipts representing shares of such common stock or other corporate Common Equity
interests, which depositary receipts are listed) listed on any of The Nasdaq Global Select Market, The Nasdaq Global Market or The
New York Stock Exchange (or any of their respective successors), or that will be so listed when issued or exchanged in connection
with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property
consists of such consideration.


 






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For the purposes of this definition,
(x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the
proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether
a Person is a “beneficial owner” and whether shares are “beneficially owned” will be determined
in accordance with Rule 13d-3 under the Exchange Act.


 


“Fundamental Change
Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental
Change, subject to Section 4.02(C).


 


“Fundamental Change
Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change Repurchase
Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section
4.02(F)(i) and Section 4.02(F)(ii).


 


“Fundamental Change
Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change,
calculated pursuant to Section 4.02(D).


 


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


 


“Global Note Legend”
means a legend substantially in the form set forth in Exhibit B-2.


 


“Holder”
means a person in whose name a Note is registered in the Register.


 


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


 


“Initial Dividend
Threshold” means $0.06 per share of Common Stock.


 


“Initial Purchasers”
means Goldman Sachs & Co. LLC, BofA Securities, Inc., KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, HSBC Securities (USA)
Inc., PNC Capital Markets LLC and TD Securities (USA) LLC.


 


“Interest Payment
Date” means, with respect to a Note, each January 1 and July 1 of each year, commencing on January 1, 2022 (or commencing on
such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment
Date.


 


“Issue Date”
means June 28, 2021.


 




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“Last Original Issue
Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued pursuant to
the exercise of the Shoe Option by


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


 


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


 


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


 


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


 


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


 


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


 




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


 


“Make-Whole Fundamental
Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition
thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental
Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date.


 


“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the Relevant Stock Exchange, of any material suspension or limitation imposed on trading (by reason of
movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock (or such other relevant security)
or in any options contracts or futures contracts relating to the Common Stock (or such other relevant security).


 


“Maturity Date”
means July 1, 2027.


 


“Non-Affiliate Legend”
means a legend substantially in the form set forth in Exhibit B-3.


 


“Note Agent”
means any Registrar, Paying Agent or Conversion Agent.


 


“Notes”
means the 0.375% Convertible Senior Notes due 2027 issued by the Company pursuant to this Indenture.


 


“Observation
Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion Date
for such Note occurs before April 1, 2027, the forty (40) consecutive VWAP Trading Days beginning on, and including, the third (3rd)
VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has
sent a Redemption Notice calling all or any Notes for Redemption pursuant to Section 4.03(F) and before the Close of Business
on the second (2nd) Business Day immediately before the related Redemption Date, the forty (40) consecutive VWAP Trading Days
beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject
to clause (B) above, if such Conversion Date occurs on or after April 1, 2027, the forty (40) consecutive VWAP Trading Days
beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before the Maturity Date.


 






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


 


“Officer’s
Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the requirements
of Section 11.03.


 


“Open of Business”
means 9:00 a.m., New York City time.


 


“Opinion of Counsel”
means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable
to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions.


 


“Permitted Holders”
(each a “Permitted Holder”) means (i) (a) Gregory S. Bentley, the Company’s Chief Executive Officer and President
and the Chairman of the Board of Directors, (b) Keith A. Bentley, the Company’s Chief Technology Officer and a director on the Board
of Directors, (c) Barry J. Bentley, Ph.D., a director on the Board of Directors, (d) Raymond B. Bentley, a director on the Board of Directors
and (e) Richard P. Bentley, a brother of each of the foregoing, in each case, as of the date of the Final Offering Memorandum; (ii) any
other Person who is a holder of the Class A common stock, par value $0.01 per share, of the Company as of the date of the Final Offering
Memorandum; and (iii) any Person or entity permitted to be a “Permitted Transferee” (as defined in the Company’s Amended
and Restated Certificate of Incorporation as in effect on the date of the Final Offering Memorandum) of any of the foregoing in respect
of any class of Common Equity held by such Person or entity.


 


“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or
series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture.


 


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


 


“Purchase Agreement”
means that certain Purchase Agreement, dated June 23, 2021, between the Company and the representatives of the Initial Purchasers.


 


“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 the Common Stock (or other applicable security) entitled to receive such cash, securities or other
property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).


 






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“Redemption”
means the repurchase of any Note by the Company pursuant to Section 4.03.


 


“Redemption Date”
means the date fixed, pursuant to Section 4.03(D), for the settlement of the repurchase of any Notes by the Company pursuant to
a Redemption.


 


“Redemption Notice
Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant
to Section 4.03(F).


 


“Redemption Price”
means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(E).


 


“Regular Record Date”
has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on January 1, the immediately
preceding December 15; and (B) if such Interest Payment Date occurs on July 1, the immediately preceding June 15 (whether or not such
December 15 or June 15 is a Business Day).


 


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


 


“Repurchase Upon
Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 4.02.


 


“Responsible Officer”
means, with respect to the Trustee (A) any officer of the Trustee assigned by the Trustee to administer its corporate trust matters; and
(B) with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge
of, and familiarity with, the particular subject and, in each case, who shall have direct responsibility for the administration of this
Indenture.


 


“Restricted Note
Legend” means a legend substantially in the form set forth in Exhibit B-1.


 


“Restricted Stock
Legend” means, with respect to any Conversion Share, a legend that imposes substantially the same restrictions on such Conversion
Shares as the Restricted Note Legend.


 


“Rule 144”
means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.


 


“Rule 144A”
means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.


 




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


 


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


 


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


 


“Security”
means any Note or Conversion Share.


 


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


 


“Shoe Option”
means the Initial Purchasers’ option to purchase up to seventy-five million dollars ($75,000,000) aggregate principal amount of
additional Notes as provided for in the Purchase Agreement.


 


 


“Significant Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that constitutes, or any group of Subsidiaries of such Person that, in
the aggregate, would constitute, a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the Exchange
Act) of such Person.


 


“Special Interest”
means any interest that accrues on any Note pursuant to Section 7.03.


 


“Specified Dollar
Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per
$1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock)
as specified (or deemed specified) by the Company.


 


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


 


“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to
the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association
or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts,
distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such
partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company
interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company.


 






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“Trading Day”
means any day on which (A) trading in the Common Stock (or other security for which a Last Reported 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 (B) there is no Market Disruption
Event. If the Common Stock (or such other security) is not so listed or traded on a Relevant Stock Exchange, then “Trading Day”
means a Business Day.


 


“Trading Price”
of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal
amount of Notes, obtained by the Bid Solicitation Agent for five million dollars ($5,000,000) (or such lesser amount as may then be outstanding)
in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized
independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however,
that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the
average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then
that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for
five million dollars ($5,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized
independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation
Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading
Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product
of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day.


 


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


 


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


 


(B)       such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an
available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not
subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted
security” (as defined in Rule 144); and


 






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(C)          such
Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale,
availability of current public information or notice.


 


The Trustee is under no obligation
to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect
thereto.


 


“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended.


 


“Trustee”
means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions
of this Indenture and, thereafter, means such successor.


 


“VWAP Market Disruption
Event” means, with respect to any date, (A) the failure by the Relevant Stock Exchange to open for trading during its regular
trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension
or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in
the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs
or exists at any time before 1:00 p.m., New York City time, on such date.


 


“VWAP Trading Day”
means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the Relevant
Stock Exchange. If the Common Stock is not so listed or traded on a Relevant Stock Exchange, then “VWAP Trading Day” means
a Business Day.


 


“Wholly-Owned Subsidiary”
of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) are owned by such Person or one or more Wholly-Owned Subsidiaries of such Person.


 






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Section 1.02.     Other
Definitions.


 


	Term	 	 Defined in Section
	“Additional Shares”	 	5.07(A)
	“Business Combination Event”	 	6.01(A)
	“Cash Settlement”	 	5.03(A)
	“Combination Settlement”	 	5.03(A)
	“Common Stock Change Event”	 	5.09(A)
	“Conversion Agent”	 	2.06(A)
	“Conversion Consideration”	 	5.03(B)
	“Default Interest”	 	2.05(B)
	“Defaulted Amount”	 	2.05(B)
	“Event of Default”	 	7.01(A)
	“Expiration Date”	 	5.05(A)(v)
	“Expiration Time”	 	5.05(A)(v)
	“Fundamental Change Notice”	 	4.02(E)
	“Fundamental Change Repurchase Right”	 	4.02(A)
	“Initial Notes”	 	2.03(A)
	“Measurement Period”	 	5.01(C)(i)(2)
	“Paying Agent”	 	2.06(A)
	“Physical Settlement”	 	5.03(A)
	“Redemption Notice”	 	4.03(F)
	“Reference Property”	 	5.09(A)
	“Reference Property Unit”	 	5.09(A)
	“Register”	 	2.06(B)
	“Registrar”	 	2.06(A)
	“Reporting Event of Default”	 	7.03(A)
	“Specified Courts”	 	11.08
	“Spin-Off”	 	5.05(A)(iii)(2)
	“Spin-Off Valuation Period”	 	5.05(A)(iii)(2)
	“Stated Interest”	 	2.05(A)
	“Successor Entity”	 	6.01(A)
	“Successor Person”	 	5.09(A)
	“Tender/Exchange Offer Valuation Period”	 	5.05(A)(v)
	“Trading Price Condition”	 	5.01(C)(i)(2)


 


Section 1.03.    
Rules of Construction.


 


For purposes of this Indenture:


 


(A)          “or” is not exclusive;


 


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


 


(C)          “will” expresses a command;


 


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


 


(E)           [Reserved]


 


(F)           words
in the singular include the plural and in the plural include the singular, unless the context requires otherwise;


 


(G)          “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise;


 






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


 


(I)            the
exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and


 


(J)           the term “interest,” when used with respect to a Note, includes any Additional Interest and Special Interest,
unless the context requires otherwise.


 


Article
2.        The
Notes


 


Section 2.01.     Form,
Dating and Denominations.


 


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


 


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


 


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


 


Each certificate representing
a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note.


 


The terms contained in the
Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of
this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of
any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture
and such Note.


 


Section 2.02.     Execution,
Authentication and Delivery.


 


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


 


(B)          Authentication
by the Trustee and Delivery.


 


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


 






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


 


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


 


Section 2.03.     Initial
Notes and Additional Notes.


 


(A)          Initial
Notes. On the Issue Date, there will be originally issued five hundred million dollars ($500,000,000) aggregate principal amount
of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers exercise the Shoe Option,
then there will be originally issued up to an additional seventy-five million dollars ($75,000,000) principal amount of Notes pursuant
to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section
2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial
Notes.”


 


(B)          Additional
Notes. Without the consent of, or notice to, any Holder, the Company may, subject to the provisions of this Indenture (including
Section 2.02), issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect
to the date as of which interest begins to accrue on such additional Notes, the issue date, the first Interest Payment Date, the issue
price, the Last Original Issue Date and the restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal
amount, which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably
with, all other Notes issued under this Indenture; provided, however, that if any such additional Notes (and any Notes
that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) are not fungible with
other Notes issued under this Indenture for federal income tax or federal securities laws purposes, then such additional Notes (and any
Notes that have been resold after they have been purchased or otherwise acquired by the Company or its Subsidiaries) will be identified
by a separate CUSIP number or by no CUSIP number.


 






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Section 2.04.    
Method of Payment.


 


(A)          Global
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration
due upon conversion of, any Global Note to the Depositary or its nominee, as the case may be, as the registered Holder of such Global
Note, by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture.


 


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


 


Section 2.05.     Accrual
of Interest; Defaulted Amounts; When Payment Date is Not a Business Day.


 


(A)          Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 0.375% (the “Stated Interest”),
plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated
Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided
for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such
Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of
payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(E) and 5.02(D) (but without duplication
of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date
set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding
Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the
basis of a 360-day year comprised of twelve 30-day months.


 






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(B)          Defaulted
Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) due on a Note on or before the due
date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such
Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the
extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to
the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of
such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected
by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided
that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and
(iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the
Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be
paid on such payment date. Notwithstanding the foregoing, any interest which is paid prior to the expiration of the 30-day period
set forth in Section 7.01(A)(ii) shall be paid to Holders as of the record date for the Interest Payment Date for which interest has
not been paid.


 


(C)          Delay
of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not
a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately
following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately
preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be
closed will be deemed not to be a “Business Day.”


 


Section 2.06.     Registrar,
Paying Agent and Conversion Agent.


 


(A)          Generally.
The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer
or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented
for payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be
presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar, Paying Agent or Conversion
Agent, then the Trustee will act as such. For the avoidance of doubt, the Company may change the Registrar, Paying Agent and Conversion
Agent, and the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent, in each case without prior
consent of the Holders.


 


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


 


(C)          Co-Agents;
Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more
co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion
Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or
Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The
Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to
this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the
provisions of this Indenture that relate to such Note Agent.


 






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(D)          Initial
Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent
and its Corporate Trust Office as a place where Notes may be presented for payment, transfer or conversion. In acting in such capacities
under this Indenture and in connection with the Notes, the Trustee in such capacities will act solely as an agent of the Company and
will not thereby assume any obligations towards, or relationship of agency or trust for or with, any Holder.


 


Section 2.07.     Paying
Agent and Conversion Agent to Hold Property in Trust.


 


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


 


Section 2.08.     Holder
Lists.


 


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


 


Section 2.09.     Legends.


 


(A)          Global
Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required
by the Depositary for such Global Note).


 


(B)          Non-Affiliate
Legend. Each Note will bear the Non-Affiliate Legend.


 






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(C)          Restricted Note Legend. Subject to Section 2.12,


 


(i)              each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and


 


(ii)             if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being
referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B),
2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note
Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable;
provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted
Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable.


 


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


 


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


 


(F)           Restricted
Stock Legend.


 


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


 


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


 


Section 2.10.     Transfers
and Exchanges; Certain Transfer Restrictions.


 


(A)          Provisions
Applicable to All Transfers and Exchanges.


 


(i)              Subject
to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time
and the Registrar will record each such transfer or exchange in the Register.


 






    - 20 -


     


    

 


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


 


(iii)            The
Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of
Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges
pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer.


 


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


 


(v)             The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed
under this Indenture or applicable law with respect to any Note, other than to require the delivery of such certificates or other documentation
or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements
of this Indenture. Neither the Trustee nor any of its agents will have any responsibility for any actions taken or not taken by the Depositary.


 


(vi)            The Trustee will have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in,
the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member
thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner
or other Person (other than the Depositary) of any notice (including any notice of Redemption or repurchase) or the payment of any amount
or delivery of any Notes (or other security or property) under or with respect to such Notes. All payments to be made to Holders in respect
of the Notes will be given or made only to or upon the order of the registered Holders (which is the Depositary or its nominee in the
case of a Global Note). The rights of beneficial owners in any Global Note will be exercised only through the Depositary subject to the
applicable Depositary Procedures. The Trustee may rely and will be fully protected in relying upon information furnished by the Depositary
with respect to its members, participants and any beneficial owners.


 


(vii)           Each
Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09.


 


(viii)          Upon
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer
or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date
of such satisfaction.


 






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


 


(B)          Transfers
and Exchanges of Global Notes.


 


(i)              Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary
to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion
thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged,
pursuant to customary procedures, for one or more Physical Notes if:


 


(1)              (x)
the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global
Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each
case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation;


 


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


 


(3)              the
Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at
the request of the owner of such beneficial interest.


 


(ii)             Upon
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof):


 


(1)              the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal
amount of zero, the Company may (but is not required to) instruct the Trustee in writing to cancel such Global Note pursuant to Section
2.15);


 


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


 






    - 22 -


     


    

 


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


 


(4)              if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical
Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section
2.02, one or more Physical Notes that (x) are in Authorized Denominations (not to exceed, in the aggregate, the principal amount of
such Global Note to be so exchanged); (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant
to customary procedures); and (z) bear each legend, if any, required by Section 2.09.


 


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


 


(C)          Transfers
and Exchanges of Physical Notes.


 


(i)              Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in
an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination)
for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal
amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer
such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global
Notes; provided, however, that, to effect any such transfer or exchange, such Holder must:


 


(1)              surrender
such Physical Note to be transferred or exchanged to the Corporate Trust Office of the Trustee, together with any endorsements or transfer
instruments reasonably required by the Company, the Trustee or the Registrar; and


 


(2)              deliver
such certificates, documentation or evidence as may be required pursuant to Section 2.10(D).


 


(ii)             Upon
the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being
referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such
old Physical Note in an Authorized Denomination):


 


(1)              such
old Physical Note will be promptly cancelled pursuant to Section 2.15;


 


(2)              if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations
and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged;
(y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09;


 






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(3)              in
the case of a transfer:


 


(a)              to
the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred
in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global
Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which
increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear
each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by
notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09
then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate
principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate,
in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate
principal amount equal to the principal amount to be so transferred; and (y) bear each legend, if any, required by Section 2.09;
and


 


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


 


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


 


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


 


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


 


(ii)             remove such Restricted Note Legend; or


 


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




 



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


 


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


 


Section 2.11.     Exchange
and Cancellation of Notes to Be Converted, Redeemed or Repurchased.


 


(A)          Partial
Conversions, Redemptions and Repurchases of Physical Notes. If only a portion of a Physical Note of a Holder is to be converted pursuant
to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable
after such Physical Note is surrendered for such conversion, Redemption or repurchase, the Company will cause such Physical Note to be
exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and
have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted, redeemed or repurchased,
as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal
amount to be so converted, redeemed or repurchased, as applicable, which Physical Note will be converted, redeemed or repurchased, as
applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause
(ii) need not be issued at any time after which such principal amount subject to such conversion, Redemption or repurchase, as applicable,
is deemed to cease to be outstanding pursuant to Section 2.18.


 






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(B)           Cancellation
of Converted, Redeemed and Repurchased Notes.


 


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


 


(ii)             Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant
to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to
be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an
amount equal to the principal amount of such Global Note to be so converted, redeemed or repurchased, as applicable, by notation on the
 “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of
such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15).


 


Section 2.12.     Removal
of Transfer Restrictions.


 


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


 






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Section 2.13.     Replacement
Notes.


 


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


 


Every replacement Note issued
pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits of this
Indenture equally and ratably with all other Notes issued under this Indenture.


 


Section 2.14.     Registered
Holders; Certain Rights with Respect to Global Notes.


 


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


 


Section 2.15.    
Cancellation.


 


Without limiting the generality
of Section 3.08, the Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and
the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The
Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality
of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled
upon transfer, exchange, payment or conversion.


 


Section 2.16.    
Notes Held by the Company or its Affiliates.


 


Without limiting the generality
of Sections 3.08 and 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding;
provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction,
waiver or consent, only Notes that the Trustee actually knows are so owned will be so disregarded.


 






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Section 2.17.     Temporary
Notes.


 


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


 


Section 2.18.    
Outstanding Notes.


 


(A)          Generally.
The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated,
excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation
in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests
in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full (including upon conversion) in
accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B),
(C) or (D) of this Section 2.18.


 


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


 


(C)          Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change
Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change
Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date,
then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased,
or that mature, on such date will be deemed, as of such date, to cease to be outstanding and interest will cease to accrue on such Notes,
except to the extent provided in Sections 4.02(D), 4.03(E) or 5.02(D); and (ii) all rights of the Holders of such
Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than (x) the right
to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest
on, such Notes (or such portions thereof), in each case as provided in this Indenture and (y) if the Fundamental Change Repurchase Date
or Redemption Date falls after a Regular Record Date but on or prior to the related Interest Payment Date, the right of the Holder of
record on such Regular Record Date to receive the accrued and unpaid interest to, but excluding, the corresponding Interest Payment Date.


 






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(D)          Notes
to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such
Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant
to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the
extent provided in Section 5.02(D) or Section 5.08.


 


(E)           Cessation
of Accrual of Interest. Except as provided in Sections 4.02(D), 4.03(E) or 5.02(D), interest will cease to accrue
on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding,
unless there occurs a default in the payment or delivery of any cash or other property due on such Note.


 


Section 2.19.     Repurchases
by the Company.


 


Without limiting the generality
of Sections 2.15 and 3.08, the Company or its Subsidiaries may, from time to time, directly or indirectly repurchase Notes
in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled
derivatives, without delivering prior notice to, or the consent of, Holders. In connection with any such repurchase, the Company may appoint
a tender agent, in which case such tender agent shall be the Paying Agent in connection with such repurchase.


 


Section 2.20.     CUSIP
Numbers.


 


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


 


Article
3.        Covenants


 


Section 3.01.     Payment
on Notes.


 


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


 


(B)          Deposit of Funds. Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or
Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit,
or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash
amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required
for such purpose.


 






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Section 3.02.     Exchange
Act Reports.


 


(A)          Generally.
The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section
13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same
(after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need
not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied,
confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor
thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon
the written request of any Holder, the Company will provide to such Holder a copy of any report that the Company has delivered or
filed pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the
preceding sentence.


 


(B)          Trustee’s
Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The
sending of reports pursuant to Section 3.02(A) to the Trustee will be for informational purposes only, and the Trustee’s
receipt of those reports will not be deemed to constitute actual or constructive notice to the Trustee of any information contained,
or determinable from information contained, therein (as to which the Trustee will be entitled to conclusively rely on an Officer's Certificate),
including the Company’s compliance with any of its covenants under this Indenture. The Trustee will have no liability or responsibility
for the filing, timeliness, or content of such reports.


 


Section 3.03.     Rule
144A Information.


 


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


 


Section 3.04.     Additional
Interest.


 


(A)          Accrual
of Additional Interest.


 


(i)              If,
at any time during the six (6) month period beginning on, and including, the date that is six (6) months after the Last Original Issue
Date of any Note,


 


(1)              the
Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or


 


(2)              such
Note is not otherwise Freely Tradable,


 


then Additional Interest will accrue on such Note for each day during such period on which
such failure is continuing or such Note is not Freely Tradable.


 






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


 


(B)          Amount
and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable
on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter
of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Additional Interest accrues and, thereafter,
at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in
no event will Additional Interest payable for the Company’s failure to comply with its obligations to timely file any report (other
than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable,
pursuant to Section 3.04(A), together with any Special Interest, accrue on any day on a Note at a combined rate per annum that
exceeds one half of one percent (0.50%), regardless of the number of events or circumstances giving rise to the requirement to pay such
Additional Interest or Special Interest. For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition
to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any
Special Interest that accrues on such Note.


 


(C)           Notice
of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send written notice to the Holder of each Note (with
a copy to the Trustee), of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition,
if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest
is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company
is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is
payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount
thereof.


 


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


 


Section 3.05.     Compliance
and Default Certificates.


 


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


 


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


 






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Section 3.06.     Stay,
Extension and Usury Laws.


 


To the extent that it may
lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or
the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by
resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and
permit the execution of every such power as though no such law has been enacted.


 


Section 3.07.     [reserved].


 


Section 3.08.     Acquisition
of Notes by the Company and its Affiliates.


 


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


 


Article
4.        Repurchase
and Redemption


 


Section 4.01.     No
Sinking Fund.


 


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


 


Section 4.02.     Right
of Holders to Require the Company to Repurchase Notes upon a Fundamental Change.


 


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


 


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


 






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(C)          Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business
Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the
Company sends the related Fundamental Change Notice pursuant to Section 4.02(E), subject to extension if required to comply with
law as a result of a change in law adopted subsequent to June 23, 2021. For the avoidance of doubt, such date, as so extended, shall
be deemed to be the Fundamental Change Repurchase Date for all purposes hereof.


 


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


 


(E)           Fundamental
Change Notice. On or before the twentieth (20th) Business Day after the occurrence of a Fundamental Change, the Company will send
to each Holder (with a copy to the Trustee and the Conversion Agent (if other than the Trustee) a notice of such Fundamental Change (a
 “Fundamental Change Notice”).


 


Such Fundamental Change Notice
must state:


 


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


 


(ii)             the
effective date of such Fundamental Change;


 


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


 


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


 






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


 


(vi)          the name and
address of the Paying Agent, Trustee and the Conversion Agent;


 


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


 


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


 


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


 


(x)           
the CUSIP number(s), if any, of the Notes.


 


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


 


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


 


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


 


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


 


(2)           
such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note).


 


The Paying Agent will promptly deliver
to the Company a copy of each Fundamental Change Repurchase Notice that it receives.


 


(ii)            Contents
of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state:


 






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


 


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


 


(3)            that
such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;


 


provided, however,
that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and
any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the
requirements of this Section 4.02(F)).


 


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


 


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


 


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


 


(3)            the
principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an
Authorized Denomination;


 


provided, however, that if such Note is a Global Note, then such withdrawal notice must
comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be
deemed to satisfy the requirements of this Section 4.02(F)).


 


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


 


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


 






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(H)      
Third Party May Conduct Repurchase Offer In Lieu of the Company. The Company will be deemed to satisfy its obligations to
offer to repurchase, and to repurchase, the Notes pursuant to this Section 4.02 if a third party makes such an offer in the same
manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth in this Section
4.02 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 in compliance with the requirements for an offer made by the Company as set forth in this Section 4.02.


 


(I)         
No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into
an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02,
the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase
any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B) (or pursuant
to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)) of the definition thereof, if (i) such Fundamental
Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after
such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into
consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds
the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes the
maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price); and (iii) the Company timely sends
the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement
that the Company is relying on the provisions described in this Section 4.02(I).


 


(J)          Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply in all material respects with all federal and
state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under
the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon
Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the
Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the
Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a
default of such obligations.


 






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


 


Section 4.03.    Right
of the Company to Redeem the Notes.





 





(A)      
No Right to Redeem Before July 5, 2024. The Company may not redeem the Notes before July 5, 2024.


 


(B)       Right to Redeem the Notes on or After July 5, 2024. Subject to the terms of this Section 4.03, the Company has the
right, at its election, to redeem all, or any portion in an Authorized Denomination, of the Notes, at any time and from time to time,
on a Redemption Date on or after July 5, 2024 and on or before the fortieth (40th) Scheduled Trading Day immediately before the Maturity
Date, for a cash purchase price equal to the Redemption Price, but only if the Last Reported Sale Price per share of Common Stock exceeds
one hundred thirty percent (130%) of the Conversion Price on (i) each of at least twenty (20) Trading Days (whether or not consecutive)
during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date
for such Redemption; and (ii) the Trading Day immediately before such Redemption Notice Date. For the avoidance of doubt, the calling
of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of
the definition thereof.


 


(C)       
Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated in accordance
with the terms of this Indenture and such acceleration has not been rescinded on or before the Redemption Date (including rescission as
a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to Section 4.03(E), on
such Redemption Date), then (i) the Company may not redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global
Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests
in such Notes in accordance with the Depositary Procedures).


 


(D)      
Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no
more than sixty five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption;
provided, however, that if, in accordance with Section 5.03(A), the Company elects to settle all conversions of Notes
with a Conversion Date that occurs on or after the Redemption Notice Date and on or before the second (2nd) Business Day immediately before
the related Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business
Day no more than sixty (60), nor less than thirty (30), calendar days after such Redemption Notice Date.


 






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(E)        Redemption
Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note
plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however,
that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of
such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or,
at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but
excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such
Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include
accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment
Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day
immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment
Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the
immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and
including, such Interest Payment Date to, but excluding, such Redemption Date.


 


(F)       
Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and
the Paying Agent a written notice of such Redemption (a “Redemption Notice”).


 


Such Redemption Notice must
state:


 


(i)        
that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture;


 


(ii)       
the Redemption Date for such Redemption;


 


(iii)      
the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record
Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso
to Section 4.03(E));


 


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


 


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


 


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


 


(vii)      the
Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice
Date and prior to the Close of Business on the second (2nd) Business Day immediately before such Redemption Date; and


 






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(viii)    
the CUSIP number(s), if any, of the Notes.


 


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


 


(G)      
Selection, Conversion and Transfer of Notes to Be Redeemed in Part. If less than all Notes then outstanding are called for
Redemption, then:


 


(i)         
the Notes to be redeemed will be selected by the Company as follows: (1) in the case of Global Notes, in accordance with the Depositary
Procedures; and (2) in the case of Physical Notes, the Trustee will select the Notes to be redeemed (in an Authorized Denomination) by
lot, on a pro rata basis or in such other manner as it shall deem appropriate and fair; and


 


(ii)        
if only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note
will be deemed to be from the portion of such Note that was subject to Redemption.


 


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


 


(I)         
Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to
this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able
to determine, before the Close of Business on the forty second (42nd) Scheduled Trading Day (or, if the Company irrevocably elects Physical
Settlement for all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and on or before
the second (2nd) Business Day immediately before the Redemption Date for such Redemption, the tenth (10th) calendar day) immediately
before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to
such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable,
at any time before the Close of Business on the second (2nd) Business Day immediately before such Redemption Date, and each such conversion
will be deemed to be of a Note called for Redemption for purposes of this Section 4.03 and Sections 5.01(C)(i)(4) and 5.07.


 


	 	Article 5.	Conversion




 


Section 5.01.    Right
to Convert.





 


(A)      
Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s
Notes into Conversion Consideration.


 






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(B)       
 Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations.
Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion
of a Note.


 


(C)       
When Notes May Be Converted.


 


(i)         Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances:


 


(1)           
Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter
(and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2021, if the Last Reported Sale
Price per share of Common Stock exceeds one hundred thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading
Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the
immediately preceding calendar quarter.


 


(2)           
Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive
Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement
Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance
with the procedures and conditions set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent
(98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading
Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.”


 


The Trading Price will be determined
by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of “Trading Price.” The
Bid Solicitation Agent (if not the Company) will have no obligation to solicit the Trading Price of the Notes unless the Company has
requested such solicitation in writing, and the Company will have no obligation to make such request (or seek bids or otherwise
determine the Trading Price itself) unless a Holder(s) of at least one million dollars ($1,000,000) aggregate principal amount of
Notes request(s) in writing that the Company make such a determination and provide(s) the Company with reasonable evidence that the
Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported
Sale Price per share of Common Stock and the Conversion Rate on such Trading Day. If such Holder(s) so request(s) or provide(s) such
evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent in writing to,
determine the Trading Price of the Notes in accordance with the bids solicited by the Bid Solicitation Agent, beginning on the next
Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal
to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the
Conversion Rate on such Trading Day. At such time as the Company directs the Bid Solicitation Agent (if other than the Company) in
writing to solicit bid quotations, the Company shall provide the Bid Solicitation Agent with the names and contact details of the
three (3) nationally recognized independent securities dealers selected by the Company, and the Company shall direct those security
dealers to provide bids to the Bid Solicitation Agent in accordance with the definition of “Trading Price.” If the
Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion
Agent (if other than the Trustee) of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth
above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product
of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the
Company will notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the same.


 






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(3)           
Conversion upon Specified Corporate Events.


 


(a)           
Certain Distributions. If the Company elects to:


 


(I)            
distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant
to a stockholder rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence
of a triggering event, except that such rights will be deemed to be distributed under this clause (I) upon their separation from
the Common Stock or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days
after the Record Date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than
the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including,
the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph
of Section 5.05(A)(ii)); or


 


(II)           distribute,
to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company’s
securities (other than rights issued pursuant to a stockholder rights plan, so long as such rights have not separated from the
Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be
distributed under this clause (II) upon their separation from the Common Stock or upon the occurrence of such triggering event),
which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent
(10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is
announced,


 


then, in either case, the Company will send written notice of such distribution, and of the related right to convert
Notes, to Holders, the Trustee and the Conversion Agent (if other than the Trustee) at least fifty (50) Scheduled Trading Days
before the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a
stockholder rights plan or the occurrence of any such triggering event under a stockholder rights plan, as soon as reasonably
practicable after the Company becomes aware that such separation or triggering event has occurred or will occur). However, if the
Company is then otherwise permitted to settle conversions of Notes by Physical Settlement (and, for the avoidance of doubt, the
Company has not elected (or been deemed to have elected) another Settlement Method to apply, including pursuant to Section
5.03(A)(i)), then the Company may instead elect to provide such notice at least ten (10) Scheduled Trading Days before such
Ex-Dividend Date, in which case (x) the Company must settle all conversions of Notes with a Conversion Date occurring on or after
the date the Company provides such notice and on or before the Close of Business on the Business Day immediately before the
Ex-Dividend Date for such distribution (or any earlier announcement by the Company that such distribution will not take place) by
Physical Settlement; and (y) such notice must state that all such conversions will be settled by Physical Settlement. Once the
Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business
Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place.


 






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The Notes will not become convertible
pursuant to this Section 5.01(C)(i)(3)(a) (but the Company will still be required to send notice of the distribution as described
above), if each Holder participates in such distribution, at the same time and upon the same terms as holders of the Common Stock and
solely as a result of holding the Notes, without having to convert its Notes, as if it held a number of shares of Common Stock equal to
the Conversion Rate on the related Record Date for the distribution, multiplied by the aggregate principal amount (expressed in thousands)
of Notes held by such Holder on such date.


 


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


 








(4)           
Conversion upon Redemption. If the Company calls all or any Notes for Redemption, then the Holder of any Note called for
Redemption may convert such Note at any time before the Close of Business on the second (2nd) Business Day immediately before the related
Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time
as the Company pays such Redemption Price in full). After that time, the right to convert such Notes on account of the Company’s
delivery of the Notice of Redemption will expire.


 






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(5)           
Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, April 1,
2027 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date.


 


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


 


(ii)          
Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes:


 


(1)           
Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business
Day;


 


(2)          
in no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before
the Maturity Date;


 


(3)           
if the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such
Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Redemption Date, except
to the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and


 


(4)           
 if a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then
such Note may not be converted, except to the extent (a) such Note (or portion thereof) is not subject to such notice; (b) such notice
is validly withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price
for such Note on the Fundamental Change Repurchase Date in accordance with this Indenture.


 






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Section 5.02.    Conversion
Procedures.





 


(A)      
Generally.


 


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


 


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


 


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


 


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


 


(D)       Interest
Payable upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the
next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled,
notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this
sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would
have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note
remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to
the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause
(i) above (regardless of whether the converting Holder was the Holder on the corresponding Regular Record Date); provided, however,
that the Holder surrendering such Note for conversion need not deliver such cash (w) if the Company has specified a Redemption Date
that is after such Regular Record Date and on or before the second (2nd) Business Day immediately after such Interest Payment Date;
(x) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (y) if the Company has
specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately
after such Interest Payment Date; or (z) to the extent of any overdue interest or interest that has accrued on any overdue interest,
if any overdue interest exists at the time of conversion with respect to such Note. For the avoidance of doubt, as a result of, and
without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record
Date immediately before the Maturity Date, any Redemption Date and any Fundamental Change Repurchase Date described in clauses (w)
through (z) above, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but
excluding, the Maturity Date or other applicable Interest Payment Date to Holders as of the Close of Business on the Regular Record
Date immediately before the Maturity Date or other applicable Interest Payment Date. For the avoidance of doubt, if the Conversion
Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular
Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid
interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for
conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D).


 






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(E)       
Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer
tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if
any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then
such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse
to deliver any such shares to be registered in a name other than that of such Holder.


 


(F)       
Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the
Conversion Agent receives any written notice of conversion with respect to a Note, then the Conversion Agent will promptly notify the
Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate
with the Company to determine the Conversion Date for such Note. For these purposes, conversion instructions with respect to any Global
Note which instructions are delivered to the Conversion Agent by means of a “Voluntary Offering Instruction” pursuant to the
Depositary Procedures will be deemed to be in writing.


 


Section 5.03.    Settlement
upon Conversion.





 





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


 


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


 


(1)           
subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after April 1, 2027 will
be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders (with a written copy
of such notice to the Trustee and the Conversion Agent (if other than the Trustee)) no later than the Open of Business on April 1, 2027;


 






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(2)           
subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose
Conversion Date occurs before April 1, 2027, then the Company will send notice of such Settlement Method to the Holder of such Note (with
a written copy of such notice to the Trustee and the Conversion Agent (if other than the Trustee)) no later than the Close of Business
on the Business Day immediately after such Conversion Date;


 


(3)           
if any Notes are called for Redemption, then (x) the Company will specify, in the related Redemption Notice (and, in the case of
a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption) sent
pursuant to Section 4.03(F), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs
on or after the related Redemption Notice Date and before the Close of Business on the second (2nd) Business Day immediately before the
related Redemption Date; and (y) if such Redemption Date occurs on or after April 1, 2027, then such Settlement Method must be the same
Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on
or after April 1, 2027;


 


(4)           
the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance
of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion
Dates, except as provided in clause (1) or (3) above);


 


(5)           
if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed
to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute
a Default or Event of Default);


 


(6)           
 if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify in writing
the Holder of such Note, the Trustee and the Conversion Agent (if other than the Trustee) of the applicable Specified Dollar Amount, then
the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance
of doubt, the failure to timely send such notification will not constitute a Default or Event of Default); and


 






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(7)           
the Settlement Method will be subject to Section 5.09(A)(2).


 


(ii)       
The Company’s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at its
election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent (if other than the Trustee)),
to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after
the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion
Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar
Amounts that will apply to such conversions, provided, in each case, that (w) the Settlement Method(s) so elected pursuant to clause
(1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for
the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable
election or Default Settlement Method change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect
to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such
irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement
Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously
change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable
election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and
applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. In addition,
the Company will not make any such irrevocable election or Default Settlement Method change, or otherwise elect a Settlement Method in
connection with a conversion of Notes or for a period during which Notes may be converted, if the Company’s delivery of the maximum
number of shares of Common Stock pursuant to such irrevocable election or Settlement Method would violate the Common Stock Purchase Agreement.
For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes,
including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an
amendment at its option).


 





(iii)       Requirement
to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method or irrevocably
fixes the Settlement Method pursuant to this Section 5.03(A), then the Company will either post the Default Settlement Method
or fixed Settlement Method, as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor
form) that is filed with the SEC.


 






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(B)       
Conversion Consideration.


 


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


 


(1)           
if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the Conversion Rate in effect on
the Conversion Date for such conversion;


 


(2)           
if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP
Trading Day in the Observation Period for such conversion; or


 


(3)           
if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal
to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash
equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period.


 


(ii)          
Cash in Lieu of Fractional Shares. If Physical Settlement or Combination Settlement applies to the conversion of any Note
and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number,
then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration
due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2)
(x) the Daily VWAP on the Conversion Date for such conversion (or, if such Conversion Date is not a VWAP Trading Day, the immediately
preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the Observation
Period for such conversion, in the case of Combination Settlement.


 


(iii)        
Conversion of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date,
then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by,
and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion
Date by such Holder.


 


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


 






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(C)       
Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(C) and 5.09, the Company will
pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if Cash
Settlement or Combination Settlement applies to such conversion, on or before the second (2nd) Business Day immediately after the last
VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on or before
the second (2nd) Business Day immediately after the Conversion Date for such conversion, provided that with respect to conversions
for which Physical Settlement applies and the relevant Conversion Date occurs after the Regular Record Date immediately preceding the
Maturity Date, such settlement will occur on the Maturity Date (or, if the Maturity Date is not a Business Day, on the next succeeding
Business Day) and the Conversion Date will instead be deemed to be the second Scheduled Trading Day immediately before the Maturity Date.


 


(D)      
Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts
a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except
as provided in Section 5.02(D), the Company’s payment or delivery of the Conversion Consideration due in respect of such
conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid
interest, if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any
accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In
addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of the Common
Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such cash.


 


Section 5.04.    Reserve
and Status of Common Stock Issued upon Conversion.





 





(A)      
Stock Reserve. At all times when any Notes are outstanding, the Company will reserve, out of its authorized but unissued
and unreserved shares of Common Stock, a number of shares of Common Stock sufficient to permit the conversion of all then-outstanding
Notes, assuming (x) Physical Settlement will apply to such conversion; and (y) the Conversion Rate is increased by the maximum amount
pursuant to which the Conversion Rate may be increased pursuant to Section 5.07. To the extent the Company delivers shares of Common
Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance
of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis.


 


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


 






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Section 5.05.    Adjustments
to the Conversion Rate.





 





(A)      
Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows:


 


(i)             
Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution
on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock
(in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then
the Conversion Rate will be adjusted based on the following formula:


 


 


 


where:


 


	 	CR0	=	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately
before the Open of Business on the Effective Date of such stock split or stock combination, as applicable;
	 	 
	 	CR1	=	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such Effective
Date, as applicable;
	 	 
	 	OS0	=	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or Effective Date,
as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and
	 	 
	 	OS1	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock
combination.




 


For the avoidance of doubt, each adjustment
to the Conversion Rate made pursuant to this Section 5.05(A)(i) will become effective as of the time set forth in the preceding
definition of CR1. If any dividend, distribution, stock split or stock combination of the type described in this Section
5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date
the Board of Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the
Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced.


 


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


 






    - 50 -


     


    

 


 


 


where:


 


	 	CR0	=	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
	 	 
	 	CR1	=	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 
		OS	=	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;
	 	 	 	 
		X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 	 
		Y	=	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants
by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and
including, the Trading Day immediately before the date such distribution is announced.



 


For the avoidance of doubt, each adjustment
to the Conversion Rate made pursuant to this Section 5.05(A)(ii) will become effective at the time set forth in the preceding definition
of CR1. To the extent that shares of Common Stock are not delivered after the expiration of such rights, options or
warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery
of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. To the extent such rights,
options or warrants are not so distributed, the Conversion Rate will be readjusted, effective as of the date the Company’s Board
of Directors determines not to distribute such rights, options or warrants, to the Conversion Rate that would then be in effect had the
Ex-Dividend Date for the distribution of such rights, options or warrants not occurred.


 


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


 






    - 51 -


     


    

 


(iii)        
Spin-Offs and Other Distributed Property.


 


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


 


(u)    dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required assuming the
Initial Dividend Threshold were zero and/or without regard to the Deferral Exception) pursuant to Section 5.05(A)(i) or 5.05(A)(ii);


 


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


 


(w)    rights
issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(E);


 


(x)     Spin-Offs
for which an adjustment to the Conversion Rate is required (or would be required without regard to the Deferral Exception) pursuant to
Section 5.05(A)(iii)(2);


 


(y)    a
distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will
apply; and


 


(z)    a
distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply,


 


then the Conversion Rate
will be increased based on the following formula:


 


 


 






    - 52 -


     


    

 


where:


 


	 	CR0	=	the
    Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
	 	 
	 	CR1	=	the
    Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 
		SP	=	the
                                            average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive
                                            Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend
                                            Date; and
	 	 	 	 
		FMV	=	the
                                            fair market value (as determined by the Company in good faith and in a commercially reasonable
                                            manner), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness,
                                            assets, property, rights, options or warrants distributed per share of Common Stock pursuant
                                            to such distribution;



 


provided, however, that
if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and
on the same terms as holders of Common Stock, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property,
rights, options or warrants that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of
Common Stock equal to the Conversion Rate in effect on such Record Date. For the avoidance of doubt, each adjustment to the Conversion
Rate made pursuant to this Section 5.05(A)(iii)(1) will become effective at the time set forth in the preceding definition of CR1.


 


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


 


If the Company issues rights, options
or warrants that are only exercisable upon the occurrence of certain triggering events, then the Company will not adjust the Conversion
Rate pursuant to the foregoing in this Section 5.05(A)(iii)(1) until the earliest of these triggering events occurs; provided
that the rights, options or warrants trade together with the Common Stock and will be issued in respect of future issuances of shares
of Common Stock.


 



    - 53 -


     


    








       


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


 





 


where:


 


		CR0     	=	the Conversion Rate in effect immediately before the Close
of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;



 


		CR1     	=	the Conversion Rate in effect immediately after the Close
of Business on the last Trading Day of the Spin-Off Valuation Period;



 


		FMV     	=	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital
Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation
Period”) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references
to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such
Capital Stock or equity interests) and (y) the number of shares or units of such capital stock or equity interests distributed per share
of Common Stock in such Spin-Off; and



 


		SP     	=	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the
Spin-Off Valuation Period.



 


For the avoidance of doubt, each adjustment
to the Conversion Rate made pursuant to this Section 5.05(A)(iii)(2) will become effective at the time set forth in the preceding
definition of CR1. Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), (i) if any VWAP
Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement
occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such
VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period
from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the Conversion Date
for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off,
then, solely for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed
to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including,
such Conversion Date.


 






    - 54 -


     


    

 


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


 


(iv)            
Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common
Stock, other than a regular quarterly cash dividend that does not exceed the Initial Dividend Threshold, then the Conversion Rate will
be increased based on the following formula:


 





 


 


where:


 


		CR0     	=	the Conversion Rate in effect immediately before the Open
of Business on the Ex-Dividend Date for such dividend or distribution;



 


		CR1     	=	the Conversion Rate in effect immediately after the Open
of Business on such Ex-Dividend Date;



 


		SP     	=	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such
Ex-Dividend Date;



 


		T     	=	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly
cash dividend, the Initial Dividend Threshold will be deemed to be zero; and



 


		D     	=	the cash amount distributed per share of Common Stock in such dividend or distribution;



 


provided, however, that
if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same
time and on the same terms as holders of Common Stock, without having to convert its Notes, the amount of cash that such Holder would
have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect
on such Record Date. For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(iv)
will become effective at the time set forth in the preceding definition of CR1.


 


The Initial Dividend Threshold is
subject to adjustment in a manner inversely proportional to adjustments to the Conversion Rate; provided that no adjustment will be
made to the Initial Dividend Threshold for any adjustment to the Conversion Rate under this Section 5.05(A)(iv).


 






    - 55 -


     


    

 


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


 


(v)              
Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer
or exchange offer for shares of Common Stock (other than solely pursuant to an odd lot tender offer pursuant to Rule 13(e)-4(h)(5) under
the Exchange Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner)
of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the average of the Last Reported
Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day immediately
after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange
offer (as it may be amended) (such period, the “Tender/Exchange Offer Valuation Period”), then the Conversion Rate
will be increased based on the following formula:


 





 


where:


 


		CR0     	=	the Conversion Rate in effect immediately before the Close
of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;



 


		CR1     	=	the Conversion Rate in effect immediately after the Close
of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;



 


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



 


		OS0     	=	the number of shares of Common Stock outstanding immediately
before the Expiration Time (including 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 Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
and



 


		SP     	=	the average of the Last Reported Sale Prices per share of Common Stock over the Tender/Exchange Offer
Valuation Period;



 






    - 56 -


     


    

 


provided, however, that
the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in the
immediately following paragraph. For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(v)
will become effective at the time set forth in the preceding definition of CR1. Notwithstanding anything to the contrary
in this Section 5.05(A)(v), (i) if any VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant
to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer,
then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer
Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately
after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day; and (ii) if the Conversion Date
for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Tender/Exchange Offer Valuation Period for
such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange
Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately
after the Expiration Date to, and including, such Conversion Date.


 


To the extent such tender or exchange
offer is announced but not consummated (including as a result of the Company or such Subsidiary being precluded from consummating such
tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer
are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made
on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or
exchange offer.


 


(B)             
No Adjustments in Certain Cases.


 


(i)                
Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section
5.05(A), the Company will not be required to adjust the Conversion Rate on account of a transaction or other event otherwise requiring
an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i))
if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder
of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares
of Common Stock equal to the product of (i) the Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal
amount (expressed in thousands) of Notes held by such Holder on such date.


 


(ii)             
Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05
or Section 5.07. Without limiting the foregoing, the Company will not be required to adjust the Conversion Rate on account
of:


 






    - 57 -


     


    

 


(1)              
stock repurchases, including pursuant to structured or derivative transactions or pursuant to a stock repurchase program approved
by the Board of Directors or otherwise, in each case that are not tender or exchange offers of the type referred to in Section 5.05(A)(v);


 


(2)              
except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than
the market price per share of Common Stock or less than the Conversion Price;


 


(3)             
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
such plan;


 


(4)             
the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future
employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries;


 


(5)              
the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, convertible or exchangeable security
of the Company outstanding as of the Issue Date;


 


(6)              
solely a change in the par value of the Common Stock; or


 


(7)              
accrued and unpaid interest on the Notes.


 


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


 


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


 


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


 


(iii)           
the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical Settlement)
or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement);
and


 


(iv)            
 such shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise),


 






    - 58 -


     


    

 


then, solely for purposes of such conversion,
the Company will, without duplication, give effect to such adjustment on such Conversion Date (in the case of Physical Settlement) or
such VWAP Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to
deliver the Conversion Consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined,
then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date.


 


(D)            
Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything
to the contrary in this Indenture or the Notes, if:


 


(i)              
a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section
5.05(A);


 


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


 


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


 


(iv)            
the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical Settlement)
or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement),
in each case based on a Conversion Rate that is adjusted for such dividend or distribution; and


 


(v)              
such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)),


 


then (x) in the case of Physical Settlement, such
Conversion Rate adjustment will not be given effect for such conversion and the shares of Common Stock issuable upon such conversion based
on such unadjusted Conversion Rate will not be entitled to participate in such dividend or distribution, but there will be added, to the
Conversion Consideration otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered
in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled to participate in such dividend
or distribution; and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date will
be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading
Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution.


 


(E)             
Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time
of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive,
in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise due under this Indenture upon such conversion,
the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock in accordance with the
provisions of the applicable stockholder rights plan at such time, in which case, and only in such case, the Conversion Rate will be
adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company
had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to readjustment in accordance
with such Section if such rights expire, terminate or are redeemed.


 






    - 59 -


     


    

 


(F)             
[Reserved]


 


(G)            
Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the average
of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an
adjustment to the Conversion Rate), or to calculate Daily VWAPs over an Observation Period, the Company will make proportionate adjustments,
if any, to such calculations to account for any adjustment to the Conversion Rate pursuant to Section 5.05(A)(i) that becomes effective,
or any event requiring such an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or expiration date, as applicable,
of such event occurs, at any time during such period or Observation Period, as applicable.


 


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


 


(I)              
Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th
of a share of Common Stock (with 5/100,000ths rounded upward).


 


(J)              
Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section
5.05(A), the Company will promptly send written notice to the Holders (with a copy to the Trustee and the Conversion Agent (if other
than the Trustee)) containing (i) a brief description of the transaction or other event on account of which such adjustment was made;
(ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment.


 


(K)           
The Deferral Exception. In the event that an adjustment to the Conversion Rate otherwise required by this Article 5
would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary set
forth in this Article 5, the Company may, at the Company’s election, defer 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 one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading
Day of an Observation Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date
the Company calls any Notes for Redemption; and (v) April 1, 2027.


 






    - 60 -


     


    

 


Section 5.06.    
Voluntary Adjustments.


 


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


 


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


 


Section 5.07.    
Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change.


 


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


 


	Make-Whole 
 Fundamental 
 Change	 	Stock Price	 
	Effective Date	 	$61.65	 	 	$68.00	 	 	$75.00	 	 	$83.23	 	 	$95.00	 	 	$108.20	 	 	$120.00	 	 	$140.00	 	 	$160.00	 	 	$180.00	 	 	$200.00	 	 	$250.00	 	 	$325.00	 
	June 28, 2021	 	 	4.2053	 	 	 	3.4438	 	 	 	2.7920	 	 	 	2.2064	 	 	 	1.6029	 	 	 	1.1405	 	 	 	0.8512	 	 	 	0.5263	 	 	 	0.3276	 	 	 	0.2025	 	 	 	0.1224	 	 	 	0.0266	 	 	 	0.0000	 
	July 1, 2022	 	 	4.2053	 	 	 	3.3974	 	 	 	2.7184	 	 	 	2.1147	 	 	 	1.5014	 	 	 	1.0405	 	 	 	0.7580	 	 	 	0.4489	 	 	 	0.2665	 	 	 	0.1558	 	 	 	0.0877	 	 	 	0.0127	 	 	 	0.0000	 
	July 1, 2023	 	 	4.2053	 	 	 	3.3274	 	 	 	2.6168	 	 	 	1.9933	 	 	 	1.3716	 	 	 	0.9165	 	 	 	0.6455	 	 	 	0.3596	 	 	 	0.1992	 	 	 	0.1069	 	 	 	0.0537	 	 	 	0.0032	 	 	 	0.0000	 
	July 1, 2024	 	 	4.2053	 	 	 	3.2462	 	 	 	2.4928	 	 	 	1.8430	 	 	 	1.2120	 	 	 	0.7677	 	 	 	0.5139	 	 	 	0.2608	 	 	 	0.1293	 	 	 	0.0599	 	 	 	0.0239	 	 	 	0.0000	 	 	 	0.0000	 
	July 1, 2025	 	 	4.2053	 	 	 	3.1237	 	 	 	2.3097	 	 	 	1.6257	 	 	 	0.9900	 	 	 	0.5712	 	 	 	0.3498	 	 	 	0.1496	 	 	 	0.0594	 	 	 	0.0193	 	 	 	0.0033	 	 	 	0.0000	 	 	 	0.0000	 
	July 1, 2026	 	 	4.2053	 	 	 	2.9038	 	 	 	1.9837	 	 	 	1.2499	 	 	 	0.6347	 	 	 	0.2929	 	 	 	0.1445	 	 	 	0.0392	 	 	 	0.0065	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	July 1, 2027	 	 	4.2053	 	 	 	2.6562	 	 	 	1.2769	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 






 


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


 


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


 






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(ii)             
if the Stock Price is greater than $325.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in
the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $61.65 per share (subject to adjustment
in the same manner), then no Additional Shares will be added to the Conversion Rate.


 


Notwithstanding anything to
the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 16.2206 shares
of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time
and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A).


 


For the avoidance of doubt,
but subject to Section 4.03(I), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with
respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion
Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account
of such Redemption Notice.


 


(B)             
Adjustment of Stock Prices and Additional Shares. The Stock Prices in the first row (i.e., the column headers) of
the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for
which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the
table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which,
the Conversion Rate is adjusted pursuant to Section 5.05(A).


 


(C)             
Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders in writing (with a copy
to the Trustee and the Conversion Agent (if other than the Trustee)) of each Make-Whole Fundamental Change occurring pursuant to clause
(A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b) and occurring pursuant to clause (B) of the
definition thereof in accordance with Section 4.03, as applicable.


 


Section 5.08.    
Exchange in Lieu of Conversion.


 


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


 






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


 


(B)             
if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to
the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s custodian
with the Depositary to confirm receipt of the same; and


 


(C)             
such Note will not cease to be outstanding by reason of such exchange in lieu of conversion;


 


provided, however, that if such
financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible
for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not
elected to make an exchange in lieu of conversion.


 


The Conversion Agent will
be entitled to conclusively rely on the Company’s instructions in connection with effecting any exchange election and will have
no liability for any such exchange election outside of the Conversion Agent’s control.


 


Any Notes exchanged by the
financial institution designated by the Company will remain outstanding, notwithstanding the surrender of such Notes and will be subject
to the applicable Depositary Procedures.


 


 


Section 5.09.    
Effect of Common Stock Change Event.


 


(A)            
Generally. If there occurs any:


 


(i)                
recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or
combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z)
stock splits and stock combinations that do not involve the issuance of any other series or class of securities);


 


(ii)             
consolidation, merger, combination or binding or statutory share exchange involving the Company;


 


(iii)           
sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole,
to any Person; or


 


(iv)            
 other similar event,


 


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


 






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(1)       from
and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note, and
the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock
in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property Units; (II)
for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or in any related definitions)
will instead be deemed to be a reference to the same number of Reference Property Units; and (III) for purposes of the definition of “Fundamental
Change” and “Make-Whole Fundamental Change,” the terms “Common Stock” and “Common Equity” will
be deemed to mean the Common Equity (including depositary receipts representing Common Equity), if any, forming part of such Reference
Property;


 


(2)       if
such Reference Property Unit consists entirely of cash, then the Company will be deemed to elect Physical Settlement in respect of all
conversions whose Conversion Date occurs on or after the effective date of such Common Stock Change Event and will pay the cash due upon
such conversions no later than the second (2nd) Business Day after the relevant Conversion Date; and


 


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


 


If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition
of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received,
per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent (if other
than the Trustee) in writing of such weighted average as soon as practicable after such determination is made.


 


At or before the
effective time of such Common Stock Change Event, the Company or the resulting, surviving or transferee Person (if not the Company)
of such Common Stock Change Event (the “Successor Person”), as the case may be, will execute and deliver to the
Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent
conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion
Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions,
if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect
to the provisions of this Section 5.09(A), which supplemental indenture shall not require the consent of the Holders. If the
Reference Property includes shares of stock or other securities or other property or assets (other than cash) of a Person other than
the Company or the Successor Person, then such other Person will also execute such supplemental indenture pursuant to the terms of
this Indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably
determines are appropriate to preserve the economic interests of the Holders.


 






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(B)             
Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided
in Section 5.01(C)(i)(3)(b).


 


(C)             
Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent
with this Section 5.09.


 


(D)            
Initial Dividend Threshold Adjustment. In connection with any adjustment to the Conversion Rate described in this Section
5.09, the Company shall also adjust the Initial Dividend Threshold based on the number of shares of the Common Equity comprising the
Reference Property and (if applicable) the value of any non-Common Equity consideration comprising the Reference Property. If the Reference
Property is composed solely of non-stock consideration, the Initial Dividend Threshold will be zero.


 


Section 5.10.    
Responsibility of Trustee and Conversion Agent.


 


The Trustee and
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 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 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 5.09 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 5.09 or
to any adjustment to be made with respect thereto, but, subject to the provisions of ‎Section 10.01, may accept (without any
independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon,
the Officer’s Certificate with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for
determining whether any event contemplated by ‎Section 5.01 has occurred that makes the Notes eligible for conversion or no
longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in
 ‎Section 5.01 with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the
Conversion Agent may conclusively rely.


 






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Article
6.         Successors


 


Section 6.01.    
When the Company May Merge, Etc.


 


(A)            
Generally. The Company will not consolidate with or merge with or into, or (directly or indirectly through one or more of
its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets
of the Company and its Subsidiaries, taken as a whole, to another Person (other than any such sale, lease or other transfer to one or
more of the Company’s direct or indirect Wholly-Owned Subsidiaries) (a “Business Combination Event”), unless:


 


(i)                
the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (or, if such
Business Combination Event is an Exempted Fundamental Change, is a corporation, limited liability company, limited partnership or other
similar entity) (the “Successor Entity”) duly organized and existing under the laws of the United States of America,
any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective
time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations
under this Indenture and the Notes; and


 


(ii)             
immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing.


 


(B)             
Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business
Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i)
such Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii)
all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied.


 


Section 6.02.    
Successor Entity Substituted.


 


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


 






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Article
7.         Defaults
and Remedies


 


Section 7.01.    
Events of Default.


 


(A)            
Definition of Events of Default. “Event of Default” means the occurrence of any of the following:


 


(i)           a default in the payment when due (whether at maturity, upon Redemption or Repurchase Upon Fundamental Change or otherwise) of
the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note;


 


(ii)             
a default for thirty (30) consecutive days in the payment when due of interest on any Note;


 


(iii)            
the Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section
5.01(C)(i)(3), and such failure continues for three (3) Business Days;


 


(iv)            
a default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion
right with respect thereto, and such failure continues for three (3) Business Days;


 


(v)              
a default in the Company’s obligations under Article 6;


 


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


 


(vii)         
a default by the Company or any of its Subsidiaries with respect to any one or more mortgages, agreements or other instruments
under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least one hundred
million dollars ($100,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of its Subsidiaries, whether
such indebtedness exists as of the Issue Date or is thereafter created, where such default:


 


(1)              
constitutes a failure to pay the principal of, or premium or interest on, any of such indebtedness when due and payable at its
stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable
grace period; or


 


(2)              
results in such indebtedness becoming or being declared due and payable before its stated maturity, after the expiration of any
applicable grace period, in each case where such default is not cured or waived within thirty (30) days after notice to the Company
by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of
Notes then outstanding;


 






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(viii)       
one or more final judgments being rendered against the Company or any of its Subsidiaries for the payment of at least one hundred
million dollars ($100,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance), where
such judgment is not discharged or stayed within sixty (60) days after (i) the date on which the right to appeal the same has expired,
if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished;


 


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


 


(1)              
commences a voluntary case or proceeding;


 


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


 


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


 


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


 


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


 


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


 


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


 


(1)              
is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding;


 


(2)              
appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the
Company or any of its Significant Subsidiaries;


 


(3)              
orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or


 


(4)              
grants any similar relief under any foreign Bankruptcy Law,


 


and, in each case under this Section
7.01(A)(x), such order or decree remains unstayed and in effect for at least sixty (60) days.


 


(B)             
 [Reserved]


 






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Section 7.02.    
Acceleration.


 


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


 


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


 


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


 


Section 7.03.    
Sole Remedy for a Failure to Report.


 


(A)            
Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole
remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from
the Company’s failure to comply with Section 3.02 will, for each of the first three hundred and sixty (360) calendar days
on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes.
If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account
of the relevant Reporting Event of Default from, and including, the three hundred and sixty first (361st) calendar day on which a Reporting
Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii)
Special Interest will cease to accrue on any Notes from, and including, the earlier of (x) the date on which the Reporting Event of Default
is cured or validly waived and (y) such three hundred and sixty first (361st) calendar day (it being understood that interest on any defaulted
Special Interest will nonetheless accrue pursuant to Section 2.05(B)).


 


(B)             
Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A)
will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal
to one quarter of one percent (0.25%) of the principal amount thereof for the first one hundred eighty (180) days on which Special
Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided,
however, that in no event will Special Interest, together with any Additional Interest that may accrue as a result of the Company’s
failure to timely file any report (other than Form 8-K reports) that we are required to file with the SEC pursuant to Section 13 or 15(d)
of the Exchange Act, as applicable, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%),
regardless of the number of events or circumstances giving rise to the requirement to pay such Special Interest or Additional Interest.
For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such
Note and subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note.


 






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(C)             
Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders, the
Trustee and the Paying Agent, on or before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes
the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting
Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special
Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of
Default.


 


(D)            
Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later
than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s
Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such
date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to
determine whether any Special Interest is payable or the amount thereof.


 


(E)             
No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event
of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting
Event of Default.


 


Section 7.04.    
Other Remedies.


 


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


 


(B)             
Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce
any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event
of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will
be cumulative to the extent permitted by law.


 


Section 7.05.    
Waiver of Past Defaults.


 


An Event of Default
pursuant to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause
(vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a
Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default
or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes
then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be
deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to
any subsequent or other Default or Event of Default or impair any right arising therefrom.


 






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Section 7.06.    
Control by Majority.


 


Holders of a majority in aggregate
principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, may be unduly prejudicial to the rights of
other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such direction is
unduly prejudicial to any Holders) or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction.


 


Section 7.07.    
Limitation on Suits.


 


No Holder may pursue any remedy
with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price or
Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant
to Article 5, in each case under clause (x) or (y), on or after the respective due dates therefor provided in this Indenture and
the Notes), unless:


 


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


 


(B)             
Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request
to the Trustee to pursue such remedy;


 


(C)            
such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against
any loss, liability or expense to the Trustee that may result from the Trustee’s following such request;


 


(D)            
the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer
of security or indemnity; and


 


(E)             
during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do
not deliver to the Trustee a direction that is inconsistent with such request.


 


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


 






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Section 7.08.    
Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment
and Conversion Consideration.


 


Notwithstanding anything to
the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit
for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental Change Repurchase
Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after
the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the consent of such
Holder.


 


Section 7.09.    
Collection Suit by Trustee.


 


The Trustee will have the
right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of Section
7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered
principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration due pursuant
to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts,
and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06.


 


Section 7.10.    
Trustee May File Proofs of Claim.


 


The Trustee has the right
to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or
property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes
any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances
of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent
that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is
denied for any reason, payment of the same will be secured by a lien on, and will be paid out of, any and all distributions, dividends,
money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under
any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize,
consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.


 






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Section 7.11.    
Priorities.


 


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


 


First:        to
the Trustee, any Note Agent and their respective agents and attorneys for amounts due under this Indenture, including payment of
all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;


 


Second:        to
Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Fundamental Change
Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference
or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and


 


Third:        to
the Company or such other Person as a court of competent jurisdiction directs.


 


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


 


Section 7.12.    
Undertaking for Costs.


 


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


 


Section 7.13.    
Restoration of Rights.


 


If the Trustee has proceeded
to enforce any right under this Indenture and such proceedings are discontinued or abandoned because of any waiver under this Indenture
or any rescission and annulment under this Indenture or are determined adversely to the Trustee, then the Company, the Holders and the
Trustee will, subject to any determination in such proceeding, be restored to their respective several positions and rights under this
Indenture, and all rights, remedies and powers of the Company, the Holders and the Trustee will continue as though no such proceeding
had been instituted.


 






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Article
8.        Amendments,
Supplements and Waivers


 


Section 8.01.          Without
the Consent of Holders.


 


Notwithstanding
anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without
the consent of any Holder to:


 


(A)            
cure any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes;


 


(B)             
add guarantees with respect to the Company’s obligations under this Indenture or the Notes;


 


(C)             
secure the Notes;


 


(D)            
add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred
on the Company;


 


(E)             
provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance
with, Article 6;


 


(F)             
enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change
Event;


 


(G)            
irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that no such
election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant
to Section 5.03(A);


 


(H)            
evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee;


 


(I)               conform
the provisions of this Indenture and the Notes to the “Description of Notes” section of the Company’s preliminary offering
memorandum, dated June 22, 2021, as supplemented by the related pricing term sheet, dated June 23, 2021;


 


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


 


(K)             provide
for uncertificated Notes in addition to or in place of certificated Notes (provided, that the uncertificated Notes are issued in registered
form for purposes of Section 163(f) of the United States Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated
thereunder);


 


(L)             
comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under
the Trust Indenture Act, as then in effect; or


 


(M)           
make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes,
adversely affect the rights of the Holders, as such, in any material respect.


 






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


 


Section
8.02.          With the Consent of Holders.


 


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


 


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


 


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


 


(iii)        reduce the rate, or change the time for the payment, of interest on any Note;


 


(iv)       make
any change that adversely affects the conversion rights of any Note;


 


(v)        impair
the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date);


 


(vi)       change
the ranking of the Notes;


 


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


 


(viii)     reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or


 


(ix)       make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes
that requires the consent of each affected Holder.


 


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


 


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


 






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Section 8.03. Notice
of Amendments, Supplements and Waivers.


 


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


 


Section 8.04. Revocation,
Effect and Solicitation of Consents; Special Record Dates; Etc.


 


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


 


(B)             
Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders
entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8.
If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of
such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to
take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however,
that no such consent will be valid or effective for more than one hundred twenty (120) calendar days after such record date.


 


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


 


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


 


Section 8.05. Notations
and Exchanges.


 


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


 






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Section 8.06. Trustee
to Execute Supplemental Indentures.


 


The Trustee will execute and
deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that the
Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that adversely
affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee
will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer’s
Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized
or permitted by this Indenture and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding
and enforceable against the Company in accordance with its terms.


 


Article
9.         Satisfaction
and Discharge


 


Section 9.01. Termination
of Company’s Obligations.


 


This Indenture will be discharged,
and will cease to be of further effect as to all Notes issued under this Indenture, when:


 


(A)            
all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for
cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon
conversion or otherwise) and/or been converted for an amount of cash or Conversion Consideration, as applicable, that has been fixed;


 


(B)             
the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion
Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the
Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts due on all Notes
then outstanding (other than Notes replaced pursuant to Section 2.13) and/or satisfy all conversions, as the case may be;


 


(C)             
the Company has paid all other amounts payable by it under this Indenture; and


 


(D)            
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions
precedent to the discharge of this Indenture have been satisfied;


 


provided, however, that Article
10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the
obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them
will survive such discharge.


 






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At the Company’s written
request, the Trustee will acknowledge the satisfaction and discharge of this Indenture.


 


Section 9.02. Repayment
to Company.


 


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


 


Section 9.03. Reinstatement.


 


If the Trustee, the Paying
Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because
of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits
such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however,
that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will
be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the
Trustee, the Paying Agent or the Conversion Agent, as applicable.


 


Article
10.    Trustee


 


Section 10.01. Duties
of the Trustee.


 


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


 


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


 


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


 


(ii)              in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the
Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture, but shall have no affirmative duty to verify the
contents thereof.


 






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


 


(i)               this paragraph will not limit the effect of Section 10.01(B);


 


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


 


(iii)            
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 7.06.


 


(D)            
Each provision of this Indenture that in any way relates to the Trustee is subject to this Section 10.01 and Section 10.02,
regardless of whether such provision so expressly provides.


 


(E)             
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.


 


(F)             
The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law.


 


Section 10.02. Rights
of the Trustee.


 


(A)            
The Trustee may conclusively rely on any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, judgment, bond, debenture, note, other evidence of indebtedness or other paper or document that it believes to be genuine
and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document.


 


(B)             Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
The Trustee may consult with counsel; and the advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization
of the Trustee to take or omit to take any action in good faith in reliance thereon without liability.


 


(C)             The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed
with due care.


 


(D)             The
Trustee shall be entitled to request and receive written instructions from the Company. The Trustee will not be liable for any
action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by
this Indenture.


 






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


 


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


 


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


 


(H)            
The Trustee will 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, judgment, bond, debenture 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 will incur
no liability of any kind by reason of such inquiry or investigation.


 


(I)               The Trustee will not be required to give any bond or surety in respect of the execution of the trusts, powers, and duties under
this Indenture.


 


(J)               The permissive rights of the Trustee enumerated herein will not be construed as duties. The Trustee undertakes to perform such
duties and only such duties as are specifically and expressly set forth in this Indenture.


 


(K)            
Delivery of reports and documents to the Trustee under this Indenture are for informational purposes only, and the Trustee’s
receipt of such reports and documents will not constitute actual or constructive notice of any information contained therein or determinable
from information contained therein.


 


(L)              The
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any
Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously
delivered and not superseded.


 


(M)           
The Trustee will not be deemed to have notice of any Default or Event of Default (except in the case of a Default or Event of Default
in payment of scheduled principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Note) unless
written notice of any event that is in fact such a Default or Event of Default (and stating the occurrence of a Default or Event of Default)
is actually received by the a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Notes, the Company and this Indenture and states that it is a notice of Default or Event of Default.


 






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Section 10.03. Individual
Rights of the Trustee.


 


The Trustee, in its individual
or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with
the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting
interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety
(90) days or resign as Trustee. The rights, privileges, protections, immunities and benefits given to the Trustee, including its right
to be compensated, reimbursed and indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under
this Indenture and each Note Agent, custodian and other Person retained to act under this Indenture.


 


Section 10.04. Trustee’s
Disclaimer.


 


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


 


Section 10.05. Notice
of Defaults.


 


If a Default or Event of Default
occurs and is continuing and is actually known to a Responsible Officer of the Trustee, then the Trustee shall send Holders a notice of
such Default or Event of Default within ninety (90) days after it occurs or, if it is not actually known to a Responsible Officer of the
Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes actually known to a Responsible Officer;
provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest
on, any Note or a Default in the payment or delivery of the consideration due upon conversion, the Trustee may withhold such notice if
and for so long as it in good faith determines that withholding such notice is in the interests of the Holders.


 


Section 10.06. Compensation
and Indemnity.


 


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


 






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(B)              The
Company will indemnify and hold harmless the Trustee (acting in any capacity hereunder) against any and all losses, liabilities or
expenses (including without limitation, attorneys fees and expenses) incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
(including without limitation, attorneys fees and expenses) against the Company (including this Section 10.06) and defending
itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or
expense may be attributable to its gross negligence or willful misconduct as determined by a court of competent jurisdiction in a
final and non-appealable decision. The Trustee will promptly notify the Company of any claim for which it may seek indemnity (other
than any claim brought by the Company), but the Trustee’s failure to so notify the Company will not relieve the Company of its
obligations under this Section 10.06(B). The Company will defend such claim, and the Trustee will cooperate in such defense
at the expense of the Company. The Company need not pay for any settlement of any such claim made without its consent, which consent
will not be unreasonably withheld, conditioned or delayed. The Company will not have the right, without the Trustee’s written
consent, to settle any claim covered by the Indemnity if such settlement (i) arises from or is part of any criminal action, suit or
proceeding, (ii) contains a stipulation to, confession of judgment with respect to, or admission or acknowledgement of, any
liability or wrongdoing on the part of the Trustee, (iii) provides for injunctive relief on the Trustee, or other relief imposed on
the Trustee other than monetary damages payable by the Company or (iv) does not contain an unconditional release of the Trustee from
all liability on all claims that are the subject matter of the related dispute or proceeding. The indemnification provided in this Section
10.06 will extend to the officers, directors, agents and employees of the Trustee and any successor Trustee under this
Indenture.


 


(C)             
The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge
of this Indenture.


 


(D)            
To secure the Company’s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes
on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes,
which lien will survive the discharge of this Indenture.


 


(E)             
If the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (ix) or (x) of Section
7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel)
are intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law.


 


Section 10.07. Replacement
of the Trustee.


 


(A)            
Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment
of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section
10.07.


 


(B)              The
Trustee may resign at any time and be discharged from its duties and obligations hereunder at any time by giving no less than thirty
(30) calendar days’ prior written notice of such resignation to the Company. The Holders of a majority in aggregate principal
amount of the Notes then outstanding may remove the Trustee by providing no less than thirty (30) calendar days’ prior written
notice to the Trustee and the Company in writing. The Company may remove the Trustee if:


 






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(i)              
the Trustee fails to comply with Section 10.09;


 


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


 


(iii)            
a custodian or public officer takes charge of the Trustee or its property; or


 


(iv)            
the Trustee becomes incapable of acting.


 


(C)             
If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, then (i) the Company will
promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of
a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee
appointed by the Company.


 


(D)            
If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring
Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may, at
the Company’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee.


 


(E)             
If the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


(F)             
A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which
notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee
will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor
Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D).


 


Section 10.08. Successor
Trustee by Merger, Etc.


 


If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, then such corporation
will become the successor Trustee under this Agreement and will have and succeed to the rights, powers, duties, immunities and privileges
as its predecessor without any further act or the execution or filing of any instrument or paper.


 


Section 10.09. Eligibility;
Disqualification.


 


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


 






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Article
11.       Miscellaneous


 


Section 11.01. Notices.


 


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


 


If to the Company:


 


Bentley Systems, Incorporated


685 Stockton Drive


Exton, Pennsylvania 19341


Attn: Chief Legal Officer


 


with a copy (which will not constitute
notice) to:


 


Simpson Thacher & Bartlett LLP


425 Lexington Avenue


New York, New York 10017


Attn: Richard Fenyes


E-mail: rfenyes@stblaw.com


 


If to the Trustee:


 


Wilmington Trust, National Association


50 South Sixth Street, Suite 1290


Minneapolis, MN 55402


Attn: Bentley Systems, Incorporated, Administrator


 


The Company or the Trustee,
by notice to the other, may designate additional or different addresses (including electronic addresses) for subsequent notices or communications.


 


All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered;
(B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted
by electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.


 






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All notices or
communications required to be made to a Holder pursuant to this Indenture (including notices referred to in Sections
7.01(A)(vi), 7.01(A)(vii), 7.02(B) and 7.02(C)) must be made in writing and will be deemed to be duly sent
or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery, to its address shown on the Register; provided, however, that a notice or
communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case,
such notice will be deemed to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any
defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. All notices, approvals,
consents, requests and any communications hereunder must be in writing (provided that any communication sent to Trustee hereunder
must be in the form of a document that is signed manually or by way of a digital signature), in English, and signatures of the
parties hereto transmitted by facsimile, PDF or other electronic transmission (including any electronic signature complying with the
U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) will constitute effective execution and delivery of this Indenture as to the
other parties hereto and will be deemed to be their original signatures for all purposes; provided, notwithstanding anything to the
contrary set forth herein, the Trustee is under no obligation to agree to accept electronic signatures in any form or format unless
express agreed to by the Trustee pursuant to procedures approved by the Trustee. The Company agrees to assume all risks arising out
of the use of digital signatures and electronic methods to submit communications to Trustee, including, without limitation, the risk
of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.


 


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


 


If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the
addressee receives it.


 


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


 






    -85-


     


    

 


Section 11.02. Delivery
of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.


 


Upon any request or application
by the Company to the Trustee to take any action under this Indenture (other than the Opinion of Counsel described in (B) with respect
to the initial authentication of Notes under this Indenture), the Company will furnish to the Trustee:


 


(A)            
an Officer’s Certificate that complies with Section 11.03 and states that, in the opinion of the signatory thereto,
all conditions precedent and covenants, if any, provided for in this Indenture relating to such action have been satisfied; and


 


(B)             
an Opinion of Counsel that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions
precedent and covenants, if any, have been satisfied.


 


Section 11.03. Statements
Required in Officer’s Certificate and Opinion of Counsel.


 


Each Officer’s Certificate
(other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant
or condition provided for in this Indenture will include:


 


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


 


(B)             
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
therein are based;


 


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


 


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


 


Section 11.04. Rules
by the Trustee, the Registrar and the Paying Agent.


 


The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.


 


Section 11.05. No
Personal Liability of Directors, Officers, Employees and Stockholders.


 


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


 






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Section 11.06. No
Stockholder Rights for Holders


 


Holders, as such, will not
have any rights as the Company’s stockholders (including, without limitation, voting rights and rights to receive any dividends
or other distributions on the Common Stock).


 


Section 11.07. Governing
Law; Waiver of Jury Trial.


 


THIS INDENTURE AND THE NOTES,
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE, AND THE HOLDERS BY ACCEPTING THE NOTES, IRREVOCABLY WAIVE,
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 TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES.


 


Section 11.08. Submission
to Jurisdiction.


 


Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal
courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in
the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be
effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee and each
Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action
or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit,
action or other proceeding has been brought in an inconvenient forum.


 


Section 11.09. No
Adverse Interpretation of Other Agreements.


 


Neither this Indenture nor
the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other
Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes.


 


Section 11.10. Successors.


 


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


 






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Section 11.11. Force
Majeure.


 


The Trustee and each
Note Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or
provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars;
terrorism; civil or military disturbances; sabotage; epidemics; pandemics; riots; interruptions, loss or malfunctions of utilities,
computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or
governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.


 


Section 11.12. U.S.A.
PATRIOT Act.


 


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


 


Section 11.13. Calculations.


 


Except as otherwise provided
in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including
determinations of the Last Reported Sale Price, Daily VWAP, the Stock Price, the Daily Conversion Value, the Daily Cash Amount, the Daily
Share Amount, accrued interest on the Notes and the Conversion Rate. Neither the Trustee, the Paying Agent, the Registrar nor the Conversion
Agent will have any liability or responsibility for any calculation under this Indenture or in connection with the Notes, for any information
used in connection with such calculation or any determination made in connection with a conversion.


 


The Company will make all
calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide
a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively
on the accuracy of the Company’s calculations without independent verification (and neither the Trustee nor any Note Agent will
have any responsibility for such calculations). The Company will promptly forward a copy of each such schedule to a Holder upon its written
request therefor.


 


Section 11.14. Severability;
Entire Agreement.


 


If a court of competent jurisdiction
declares any provision of this Indenture or the Notes invalid, illegal or unenforceable, then the validity, legality and enforceability
of the remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. This Indenture and the
exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersede all prior agreements
and understandings, written or oral.


 


Section 11.15. Counterparts.


 


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


 






    -88-


     


    

 


Section 11.16. Table
of Contents, Headings, Etc.


 


The table of contents and
the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture.


 


Section 11.17.
Withholding Taxes.


 


Each Holder of a Note agrees,
and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to agree, that in the event
that it is deemed to have received a distribution that is subject to U.S. federal income tax as a result of an adjustment or the non-occurrence
of an adjustment to the Conversion Rate, and as a result the Company or other applicable withholding agent pays withholding taxes or backup
withholding on behalf of such Holder or beneficial owner, then the Company or such withholding agent, as applicable, may, at its option,
withhold from or set off such payments against payments of interest, payments of cash or the delivery of other Conversion Consideration
upon the conversion of such Note, payments upon the repurchase, redemption or maturity of such Note, any payments on the Common Stock
or sales proceeds received by, or other funds or assets of, such Holder or beneficial owner.


 


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


 






    -89-


     


    

 


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


 


	 	Bentley
    Systems, Incorporated
	 	 
	 	By:
    	/s/
    David Hollister
	 	Name:
    	David
    Hollister
	 	Title:
    	Chief
    Financial Officer




 





	 	Wilmington
    Trust, National Association, as Trustee
	 	 
	 	By:
    	/s/
    Barry D. Somrock
	 	Name: 	Barry D. Somrock
	 	Title: 	Vice President


 


[Signature Page to Indenture]


 






     


     


    

 


EXHIBIT A


 


FORM OF NOTE


 


[Insert Global Note Legend, if applicable]


 


[Insert Restricted Note Legend, if applicable]


 


[Insert Non-Affiliate Legend]


 


BENTLEY SYSTEMS, INCORPORATED


 


0.375% Convertible Senior Note due 2027


 


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




 


Bentley Systems, Incorporated,
a Delaware corporation, for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ] dollars
($[             ]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]†
on July 1, 2027 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and all accrued and unpaid
interest are paid or duly provided for.


 


Interest Payment Dates:        January
1 and July 1 of each year, commencing on [date].


 


Regular Record Dates:          December
15 and June 15 (whether or not a Business Day).


 


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


 


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


 





 



 


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


 


† Insert bracketed language for Global Notes only.


 






    A-1


     


    

 


IN
WITNESS WHEREOF, Bentley Systems, Incorporated has caused this instrument to be duly executed as of the date set forth below.


 


	 	 	Bentley
    Systems, Incorporated
	 	 	 
	Date:	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:




 






    A-2


     


    

 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 





	Date:	 	 	By:	 
	 	 	 	Authorized Signatory


 






    A-3


     


    

 


BENTLEY SYSTEMS, INCORPORATED


 


0.375% Convertible Senior Note due 2027


 


This Note is one of a duly
authorized issue of notes of Bentley Systems, Incorporated, a Delaware corporation (the “Company”), designated as its
0.375% Convertible Senior Notes due 2027 (the “Notes”), all issued or to be issued pursuant to an indenture, dated
as of June 28, 2021 (as the same may be amended from time to time, the “Indenture”), between the Company and Wilmington
Trust, National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed
to them in the Indenture.


 


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


 


1.               
Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated
Interest on this Note will begin to accrue from, and including, [date].


 


2.                Maturity. This Note will mature on July 1, 2027, unless earlier repurchased, redeemed or converted.


 


3.                Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture.


 


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


 


5.                Denominations;
Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations.
Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and
delivering any required documentation or other materials.


 


6.                Right
of Holders to Require the Company to Repurchase Notes upon a Fundamental Change. If a Fundamental Change (other than an Exempted
Fundamental Change) occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any
portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture.


 


7.                Right
of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner, and subject to the
terms, set forth in Section 4.03 of the Indenture.


 


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


 






    A-4


     


    

 


9.                When
the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s ability to be a party to
a Business Combination Event.


 


10.             
Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest
on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and
subject to the terms, set forth in Article 7 of the Indenture.


 


11.              Amendments,
Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with
any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Article 8 of the Indenture.


 


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


 


13.             
Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated
only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication
of such Note.


 


14.             
Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in
common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian),
and U/G/M/A (Uniform Gift to Minors Act).


 


15.             
Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


* * *


 


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


 


Bentley Systems, Incorporated


685 Stockton Drive


Exton, Pennsylvania 19341


Attn: Chief Legal Officer


 






    A-5


     


    

 


SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE*


 


INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]


 


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


 


	Date	 	Amount of Increase (Decrease) in Principal Amount of this Global Note	 	Principal Amount of this Global Note After Such Increase (Decrease)	 	Signature of Authorized Signatory of Trustee
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 



 





 



 


* Insert for Global Notes only.


 






    A-6


     


    

 


CONVERSION NOTICE


 


BENTLEY SYSTEMS, INCORPORATED


 


0.375% Convertible Senior Notes due 2027


 


Subject to the terms of the Indenture, by executing
and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one):


 


		 ̈	the entire principal amount of



 


		 ̈	$                     *aggregate
principal amount of



 


the Note identified by CUSIP No.                      
and Certificate No.                      .


 


The undersigned acknowledges that if the Conversion
Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered
for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on
such Note to, but excluding, such Interest Payment Date.


 


	Date:   ________________	 
	 	(Legal Name of Holder)







 





	 	By:	 
	 	 	Name:
	 	 	Title:


 





	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program


 














	 	By:	 
	 	Authorized Signatory


 





 



 


* Must be an Authorized Denomination.


 






    A-7


     


    

 


FUNDAMENTAL CHANGE REPURCHASE NOTICE


 


BENTLEY SYSTEMS, INCORPORATED


 


0.375% Convertible Senior Notes due 2027


 


Subject to the terms of the Indenture, by executing
and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental
Change Repurchase Right with respect to (check one):


 


		 ̈	the entire principal amount of



 


		 ̈	$                     *aggregate
principal amount of



 


the Note identified by CUSIP No.                      
and Certificate No.                      .


 


The undersigned acknowledges that this Note, duly
endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid.


 


	Date:   ________________	 
	 	(Legal Name of Holder)


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 





	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program


 





	 	By:	         
	 	Authorized Signatory


 





 



 


* Must be an Authorized Denomination.


 









    A-8


     


    

 


ASSIGNMENT FORM


 


BENTLEY SYSTEMS, INCORPORATED


 


0.375% Convertible Senior Notes due 2027


 


Subject to the terms of the Indenture, the undersigned
Holder of the within Note assigns to:


 


	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	Social security
or	 	 
	tax identification	 	 
	number:	 	 



 


the within Note and all rights thereunder and
irrevocably appoints:


 


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


 


	Date:   ________________	 
	 	(Legal Name of Holder)


 





	 	By:	 
	 	 	Name:
	 	 	Title:


 





	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program


 





	 	By:	         
	 	Authorized Signatory


 






    A-9


     


    

 


TRANSFEROR ACKNOWLEDGEMENT


 


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


 


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



 


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



 


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



 


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



 


	Dated:	 	 
	 	 	 
	 	 
	(Legal Name of Holder)	 
	 	 	 




 


	By:	 	 
	 	Name:	 
	 	Title:	 


 


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




 


 


	By:	 	 
	 	Authorized Signatory	 




 






    A-10


     


    

 


TRANSFEREE ACKNOWLEDGEMENT


 


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


 


 


	Dated:	 	 
	 	 	 
	 	 
	(Name of
    Transferee)	 


 





	By:	 	 
	 	Name:	 
	 	Title:	 


 






    A-11


     


    

 



 


EXHIBIT B-1


 


FORM OF RESTRICTED NOTE LEGEND


 


THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE
UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:


 


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



 


		(2)	AGREES FOR THE BENEFIT OF BENTLEY SYSTEMS, INCORPORATED (THE “COMPANY”) THAT IT WILL NOT RESELL
OR OTHERWISE TRANSFER THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY OR ANY BENEFICIAL INTEREST
HEREIN OR THEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD
OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE
REQUIRED BY APPLICABLE LAW, EXCEPT:



 


		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF;



 


		(B)	PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT;



 


		(C)	TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT; OR



 


		(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT; OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.



 


PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.*


 



 







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


 






    B-1-1 


     


    

 


EXHIBIT B-2


 


FORM OF GLOBAL NOTE LEGEND


 


THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED
BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE
HEREINAFTER REFERRED TO.


 






    B-2-2 


     


    

 


EXHIBIT B-3


 


FORM OF NON-AFFILIATE LEGEND


 


NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN.


 






    B-3-1