Indenture, dated April 1, 2010



 Exhibit 4.2 
 EXECUTION VERSION 
  
  
 BGC PARTNERS, INC.

 AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 INDENTURE 
 Dated as of April 1, 2010 
 8.75% Convertible Senior Notes due 2015 
  
  







 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1	  	DEFINITIONS	  	1
			
	 Section 1.01.
	  	 Definitions
	  	1
			
	ARTICLE 2	  	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  	9
			
	 Section 2.01.
	  	 Designation and Amount
	  	9
			
	 Section 2.02.
	  	 Form of Notes
	  	9
			
	 Section 2.03.
	  	 Date and Denomination of Notes; Payments of Interest
	  	10
			
	 Section 2.04.
	  	 Reserved
	  	11
			
	 Section 2.05.
	  	 Execution, Authentication and Delivery of Notes
	  	11
			
	 Section 2.06.
	  	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	  	11
			
	 Section 2.07.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	17
			
	 Section 2.08.
	  	 Temporary Notes
	  	17
			
	 Section 2.09.
	  	 Cancellation of Notes Paid, Etc.
	  	18
			
	 Section 2.10.
	  	 CUSIP Numbers
	  	18
			
	 Section 2.11.
	  	 Additional Notes; Repurchases
	  	18
			
	ARTICLE 3	  	REDEMPTION	  	18
			
	 Section 3.01.
	  	 Notes Not Subject to Redemption
	  	18
			
	ARTICLE 4	  	SATISFACTION AND DISCHARGE	  	18
			
	 Section 4.01.
	  	 Satisfaction and Discharge
	  	18
			
	ARTICLE 5	  	PARTICULAR COVENANTS OF THE COMPANY	  	19
			
	 Section 5.01.
	  	 Payment of Principal, Premium and Interest
	  	19
			
	 Section 5.02.
	  	 Maintenance of Office or Agency
	  	19
			
	 Section 5.03.
	  	 Appointments to Fill Vacancies in Trustee’s Office
	  	20
			
	 Section 5.04.
	  	 Provisions as to Paying Agent
	  	20
			
	 Section 5.05.
	  	 Existence
	  	21
			
	 Section 5.06.
	  	 Rule 144A Information Requirement and Annual Reports
	  	21
			
	 Section 5.07.
	  	 Stay, Extension and Usury Laws
	  	22
			
	 Section 5.08.
	  	 Compliance Certificate; Statements as to Defaults
	  	22
			
	 Section 5.09.
	  	 Further Instruments and Acts
	  	22

  

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	 	  	 	  	Page
			
	ARTICLE 6	  	LISTS OF NOTEHOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	22
			
	 Section 6.01.
	  	 Lists of Noteholders
	  	22
			
	 Section 6.02.
	  	 Preservation and Disclosure of Lists
	  	22
			
	 Section 6.03.
	  	 Reports by Trustee
	  	23
			
	ARTICLE 7	  	DEFAULTS AND REMEDIES	  	23
			
	 Section 7.01.
	  	 Events of Default
	  	23
			
	 Section 7.02.
	  	 Payments of Notes on Default; Suit Therefor
	  	26
			
	 Section 7.03.
	  	 Application of Monies Collected by Trustee
	  	27
			
	 Section 7.04.
	  	 Proceedings by Noteholders
	  	28
			
	 Section 7.05.
	  	 Proceedings by Trustee
	  	29
			
	 Section 7.06.
	  	 Remedies Cumulative and Continuing
	  	29
			
	 Section 7.07.
	  	 Direction of Proceedings and Waiver of Defaults by Majority of Noteholders
	  	29
			
	 Section 7.08.
	  	 Notice of Defaults
	  	29
			
	 Section 7.09.
	  	 Undertaking to Pay Costs
	  	30
			
	ARTICLE 8	  	CONCERNING THE TRUSTEE	  	30
			
	 Section 8.01.
	  	 Duties and Responsibilities of Trustee
	  	30
			
	 Section 8.02.
	  	 Reliance on Documents, Opinions, Etc.
	  	31
			
	 Section 8.03.
	  	 No Responsibility for Recitals, Etc.
	  	33
			
	 Section 8.04.
	  	 Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes
	  	33
			
	 Section 8.05.
	  	 Monies to Be Held in Trust
	  	33
			
	 Section 8.06.
	  	 Compensation and Expenses of Trustee
	  	33
			
	 Section 8.07.
	  	 Officers’ Certificate as Evidence
	  	34
			
	 Section 8.08.
	  	 Conflicting Interests of Trustee
	  	34
			
	 Section 8.09.
	  	 Eligibility of Trustee
	  	34
			
	 Section 8.10.
	  	 Resignation or Removal of Trustee
	  	34
			
	 Section 8.11.
	  	 Acceptance by Successor Trustee
	  	35
			
	 Section 8.12.
	  	 Succession by Merger, Etc.
	  	36
			
	 Section 8.13.
	  	 Trustee’s Application for Instructions from the Company
	  	36
			
	ARTICLE 9	  	CONCERNING THE NOTEHOLDERS	  	37
			
	 Section 9.01.
	  	 Action by Noteholders
	  	37
			
	 Section 9.02.
	  	 Proof of Execution by Noteholders
	  	37
			
	 Section 9.03.
	  	 Who Are Deemed Absolute Owners
	  	37

  

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	 	  	 	  	Page
			
	 Section 9.04.
	  	 Company-Owned Notes Disregarded
	  	37
			
	 Section 9.05.
	  	 Revocation of Consents; Future Holders Bound
	  	38
			
	ARTICLE 10	  	NOTEHOLDERS’ MEETINGS	  	38
			
	 Section 10.01.
	  	 Purpose of Meetings
	  	38
			
	 Section 10.02.
	  	 Call of Meetings by Trustee
	  	38
			
	 Section 10.03.
	  	 Call of Meetings by Company or Noteholders
	  	39
			
	 Section 10.04.
	  	 Qualifications for Voting
	  	39
			
	 Section 10.05.
	  	 Regulations
	  	39
			
	 Section 10.06.
	  	 Voting
	  	39
			
	 Section 10.07.
	  	 No Delay of Rights by Meeting
	  	40
			
	ARTICLE 11	  	SUPPLEMENTAL INDENTURES	  	40
			
	 Section 11.01.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	40
			
	 Section 11.02.
	  	 Supplemental Indentures With Consent of Noteholders
	  	41
			
	 Section 11.03.
	  	 Effect of Supplemental Indentures
	  	42
			
	 Section 11.04.
	  	 Notation on Notes
	  	42
			
	 Section 11.05.
	  	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	42
			
	ARTICLE 12	  	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  	42
			
	 Section 12.01.
	  	 Company May Consolidate, Etc. on Certain Terms
	  	42
			
	 Section 12.02.
	  	 Successor Corporation to Be Substituted
	  	43
			
	 Section 12.03.
	  	 Opinion of Counsel to Be Given Trustee
	  	43
			
	ARTICLE 13	  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	44
			
	 Section 13.01.
	  	 Indenture and Notes Solely Corporate Obligations
	  	44
			
	ARTICLE 14	  	[INTENTIONALLY OMITTED]	  	44
			
	ARTICLE 15	  	CONVERSION OF NOTES	  	44
			
	 Section 15.01.
	  	 Conversion Privilege
	  	44
			
	 Section 15.02.
	  	 Conversion Procedure
	  	44
			
	 Section 15.03.
	  	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
	  	46
			
	 Section 15.04.
	  	 Adjustment of Conversion Rate
	  	48
			
	 Section 15.05.
	  	 Shares to Be Fully Paid
	  	56
			
	 Section 15.06.
	  	 Effect of Reclassification, Consolidation, Merger or Sale
	  	56
			
	 Section 15.07.
	  	 Certain Covenants
	  	57
			
	 Section 15.08.
	  	 Responsibility of Trustee
	  	58

  

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	 	  	 	  	Page
			
	 Section 15.09.
	  	 Notice to Holders Prior to Certain Actions
	  	58
			
	 Section 15.10.
	  	 Stockholder Rights Plans
	  	59
			
	 Section 15.11.
	  	 Exchange in Lieu of Conversion
	  	59
			
	ARTICLE 16	  	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  	60
			
	 Section 16.01.
	  	 Repurchase at Option of Holders upon a Fundamental Change
	  	60
			
	 Section 16.02.
	  	 Withdrawal of Fundamental Change Purchase Notice
	  	62
			
	 Section 16.03.
	  	 Deposit of Fundamental Change Purchase Price
	  	62
			
	ARTICLE 17	  	MISCELLANEOUS PROVISIONS	  	63
			
	 Section 17.01.
	  	 Provisions Binding on Company’s Successors
	  	63
			
	 Section 17.02.
	  	 Official Acts by Successor Corporation
	  	63
			
	 Section 17.03.
	  	 Addresses for Notices, Etc.
	  	63
			
	 Section 17.04.
	  	 Governing Law
	  	64
			
	 Section 17.05.
	  	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
	  	64
			
	 Section 17.06.
	  	 Legal Holidays
	  	64
			
	 Section 17.07.
	  	 No Security Interest Created
	  	64
			
	 Section 17.08.
	  	 Trust Indenture Act
	  	64
			
	 Section 17.09.
	  	 Benefits of Indenture
	  	65
			
	 Section 17.10.
	  	 Table of Contents, Headings, Etc.
	  	65
			
	 Section 17.11.
	  	 Authenticating Agent
	  	65
			
	 Section 17.12.
	  	 Execution in Counterparts
	  	66
			
	 Section 17.13.
	  	 Severability
	  	66
			
	 Section 17.14.
	  	 Waiver of Jury Trial
	  	66
			
	 Section 17.15.
	  	 Force Majeure
	  	66
			
	 Section 17.16.
	  	 U.S.A. Patriot Act
	  	66

 EXHIBITS 
  

					
	Exhibit A	  	Form of Note	  	A-1
	Exhibit B	  	Form of Notice of Conversion	  	B-1
	Exhibit C	  	Form of Fundamental, Change Repurchase Notice	  	C-1
	Exhibit D	  	Form of Assignment and Transfer	  	D-1

  

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 CROSS-REFERENCE TABLE 
  

			
	 TIA Section
	  	Indenture
Section
	 310(a)(1)
	  	8.09
	       (a)(2)
	  	8.09
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	8.09
	       (b)
	  	8.08
	       (c)
	  	N.A.
	 311(a)
	  	8.13
	       (b)
	  	8.13
	       101(c)
	  	N.A.
	 312(a)
	  	6.01
	       (b)
	  	6.02(b)
	       (c)
	  	6.02(c)
	 313(a)
	  	6.03
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	6.03
	       (c)
	  	6.03; 17.03
	       (d)
	  	6.03(b)
	 314(a)
	  	5.06; 5.08
	       (b)
	  	N.A.
	       (c)(1)
	  	17.05
	       (c)(2)
	  	17.05
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	17.05
	       (f)
	  	N.A.
	 315(a)
	  	8.01; 8.02
	       (b)
	  	7.08; 17.03
	       (c)
	  	8.01
	       (d)
	  	8.01
	       (e)
	  	7.09
	 316(a)(last sentence)
	  	9.04
	       (a)(1)(A)
	  	7.07
	       (a)(1)(B)
	  	7.07
	       (a)(2)
	  	N.A.
	       (b)
	  	7.04
	       (c)
	  	9.01
	 317(a)(1)
	  	7.02; 7.05
	       (a)(2)
	  	7.02
	       (b)
	  	5.04
	 318(a)
	  	17.08

 N.A. means not applicable 
 Note: This Cross-Reference table shall not, for any purpose, be deemed to be part of this Indenture. 







 INDENTURE dated as of April 1, 2010 between (i) BGC Partners, Inc., a Delaware
corporation, as issuer (hereinafter sometimes called the “Company”, as more fully set forth in Section 1.01), and (ii) Wells Fargo Bank, National Association, a national banking association organized under the laws of the
United States of America, as trustee (hereinafter sometimes called the “Trustee”, as more fully set forth in Section 1.01). 
 W I T N E S S E T H: 
 WHEREAS, for its lawful corporate purposes, the Company has
duly authorized the issue of its 8.75% Convertible Senior Notes due 2015 (hereinafter sometimes called the “Notes”), initially in an aggregate principal amount not to exceed $150,000,000, and in order to provide the terms and
conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Purchase Notice and the Form of Assignment and
Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided for; and 
 WHEREAS, all acts and
things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and to
constitute these presents a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Notes have in all respects been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of
the Notes by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Notes (except as otherwise provided below), as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein
otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this
Indenture that are defined in the Trust Indenture Act or that are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the meanings assigned to such
terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 







 “Board of Directors” means the board of directors of the Company or a
committee of such board duly authorized to act for it hereunder. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which the banking
institutions in The City of New York are authorized or obligated by law or executive order to close or be closed. 
 “Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity.

 “close of business” means 5:00 p.m. (New York City time). 
 “Commission” means the Securities and Exchange Commission. 
 “Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the
election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

 “Common Stock” means, subject to Section 15.06, shares of Class A common stock of the Company, par
value $0.01 per share, at the date of this Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and that have no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and that are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the shares of each such
class then so issuable shall be substantially in the proportion that the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications. 
 “Company” means BGC Partners, Inc., a Delaware corporation, and subject to the provisions
of Article 12, shall include its successors and assigns. 
 “Company Order” means a written order of the
Company, signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer or any Executive Vice President or Vice President (whether or not designated by a number or numbers or word or words added before or after the titles
“Executive Vice President” or “Vice President”) and (b) any such other officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary,
and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning specified in Section 5.02.

 “Conversion Date” shall have the meaning specified in Section 15.02(c). 
  

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 “Conversion Obligation” shall have the meaning specified in
Section 15.01. 
 “Conversion Price” means as of any date, $1,000, divided by the Conversion Rate
as of such date. 
 “Conversion Rate” shall have the meaning specified in Section 15.01. 
 “Corporate Trust Office” means the designated office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the dated hereof is located at 45 Broadway, 14th Floor, New York, NY 10006, or such other address as the Trustee may designate from time to time by notice to the Noteholders and the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Noteholders and the Company). 
 “Daily VWAP” for the Common Stock means the per share volume-weighted average price on The NASDAQ Global Select Market as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “BGCP <equity> AQR” (or any successor page thereto) in respect of the period from the scheduled open of trading until the scheduled close of trading of the
primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day as determined by the Board of Directors in a commercially reasonable manner
using a volume-weighted method) and will be determined without regard to after hours trading or any other trading outside of the regular trading session. 
 “Default” means any event that is, or after notice or passage of time, or both, would be, an Event of Default. 
 “Defaulted Interest” means any interest on any Note that is payable, but is not punctually paid or duly provided for, on
any April 15 or October 15. 
 “Depositary” means, with respect to the Global Notes, the Person
specified in Section 2.06 as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or
include such successor. 
 “Designated Holder” shall mean BGC Holdings, L.P. and any Affiliate thereof.

 “Designated Institution” shall have the meaning specified in Section 15.11(a)(i). 
 “Distributed Property” shall have the meaning specified in Section 15.04(c). 
 “Dividend Threshold Amount” shall have the meaning specified in Section 15.04(d). 
 “Effective Date” shall have the meaning specified in Section 15.03(a). 
 “Event of Default” shall have the meaning specified in Section 7.01. 
 “Ex-Dividend Date” means, with respect to any issuance, dividend or distribution in which the holders of Common Stock (or
other security) have the right to receive any cash, securities or other property, the first date on which the shares of the Common Stock (or other security) trade on the applicable exchange or in the applicable market, regular way, without the right
to receive the issuance, dividend or distribution in question. 
  

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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Fiscal Quarter” means a fiscal quarter of any Fiscal
Year. 
 “Fiscal Year” means a fiscal year of the Company currently ending on December 31 of each calendar
year. 
 “Fundamental Change” means the occurrence after the original issuance of the Notes of any of the
following events: 
 (a) any “person” or “group” (within the meaning of Section 13(d) of
the Exchange Act) other than any Permitted Holders, the Company, its Subsidiaries or the employee benefit plans of the Company or any such Subsidiary, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such
person or group has become the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common
Equity; 
 (b) consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger
of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Subsidiaries (any such share exchange, exchange offer, tender offer, consolidation or merger being referred to herein as an
“event”); provided, however, that any such event where the holders of more than 50% of the Company’s Common Equity immediately prior to such event, own, directly or indirectly, more than 50% of all classes of Common Equity of the
continuing or surviving person or transferee or the parent thereof immediately after such event shall not be a Fundamental Change; 
 (c) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or 
 (d) the Common Stock (or other common stock into which the Notes are then convertible) ceases to be listed on a United States
national or regional securities exchange, 
 provided, however, no transaction or transactions described in clause (b) above
will constitute a Fundamental Change if at least 90% of the consideration, excluding cash payments for fractional shares, in the transaction or transactions that would otherwise have constituted a Fundamental Change consists of shares of Publicly
Traded Securities, and as a result of such transaction or transactions, the Notes become convertible into such Publicly Traded Securities, excluding cash payments for fractional shares (subject to the provisions of Section 15.02(b)).

 For purposes of this definition, whether a “person” is a “beneficial owner” shall be determined in
accordance with Rule 13d-3 under the Exchange Act and “person” includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
 “Fundamental Change Company Notice” shall have the meaning specified in Section 16.01(b). 
  

 -4- 








 “Fundamental Change Expiration Time” shall have the meaning specified in
Section 16.01(b)(ix). 
 “Fundamental Change Purchase Date” shall have the meaning specified in
Section 16.01(a). 
 “Fundamental Change Purchase Notice” shall have the meaning specified in
Section 16.01(a)(i). 
 “Fundamental Change Purchase Price” shall have the meaning specified in
Section 16.01(a). 
 “Global Note” shall have the meaning specified in Section 2.06(b). 

“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so
amended or supplemented. 
 “Interest Payment Date” means each April 15 and October 15 of each year,
beginning on October 15, 2010 and for so long as the Notes are outstanding; provided, however, that if any Interest Payment Date falls on a date that is not a Business Day, such payment of interest (or principal in the case of the
Maturity Date) will be postponed until the next succeeding Business Day, and no interest or other amount will be paid as a result of such postponement. 
 “Interest Record Date,” with respect to any Interest Payment Date, shall mean the March 31 or September 30 (whether or not such day is a Business Day) immediately preceding the
applicable April 15 or October 15 Interest Payment Date, respectively. 
 “Issue Date” means the date
the Securities are originally issued as set forth on the face of the Security under this Indenture. 
 “Last Reported
Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the
average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is listed for trading. If the Common Stock is not listed for trading on a U.S. national
or regional securities exchange on the relevant date, then the “Last Reported Sale Price” will be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation
Bureau or similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” will be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the Company for this purpose. 
 “Make-Whole
Conversion Rate Adjustment” shall have the meaning specified in Section 15.03(a). 
 “Make-Whole
Fundamental Change” means any transaction or event that constitutes a Fundamental Change as described in clause (a) or (b) of the definition thereof, and subject to the proviso to such definition. 
 “Market Disruption Event” means (a) a failure by the primary exchange or quotation system on which the Common Stock
trades or is quoted, as the case may be, to open for trading during its

  

 -5- 








 
regular trading session or (b) the occurrence or existence prior to 1:00 p.m. New York City time, on any Trading Day for the Common Stock for an aggregate one-half hour period of any
suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock.

 “Maturity Date” means April 15, 2015. 
 “Maximum Conversion Rate” shall have the meaning specified in Section 15.03(a)(vi). 
 “Merger Event” shall have the meaning specified in Section 15.06. 
 “Note” or “Notes” shall mean any note or notes, as the case may be, authenticated and delivered under this
Indenture. 
 “Note Custodian” means Wells Fargo Bank, National Association, as custodian for The Depository
Trust Company, with respect to the Global Notes, or any successor entity thereto. 
 “Noteholder” or
“holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any person in whose name at the time a particular Note is registered on the Note Register. 
 “Note Register” shall have the meaning specified in Section 2.06(a). 
 “Note Registrar” shall have the meaning specified in Section 2.06(a). 
 “Notice of Conversion” shall have the meaning specified in Section 15.02(b). 
 “Officer” means, with respect to the Company, the Chief Executive Officer, the Chief Financial Officer, the Secretary, the
Assistant Secretary, the Treasurer, the Assistant Treasurer or any Executive Vice President or Vice President (whether or not designated by a number or numbers or word added before or after the titles “Executive Vice President” or
“Vice President”) or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary 
 “Officers’ Certificate,” when used with respect to the Company, means a certificate signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer or any Executive Vice President or Vice
President (whether or not designated by a number or numbers or word or words added before or after the titles “Executive Vice President” or “Vice President”) and (b) any such other officer designated in clause (a) of
this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary that is delivered to the Trustee. Each such certificate shall include the statements provided for in Section 17.05 if and to the
extent required by the provisions of such Section. One of the officers giving an Officers’ Certificate pursuant to Section 5.08 shall be the principal executive, financial or accounting officer of the Company. 
 “opening of business” means 9:00 a.m. (New York City time). 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section.

  

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 “outstanding,” when used with reference to Notes, shall, subject to the
provisions of Section 9.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes, or portions thereof, for the payment or repurchase of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company)
or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided that, if any such Note is repurchased, the holder thereof shall have delivered a Fundamental Change Purchase
Notice in accordance with Section 16.01; 
 (c) Notes that have been paid pursuant to Section 2.07 or
Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected
purchasers in due course; and 
 (d) Notes converted pursuant to Article 15. 
 “Paying Agent” shall have the meaning specified in Section 5.02. 
 Permitted Holder” means Howard W. Lutnick, any Person controlled by him or any trust established for Mr. Lutnick’s
benefit or for the benefit of his spouse, any of his descendants or any of his relatives, in each case, so long as he is alive and, upon his death or incapacity, any Person who shall, as a result of Mr. Lutnick’s death or incapacity,
become a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of the Company’s Common Equity by operation of a trust, by will or the laws of descent and distribution or by operation of law. 
 “Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a
joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated
and delivered under Section 2.07 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Publicly Traded Securities” means shares of common stock, depositary receipts or other certificates representing common
equity interests, in each case, that are traded on a national securities exchange or that will be so traded when issued or exchanged in connection with a Fundamental Change described in clause (a) or (c) of the definition thereof.

 “Record Date” shall have the meaning specified in Section 15.04(f). 
 “Reference Property” shall have the meaning specified in Section 15.06(b). 
 “Resale Restriction Termination Date” shall have the meaning specified in Section 2.06(d). 
  

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 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture. 
 “Restricted Securities” shall have the
meaning specified in Section 2.06(d). 
 “Rule 144A” means Rule 144A as promulgated under the Securities
Act. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Spin-Off” shall have the meaning specified in Section 15.04(c). 
 “Stock Price” means (a) in the case of a Make-Whole Fundamental Change described in clause (b) of the definition
of Fundamental Change in which holders of Common Stock receive solely cash consideration in connection with such Make-Whole Fundamental Change, the amount of cash paid per share of the Common Stock and (b) in the case of other Make-Whole
Fundamental Changes, the average of the Last Reported Sale Prices per share of Common Stock over the period of ten consecutive Trading Days ending on the Trading Day immediately preceding the Effective Date of such Make-Whole Fundamental Change. The
Board of Directors will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend
Date of the event occurs, during such ten consecutive Trading Days. 
 “Stock Transfer Agent” means American
Stock Transfer & Trust Company, as of the date hereof, and thereafter, any other transfer agent as so designated by the Company. 
 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital
Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled,
directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 
 “Successor Company” shall have the meaning specified in Section 12.01(a). 
 “Supplementary Interest” shall have the meaning specified in Section 7.01. 
 “Trading Day” means a day during which trading in the Common Stock generally occurs and there is no Market Disruption Event. 
 “transfer” shall have the meaning specified in Section 2.06(d). 
 “Trigger Event” shall have the meaning specified in Section 15.04(c). 
  

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 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as
it was in force at the date of execution of this Indenture, except as provided in Section 11.03 and Section 15.06; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the
term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 
 “Weighted Average Consideration” shall have the meaning specified in Section 15.06(c)(iv). 
 ARTICLE 2 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION 
 AND EXCHANGE OF NOTES 
 Section 2.01. Designation and
Amount. The Notes shall be designated as the “8.75% Convertible Senior Notes due 2015.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $150,000,000, subject
to Section 2.11 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.06, Section 2.07, Section 11.04, Section 15.02 and
Section 16.03 hereof. 
 Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of
authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, which are incorporated in and made a part of this Indenture. 
 Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Indenture as may be required by the Custodian, the Depositary or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation
system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the officers
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 The Global Note shall represent such principal amount of the outstanding Notes as
shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from
time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by

  

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the holder of such Notes in accordance with this Indenture. Payment of principal, accrued and unpaid interest, and premium, if any (including any Fundamental Change Purchase Price), on the Global
Note shall be made to the holder of such Note on the date of payment, unless a record date or other means of determining holders eligible to receive payment is provided for herein. 
 The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part
of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered form without
coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 The Person in whose
name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Interest Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment
Date. Interest (including Supplementary Interest, if any) shall be payable at the office or agency of the Paying Agent maintained by the Paying Agent for such purposes initially in Minneapolis, Minnesota, at MAC N9303-121, Sixth & Marquette
Avenue, Minneapolis, MN 55479, Attention: Corporate Trust Operation. The Company shall pay interest (including Supplementary Interest, if any) (a) on any Notes in certificated form by check mailed to the address of the Person entitled thereto
as it appears in the Note Register (or upon application by such Person to the Trustee and Paying Agent (if different from the Trustee) not later than the relevant Interest Record Date, by wire transfer in immediately available funds to such
Person’s account within the United States, which application shall remain in effect until the Noteholder notifies the Trustee and Paying Agent, in writing, to the contrary) or (b) on any Global Note by wire transfer of immediately
available funds to the account of the Depositary or its nominee. 
 Any Defaulted Interest shall forthwith cease to be payable
to the Noteholder on the relevant Interest Record Date by virtue of its having been such Noteholder, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes
(or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date),
and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to
the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen days and not less than ten days prior to the date of the proposed payment, and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Company
shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted

  

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Interest and the special record date therefor to be mailed, first-class postage prepaid, to each holder at its address as it appears in the Note Register, not less than ten days prior to such
special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (2) of this Section 2.03. 
 (2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to
the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Section 2.04. Reserved.  
 Section 2.05. Execution, Authentication and Delivery of Notes. The
Notes shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, Chief Financial Officer, Secretary or any Executive Vice President. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company
to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the
Company hereunder. 
 Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth
on the form of Note attached as Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and
delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
 In case any officer of the Company who
shall have signed any of the Notes shall cease to be such officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Notes had not ceased to be such officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the proper
officers of the Company, although at the date of the execution of this Indenture any such person was not such an officer. 
 Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. 
 (a)
The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 5.02 being herein sometimes collectively referred
to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any
form capable of being converted

  

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into written form within a reasonable period of time. The Trustee is hereby appointed “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein
provided. The Company may appoint one or more co-registrars in accordance with Section 5.02. 
 Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 
 Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 5.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Noteholder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All
Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-registrar) be duly endorsed, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or its attorney-in-fact duly authorized in writing. 
 No service charge shall be charged to the Noteholder for any exchange or registration of transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover any tax,
assessments or other governmental charges that may be imposed in connection therewith as a result of the name of the Noteholder of the new Notes issued upon such exchange or registration of transfer of Notes being different from the name of the
Noteholder of the old Notes presented or surrendered for such exchange or registration of transfer. 
 None of the Company, the
Trustee, the Note Registrar or any co-registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for
conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 16 hereof. 
 All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 (b) So long as the
Notes are eligible for book-entry settlement with the Depositary, the Company may require that all Notes (other than Notes registered in the name of a Designated Holder) be represented by one or more Notes in global form (each, a “Global
Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a definitive Note, shall be effected through the
Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 
 (c) Notwithstanding the provisions of Section 2.06(b), each Designated Holder shall be entitled to hold Notes in registered form.

  

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 (d) Every Note that bears or is required under this Section 2.06(d) to bear the legend
set forth in this Section 2.06(d) (together with any Common Stock issued upon conversion of the Notes and required to bear the legend set forth in Section 2.06(e), collectively, the “Restricted Securities”) shall be
subject to the restrictions on transfer set forth in this Section 2.06(d) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the holder of
each such Restricted Security, by such holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in Section 2.06(d) and Section 2.06(e), the term “transfer” encompasses any sale,
pledge, transfer or other disposition whatsoever of any Restricted Security. 
 Until the date (the “Resale Restriction
Termination Date”) that is the later of (1) the date one year after the last date of original issuance of the Notes, or such other period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and
(2) such later date, if any, as may be required by applicable laws, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof
which shall bear the legend set forth in Section 2.06(e), if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred (i) pursuant to a registration statement that has become or been
declared effective under the Securities Act and that continues to be effective at the time of such transfer, (ii) pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act,
or (iii) unless otherwise agreed by the Company in writing, with such written agreement and notice thereof delivered to the Trustee): 
 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
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN 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 THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO BGC PARTNERS, INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 
 (C) TO 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. 
  

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 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH
(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. 
 No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box
on the Form of Assignment and Transfer has been checked. 
 Any Note (or security issued in exchange or substitution therefor)
as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.06, be exchanged for a new Note
or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.06(d). The Company shall notify the Trustee upon the occurrence of the Resale Restriction Termination Date and
promptly after a Registration Statement with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. 
 Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.06(d)), a Global Note may
not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a
beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section. 
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to
act as Depositary with respect to the Global Note. Initially, the Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for
Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to
continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within
90 days or (iii) an Event of Default in respect of the Notes has occurred and is continuing, upon the request of the beneficial owner of the Notes, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate and a
Company Order for the authentication and delivery of Notes, will authenticate and deliver Notes in definitive form to each such beneficial owner of the related Notes (or a portion thereof) in an aggregate principal amount equal to the principal
amount of such Global Note, in exchange for such Global Note, and upon delivery of the Global Note to the Trustee such Global Note shall be canceled. 
 Definitive Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.06(d) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Notes to the Persons in whose names such definitive Notes are so
registered. 
  

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 At such time as all interests in a Global Note have been converted, canceled, repurchased or
transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the Custodian. At any time prior to such cancellation, if any interest
in a Global Note is exchanged for definitive Notes, converted, canceled, repurchased or transferred to a transferee who receives definitive Notes therefor or any definitive Note is exchanged or transferred for part of such Global Note, the principal
amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such
Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of
the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. 
 (e) Until the Resale Restriction
Termination Date, any stock certificate representing Common Stock issued upon conversion of such Note shall bear a legend in substantially the following form (unless the Note or such Common Stock have been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or pursuant to the exemption from registration provided by Rule 144 under the Securities Act or any similar
provision then in force under the Securities Act, or such Common Stock have been issued upon conversion of Notes that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer or pursuant to the exemption from registration provided by Rule 144 under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any
Transfer Agent for the Common Stock): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE
BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN 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 THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO BGC PARTNERS, INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 
  

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 (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 (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT 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. 
 Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may,
upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the Transfer Agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of
shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.06(e). 
 (f) Any Note or
Common Stock issued upon the conversion or exchange of a Note that is purchased or owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate unless registered under the Securities Act or resold pursuant to an
exemption from the registration requirements of the Securities Act in a transaction that results in such Notes or Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule 144). 
 (g) Notwithstanding any provision of Section 2.06 to the contrary, in the event Rule 144 as promulgated under the Securities Act (or
any successor rule) is amended to change the one-year holding period thereunder (or the corresponding period under any successor rule), from and after receipt by the Trustee of the Officers’ Certificate and Opinion of Counsel provided for in
this Section 2.06(g), (i) each reference in Section 2.06(d) to “one year” and in the restrictive legend set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be references to such
changed period, (ii) each reference in Section 2.06(e) to “one year” and in the restrictive legend set forth in such paragraph to “ONE YEAR” shall be deemed for all purposes hereof to be references to such changed
period and (iii) all corresponding references in the Notes (including the definition of Resale Restriction Termination Date) and the restrictive legends thereon shall be deemed for all purposes hereof to be references to such changed period,
provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws. The provisions of this Section 2.06(g) will not be effective
until such time as the Opinion of Counsel and Officers’ Certificate have been received by the Trustee hereunder. This Section 2.06(g) shall apply to successive amendments to Rule 144 (or any successor rule) changing the holding period
thereunder. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Global
Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
  

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 Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall
become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a number
not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to
the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the
receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. Upon the issuance of any substitute Note, the Company or the Trustee may require the payment by the holder of a sum
sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note that has matured or is about to mature or has been tendered for repurchase upon
a Fundamental Change or is about to be converted into shares of Common Stock shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or
convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or
theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 
 Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set
forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment or conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment or conversion of negotiable instruments or other securities without their surrender. 
 Section 2.08. Temporary Notes. Pending the preparation of Notes in certificated form, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company,
authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in certificated form but with such omissions, insertions and variations
as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in
substantially the same manner, and with the same effect, as the Notes in certificated form. Without unreasonable delay the Company will execute and deliver to the Trustee or such authenticating agent Notes in certificated form (other than any Global
Note) and thereupon any or all temporary Notes

  

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(other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 5.02 and the Trustee or such authenticating agent
shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged,
the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and delivered hereunder. 
 Section 2.09. Cancellation of Notes Paid, Etc. All Notes surrendered for the purpose of payment, repurchase, conversion,
exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent or any Note Registrar or any Conversion Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be
promptly canceled by it, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures. If the Company
shall acquire any of the Notes, such acquisition shall not operate as satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation. 
 Section 2.10. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in all notices issued to Noteholders as a convenience to holders of the Notes; provided, that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
numbers. 
 Section 2.11. Additional Notes; Repurchases. The Company may, without the consent of the Noteholders and
notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms and with the same CUSIP numbers as the Notes initially issued hereunder in an unlimited aggregate principal amount, which will form the
same series with the Notes initially issued hereunder, provided that no such additional Notes may be issued unless they will be fungible with the original Notes for U.S. federal income tax and securities law purposes. Prior to the issuance of
any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such matters, in addition to those required
by Section 17.05, as the Trustee shall reasonably request. The Company may also from time to time repurchase the Notes in open market purchases or negotiated transactions without prior notice to Noteholders or Trustee. 
 ARTICLE 3 
 REDEMPTION 
 Section 3.01. Notes Not Subject to Redemption. The Notes are not subject to redemption prior
to the Maturity Date. 
 ARTICLE 4 
 SATISFACTION AND DISCHARGE 
 Section 4.01. Satisfaction and Discharge.
This Indenture shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (y) Notes
for whose payment money has theretofore been deposited in trust or segregated and held in trust by

  

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the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 5.04(d)) have been delivered to the Trustee for cancellation; and (ii) the Company
has deposited with the Trustee or delivered to Noteholders, as applicable, after the Notes have become due and payable, whether at the Maturity Date, any Fundamental Change Purchase Date, upon conversion or otherwise, cash or cash and shares of
Common Stock, if any (solely to satisfy the Company’s Conversion Obligation, if applicable), sufficient to pay all of the outstanding Notes and all other sums due payable under this Indenture by the Company; and (b) the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 8.06 shall survive. 
 ARTICLE 5 
 PARTICULAR COVENANTS OF THE COMPANY 
 Section 5.01. Payment of Principal, Premium and Interest. The Company covenants and agrees that it will cause to be paid the
principal of and premium, if any (including the Fundamental Change Purchase Price), and accrued and unpaid interest on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes. Each installment of
accrued and unpaid interest on the Notes may be paid by mailing checks for the amount payable to Noteholders entitled thereto as they shall appear on the registry books of the Company; provided that, with respect to any Noteholder with an
aggregate principal amount in excess of $1,000,000, at the application of such holder in writing to the Trustee and Paying Agent (if different from the Trustee) not later than the relevant Interest Record Date, accrued and unpaid interest on such
holder’s Notes shall be paid by wire transfer in immediately available funds to such holder’s account in the United States, which application shall remain in effect until the Noteholder notifies the Trustee and Paying Agent to the
contrary; provided further that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by
the Depositary from time to time. 
 Section 5.02. Maintenance of Office or Agency. The Company will maintain in The
Borough of Manhattan, The City of New York, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion
(“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office or the office or agency of the Trustee in New York. 
 The Company may also from time to
time designate co-registrars, one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The Borough of Manhattan, The City of New York, for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate
Trust Office and the office or agency of the Trustee in the Borough of Manhattan each shall be considered as one such office or agency of the Company for each of the aforesaid purposes. 
  

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 Section 5.03. Appointments to Fill Vacancies in Trustee’s Office. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section 5.04. Provisions as to Paying Agent. 
 (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with
the Trustee, subject to the provisions of this Section 5.04: 
 (i) that it will hold all sums held by it as
such agent for the payment of the principal of and premium, if any, and accrued and unpaid interest on the Notes in trust for the benefit of the holders of the Notes; 
 (ii) that it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal
of and premium, if any, and accrued and unpaid interest on the Notes when the same shall be due and payable; and 
 (iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal of, or premium (including the Fundamental Change Purchase Price), if any, or
accrued and unpaid interest on the Notes, deposit with the Paying Agent a sum sufficient to pay such principal, premium (including the Fundamental Change Purchase Price), if any, or accrued and unpaid interest and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action, provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time,
on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal of,
premium (including the Fundamental Change Purchase Price), if any, accrued and unpaid interest on the Notes, set aside, segregate and hold in trust for the benefit of the holders of the Notes a sum sufficient to pay such principal, premium
(including the Fundamental Change Purchase Price), if any, accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the
principal of, premium (including the Fundamental Change Purchase Price), if any, accrued and unpaid interest on the Notes when the same shall become due and payable. 
 (c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason,
pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this Section 5.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the
Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such sums. 
 (d) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or premium (including the Fundamental Change Purchase Price), if
any, accrued and unpaid interest on any Note and remaining unclaimed for two years

  

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after such principal, premium (including the Fundamental Change Purchase Price), interest has become due and payable shall be paid to the Company on request of the Company contained in an
Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and the holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company;
provided, further, that if the Notes are registered solely in the name of the Depositary, notice to the Depositary shall be sufficient. 
 Section 5.05. Existence. Subject to Article 12, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 5.06. Rule 144A Information Requirement and Annual Reports. 
 (a) At any time the Company is not subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or
any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written
request, provide to any holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issued upon conversion of such Notes, 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 of Common Stock pursuant to Rule 144A under the Securities Act. The Company shall take such further action as any holder or beneficial owner of such Notes or such Common Stock may reasonably request
to the extent required from time to time to enable such holder or beneficial holder to sell such Notes or shares of Common Stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time. 
 (b) The Company shall deliver to the Trustee within ten Business Days after the same is required to be filed with the Commission, copies of
the quarterly and annual reports and of the information, documents and other reports, if any, (giving effect to any grace period provided by Rule 12b-25) that the Company is required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act, and, to the extent required by Section 17.08, the Company shall otherwise comply with the requirements of Trust Indenture Act section 314(a). Any such report, information or document that the Company files with the
Commission through the Commission’s EDGAR database shall be deemed delivered to the Trustee for purposes of this Section 5.06(b) at the time of such filing through the EDGAR database; provided, however, that the Trustee shall have no
responsibility whatsoever to determine whether the Company has made such filings, and provided, further, that the Company shall notify the Trustee within ten days of any such filing. 
 (c) Delivery of the reports, information and documents described in clause (b) above to the Trustee is for informational purposes only,
and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). 
  

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 Section 5.07. Stay, Extension and Usury Laws. The Company covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from
paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the
extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.08. Compliance
Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each Fiscal Year of the Company (beginning with the Fiscal Year ending on December 31, 2010) an Officers’ Certificate
stating whether or not the signer thereof has knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof.

 In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event within thirty days after an
Officer of the Company becomes aware of the occurrence of any Event of Default or Default, an Officers’ Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company proposes to take with
respect thereto. 
 Section 5.09. Further Instruments and Acts. Upon request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
 ARTICLE 6 
 LISTS OF NOTEHOLDERS AND REPORTS BY 
 THE COMPANY AND THE TRUSTEE 
 Section 6.01. Lists of Noteholders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than fifteen days after each March 31 and September 30 in each
year beginning with September 30, 2010, and at such other times as the Trustee may request in writing, within thirty days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to
enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Noteholders as of a date not more than fifteen days (or such other date as the
Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 
 Section 6.02. Preservation and Disclosure of Lists. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
Noteholders contained in the most recent list furnished to it as provided in Section 6.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in
Section 6.01 upon receipt of a new list so furnished. 
 (b) The rights of Noteholders to communicate with other
Noteholders with respect to their rights under this Indenture or under the Notes and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
  

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 (c) Every Noteholder, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Noteholders made pursuant to the Trust Indenture Act. 
 Section 6.03. Reports by Trustee. 
 (a) The Trustee shall transmit to holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each March 15 following the date of this Indenture, deliver to holders a brief report, dated as of such
March 15, that complies with the provisions of such Section 313(a). 
 (b) A copy of each such report shall, at the
time of such transmission to Noteholders, be filed by the Trustee with each stock exchange and automated quotation system upon which the Notes are listed and with the Company. The Company will notify the Trustee in writing within a reasonable time
when the Notes are listed on any stock exchange or automated quotation system and when any such listing is discontinued. 
 ARTICLE 7 
 DEFAULTS AND REMEDIES 
 Section 7.01. Events of Default. The following events shall be “Events of Default” with respect to the Notes: 
 (a) default in the payment of principal of any Note when due and payable on the Maturity Date, upon required purchase, upon
declaration of acceleration or otherwise; 
 (b) default in the payment of any interest on any Note when due and
payable, and continuance of such default for a period of sixty days; 
 (c) failure by the Company to comply with
its obligation to convert the Notes into shares of Common Stock (and cash in lieu of any fractional shares) upon exercise of a holder’s conversion right and such failure continues for a period of ten Business Days; 
 (d) failure by the Company to issue a Fundamental Change Company Notice for a period of ten Business Days after such notice
becomes due in accordance with Section 16.01(b); 
 (e) default in the performance, or breach, of any
covenant or agreement by the Company in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a) through (d) above), and continuance of such default or
breach for a period of ninety consecutive days after written notice thereof has been given to the Company by the Trustee or to the Trustee and the Company by the holders of at least 25% in aggregate principal amount of the outstanding Notes, which
notice shall state that it is a “Notice of Default” hereunder; 
 (f) an event of default (or
comparable default) as defined in any bonds, debentures or other instruments under which there may be issued evidences of indebtedness (other than the notes) by the Company or any Subsidiary of the Company that is a “significant
subsidiary” (as defined in clauses (1) and (2) of Rule 1-02(w) of Regulation S-X under the Securities Act), having, individually or in the aggregate, a principal or similar amount outstanding of at least $100

  

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million, whether such indebtedness now exists or shall hereafter be created, which event of default (or comparable default) shall have resulted in the acceleration of the maturity of at least
$100 million of such indebtedness prior to its express maturity or shall constitute a failure to pay at least $100 million of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and such
event of default (or comparable default) shall not have been rescinded or annulled or such indebtedness shall not have been discharged and such event of default (or comparable default) continues for a period of thirty consecutive days after written
notice to the Company by the trustee or to the Company and the Trustee by the holders of 50% or more in aggregate principal amount of the Notes then outstanding, which notice shall state that it is a “Notice of Default” hereunder;

 (g) the entry against the Company or any Subsidiary of the Company that is a “significant
subsidiary” (as defined in clauses (1) and (2) of Rule 1-02(w) of Regulation S-X under the Securities Act) of a final judgment for the payment of money in an aggregate amount in excess of $100 million (excluding any amounts covered by
insurance), by a court or courts of competent jurisdiction, which judgment remains undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of ninety days after (i) the date on which the right to appeal or petition for review
thereof has expired if no such appeal or review has commenced, or (ii) the date on which all rights to appeal or petition for review have been extinguished; 
 (h) the Company or any Subsidiary of the Company that is a “significant subsidiary” (as defined in paragraphs
(w)(1) and (2) of Rule 1-02 of Regulation S-X under the Exchange Act) or any group of Subsidiaries of the Company that in the aggregate would constitute a “significant subsidiary” shall commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to the Company or any such Subsidiary or group of Subsidiaries or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Subsidiary or group of Subsidiaries or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other similar proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 
 (i) an involuntary case or other proceeding shall be commenced against the Company or any Subsidiary of the Company that is a
“significant subsidiary” (as defined in paragraphs (w)(1) and (2) of Rule 1-02 of Regulation S-X under the Exchange Act) or any group of Subsidiaries of the Company that in the aggregate would constitute a “significant
subsidiary” seeking liquidation, reorganization or other relief with respect to the Company or such Subsidiary or group of Subsidiaries or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Subsidiary or group of Subsidiaries or any substantial part of its property, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of ninety consecutive days. 
 In case one or more Events of Default shall have occurred
and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 7.01(h) or Section 7.01(i) with respect to the Company (and not solely with respect to a “significant
subsidiary” (as defined in paragraphs (w)(1) or (2) of Rule 1-02 of Regulation

  

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S-X under the Exchange Act) of the Company, or a group of Subsidiaries of the Company that in aggregate would constitute a “significant subsidiary” of the Company), unless the principal
of all of the Notes shall have already become due and payable, either the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 9.04, by notice in writing to the
Company (and to the Trustee if given by Noteholders), may declare 100% of the principal of and premium, if any, and accrued and unpaid interest on all the Notes to be due and payable immediately, and upon any such declaration the same shall become
and shall automatically be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding. If an Event of Default specified in Section 7.01(h) or Section 7.01(i) with respect to the
Company (and not solely with respect to a “significant subsidiary” (as defined in paragraphs (w)(1) or (2) of Rule 1-02 of Regulation S-X under the Exchange Act) of the Company, or a group of Subsidiaries of the Company that in
aggregate would constitute a “significant subsidiary” of the Company) occurs and is continuing, the principal of all the Notes and accrued and unpaid interest shall be immediately due and payable. 
 If, at any time after the principal of the Notes shall have been declared due and payable in accordance with this Section 7.01 and
before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay: 
 (1) amounts due to the Trustee pursuant to Section 8.06; 
 (2) installments of accrued and unpaid interest upon all Notes; 
 (3) the
principal of and premium, if any, on any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest (to the extent that payment of such interest is enforceable under
applicable law) and on such principal and premium, if any, at the rate borne by the Notes at such time); and 
 (4) if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all Events of Defaults under this Indenture, other than the nonpayment of principal of and premium, if any, and accrued and
unpaid interest on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 7.07, 
 then and in every such case the holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes
(other than a Default or an Event of Default resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) and rescind and annul such
declaration and its consequences (other than a declaration or consequences, as the case may be, resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock
due upon conversion) and such Default (other than a Default resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion) shall cease to
exist, and any Event of Default arising therefrom (other than a Default resulting from a failure to repurchase any Notes when required upon a Fundamental Change or a failure to deliver, upon conversion, shares of Common Stock due upon conversion)
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.

 Notwithstanding anything in this Indenture or in the Notes to the contrary and subject to the succeeding paragraph, for the
first 360 days immediately following any violation of any obligations

  

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the Company may be deemed to have pursuant to (1) Section 314(a)(1) of the Trust Indenture Act, or (2) Section 5.06(b), and the continuation thereof, the sole remedy for any
such violation shall be the accrual of additional interest on the Notes at a rate per year equal to (x) 0.25% of the outstanding principal amount of the Notes for the first 180 days an Event of Default is continuing in such 360-day period, and
(y) 0.50% of the outstanding principal amount of the Notes for the remaining 180 days an Event of Default is continuing in such 360-day period (“Supplementary Interest”), payable semi-annually at the same time and in the same
manner as regular interest on the Notes pursuant to Section 2.03 and Section 5.01. In no event shall Supplementary Interest accrue at a rate per year in excess of 0.50%, regardless of the number of events or circumstances giving rise to
the requirement to pay Supplementary Interest. In addition to the accrual of Supplementary Interest, on and after the 360th day, any violation of any obligations the Company may be deemed to have pursuant to (1) Section 314(a)(1) of the
Trust Indenture Act or (2) Section 5.06(b), either the Trustee or the Noteholders of not less than 25% in aggregate principal amount of the Notes then outstanding may declare the principal amount of the Notes and any accrued and unpaid
interest through the date of such declaration, to be immediately due and payable. Whenever in this Indenture there is mentioned, in any context, the payment of interest on, or in respect of, any Note, such mention shall be deemed to include mention
of the payment of “Supplementary Interest” provided for in this paragraph to the extent that, in such context, Supplementary Interest is, was or would be payable in respect thereof pursuant to the provisions of this paragraph, and express
mention of the payment of Supplementary Interest (if applicable) in any provisions hereof shall not be construed as excluding Supplementary Interest in those provisions hereof where such express mention is not made. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Noteholders, and the Trustee shall, subject to any
determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Noteholders, and the Trustee shall continue as though no such proceeding had been
instituted. 
 Section 7.02. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause
(a) or (b) of Section 7.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to it, for the benefit of the holders of the Notes, the whole amount then due and payable on the Notes for principal, premium, if any,
and interest with interest on any overdue principal, premium, if any, interest at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under
Section 8.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon the Notes, wherever situated. 
 In the event there shall be pending proceedings for the
bankruptcy or for the reorganization of the Company or any other obligor on the Notes under title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or
such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether

  

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the Trustee shall have made any demand pursuant to the provisions of this Section 7.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a
claim or claims for the whole amount of principal premium, if any, and accrued and unpaid interest in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other
actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Noteholders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and
to distribute the same after the deduction of any amounts due the Trustee under Section 8.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the
Noteholders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including agents and counsel fees and expenses, and including any other amounts due to the Trustee under Section 8.06 hereof, incurred by it up to the date of such distribution. To the extent
that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, monies, securities and other property that the holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder
any plan of reorganization, arrangement, adjustment or composition affecting the Noteholder or the rights of any Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the holders of the Notes. 
 In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which
the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Notes, and it shall not be necessary to make any holders of the Notes parties to any such proceedings. 
 Section 7.03. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 7 with
respect to the Notes shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon
surrender thereof, if fully paid: 
 First, to the payment of all amounts due the Trustee under
Section 8.06; 
 Second, in case the principal of the outstanding Notes shall not have become due and be
unpaid, to the payment of interest on the Notes in default in the order of the date due of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of
interest at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 
  

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 Third, in case the principal of the outstanding Notes shall have become due,
by declaration or otherwise, and be unpaid to the payment of the whole amount including the payment of the Fundamental Change Purchase Price and the cash component of the Conversion Obligation, if any, then owing and unpaid upon the Notes for
principal and premium, if any, and interest with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne by the Notes at
such time, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and
premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium,
if any, and accrued and unpaid interest; and 
 Fourth, to the payment of the remainder, if any, to the Company.

 Section 7.04. Proceedings by Noteholders. No holder of any Note shall have any right by virtue of or by availing
of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or
for any other remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the holders of not less than 25% in
aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such security or
indemnity reasonably satisfactory to it against any loss, liability or expense to be incurred therein or thereby, and the Trustee for sixty days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding and no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the holders of a majority in principal amount of the Notes
outstanding within such sixty-day period pursuant to Section 7.07; it being understood and intended, and being expressly covenanted by the taker and holder of every Note with every other taker and holder and the Trustee that no one or more
Noteholders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholder, or to obtain or seek to obtain priority over or preference to
any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Noteholders (except as otherwise provided herein). For the protection and enforcement of
this Section 7.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Noteholder to receive payment of the principal of and premium, if any (including the Fundamental
Change Purchase Price upon repurchase pursuant to Section 16.01), and accrued and unpaid interest on such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the
enforcement of any such payment on or after such respective dates against the Company shall not be impaired or affected without the consent of such Noteholder. 
 Anything in this Indenture or the Notes to the contrary notwithstanding, the holder of any Note, without the consent of either the Trustee or the holder of any other Note, in its own behalf and for its
own benefit, may specifically enforce, and may institute and maintain any proceeding suitable to specifically enforce, its rights of conversion as provided herein. 
  

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 Section 7.05. Proceedings by Trustee. In case of an Event of Default the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 
 Section 7.06. Remedies Cumulative and Continuing. Except as
provided in the last paragraph of Section 2.07, all powers and remedies given by this Article 7 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the
Trustee or of any holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein;
and, subject to the provisions of Section 7.04, every power and remedy given by this Article 7 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by
the Noteholders. 
 Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The
holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 9.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on the Trustee with respect to Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction and (c) such direction is not unduly prejudicial to the rights of the other Noteholders not joining in such action (it being understood that the
Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Noteholders). The Trustee may refuse to follow any direction that it determines would involve the Trustee in personal
liability. The holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 9.04 may on behalf of the holders of all of the Notes waive any past Default or Event of Default
hereunder and its consequences except (i) a default in the payment of premium, accrued and unpaid interest on, or the principal (including any Fundamental Change Purchase Price) of, the Notes when due that has not been cured pursuant to the
provisions of Section 7.01, (ii) a failure by the Company to deliver shares of Common Stock upon conversion of the Notes or (iii) a default in respect of a covenant or provision hereof which under Article 11 cannot be modified or
amended without the consent of each holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 7.07, said Default or Event of Default shall
for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
 Section 7.08. Notice of Defaults. The Trustee shall, within ninety days after the occurrence and continuance of a Default of
which a Responsible Officer has actual knowledge (but in no event less than fifteen days after notice thereof), mail to all Noteholders as the names and addresses of such holders appear upon the Note Register, notice of all Defaults known to a
Responsible Officer, unless such

  

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Defaults shall have been cured or waived before the giving of such notice; and provided that, except in the case of a Default in the payment of the principal of, premium, if any, or accrued and
unpaid interest on any of the Notes, including without limiting the generality of the foregoing any Default in the payment of any Fundamental Change Purchase Price, then in any such event the Trustee shall be protected in withholding such notice if
and so long as a committee of Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Noteholders. 
 Section 7.09. Undertaking to Pay Costs. All parties to this Indenture agree, and each holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its
discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; provided that the provisions of this Section 7.09 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group
of Noteholders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 9.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the
principal of or premium, if any, accrued and unpaid interest on any Note (including, but not limited to, the Fundamental Change Purchase Price with respect to the Notes being repurchased as provided in this Indenture) on or after the due date
expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note in accordance with the provisions of Article 15. 
 ARTICLE 8 
 CONCERNING THE TRUSTEE 
 Section 8.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived)
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the holders
unless such holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own
grossly negligent failure to act or its own willful misconduct, except that 
 (a) prior to the occurrence of an
Event of Default and after the curing or waiving of all Events of Default that may have occurred: 
 (i) the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and, after it has been qualified thereunder, the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture and the Trust Indenture Act against the Trustee; and 
  

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 (ii) in the absence of bad faith and willful misconduct on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;

 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or
Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders as provided under this Indenture;

 (d) whether or not therein provided, every provision of this Indenture relating to the conduct or affecting
the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained
by any co-registrar with respect to the Notes; 
 (f) if any party fails to deliver a notice relating to an event
the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless such Responsible Officer of the
Trustee had actual knowledge of such event; 
 (g) in the absence of written investment direction from the
Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a
result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 
 (h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent or Transfer
Agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 8 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent or Transfer Agent. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 8.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 8.01: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, Note, coupon
or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties; 
  

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 (b) any request, direction, order or demand of the Company mentioned herein
shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or
an Assistant Secretary of the Company; 
 (c) the Trustee may consult with counsel of its selection and require
an opinion of counsel and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion
of Counsel; 
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred therein or thereby; 
 (e) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (f) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; 
 (g) the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (h) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act hereunder; 
 (i) the Trustee shall not be
required to give any bond or surety in respect of the performance of its powers and duties hereunder; 
 (j) the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture; and 
 (k) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 
  

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 In no event shall the Trustee be liable for any consequential, special, indirect or punitive
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the
Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless written notice of such Default or Event of Default shall have been given to
the Trustee by the Company or by any holder of the Notes. 
 Section 8.03. No Responsibility for Recitals, Etc. The
recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee
in conformity with the provisions of this Indenture. 
 Section 8.04. Trustee, Paying Agents, Conversion Agents or
Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee,
Paying Agent, Conversion Agent or Note Registrar. 
 Section 8.05. Monies to Be Held in Trust. All monies received
by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from time to time in writing by the Company and the Trustee. 
 Section 8.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as shall be agreed in writing for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the
Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except
any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered
into in connection herewith (other than as holder of Notes) and its agents and any authenticating agent for, and to hold them harmless against, any and all loss, claim, damage, liability or expense incurred without gross negligence or willful
misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other
capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this Section 8.06 to compensate or indemnify the Trustee and to pay or reimburse
the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 7.03,
funds held in trust herewith for the benefit of the holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 8.06 shall not be subordinate to any other liability or indebtedness of the
Company (even though the Notes may be so subordinated). The obligation of the Company under this Section 8.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The
indemnification provided in this Section 8.06 shall extend to the officers, directors, agents and employees of the Trustee. 
  

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 Without prejudice to any other rights available to the Trustee under applicable law, when
the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 7.01(h) or Section 7.01(i) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section 8.07. Officers’
Certificate as Evidence. Except as otherwise provided in Section 8.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence and willful misconduct on the part of the Trustee, be deemed to be conclusively
proved and established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of gross negligence and willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any
action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 Section 8.08.
Conflicting Interests of Trustee. After qualification of this Indenture under the Trust Indenture Act, if the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either
(a) eliminate such interest within ninety days, (b) apply to the Commission for permission to continue as Trustee or (c) resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Indenture. 
 Section 8.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50 million. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 8.10. Resignation or Removal of Trustee. 
 (a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof to the Noteholders at their addresses as they shall appear on the Note
Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within forty-five days after the mailing of such notice of resignation to the Noteholders, the resigning
Trustee may, upon ten Business Days’ notice to the Company and the Noteholders, petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee, or any Noteholder who has been a bona fide
holder of a Note or Notes for at least six months may, subject to the provisions of Section 7.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
  

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 (b) In case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with Section 8.08 within a reasonable time after written request therefor by the
Company or by any Noteholder who has been a bona fide holder of a Note or Notes for at least six months, or 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.09 and shall fail to resign after written request therefor by the Company or by any such Noteholder, or 
 (iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 7.09, any Noteholder who has been a bona fide
holder of a Note or Notes for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 9.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed
appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Noteholder, upon the terms and conditions and otherwise as in
Section 8.10(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. If an instrument of acceptance by a successor trustee shall not have been delivered to the Trustee within 30 days after the
giving of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee with respect to the Notes. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 8.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.11. 
 Section 8.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 8.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts
then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company
shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes
are hereby made subordinate on

  

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all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of holders of particular Notes, to secure any amounts then due it pursuant to the
provisions of Section 8.06. 
 No successor trustee shall accept appointment as provided in this Section 8.11 unless
at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 8.08 and be eligible under the provisions of Section 8.09. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 8.11, each of the Company and the successor trustee,
at the written direction and at the expense of the Company shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Noteholders at their addresses as they shall appear on the Note Register. If the Company fails to
mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 
 Section 8.12. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be qualified under the provisions of Section 8.08
and eligible under the provisions of Section 8.09. 
 In case at the time such successor to the Trustee shall succeed to
the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by
such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may
authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation. 
 Section 8.13. Trustee’s
Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of
the holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or
such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall
not be less than three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier
date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be
taken or omitted. 
  

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 ARTICLE 9 
 CONCERNING THE NOTEHOLDERS 
 Section 9.01. Action by Noteholders.
Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the
taking of any other action), the fact that at the time of taking any such action, the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by
Noteholders in person or by agent or proxy appointed in writing, or (b) by the record of the Noteholders voting in favor thereof at any meeting of Noteholders duly called and held in accordance with the provisions of Article 10, or (c) by
a combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Company or the Trustee solicits the taking of any action by the holders of the Notes, the Company or the Trustee may fix, but shall
not be required to, in advance of such solicitation, a date as the record date for determining Noteholders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of
solicitation of such action. 
 Section 9.02. Proof of Execution by Noteholders. Subject to the provisions of
Section 8.01, Section 8.02 and Section 10.05, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by
the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Noteholders’ meeting shall be proved in the manner
provided in Section 10.06. 
 Section 9.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any
authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such
Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any,
and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall
be affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies
payable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent,
solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture.

 Section 9.04. Company-Owned Notes Disregarded. From and after such time as this Indenture shall have been
qualified under the Trust Indenture Act, in determining whether the holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the
Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided
that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as outstanding

  

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for the purposes of this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is
not the Company or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the
account of any of the above described Persons; and, subject to Section 8.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed
therein are outstanding for the purpose of any such determination. 
 Section 9.05. Revocation of Consents; Future
Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Notes specified in this
Indenture in connection with such action, any holder of a Note that is shown by the evidence to be included in the Notes the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 9.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the holder of any Note shall be conclusive and binding upon such holder and upon all future
holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or
substitution therefor or upon registration of transfer thereof. 
 ARTICLE 10 
 NOTEHOLDERS’ MEETINGS 
 Section 10.01. Purpose of Meetings. A meeting of Noteholders may be called at any time and from time to time pursuant to the provisions of this Article 10 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this
Indenture, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Noteholders pursuant to any of the provisions of Article 7; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 8; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of
Section 11.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the holders of
any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 
 Section 10.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Noteholders to take any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine.
Notice of every meeting of the Noteholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 9.01, shall be
mailed to holders of such Notes at their addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Company. Such notices shall be mailed not less than twenty nor more than ninety days prior to the date fixed for
the meeting. 
  

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 Any meeting of Noteholders shall be valid without notice if the holders of all Notes then
outstanding are present in person or by proxy or if notice is waived before or after the meeting by the holders of all Notes outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or
after the meeting, waived notice. 
 Section 10.03. Call of Meetings by Company or Noteholders. In case at any time
the Company, pursuant to a Board Resolution, or the holders of at least 25% in aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Noteholders, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within twenty days after receipt of such request, then the Company or such Noteholders may determine the time and the
place for such meeting and may call such meeting to take any action authorized in Section 10.01, by mailing notice thereof as provided in Section 10.02. 
 Section 10.04. Qualifications for Voting. To be entitled to vote at any meeting of Noteholders a Person shall (a) be a holder of one or more Notes on the record date pertaining to such
meeting or (b) be a Person appointed by an instrument in writing as proxy by a holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of
Noteholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 Section 10.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Noteholders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Noteholders as provided in Section 10.03,
in which case the Company or the Noteholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a
majority in principal amount of the Notes represented at the meeting and entitled to vote at the meeting. 
 Subject to the
provisions of Section 9.04, at any meeting of Noteholders each Noteholder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him; provided, however, that no vote shall be
cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or
instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Noteholders. Any meeting of Noteholders duly called pursuant to the provisions of Section 10.02 or Section 10.03 may be adjourned from time to
time by the holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 10.06. Voting. The vote upon any resolution submitted to any meeting of Noteholders shall be by written ballot on which
shall be subscribed the signatures of the Noteholders or of

  

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their representatives by proxy and the outstanding principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Noteholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 10.02. The record shall show the principal amount of the Notes voting in favor of or against any resolution.
The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to
have attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive evidence of the
matters therein stated. 
 Section 10.07. No Delay of Rights by Meeting. Nothing contained in this Article 10 shall
be deemed or construed to authorize or permit, by reason of any call of a meeting of Noteholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon
or reserved to the Trustee or to the Noteholders under any of the provisions of this Indenture or of the Notes. 
 ARTICLE 11

 SUPPLEMENTAL INDENTURES 
 Section 11.01. Supplemental Indentures Without Consent of Noteholders. The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense,
may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
 (a) to cure any ambiguity, omission, defect or inconsistency in this Indenture; 
 (b) to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 12; 
 (c) to add guarantees with respect to the Notes; 
 (d) to secure the Notes; 
 (e) to add to the covenants of the Company such further covenants, restrictions or conditions for the benefit of the Noteholders or surrender any right or power conferred upon the Company; 
 (f) to make any other change that does not materially adversely affect the rights of any holder; or 
 (g) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act. 
 Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate

  

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agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section 11.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 11.02. 
 Section 11.02. Supplemental Indentures With Consent of Noteholders. With the consent (evidenced as provided in Article 9) of the
holders of at least a majority in aggregate principal amount of the Notes at the time outstanding (determined in accordance with Article 9 and including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Notes; provided,
however, that no such supplemental indenture shall: 
 (a) reduce the percentage in aggregate principal
amount of Notes outstanding necessary to modify or amend this Indenture or to waive any past Default or Event of Default; 
 (b) reduce the rate or extend the stated time for payment of interest on any Note; 
 (c) reduce the principal of, or extend the Maturity Date of, any Note; 
 (d) make any change that impairs or adversely affects the conversion rights of any Notes; 
 (e) reduce
the Fundamental Change Purchase Price of any Note or amend or modify in any manner adverse to the holders of the Notes the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants,
definitions or otherwise; 
 (f) make any Note payable in a currency other than that stated in the Note;

 (g) impair the right of any holder to receive payment of principal of and interest on such holder’s Notes
on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Note; 
 (h) make any change in this Article 11 that requires each holder’s consent or in the waiver provisions in Section 7.01 or Section 7.07; or 
 (i) modify the ranking provisions of this Indenture in a manner that is adverse to the holder of the Notes; 
 in each case without the consent of each holder of an outstanding Note affected. 
 Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid and
subject to Section 11.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
  

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 It shall not be necessary for the consent of the Noteholders under this Section 11.02
to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. After an amendment under this Indenture becomes effective, the Company shall mail to the holders a
notice briefly describing such amendment. However, the failure to give such notice to all the holders, or any defect in the notice, will not impair or affect the validity of the amendment. 
 Section 11.03. Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions of this Article
11 shall comply with the Trust Indenture Act, as then in effect; provided that this Section 11.03 shall not require such supplemental indenture to be qualified under the Trust Indenture Act prior to the time such qualification is in fact
required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act, nor shall any such qualification constitute any admission or acknowledgment by any party to such supplemental indenture that any
such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article 11, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Company and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 11.04. Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 11 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.11) and delivered in exchange for
the Notes then outstanding, upon surrender of such Notes then outstanding. 
 Section 11.05. Evidence of Compliance of
Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant hereto complies with the requirements of this Article 11 and is permitted or authorized by the Indenture. 
 ARTICLE 12 
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
 Section 12.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 12.02, the Company
shall not consolidate with, merge with or into, or convey, transfer or lease its properties and assets substantially as an entirety to another Person, unless: 
 (a) the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a
corporation, partnership or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,

  

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and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations
of the Company under the Notes, and this Indenture; 
 (b) if as a result of any such transaction the outstanding
Notes become exchangeable into securities or other property of a third party, such third party fully and unconditionally guarantees all payment and other obligations in respect of such Notes; and 
 (c) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture. 
 Upon any such consolidation, merger, conveyance, transfer or lease the Successor Company (if not the
Company) shall succeed to, and may exercise every right and power of, the Company under this Indenture. 
 For purposes of this
Section 12.01, the conveyance, transfer or lease of the properties and assets of one or more Subsidiaries of the Company substantially as an entirety to another Person, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute the properties and assets of the Company substantially as an entirety on a consolidated basis, shall be deemed to be the transfer of the properties and assets of the Company substantially as an entirety to another
Person. 
 Section 12.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger,
conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the due and punctual payment of the principal of
and premium, if any, accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Company, such Successor Company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company
thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the
order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes
that previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All
the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date
of the execution hereof. In the event of any such consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the “Company” in the first paragraph of this Indenture or any successor that shall
thereafter have become such in the manner prescribed in this Article 12 may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of
the Notes and from its obligations under this Indenture. 
 In case of any such consolidation, merger, conveyance, transfer or
lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 12.03. Opinion of Counsel to Be Given Trustee. The Company shall not consummate a merger, consolidation, conveyance, transfer or lease of its properties and assets substantially

  

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as an entirety to another Person unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, conveyance,
transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 12. 
 ARTICLE 13 
 IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
 Section 13.01. Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or premium, if
any, or accrued and unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture
or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director or Subsidiary, as such, past, present or future, of the Company or of any
successor corporation or entity, either directly or through the Company or any successor corporation or entity, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes. 
 ARTICLE 14 
 [INTENTIONALLY OMITTED] 
 ARTICLE 15 
 CONVERSION OF NOTES 
 Section 15.01. Conversion Privilege. Upon compliance with the provisions of this
Article 15, a Noteholder shall have the right, at such holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note into shares of Common Stock at any
time prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date at an initial conversion rate (the “Conversion Rate”) of 142.6534 shares of Common Stock (subject to adjustment as
provided in Section 15.04 of this Indenture) per $1,000 principal amount of Notes (subject to the settlement provisions of Section 15.02, the “Conversion Obligation”). 
 Section 15.02. Conversion Procedure. 
 (a) Subject to this Section 15.02, upon any conversion of any Note, the Company shall deliver to converting Noteholders, in respect of each $1,000 principal amount of Notes being converted, solely
shares of Common Stock as set forth in this Section 15.02 (but subject to Section 15.02(j)). 
 (b) Before any holder
of a Note shall be entitled to convert the same as set forth above, such holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on
the next Interest Payment Date to which such holder is not entitled as set forth in Section 15.02(h) and, if required, all transfer or similar taxes, if any, and (ii) in the case of a Note issued in certificated form, (1) complete and
manually sign and deliver an irrevocable notice to the Conversion Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (Exhibit B hereto) (a “Notice of Conversion”) at the office of the Conversion
Agent and shall state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such holder wishes the certificate or certificates for the shares of Common

  

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Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, pay funds equal to interest payable on the next Interest Payment Date to which such holder is not entitled as set forth in Section 15.02(h),
(4) if required, furnish appropriate endorsements and transfer documents, and (5) if required, pay all transfer or similar taxes, if any as set forth in Section 15.02(e). The Trustee (and if different, the relevant Conversion Agent)
shall notify the Company of any conversion pursuant to this Article 15 on the date of such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a holder thereof if such holder has also delivered a Fundamental Change
Purchase Notice to the Company in respect of such Notes and not validly withdrawn such Fundamental Change Purchase Notice in accordance with Section 16.02. 
 If more than one Note shall be surrendered for conversion at one time by the same holder, the Conversion Obligation with respect to such Notes, if any, that shall be payable upon conversion shall be
computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 
 (c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the holder has complied with the requirements set
forth in Section 15.02(b). The Company shall deliver the shares of Common Stock due in respect of its Conversion Obligation on the third Trading Day immediately following the relevant Conversion Date. The Company shall issue or cause to be
issued, and deliver to the Conversion Agent or to such Noteholder, or such Noteholder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the number of full shares of Common Stock to which such Noteholder
shall be entitled in satisfaction of such Conversion Obligation. 
 (d) In case any Note shall be surrendered for partial
conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the holder of the Note so surrendered, without charge to such holder, a new Note or Notes in authorized denominations in an
aggregate principal amount equal to the unconverted portion of the surrendered Note. 
 (e) If a holder submits a Note for
conversion, the Company shall pay all stamp and other duties, if any, that may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock upon
the conversion. However, the holder shall pay any such tax that is due because the holder requests any shares of Common Stock to be issued in a name other than the holder’s name. The Conversion Agent may refuse to deliver the certificates
representing the shares of Common Stock being issued in a name other than the holder’s name until the Trustee receives a sum sufficient to pay any tax that will be due because the shares are to be issued in a name other than the holder’s
name. Nothing herein shall preclude any tax withholding required by law or regulations. 
 (f) Except as provided in
Section 15.04, no adjustment shall be made for dividends on any shares issued upon the conversion of any Note as provided in this Article. 
 (g) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal
amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee. 
 (h) Upon conversion, a Noteholder shall not receive any separate cash payment for accrued and unpaid interest, except as set forth below. The Company’s settlement of the Conversion Obligations

  

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as described above shall be deemed to satisfy its obligation to pay the principal amount of the Note and accrued and unpaid interest to, but not including, the Conversion Date. As a result,
accrued and unpaid interest to, but not including, the Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are converted after the close of business on
an Interest Record Date, holders of such Notes as of the close of business on the Interest Record Date will receive the interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for
conversion during the period from the close of business on any Interest Record Date to the opening of business on the corresponding Interest Payment Date must be accompanied by payment of an amount equal to the interest payable on the Notes so
converted; provided, however, that no such payment shall be required (1) if the Company has specified a Fundamental Change Purchase Date that is after an Interest Record Date but on or prior to the corresponding Interest Payment
Date, (2) to the extent of any Defaulted Interest, if any, existing at the time of conversion with respect to such Note or (3) if the Notes are surrendered for conversion after the close of business on the Interest Record Date immediately
preceding the Maturity Date. Except as described above, no payment or adjustment will be made for accrued and unpaid interest on converted Notes. 
 (i) The Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the close of business on the relevant
Conversion Date; provided, however, if such Conversion Date occurs on any date when the stock transfer books of the Company shall be closed, such occurrence shall not be effective to constitute the Person or Persons entitled to receive
such shares of Common Stock due upon conversion as the record holder or holders of such shares of Common Stock on such date, but such occurrence shall be effective to constitute the Person or Persons entitled to receive such shares of Common Stock
as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open. Upon conversion of Notes, such Person shall no longer be a Noteholder. 
 (j) If more than one Note shall be surrendered for conversion at one time by the same holder, the number of full shares that shall be issued
upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof) so surrendered. The Company shall not issue fractional shares of Common Stock upon conversion of Notes. Instead,
the Company shall pay cash in lieu of fractional shares based on the Daily VWAP on the relevant Conversion Date. 
 Section 15.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. 
 (a) Notwithstanding anything herein to the contrary, the Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with this Article 15, at any time from, and including,
the effective date of a Make-Whole Fundamental Change until, and including, the close of business on the Business Day immediately prior to the related Fundamental Change Purchase Date corresponding to such Make-Whole Fundamental Change, shall be
increased to an amount equal to the Conversion Rate that would, but for this Section 15.03, otherwise apply to such Note pursuant to this Article 15, plus an amount equal to the Make-Whole Conversion Rate Adjustment. 
  

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 As used herein, “Make-Whole Conversion Rate Adjustment” shall mean, with
respect to a Make-Whole Fundamental Change, the amount set forth in the following table that corresponds to the effective date of such Make-Whole Fundamental Change (the “Effective Date”) and the Stock Price for such Make-Whole
Fundamental Change, all as determined by the Company: 
 Make-Whole Conversion Rate Adjustment 
 (per $1,000 principal amount of Notes) 
 Stock Price 
  

																							
	 Effective date
	  	$5.92	  	$6.50	  	$7.00	  	$7.50	  	$8.00	  	$9.00	  	$12.00	  	$15.00	  	$18.00	  	$21.00	  	$24.00
	 April 1, 2010
	  	26.210	  	18.061	  	13.832	  	11.122	  	9.325	  	7.064	  	3.610	  	1.892	  	0.952	  	0.430	  	0.149
	 April 15, 2011
	  	26.210	  	15.464	  	11.387	  	8.932	  	7.385	  	5.496	  	2.593	  	1.187	  	0.468	  	0.121	  	0.000
	 April 15, 2012
	  	26.210	  	13.120	  	9.142	  	6.954	  	5.678	  	4.176	  	1.828	  	0.713	  	0.190	  	0.000	  	0.000
	 April 15, 2013
	  	26.210	  	11.127	  	7.004	  	5.048	  	4.067	  	2.982	  	1.234	  	0.402	  	0.037	  	0.000	  	0.000
	 April 15, 2014
	  	26.210	  	8.946	  	4.338	  	2.779	  	2.231	  	1.657	  	0.670	  	0.175	  	0.000	  	0.000	  	0.000
	 April 15, 2015
	  	26.210	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000	  	0.000

 provided, however,
that: 
 (i) if the actual Stock Price of such Make-Whole Fundamental Change is between two Stock Prices listed
in the table above under the column titled “Stock Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates listed in the table above in the row immediately below the title “Effective
Date,” then the Make-Whole Conversion Rate Adjustment for such Make-Whole Fundamental Change shall be determined by the Company by linear interpolation between the Make-Whole Conversion Rate Adjustment set forth for such higher and lower Stock
Prices, and the earlier and later Effective Dates based on a 365 day year, as applicable; 
 (ii) if the actual
Stock Price of such Make-Whole Fundamental Change is greater than $24.00 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), or if the actual Stock Price of such Make-Whole Fundamental
Change is less than $5.92 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), then the Make-Whole Conversion Rate Adjustment shall be equal to zero and this Section 15.03 shall not
require the Company to increase the Conversion Rate with respect to such Make-Whole Fundamental Change; 
 (iii)
if an event occurs that requires, pursuant to this Article 15 (other than solely pursuant to this Section 15.03), an adjustment to the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, each price set
forth in the table above under the column titled “Stock Price” shall be deemed to be adjusted so that such Stock Price, at and after such time, shall be equal to the product of (1) such Stock Price as in effect immediately before such
adjustment to such Stock Price and (2) a fraction whose numerator is the Conversion Rate in effect immediately before such adjustment to the Conversion Rate and whose denominator is the Conversion Rate to be in effect, in accordance with this
Article 15, immediately after such adjustment to the Conversion Rate; 
 (iv) each Make-Whole Conversion Rate
Adjustment set forth in the table above shall be adjusted in the same manner in which, and for the same events for which, the Conversion Rate is to be adjusted pursuant to Section 15.04; and 
 (v) in no event will the total number of shares of Common Stock issuable upon conversion of the Notes exceed
168.8634 per $1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 15.04 (the “Maximum Conversion Rate”). 
  

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 (b) As soon as practicable after the Company determines the anticipated Effective Date of
any proposed Make-Whole Fundamental Change, the Company shall make commercially reasonable efforts to mail to each Noteholder, the Trustee and the Conversion Agent written notice of, and shall issue a press release indicating, and publicly announce,
through a public medium that is customary for such announcements, and publish on the Company’s website, the anticipated effective date of such proposed Make-Whole Fundamental Change. Each such press release notice, announcement and publication
shall also state that in connection with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the Conversion Rate applicable to Notes entitled as provided herein to such increase (along with a description of how
such increase shall be calculated and the time periods during which Notes must be surrendered in order to be entitled to such increase). No later than the actual Effective Date of each Make-Whole Fundamental Change, the Company shall mail to each
Noteholder, the Trustee and the Conversion Agent written notice of, and shall issue a press release indicating, and publicly announce, through a public medium that is customary for such announcements, and publish on the Company’s website, such
Effective Date and the amount by which the Conversion Rate has been so increased. 
 Nothing in this Section 15.03 shall
prevent an adjustment to the Conversion Rate pursuant to Section 15.04 in respect of a Make-Whole Fundamental Change. 
 Section 15.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company as follows: 
 (a) If the Company issues shares of Common Stock as a dividend or distribution to all holders of the outstanding Common Stock on shares of Common Stock, or if the Company effects a share split or share
combination, the Conversion Rate will be adjusted based on the following formula: 
  

					
	CR'	  	=	  	CR0 × OS'
		  		  	            OS0

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the effective date
of such share split or share combination, as the case may be;
			
	CR'	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the effective date of
such share split or share combination, as the case may be;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on
the effective date of such share split or share combination, as the case may be; and
			
	OS'	  	=	  	the number of shares of Common Stock outstanding immediately after such dividend or distribution, or the effective date of such share split or share combination, as the case may
be.

  

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 Such adjustment shall become effective immediately after the opening of business on the
Ex-Dividend Date for such dividend or distribution, or the effective date for such share split or share combination. If any dividend or distribution of the type described in this Section 15.04(a) is declared but not so paid or made, or the
outstanding shares of Common Stock are not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or split or
combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced. 
 (b) In case the Company shall distribute to all or substantially all holders of its Common Stock any rights, options or warrants entitling
them for a period of not more than sixty days after the declaration date of such distribution to subscribe for or purchase shares of the Common Stock, at a price per share less than the Last Reported Sale Price of the Common Stock on the Trading Day
immediately preceding the declaration date for such distribution, the Conversion Rate shall be adjusted based on the following formula: 
  

					
	CR'	  	=	  	CR0 × OS0+X
		  		  	           OS0+Y

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR'	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;
			
	OS0	  	=	  	the number of shares of the Common Stock that are outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	X	  	=	  	the total number of shares of the Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale
Prices of Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date relating to such distribution of such rights, options or warrants.

 Such adjustment shall be successively made whenever any such rights, options or warrants are distributed and shall become effective
immediately after the opening of business on the Ex-Dividend Date for such distribution. The Company shall not issue any such rights, options or warrants in respect of shares of the Common Stock held in treasury by the Company. To the extent that
shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such
rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion
Rate that would then be in effect if such Ex-Dividend Date for such distribution had not been fixed. 
  

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 In determining whether any rights, options or warrants entitle the holders to subscribe for
or purchase shares of the Common Stock at less than such Last Reported Sale Price of the Common Stock, and in determining the aggregate offering price of such shares of the Common Stock, there shall be taken into account any consideration received
by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. In no event shall the Conversion Rate be
decreased pursuant to this Section 15.04(b). 
 (c) In case the Company shall distribute shares of its Capital Stock,
evidences of its indebtedness or other of its assets or property other than (i) dividends or distributions covered by Section 15.04(a) and Section 15.04(b), (ii) dividends or distributions paid exclusively in cash, and
(iii) Spin-Offs to which the provisions set forth below in this Section 15.04(c) shall apply (any of such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this Section 15.04(c) called the
“Distributed Property”), to all or substantially all holders of its Common Stock, then, in each such case the Conversion Rate shall be adjusted based on the following formula: 
  

									
	CR'	  	=	  	CR0	 	×	 	    SP0      
		  		  		 		 	SP0-FMV

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR'	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets or property distributed with respect to each
outstanding share of the Common Stock as of the open of business on the Ex-Dividend Date for such distribution.

 Such adjustment shall become effective immediately prior to the opening of business on the Ex-Dividend Date for such distribution; provided that if “FMV” as set forth above is equal to or
greater than “SP0” as set forth above, in lieu of
the foregoing adjustment, adequate provision shall be made so that each Noteholder shall receive on the date on which the Distributed Property is distributed to holders of Common Stock, for each $1,000 principal amount of Notes the amount of
Distributed Property such holder would have received had such holder owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such distribution. If such distribution is not so paid or made, the Conversion Rate
shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. If the Board of Directors determines “FMV” for purposes of this Section 15.04(c) by reference to
the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period
ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 
  

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 With respect to an adjustment pursuant to this Section 15.04(c) where there has been a
dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company (a “Spin-Off”), the Conversion
Rate in effect immediately before the close of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off will be increased based on the following formula: 
  

					
	CR'	  	=	  	CR0 × FMV0+MP
0
		  		  	                MP0

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the tenth Trading Day immediately following, and including, the effective date of the
Spin-Off;
			
	CR'	  	=	  	the Conversion Rate in effect immediately after the close of business on the tenth Trading Day immediately following, and including, the effective date of the
Spin-Off;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common
Stock over the first ten consecutive Trading Day period immediately following, and including, the effective date of the Spin-Off; and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive Trading Day period immediately following and including the effective date of the
Spin-Off.

 The adjustment to the Conversion Rate under the preceding paragraph shall become effective at the
close of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off; provided that, for purposes of determining the Conversion Rate, in respect of any conversion during the ten Trading Days
immediately following, and including, the effective date of any Spin-Off, references in the portion of this Section 15.04(c) related to Spin-Offs to ten Trading Days shall be deemed replaced with such lesser number of Trading Days as have
elapsed between the effective date of such Spin-Off and the Conversion Date for such conversion. 
 Subject in all respects to
Section 15.10, rights, options or warrants distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock;
(ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 15.04 (and no adjustment to the Conversion Rate under
this Section 15.04 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall
be made under this Section 15.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights,
options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with
respect to new rights, options or warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by any of the holders thereof). In addition, in the

  

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event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that
was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 15.04 was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or
repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution,
equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock
as of the date of such redemption or repurchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such
rights, options and warrants had not been issued. 
 For purposes of this Section 15.04(c), Section 15.04(a), and
Section 15.04(b), any dividend or distribution to which this Section 15.04(c) is applicable that also includes shares of Common Stock, or rights, options or warrants to subscribe for or purchase shares of Common Stock to which
Section 15.04(b) applies (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of capital stock other than such shares of Common Stock or rights, options or warrants to
which Section 15.04(c) applies (and any Conversion Rate adjustment required by this Section 15.04(c) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights, options or warrants (and any further Conversion Rate adjustment required by Section 15.04(a) and Section 15.04(b) with respect to such dividend or distribution shall then be made), except (A) the
Ex-Dividend Date of such dividend or distribution shall be substituted as “the Ex-Dividend Date,” “the Ex-Dividend Date relating to such distribution of such rights, options or warrants” and “the Ex-Dividend Date for such
distribution” within the meaning of Section 15.04(a) and Section 15.04(b) and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding immediately prior to the Ex-Dividend
Date for such dividend or distribution, or the effective date of such share split or share combination, as the case may be” within the meaning of Section 15.04(a) or “outstanding immediately prior to the Ex-Dividend Date for such
dividend or distribution” within the meaning of Section 15.04(b). 
 In no event shall the Conversion Rate be
decreased pursuant to this Section 15.04(c). 
 (d) If the Company makes or pays any cash dividend or distribution to all
or substantially all holders of its Common Stock in an amount in excess of the Dividend Threshold Amount (as defined below), the Conversion Rate shall be adjusted based on the following formula: 
  

					
	CR'	  	=	  	CR0 × SP0        
		  		  	           SP0-C

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR'	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date
for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share above the Dividend Threshold Amount the Company distributes to holders of its Common Stock

  

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 The “Dividend Threshold Amount” shall initially be $0.10 per calendar
quarter and is subject to adjustment in a manner inversely proportional to adjustments to the Conversion Rate; provided that no adjustment will be made to the Dividend Threshold Amount for any adjustment to the Conversion Rate under this clause
15.04(d). 
 If any dividend or distribution described in this clause (4) is declared but not so paid or made, the new
Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 For the avoidance of doubt, for purposes of this Section 15.04(d), in the event of any reclassification of the Common Stock, as a result of which the Notes become convertible into more than one class
of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this Section 15.04(d), references in this Section to one share of Common Stock or Last Reported Sale Price of one share of Common Stock shall be deemed to refer to
a unit or to the price of a unit consisting of the number of shares of each class of Common Stock into which the Notes are then convertible equal to the numbers of shares of such class issued in respect of one share of Common Stock in such
reclassification. The above provisions of this paragraph shall similarly apply to successive reclassifications. 
 In no event
shall the Conversion Rate be decreased pursuant to this Section 15.04(d). 
 (e) If the Company or any of its Subsidiaries
makes a payment in respect of a tender offer or exchange offer for the Common Stock and the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the
Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 
  

					
	CR'	  	=	  	CR0 × AC+(SP'xOS')
		  		  	                OS0×SP'

 where 
  

					
	CR0	  	=	  	the Conversion Rate in effect at the close of business on the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CR'	  	=	  	the Conversion Rate in effect at the open of business on first day following the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or
exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to such tender offer or exchange
offer);

  

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	OS'	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to such tender offer or exchange offer);
and
			
	SP'	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecu-tive Trading Day period ending on the Trading Day next succeeding the date such tender or
exchange offer expires.

 Such adjustment shall become effective at the close of business on the Trading Day next
succeeding the date such tender or exchange offer expires. If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by applicable law from effecting any or all or any
portion of such purchases or all such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of
the purchases that had been effected. In no event shall the Conversion Rate be decreased pursuant to this Section 15.04(e). 
 (f) The term “Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash, securities or
other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive such cash,
securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). 
 (g)
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of its Common Stock or any securities convertible into or exchangeable for shares of its Common Stock or the right to purchase shares of its Common
Stock or such convertible or exchangeable securities. 
 (h) Notwithstanding this Section 15.04 or any other provision of
this Indenture or the Notes, if any Conversion Rate adjustment becomes effective, or any Ex-Dividend Date for any issuance, dividend or distribution (relating to a required Conversion Rate adjustment) occurs, during the period beginning on, and
including, the open of business on a Conversion Date and ending on, and including, the close of business on the third Trading Day immediately following the relevant Conversion Date, the Board of Directors shall make adjustments to the Conversion
Rate and the number of shares of Common Stock issuable upon conversion of the Notes as is be necessary or appropriate to effect the intent of this Section 15.04 and the other provisions of Article 15 and to avoid unjust or inequitable results,
as determined in good faith by the Board of Directors. Any adjustment made pursuant to this Section 15.04(h) shall apply in lieu of the adjustment or other term that would otherwise be applicable. 
 (i) In addition to those required by clauses (a), (b), (c), (d) and (e) of this Section 15.04, and to the extent permitted by
applicable law and subject to the applicable rules of The NASDAQ Global Select Market, the Company from time to time may increase the Conversion Rate by any amount for a period of at least twenty Business Days if the Board of Directors determines
that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of The NASDAQ Global Select Market, the Company may also (but is not required to) increase
the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of shares (or rights to acquire shares) or similar event. Whenever the Conversion
Rate is increased pursuant to the preceding sentence, the Company shall provide to the holder of each Note at its last address appearing on the Note Register provided for in Section 2.06 a notice of the increase at least fifteen days prior to
the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 
  


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 (j) (i)The applicable Conversion Rate will not be adjusted except as described in
Section 15.04 above. Without limiting the foregoing, no adjustments will be made: 
 (a) upon the issuance
of any shares of the 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 the Common Stock
under any plan; 
 (b) upon the issuance of any shares of the 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 the Company’s Subsidiaries; 
 (c) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and
outstanding as of the date the Notes were first issued; 
 (d) for a change in the par value of the Common Stock;
or 
 (e) for accrued and unpaid interest. 
 (ii) For any transactions described in this Section 15.04 if Noteholders participate (as a result of holding the Notes, and at the same
time as holders of Common Stock participate) in such transactions as if such Noteholders held a number shares of Common Stock equal to the Conversion Rate at the time such adjustment would be required, multiplied by the principal amount (expressed
in thousands) of Notes held by such Noteholder, without having to convert their Notes, no adjustment will be made. 
 (k) All
calculations and other determinations under this Article 15 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000) of a share. 
 (l) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting
forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall
not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall
prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to the holder of each
Note at its last address appearing on the Note Register provided for in Section 2.06 of this Indenture, within ten days of the effective date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any
such adjustment. 
 (m) For purposes of this Section 15.04, the number of shares of Common Stock at any time outstanding
shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company will not pay any dividend or make any distribution on
shares of Common Stock held in the treasury of the Company. 
  

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 Section 15.05. Shares to Be Fully Paid. The Company shall provide, free from
preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion. 
 Section 15.06. Effect of Reclassification, Consolidation, Merger or Sale. Upon the occurrence of (i) any reclassification
or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination covered by Section 15.04(a)),
(ii) any consolidation, merger or combination involving the Company, or (iii) any sale or conveyance of all or substantially all of the property and assets of the Company to any other Person, in each case as a result of which holders of
Common Stock shall be entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event a “Merger Event”), then: 
 (a) the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental
indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) permitted under Section 11.01(f) providing for the
conversion and settlement of the Notes as set forth in this Indenture. Such supplemental indenture shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 15. If, in the
case of any Merger Event, the Reference Property includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change, consolidation,
merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the holders of the Notes as the Board of Directors
shall reasonably consider necessary by reason of the foregoing, including to the extent required by the Board of Directors and practicable the provisions providing for the repurchase rights set forth in Article 16 herein. 
 In the event the Company shall execute a supplemental indenture pursuant to this Section 15.06, the Company shall
promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or asset that will comprise the Reference Property after any such Merger Event, any adjustment to
be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Noteholders. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each
Noteholder, at its address appearing on the Note Register provided for in this Indenture, within twenty days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

 (b) Notwithstanding the provisions of Section 15.02(a), and subject to the provisions of
Section 15.01 and Section 15.03, at and after the effective time of such Merger Event, (i) the right to convert each $1,000 principal amount of Notes into shares of Common Stock as set forth in Section 15.02 will be changed to a
right to convert such Note into cash, the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”) and (ii) the related Conversion Obligation shall be settled as set forth under clause (c) below, it being
understood and agreed that for purposes of Section 15.04(b), references therein to “the Last Reported Sale Price of the Common Stock” shall be deemed at and after the effective time of such Merger Event to be references to “the
Last Reported Sale Price of a unit of Reference

  

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Property comprised of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock
immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average Consideration.” The Company shall not become a party to any Merger Event unless its terms are consistent with this
Section 15.06. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into shares of Common Stock, as set forth in Section 15.01 and Section 15.02 prior to the effective date of such Merger
Event. 
 (c) With respect to each $1,000 principal amount of Notes surrendered for conversion after the
effective date of any such Merger Event, the Company’s Conversion Obligation shall be settled in cash or units of Reference Property, at the Company’s election, in accordance with Section 15.02(a) as follows: 
 (i) The Company shall deliver to the converting Noteholder a number of units of Reference Property (each such unit comprised
of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have owned or been entitled to
receive based on the Weighted Average Consideration) equal to (1) the aggregate principal amount of Notes to be converted, divided by $1,000, multiplied by (2) the then-applicable Conversion Rate. 
 (ii) The Company will deliver the cash in lieu of fractional units of Reference Property as set forth pursuant to
Section 15.02(j) (provided that the amount of such cash shall be determined as if references in such Section to “the Last Reported Sale Price of the Common Stock” were instead a reference to “the Last Reported Sale Price
of a unit of Reference Property composed of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event
would have owned or been entitled to receive based on the Weighted Average Consideration”). 
 (d) The above provisions of
this Section shall similarly apply to successive Merger Events. 
 Section 15.07. Certain Covenants. 
 (a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the
Company and free from all taxes, liens and charges with respect to the issue thereof. 
 (b) The Company covenants that, if any
shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the
Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as
the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes. 
  

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 Section 15.08. Responsibility of Trustee. The Trustee and any other Conversion
Agent shall not at any time be under any duty or responsibility to any Noteholder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion
Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other
Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any
Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common
Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without
limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to
Section 15.06 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Noteholders upon the conversion of their Notes after any event referred to in such Section 15.06 or to any
adjustment to be made with respect thereto, but, subject to the provisions of Section 8.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible
for determining whether any event contemplated by Section 15.01(b) 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 15.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the
Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 15.01(b). 
 Section 15.09. Notice to Holders Prior to Certain Actions. In case: 
 (a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the Conversion Rate pursuant to Section 15.04; or 
 (b) the Company shall authorize the granting to all of the holders of its Common Stock of rights, options or warrants to
subscribe for or purchase any share of any class or any other rights, options or warrants; or 
 (c) of any
reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation or
merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at its address appearing on the Note Register, provided for in
Section 2.06 of this Indenture, as promptly as possible but in any event at least twenty days prior to the applicable date hereinafter specified, a notice stating (i) the

  

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date on which a record is to be taken for the purpose of such dividend, distribution or rights, options or warrants, or, if a record is not to be taken, the date as of which the holders of Common
Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (ii) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become
effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding-up. 
 Section 15.10. Stockholder Rights Plans. To the extent that the Company has a
stockholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock
issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. If at the time of conversion, however, the rights have
separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that the holders of the Notes would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon
conversion of the Notes, the Conversion Rate will be adjusted at the time of separation as if the Company has distributed to all holders of Common Stock, shares of Capital Stock of the Company, evidence of indebtedness or assets as provided in
Section 15.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 
 Section 15.11. Exchange in Lieu of Conversion. 
 (a) When a holder surrenders its Notes for conversion,
the Company may, at its election, direct the Conversion Agent to surrender, on or prior to the second Business Day following the relevant Conversion Date, such Notes to a financial institution designated by the Company (the “Designated
Institution”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion for exchange in lieu of conversion, the Designated Institution must agree to timely deliver, in exchange for such Notes, the shares of
Common Stock that would otherwise be due upon conversion as described in Section 15.02 above and in respect of which the Company has given notice to converting Noteholders. If the Company makes the election described above, the Company shall,
by the close of business on the second Business Day following the relevant Conversion Date, notify the holder surrendering its Notes for conversion that it has made such election. Any Notes exchanged by the Designated Institution will remain
outstanding. 
 (b) If the Designated Institution agrees to accept any Notes for exchange but does not timely deliver the
related consideration due upon conversion to the Conversion Agent, or if the Designated Institution does not accept such Notes for exchange, the Company shall, within the time period specified in Section 15.02(c), convert such Notes into shares
of Common Stock, as applicable in accordance with the provisions of Section 15.02. 
 (c) For the avoidance of doubt, in no
event will the Company’s designation of a Designated Institution pursuant to this Section 15.11 require the Designated Institution to accept any Notes for exchange. 
  

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 ARTICLE 16 
 REPURCHASE OF NOTES AT OPTION OF HOLDERS 
 Section 16.01. Repurchase at
Option of Holders upon a Fundamental Change. 
 (a) If there shall occur a Fundamental Change at any time prior to the
Maturity Date, then each Noteholder shall have the right, at such holder’s option, to require the Company to repurchase for cash all of such holder’s Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, on
the date (the “Fundamental Change Purchase Date”) specified by the Company that is not less than twenty Business Days and not more than thirty-five Business Days after the date of the Fundamental Change Company Notice (as defined
below) at a repurchase price equal to 100% of the principal amount thereof, together with accrued and unpaid interest thereon to, but excluding, the Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”), unless
the Fundamental Change Purchase Date is after an Interest Record Date and on or prior to the related Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid to holders of the Notes as of the preceding Interest
Record Date and the Fundamental Change Purchase Price payable to the holder surrendering the Note for repurchase pursuant to this Article 16 shall be equal to the principal amount of Notes subject to repurchase. Repurchases of Notes under this
Section 16.01 shall be made, at the option of the holder thereof, upon: 
 (i) delivery to the Company and
the Paying Agent by a holder of a duly completed notice (the “Fundamental Change Purchase Notice”) in the form set forth on the reverse of the Note as Exhibit C thereto on or prior to the Business Day immediately preceding the
Fundamental Change Purchase Date; and 
 (ii) delivery or book-entry transfer of the Notes to the Paying Agent at
any time after delivery of the Fundamental Change Purchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Paying Agent in The Borough of Manhattan, such delivery being a condition to receipt by the holder of
the Fundamental Change Purchase Price therefor; provided that such Fundamental Change Purchase Price shall be so paid pursuant to this Section 16.01 only if the Note so delivered to the Paying Agent shall conform in all respects to the
description thereof in the related Fundamental Change Purchase Notice. 
 The Fundamental Change Purchase Notice
shall state: 
  

	 	(A)	if certificated, the certificate numbers of Notes to be delivered for repurchase; 

  

	 	(B)	the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and 

  

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

 provided, however, that if the Notes are not in certificated form, the Fundamental Change Purchase Notice must comply with appropriate
Depositary procedures. 
 Any repurchase by the Company contemplated pursuant to the provisions of this Section 16.01 shall
be consummated by the payment of the Fundamental Change Purchase Price on the later of the Fundamental Change Purchase Date and the time of the book-entry transfer or delivery of the Note as described in Section 16.03(a). 
  

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 Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent
the Fundamental Change Purchase Notice contemplated by this Section 16.01 shall have the right to withdraw, in whole or in part, such Fundamental Change Purchase Notice at any time prior to the close of business on the Business Day immediately
preceding the Fundamental Change Purchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 16.03 below. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Purchase Notice or written notice of withdrawal thereof. 
 (b) On or before the twentieth day after the occurrence of the effective date of a Fundamental Change, the Company shall mail or cause to be
mailed to all holders of record of the Notes, the Trustee, the Paying Agent and the Conversion Agent a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the
repurchase right at the option of the holders arising as a result thereof. Such mailing shall be by first class mail. Simultaneously with the providing of such notice, the Company will also publish a notice containing the information set forth in
the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental
Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 
 (ii) the effective date of the Fundamental Change and whether the Fundamental Change is a Make-Whole Fundamental Change, in
which case the effective date of the Make-Whole Fundamental Change; 
 (iii) the last date on which a holder may
exercise the repurchase right pursuant to this Article 16; 
 (iv) the Fundamental Change Purchase Price;

 (v) the Fundamental Change Purchase Date; 
 (vi) the name and address of the Paying Agent and the Conversion Agent, if applicable; 
 (vii) if applicable, the applicable Conversion Rate, any adjustments to the applicable Conversion Rate; 
 (viii) if applicable, that the Notes with respect to which a Fundamental Change Purchase Notice has been delivered by a
holder may be converted only if the holder withdraws the Fundamental Change Purchase Notice in accordance with the terms of the Indenture; 
 (ix) that the holder must exercise the repurchase right on or prior to the close of business on the Business Day immediately preceding the Fundamental Change Purchase Date (the “Fundamental Change
Expiration Time”); 
 (x) that the holder shall have the right to withdraw any Notes surrendered prior
to the Fundamental Change Expiration Time; and 
 (xi) the procedures that holders must follow to require the
Company to repurchase their Notes. 
  

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 No failure of the Company to give the foregoing notices and no defect therein shall limit
the Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 16.01. 
 (c) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of the holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such
acceleration has not been rescinded, on or prior to the Fundamental Change Purchase Date (except in the case of an acceleration resulting from a default by the Company in the payment of the Fundamental Change Purchase Price with respect to such
Notes). 
 (d) In connection with any purchase offer, the Company will: 
 (i) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act, if required
under the Exchange Act, 
 (ii) file a Schedule TO or any successor or similar schedule, if required under the
Exchange Act, and 
 (iii) otherwise comply with all federal and state securities laws in connection with any
offer by the Company to purchase the Notes. 
 Section 16.02. Withdrawal of Fundamental Change Purchase Notice. A
Fundamental Change Purchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 16.02 at any time prior to the close of business on the
Business Day immediately preceding the Fundamental Change Purchase Date, specifying: 
 (i) the certificate
number, if any, of the Note in respect of which such notice of withdrawal is being submitted, or the appropriate Depositary information if the Note in respect of which such notice of withdrawal is being submitted is represented by a Global Note,

 (ii) the principal amount of the Note with respect to which such notice of withdrawal is being submitted, and

 (iii) the principal amount, if any, of such Note that remains subject to the original Fundamental Change
Purchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided, however,
that if the Notes are not in certificated form, the notice must comply with appropriate procedures of the Depositary. 
 Section 16.03. Deposit of Fundamental Change Purchase Price. 
 (a) The Company will deposit with the
Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 5.04) on or prior to 11:00 a.m., New York City time, on the Fundamental
Change Purchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Purchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the
Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the Fundamental Change Expiration Time) will be made on the later of (i) the Fundamental Change Purchase Date with respect to such Note (provided the
holder has satisfied the conditions

  

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in Section 16.01) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the holder thereof in the
manner required by Section 16.01 by mailing checks for the amount payable to the holders of such Notes entitled thereto as they shall appear in the Note Register, provided, however, that payments to the Depositary shall be made by
wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change
Purchase Price. 
 (b) If by 11:00 a.m. New York City time, on the Fundamental Change Purchase Date, the Trustee (or other
Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased as a result of the corresponding Fundamental Change, then (i) such Notes will cease to be outstanding,
(ii) interest will cease to accrue on such Notes, and (iii) all other rights of the holders of such Notes will terminate (other than the right to receive the Fundamental Change Purchase Price, and previously accrued but unpaid interest
upon delivery of the Notes), whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent. 
 (c) Upon surrender of a Note that is to be repurchased in part pursuant to 16.01, the Company shall execute and the Trustee shall authenticate and deliver to the holder a new Note in an authorized
denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 
 ARTICLE 17 
 MISCELLANEOUS PROVISIONS 
 Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or
not. 
 Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that
shall at the time be the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any
notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or made, for all purposes if transmitted by
facsimile or if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box, or by reputable overnight courier, addressed (until another address is filed by the Company with the Trustee) to BGC
Partners, Inc., 499 Park Avenue, New York, New York 10022, Attention: General Counsel (Fax Number: (212) 829-4708). Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if transmitted by facsimile or if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office (Fax Number: (212) 515-1589).

 The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication mailed to a Noteholder shall be mailed to it by first class mail, postage
prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. 
  

 -63- 








 Failure to mail a notice or communication to a Noteholder or any defect in it shall not
affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to
holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 Section 17.04. Governing Law. THIS INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 
 Section 17.05. Evidence of Compliance with
Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, other than in connection with the actions
referred to in Section 2.05, the Company shall, if requested by the Trustee, furnish to the Trustee an Officers’ Certificate stating that such action is permitted by the terms of this Indenture. 
 Each certificate provided for by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with
this Indenture (other than the Officers’ Certificates provided for in Section 5.08) shall include (a) a statement that the Person making such certificate is familiar with the requested action and this Indenture; (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such Person, such action is permitted by this
Indenture. 
 Notwithstanding anything to the contrary in this Section 17.05, if any provision in this Indenture
specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to, or entitled to request, such Opinion of Counsel.

 Section 17.06. Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Purchase Date,
Conversion Date or Maturity Date is not be a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no
interest shall accrue for the period from and after such date. 
 Section 17.07. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 Section 17.08. Trust Indenture Act. This Indenture is hereby made subject to, and shall be governed by, the
provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act upon such qualification; provided that this Section 17.08 shall not require that this Indenture or the Trustee
be qualified under the Trust Indenture Act prior to the time such qualification is in fact required under the terms of the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party hereto that any such qualification
is required prior to the time

  

 -64- 








 
such qualification is in fact required under the terms of the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be
included in an indenture qualified under the Trust Indenture Act, such required provision shall control. 
 Section 17.09.
Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their
successors hereunder or the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 17.10. Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a
part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 17.11.
Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and
transfers and exchanges of Notes hereunder, including under Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 11.04 and Section 16.03 as fully to all intents and purposes as though the authenticating agent
had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and
delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s
certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 8.09. 
 Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger,
consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to all or substantially all the corporate trust business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or
such successor corporation or other entity. 
 Any authenticating agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of
such appointment to the Company and shall mail notice of such appointment to all Noteholders as the names and addresses of such holders appear on the Note Register. 
 The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such
agent’s fees to be unreasonable. 
 The provisions of Section 8.02, Section 8.03, Section 8.04,
Section 9.03 and this Section 17.11 shall be applicable to any authenticating agent. 
  

 -65- 








 If an authenticating agent is appointed pursuant to this Section, the Notes may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

					
	                                       
                                     ,	  	
	 as Authenticating Agent, certifies that this is
 one of the Notes described in the within-named
 Indenture.
	  	
			
	By:	  		  	
		  	Authorized Signatory	  	

 Section 17.12. Execution in Counterparts. This Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 
 Section 17.13. Severability. In the event any provision of this Indenture or in the
Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 
 Section 17.14. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 17.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 17.16. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and 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 parties to this Indenture agree that they
will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
  

 -66- 








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

					
	BGC PARTNERS, INC.
		
	By:	 	 /s/ A. Graham Sadler

		 	Name:	 	A. Graham Sadler
		 	Title:	 	Chief Financial Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Raymond Delli Colli

		 	Name:	 	Raymond Delli Colli
		 	Title:	 	Vice President


 [Signature Page to
the Indenture regarding BGC Partners, Inc.’s $150 million aggregate 
 principal amount of 8.75% Convertible Senior
Notes Due 2015] 
  

 -67- 








 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 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 OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN 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
THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO BGC PARTNERS, INC. (THE
“COMPANY”) OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO 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 (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. 
  

 A-1 








 BGC PARTNERS, INC. 
 Form of [    ]% Convertible Senior Note due 2015 
  

			
	No. 1	  	$[                    ]

 CUSIP No. [                    ] 
 BGC Partners, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay
to[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (which amount may from time to time be increased or decreased to such other principal amounts (which, taken together
with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $[                    ] in aggregate
at any time) by adjustments made on the records of the Trustee or the Custodian of the Depositary as set forth in Schedule A hereto, in accordance with the rules and procedures of the Depositary)]* on April 15, 2015, and interest thereon as set
forth below and Additional Interest in the manner, at the rates and to the Persons set forth in the Indenture. 
 This Note
shall bear interest at the rate of [    ]% per year (subject to increase pursuant to Section 7.01 of the Indenture) from April 1, 2010, or from the most recent date to which interest had been paid or provided for to,
but excluding, the next scheduled Interest Payment Date until April 15, 2015. Interest is payable semi–annually in arrears on each April 15 and October 15, commencing October 15, 2010, to holders of record at the close of
business on the preceding March 31 and September 30 (whether or not such day is a Business Day), respectively. 
 Payment of the principal of and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on this Note shall be made at the office or agency of the Paying Agent maintained for that purpose in
[                    ] or The Borough of Manhattan, The City of New York, in such lawful money of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts; provided, however, interest, including Additional Interest, if any, may be paid by check mailed to such holder’s address as it appears in the Note
Register; provided further, however, that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at the application of such holder in writing to the Trustee and Paying Agent (if different from the
Trustee) not later than the relevant Interest Record Date, accrued and unpaid interest and Additional Interest, if any, on such holder’s Notes shall be paid by wire transfer in immediately available funds to such holder’s account in the
United States, which application shall remain in effect until the Noteholder notifies in writing the Trustee and Paying Agent to the contrary; provided that any payment to the Depositary or its nominee shall be paid by wire transfer in
immediately available funds in accordance with the wire transfer instruction supplied by the Depositary or its nominee from time to time to the Trustee and Paying Agent (if different from Trustee). 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving
the holder of this Note the right to convert this Note into cash, shares of Common Stock of the Company or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such
further provisions shall for all purposes have the same effect as though fully set forth herein. 
 This Note shall be deemed to
be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State (without regard to the conflicts of laws provisions thereof). 
  

	*	 Global Note only. 


  

 A-2 








 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left blank] 
  

 A-3 








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

			
	BGC PARTNERS, INC.
		
	By:	 	  

		 	Name:
		 	Title:


 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 as Trustee, certifies that this is one of the Notes
 described in the within–named Indenture.


		
	By:	 	  

		 	Authorized Signatory
	
	Dated:             , 2010

  

 A-4 








 [FORM OF REVERSE OF NOTE] 
 BGC PARTNERS, INC. 
 [    ]% Convertible
Senior Note due 2015 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its
[    ]% Convertible Senior Notes due 2015 (herein called the “Notes”), limited to the aggregate principal amount of $150,000,000 all issued or to be issued under and pursuant to an Indenture dated as of
April 1, 2010 (herein called the “Indenture”), between the Company and Wells Fargo Bank, National Association (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount,
subject to certain conditions specified in the Indenture. 
 In case an Event of Default, as defined in the Indenture, shall
have occurred and be continuing, the principal of, premium, if any, and interest on all Notes may be declared, by either the Trustee or Noteholders of not less than 25% in aggregate principal amount of Notes then outstanding, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Purchase Price and the principal amount on the Fundamental
Change Purchase Date or Maturity Date, as the case may be, to the holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of
payment is legal tender for payment of public and private debts. 
 The Indenture contains provisions permitting the Company and
the Trustee in certain circumstances, without the consent of the holders of the Notes, and in other circumstances, with the consent of the holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the holders of a majority
in aggregate principal amount of the Notes at the time outstanding may on behalf of the holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, premium, if any, and accrued and unpaid interest, and Additional Interest, if any, on this Note at the place, at the respective times, at the rate and in the lawful money herein
prescribed. 
 The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of
other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection
therewith as a result of the name of the Noteholder of the new Notes issued upon such exchange of Notes being different from the name of the Noteholder of the old Notes surrendered for such exchange. 
 The Notes are not subject to redemption through the operation of any sinking fund or otherwise. 
 Upon the occurrence of a Fundamental Change, the holder has the right, at such holder’s option, to require the Company to repurchase
for cash all of such holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase Price. 
  

 A-5 








 Subject to the provisions of the Indenture, the holder hereof has the right, at its option,
during certain periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that
is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at a Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the
Indenture. 
 Terms used in this Note and defined in the Indenture are used herein as therein defined. 
  

 A-6 








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

					
	TEN COM – as tenants in common	  	UNIF GIFT MIN ACT	  	
		  	  
	  	Custodian
		  	(Cust)	  	
	TEN ENT – as tenants by the entireties	  		  	
		  	  
	  	
		  	(Minor)	  	
	JT TEN – as joint tenants with right of survivorship and not as tenants in common	  	Uniform Gifts to Minors Act	  	                    (State)

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

 A-7 








 SCHEDULE A* 
 BGC PARTNERS, INC. 
 [    ]% Convertible Senior Notes due 2015 
 The initial principal amount of this Global Note is $150,000,000. The following increases or decreases in this Global Note have been made: 
  

									
	 Date of
 Exchange
	 	 Amount of decrease
 in Principal Amount
 of this Global Note
	 	 Amount of increase
 in Principal Amount
 of this Global Note
	  	 Principal Amount of
 this Global Note
 following such
 decrease or increase
	  	 Signature of
 authorized signatory
 of Trustee or
 Custodian

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  

	  
	 	  
	 	  
	  	  
	  	  


  

	*	 Global Note only. 


  

 A-8 








 EXHIBIT B 
 [FORM OF NOTICE OF CONVERSION INTO COMMON STOCK] 
 To: BGC PARTNERS, INC. 
 The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion of the principal hereof (that is $1,000
principal amount or an integral multiple thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this Note, and
directs that any shares of Common Stock issuable and deliverable upon such conversion, together with any cash comprising the Daily Conversion Values or a portion of the Daily Settlement Amounts for each of the thirty Trading Days during the Cash
Settlement Averaging Period and for any fractional shares, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If any shares of
Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned
on account of interest accompanies this Note. 
  

			
	Dated:                     	 	  

		
		 	  

		 	Signature(s)
		
	  
	 	
	Signature Guarantee	 	
		
	 Signature(s) must be guaranteed by an eligible
 Guarantor Institution (banks, stock brokers, savings
 and loan associations and credit unions) with

 membership in an approved signature guarantee
 medallion program pursuant to Securities and Exchange
 Commission Rule 17Ad-15 if shares of Common Stock are
 to be issued, or Notes to be delivered, other than to and in
 the name of the registered holder.
	 	

  

 B-1 









	
	 Fill in for registration of shares if to be issued,
 and Notes if to be delivered, other than to and in
 the name of the registered holder:

	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	(City, State and Zip Code)
	Please print name and address

  

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

	Social Security or Other Taxpayer Identification Number


  

 B-2 








 EXHIBIT C 
 [FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE] 
 To: BGC PARTNERS, INC. 
 The undersigned registered owner of this Note hereby acknowledges receipt of a notice from BGC Partners, Inc. (the “Company”) as to the
occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase Date and requests and instructs the Company to repay to the registered holder hereof in accordance with the applicable provisions of the
Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Purchase Date
does not fall during the period after an Interest Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, including Additional Interest, if any, thereon to, but excluding, such Fundamental Change Purchase
Date. 
 In the case of certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below: 
  

			
	____________________________________	 	
		
	Dated:                     	 	  

		
		 	  

		 	Signature(s)
		
		 	  

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


  

 C-1 








 EXHIBIT D 
 [FORM OF ASSIGNMENT AND TRANSFER] 
 For value received,
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      attorney to transfer the said Note on the books of the Company, with full power of substitution in the
premises. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the
Indenture governing such Note, the undersigned confirms that such Note is being transferred: 
  

	 ̈	To BGC Partners, Inc. or a subsidiary thereof; or 

  

	 ̈	Pursuant to the registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 

  

	 ̈	Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

  

	 ̈	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended; or 

  

	 ̈	Pursuant to another available exemption from registration under the Securities Act of 1933, as amended. 

 [Remainder of Page Intentionally Left Blank] 
  

 D-1 









			
	Dated:	 	  

	
	  

	Signature(s)


  

	
	  

	Signature Guarantee
	
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Notes are to be delivered other than to and in the name of the registered holder.

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

 D-2