Exhibit 4.1


 




EXECUTION VERSION


 


 


 


 


 


NOVAVAX, INC., as Issuer,


 


AND


 


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


 


 


INDENTURE


 


 


Dated as of December 20, 2022


 


 


 


 


 


 


5.00% Convertible Senior Notes due 2027


 


 


 


 






     


     


    

 


        TABLE
OF CONTENTS        


 


Page


 


	Article 1
 Definitions
	 	 
	Section 1.01 .	Definitions	1
	Section 1.02 .	References to Interest	14
	 	 
	Article 2
 Issue, Description, Execution, Registration and Exchange of Notes
	 	 
	Section 2.01 .	Designation and Amount	15
	Section 2.02 .	Form of Notes	15
	Section 2.03 .	Date and Denomination of Notes; Payments of Interest and
    Defaulted Amounts	16
	Section 2.04 .	Execution, Authentication and Delivery of Notes	17
	Section 2.05 .	Exchange and Registration of Transfer of Notes; Restrictions
    on Transfer; Depositary	18
	Section 2.06 .	Mutilated, Destroyed, Lost or Stolen Notes	25
	Section 2.07 .	Temporary Notes	26
	Section 2.08 .	Cancellation of Notes Paid, Converted, Etc.	26
	Section 2.09 .	CUSIP Numbers	27
	Section 2.10 .	Additional Notes; Repurchases	27
	 	 
	Article 3
 Satisfaction and Discharge
	 	 
	Section 3.01 .	Satisfaction and Discharge	28
	 	 
	Article 4
 Particular Covenants of the Company
	 	 
	Section 4.01 .	Payment of Principal and Interest	28
	Section 4.02 .	Maintenance of Office or Agency	28
	Section 4.03 .	Appointments to Fill Vacancies in Trustee’s Office	29
	Section 4.04 .	Provisions as to Paying Agent	29
	Section 4.05 .	Existence	30
	Section 4.06 .	Rule 144A Information Requirement and Annual Reports.	30
	Section 4.07 .	Stay, Extension and Usury Laws	32
	Section 4.08 .	Compliance Certificate; Statements as to Defaults	33
	Section 4.09 .	Further Instruments and Acts	33
	Section 4.10 .	Foreign Account Tax Compliance Act (FATCA)	33



 






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	Article 5
 Lists of Holders and Reports by the Company and the Trustee
	 	 
	Section 5.01 .	Lists of Holders	33
	Section 5.02 .	Preservation and Disclosure of Lists	34
	 	 
	Article 6
 Defaults and Remedies
	 	 
	Section 6.01 .	Events of Default	34
	Section 6.02 .	Acceleration; Rescission and Annulment	35
	Section 6.03 .	Additional Interest	36
	Section 6.04 .	Payments of Notes on Default; Suit Therefor	37
	Section 6.05 .	Application of Monies Collected by Trustee	38
	Section 6.06 .	Proceedings by Holders	39
	Section 6.07 .	Proceedings by Trustee	40
	Section 6.08 .	Remedies Cumulative and Continuing	40
	Section 6.09 .	Direction of Proceedings and Waiver of Defaults by Majority
    of Holders	41
	Section 6.10 .	Notice of Defaults	41
	Section 6.11 .	Undertaking to Pay Costs	41
	 	 
	Article 7
 Concerning the Trustee
	 	 
	Section 7.01 .	Duties and Responsibilities of Trustee.	42
	Section 7.02 .	Reliance on Documents, Opinions, Etc.	44
	Section 7.03 .	No Responsibility for Recitals, Etc.	45
	Section 7.04 .	Trustee, Paying Agents, Conversion Agents, Bid Solicitation
    Agent or Note Registrar May Own Notes	45
	Section 7.05 .	Monies and Shares of Common Stock to Be Held in Trust	45
	Section 7.06 .	Compensation and Expenses of Trustee	46
	Section 7.07 .	[Reserved].	46
	Section 7.08 .	Eligibility of Trustee	46
	Section 7.09 .	Resignation or Removal of Trustee	47
	Section 7.10 .	Acceptance by Successor Trustee	48
	Section 7.11 .	Succession by Merger, Etc.	48
	 	 
	Article 8
 Concerning the Holders	 
	 	 
	Section 8.01 .	Action by Holders	49
	Section 8.02 .	Proof of Execution by Holders	49
	Section 8.03 .	Who Are Deemed Absolute Owners	49
	Section 8.04 .	Company-Owned Notes Disregarded	50
	Section 8.05 .	Revocation of Consents; Future Holders Bound	50



 






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	Article 9
 Holders' Meetings
	 	 
	Section 9.01 .	Purpose of Meetings	51
	Section 9.02 .	Call of Meetings by Trustee	51
	Section 9.03 .	Call of Meetings by Company or Holders	51
	Section 9.04 .	Qualifications for Voting	52
	Section 9.05 .	Regulations	52
	Section 9.06 .	Voting	52
	Section 9.07 .	No Delay of Rights by Meeting.	53
	 	 
	Article 10
 Supplemental Indentures
	 	 
	Section 10.01 .	Supplemental Indentures Without Consent of Holders	53
	Section 10.02 .	Supplemental Indentures with Consent of Holders	54
	Section 10.03 .	Effect of Supplemental Indentures	55
	Section 10.04 .	Notation on Notes	55
	Section 10.05 .	Evidence of Compliance of Supplemental Indenture to Be
    Furnished Trustee	56
	 	 
	Article 11
 Consolidation, Merger, Sale, Conveyance and Lease
	 	 
	Section 11.01 .	Company May Consolidate, Etc. on Certain Terms	56
	Section 11.02 .	Successor Corporation to Be Substituted	56
	 	 
	Article 12
 Immunity of Incorporators, Stockholders, Officers and Directors
	 	 
	Section 12.01 .	Indenture and Notes Solely Corporate Obligations	57
	 	 
	Article 13
 [Intentionally Omitted]
	 	 
	Article 14
 Conversion of Notes
	 	 
	Section 14.01 .	Conversion Privilege	58
	Section 14.02 .	Conversion Procedure; Settlement Upon Conversion	62
	Section 14.03 .	Increased Conversion Rate Applicable to Certain Notes Surrendered
    in Connection with Make-Whole Fundamental Changes or a Notice of Redemption	67
	Section 14.04 .	Adjustment of Conversion Rate	69
	Section 14.05 .	Adjustments of Prices	79
	Section 14.06 .	Shares to Be Fully Paid	80



 






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	Section 14.07 .	Effect of Recapitalizations, Reclassifications and Changes
    of the Common Stock	80
	Section 14.08 .	Certain Covenants	82
	Section 14.09 .	Responsibility of Trustee	82
	Section 14.10 .	Notice to Holders Prior to Certain Actions	83
	Section 14.11 .	Stockholder Rights Plans	84
	Section 14.12 .	Exchange in Lieu of Conversion	84
	 	 
	Article 15
 Repurchase of Notes at Option of Holders
	 	 
	Section 15.01 .	[Intentionally Omitted]	85
	Section 15.02 .	Repurchase at Option of Holders Upon a Fundamental Change	85
	Section 15.03 .	Withdrawal of Fundamental Change Repurchase Notice	88
	Section 15.04 .	Deposit of Fundamental Change Repurchase Price	88
	Section 15.05 .	Covenant to Comply with Applicable Laws Upon Repurchase
    of Notes	89
	 	 
	Article 16
 Optional Redemption
	 	 
	Section 16.01 .	Optional Redemption	90
	Section 16.02 .	Notice of Optional Redemption; Selection of Notes	90
	Section 16.03 .	Payment of Notes Called for Redemption	91
	Section 16.04 .	Restrictions on Redemption	92
	 	 
	Article 17
 Miscellaneous Provisions
	 	 
	Section 17.01 .	Provisions Binding on Company’s Successors	92
	Section 17.02 .	Official Acts by Successor Corporation	92
	Section 17.03 .	Addresses for Notices, Etc.	92
	Section 17.04 .	Governing Law; Jurisdiction	94
	Section 17.05 .	Evidence of Compliance with Conditions Precedent; Certificates
    and Opinions of Counsel to Trustee	94
	Section 17.06 .	Legal Holidays	95
	Section 17.07 .	No Security Interest Created	95
	Section 17.08 .	Benefits of Indenture	95
	Section 17.09 .	Table of Contents, Headings, Etc.	95
	Section 17.10 .	Authenticating Agent	95
	Section 17.11 .	Execution in Counterparts	96
	Section 17.12 .	Severability	96
	Section 17.13 .	Waiver of Jury Trial	97
	Section 17.14 .	Force Majeure	97
	Section 17.15 .	Calculations	97
	Section 17.16 .	USA PATRIOT Act	97
	Section 17.17 .	Electronic Signatures	98




 


EXHIBIT


 


	Exhibit A	Form of Note	A-1




 






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INDENTURE dated as of December 20, 2022 between
NOVAVAX, INC., a Delaware corporation, as issuer (the “Company,” as more fully set forth in ‎Section 1.01)
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (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 issuance of its 5.00% Convertible Senior Notes due 2027 (the “Notes”), initially in
an aggregate principal amount not to exceed $150,000,000 (as increased by an amount equal to the aggregate principal amount of any additional
Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase
Agreement), 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 Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; 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
provided in this Indenture, the valid, binding and legal obligations of the Company, and this Indenture the valid, binding and legal
agreement of the Company and the Trustee, have been done and performed, and the execution of this Indenture and the issuance 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. 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.


 






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“Additional Interest” means
all amounts, if any, payable pursuant to ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03, as applicable.


 


“Additional Shares” shall have
the meaning specified in ‎Section 14.03(a).


 


“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. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate”
of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required
to be made, as the case may be, hereunder.


 


“Applicable Law” shall have
the meaning specified in Section 4.10.


 


“Authorized Officers” shall
have the meaning specified in Section 17.03.


 


“Bid Solicitation Agent” means
the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with ‎Section 14.01(b)(i).
The Company shall initially act as the Bid Solicitation Agent.


 


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


 


“Called Notes” means Notes
called for redemption pursuant to ‎Article 16 or subject to a Deemed Redemption.


 


“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, but shall not include any debt securities convertible into or exchangeable for any
securities otherwise constituting Capital Stock pursuant to this definition.


 


“Cash Settlement” shall have
the meaning specified in ‎Section 14.02(a).


 






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“Clause A Distribution” shall
have the meaning specified in ‎Section 14.04(c).


 


“Clause B Distribution” shall
have the meaning specified in ‎Section 14.04(c).


 


“Clause C Distribution” shall
have the meaning specified in ‎Section 14.04(c).


 


“close of business” means 5:00
p.m. (New York City time).


 


“Combination Settlement” shall
have the meaning specified in ‎Section 14.02(a).


 


“Commission” means the U.S.
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 the common
stock of the Company, par value $0.01 per share, at the date of this Indenture, subject to ‎Section 14.07.


 


“Company” shall have the meaning
specified in the first paragraph of this Indenture, and subject to the provisions of ‎Article 11, shall include its successors
and assigns.


 


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


 


“Conversion Agent” shall have
the meaning specified in ‎Section 4.02.


 


“Conversion Consideration”
shall have the meaning specified in Section 14.12(a).


 


“Conversion Date” shall have
the meaning specified in ‎Section 14.02(c).


 


“Conversion Obligation” shall
have the meaning specified in ‎Section 14.01(a).


 


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


 


“Conversion Rate” shall have
the meaning specified in ‎Section 14.01(a).


 


“Corporate Event” shall have
the meaning specified in ‎Section 14.01(b)(iii).


 


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


 






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“Custodian” means the Trustee,
as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.


 


“Daily Conversion Value” means,
for each of the 40 consecutive Trading Days during the relevant Observation Period, 2.5% of the product of (a) the Conversion Rate
on such Trading Day and (b) the Daily VWAP for such Trading Day.


 


“Daily Measurement Value” means
the Specified Dollar Amount (if any), divided by 40.


 


“Daily Settlement Amount,”
for each of the 40 consecutive Trading Days during the relevant Observation Period, shall consist of:


 


(a)           cash
in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day;
and


 


(b)           if
the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i) the
difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading
Day.


 


“Daily VWAP” means, for each
of the 40 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed under
the heading “Bloomberg VWAP” on Bloomberg page “NVAX <equity> AQR” (or its equivalent successor if
such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of
the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share
of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment
banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours
trading or any other trading outside of the regular trading session trading hours.


 


“Deemed Redemption” shall have
the meaning specified in ‎‎Section 14.01(b)(v).


 


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


 


“Default Settlement Method”
means, initially, Combination Settlement with a Specified Dollar Amount per $1,000 principal amount of Notes of $1,000, provided that
the Company may, from time to time, change the Default Settlement Method in accordance with, and subject to, the last paragraph of
Section 14.02(a)(iii).


 


“Defaulted Amounts” means any
amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest)
that are payable but are not punctually paid or duly provided for.


 






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“Depositary” means, with respect
to each Global Note, the Person specified in ‎Section 2.05(c) 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 Financial Institution”
shall have the meaning specified in ‎Section 14.12(a).


 


“Distributed Property” shall
have the meaning specified in ‎Section 14.04(c).


 


“Effective
Date” shall have the meaning specified in ‎Section 14.03(c), except that, as used in ‎Section 14.04
and ‎Section 14.05, “Effective Date” means
the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting
the relevant share split or share combination, as applicable. For the avoidance of doubt, any alternative trading convention on
the applicable exchange or market in respect of shares of the Common Stock under a separate ticker symbol or CUSIP number will not be
considered “regular way” for this purpose.


 


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


 


“Event of Default” shall have
the meaning specified in ‎Section 6.01.


 


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


 


“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


“Exchange Election” shall have
the meaning specified in ‎Section 14.12(a).


 


“Exempted Fundamental Change”
shall have the meaning specified in ‎Section 15.02(f).


 


“Form of Assignment and Transfer”
means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.


 






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“Form of Fundamental Change Repurchase
Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of
Note attached hereto as Exhibit A.


 


“Form of Note” means the
 “Form of Note” attached hereto as Exhibit A.


 


“Form of Notice of Conversion”
means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.


 


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


 


(a)            a
 “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company,
its direct or indirect Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has
become, and files a Schedule TO (or any successor schedule, form or report) or any schedule, form or report under the Exchange Act that
discloses that such person or group has become, the direct or indirect “beneficial owner,” as defined in Rule 13d-3
under the Exchange Act, of shares of the Common Stock representing more than 50% of the voting power of the Common Stock, unless such
beneficial ownership arises solely as a result of a revocable proxy delivered in response to a public proxy or consent solicitation made
pursuant to the applicable rules and regulations under the Exchange Act and is not also then reportable on Schedule 13D or Schedule
13G (or any successor schedule) under the Exchange Act regardless of whether such a filing has actually been made; provided that
no person or group shall be deemed to be the beneficial owner of any securities tendered pursuant to a tender or exchange offer made
by or on behalf of such “person” or “group” until such tendered securities are accepted for purchase or exchange
under such offer;


 


(b)           the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from
par value to no par value, or changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted
into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the
Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale,
lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s direct or indirect Wholly
Owned Subsidiaries; provided that a transaction described in clause (A) or clause (B) in which the holders of all classes
of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes
of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in
substantially the same proportions (relative to each other) as such ownership immediately prior to such transaction shall not be a Fundamental
Change pursuant to this clause (b);


 






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


 


provided,
however, that a transaction or transactions described in clause (a) or (b) above shall not constitute a Fundamental
Change, if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments
for fractional shares and cash payments made in respect of dissenters' appraisal rights, in connection with such transaction or transactions
consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or
The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection
with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration,
excluding cash payments for fractional shares and cash payments made in respect of dissenters' appraisal rights (subject to the provisions
of ‎Section 14.02(a)). Any event, transaction, or series of related transactions that constitute a Fundamental Change under
both clause (a) and clause (b) above (determined without regard to the proviso in clause (b) above) will be deemed to
be a Fundamental Change solely under clause (b) above (subject to such proviso). If any transaction in which the Common Stock is
replaced by the common stock or other Common Equity of another entity occurs, following completion of any related Make-Whole Fundamental
Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for
the proviso immediately following clause (d) of this definition, following the effective date of such transaction), references to
the Company in this definition shall instead be references to such other entity.


 


“Fundamental Change Company Notice”
shall have the meaning specified in ‎Section 15.02(c).


 


“Fundamental
Change Repurchase Date” shall have the meaning specified in ‎Section 15.02(a).


 


“Fundamental
Change Repurchase Notice” shall have the meaning specified in ‎Section 15.02(b)(i).


 


“Fundamental Change Repurchase Price”
shall have the meaning specified in ‎Section 15.02(a).


 


The terms “given”, “mailed”,
 “notify” or “sent” with respect to any notice to be given to a Holder pursuant to this Indenture,
shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its
designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global
Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register (in the
case of a Physical Note), in each case, in accordance with ‎Section 17.03. Notice so “given” shall be deemed to
include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.


 






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“Global Note” shall have the
meaning specified in ‎Section 2.05(b).


 


“Holder,” as applied to any
Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular
Note is registered on the Note Register.


 


“Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.


 


“Initial Purchasers” means
J.P. Morgan Securities LLC, Jefferies LLC, Cowen and Company, LLC and the several other initial purchasers named in Schedule 1 to the
Purchase Agreement.


 


“Instructions” shall have the
meaning specified in Section 17.03.


 


“Interest Payment Date” means
each June 15 and December 15 of each year, beginning on June 15, 2023.


 


“last
date of original issuance” means (a) with respect to any Notes issued pursuant to the Purchase Agreement, and any
Notes issued in exchange therefor or in substitution thereof, the later of (i) the date the Company first issues such Notes and
(ii) the last date any Notes are originally issued pursuant to the exercise of the Initial Purchasers' option to purchase additional
Notes as set forth in the Purchase Agreement; and (b) with respect to any additional Notes issued pursuant to ‎Section 2.10,
and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally
issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option
granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in
an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes.


 


“Last Reported Sale Price”
of the Common Stock (or any other security for which a closing sale price must be determined) 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 (or such other security) is traded. If the Common Stock (or such other security)
is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price”
shall be the last quoted bid price for the Common Stock (or such other security) in the over-the-counter market on the relevant date
as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not so quoted, the “Last
Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock (or such other
security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the
Company for this purpose. The “Last Reported Sale Price” shall be determined by the Company without regard to after-hours
trading or any other trading outside of regular trading session hours.


 






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


 


“Make-Whole Fundamental Change Period”
shall have the meaning specified in ‎Section 14.03(a).


 


“Market Disruption Event” means,
for the purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange
or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
traded on any U.S. exchange relating to the Common Stock.


 


“Maturity Date” means December 15,
2027.


 


“Measurement Period” shall
have the meaning specified in ‎Section 14.01(b)(i).


 


“Note” or “Notes”
shall have the meaning specified in the first paragraph of the recitals of this Indenture.


 


“Note Register” shall have
the meaning specified in ‎Section 2.05(a).


 


“Note
Registrar” shall have the meaning specified in ‎Section 2.05(a).


 


“Notice of Conversion” shall
have the meaning specified in ‎Section 14.02(b).


 


“Notice of Redemption” shall
have the meaning specified in ‎Section 16.02(a).


 


“Observation Period” with respect
to any Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to September 15,
2027, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion
Date; (ii) with respect to any Called Notes, if the relevant Conversion Date occurs during the related Redemption Period, the 40
consecutive Trading Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding such Redemption Date; and
(iii) subject to clause (ii), if the relevant Conversion Date occurs on or after September 15, 2027, the 40 consecutive Trading
Days beginning on, and including, the 41st Scheduled Trading Day immediately preceding the Maturity Date.


 






    9


     


    

 


“Offering Memorandum” means
the preliminary offering memorandum dated December 14, 2022, as supplemented by the related pricing term sheet dated December 15,
2022, relating to the offering and sale of the Notes.


 


“Officer” means, with respect
to the Company, any President, the Chief Executive Officer, the Chief Financial Officer, the Chief Legal Officer, the Treasurer, the
Secretary, any Executive Vice President, Senior Vice President, or any Vice President (whether or not designated by a number or numbers
or word or words added before or after the title “Vice President”).


 


“Officer’s Certificate,”
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by any Officer of the
Company. 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. The Officer giving an Officer’s Certificate pursuant to ‎Section 4.08 shall be the principal
executive, financial or accounting officer of the Company.


 


“open 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 who is reasonably
acceptable to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein, 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 17.05.


 


“Optional Redemption” shall
have the meaning specified in ‎Section 16.01.


 


“outstanding,” when used with
reference to Notes, shall, subject to the provisions of ‎Section 8.04, 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, that have become due and payable and in respect 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);


 


(c)           Notes
that have been paid pursuant to the second paragraph of Section 2.06
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 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers
in due course;


 






    10


     


    

 


(d)           Notes
converted pursuant to ‎Article 14 and required to be cancelled pursuant
to ‎Section 2.08; and


 


(e)            Notes
redeemed pursuant to ‎Article 16.


 


“Partial Redemption Limitation”
shall have the meaning specified in ‎Section 16.02(d).


 


“Paying Agent” shall have the
meaning specified in ‎Section 4.02.


 


“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.


 


“Physical Notes” means permanent
certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof.


 


“Physical Settlement” shall
have the meaning specified in ‎Section 14.02(a).


 


“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 2.06 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.


 


“Purchase Agreement” means
that certain Purchase Agreement, dated as of December 15, 2022, between the Company and the Initial Purchasers.


 


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


 


“Redemption Date” shall have
the meaning specified in ‎Section 16.02(a).


 


“Redemption Period” means,
with respect to any Optional Redemption, the period from, and including, the date on which the Company delivers a Notice of Redemption
for such Optional Redemption until the close of business on the Scheduled Trading Day immediately preceding the related Redemption Date
(or, if the Company defaults in the payment of the Redemption Price, until the Redemption Price has been paid or duly provided for).


 


“Redemption Price” means, for
any Notes to be redeemed pursuant to ‎Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid
interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior
to the immediately succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid by the
Company to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Redemption Price will be
equal to 100% of the principal amount of such Notes).


 






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“Reference Property” shall
have the meaning specified in ‎Section 14.07(a).


 


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


 


“Resale Restriction Termination Date”
shall have the meaning specified in ‎Section 2.05(c).


 


“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, 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 2.05(c).


 


“Restrictive
Notes Legend” shall have the meaning specified in Section 2.05(c).


 


“Rule 144” means Rule 144
as promulgated under the Securities Act.


 


“Rule 144A” means Rule 144A
as promulgated under the Securities Act.


 


“Scheduled Trading Day” means
a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Common
Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day”
means a Business Day.


 


“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


“Settlement
Amount” has the meaning specified in ‎Section 14.02(a)(iv).


 


“Settlement Method” means,
with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have
been elected) by the Company.


 


“Settlement Notice” has the
meaning specified in ‎Section 14.02(a)(iii).


 


“Share Exchange Event” shall
have the meaning specified in ‎Section 14.07(a).


 






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“Significant Subsidiary” means
a Subsidiary of the Company that is a “significant subsidiary” as defined in Article 1, Rule 1-02(w) of Regulation
S-X promulgated by the Commission.


 


“Specified Dollar Amount” means
the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice (or
deemed specified as provided in Section 14.02(a)(iii)) related to any converted Notes.


 


“Spin-Off” shall have the meaning
specified in ‎Section 14.04(c).


 


“Stock Price” shall have the
meaning specified in ‎Section 14.03(c).


 


“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 11.01(a).


 


“Trading Day” means, except
for determining amounts due upon conversion, a day on which (i) trading in the Common Stock (or other security for which a closing
sale price must be determined) generally occurs on The Nasdaq Global Select Market or, if the Common Stock (or such other security) is
not then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on which the
Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is then traded and
(ii) a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities
exchange or market; provided that if the Common Stock (or such other security) is not so listed or traded, “Trading Day”
means a Business Day; and provided further that, for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs
on The Nasdaq Global Select Market or, if the Common Stock is not then listed on The Nasdaq Global Select Market, on the principal other
U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on
a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for
trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business
Day.


 


“Trading Price” of the Notes
on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for $5,000,000
principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally
recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained
by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid
can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If, on any determination date, the Bid Solicitation
Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Notes from a nationally recognized securities dealer,
then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product
of the Last Reported Sale Price of the Common Stock and the Conversion Rate. The “Trading Price” shall be determined
by the Bid Solicitation Agent.


 






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“transfer” shall have the meaning
specified in ‎Section 2.05(c).


 


“Trigger Event” shall have
the meaning specified in ‎Section 14.04(c).


 


“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; 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.


 


“unit of Reference Property”
shall have the meaning specified in ‎Section 14.07(a).


 


“Valuation Period” shall have
the meaning specified in ‎Section 14.04(c).


 


“Wholly Owned Subsidiary” means,
with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “more
than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%,” the calculation
of which shall exclude nominal amounts of the voting power of shares of Capital Stock or other interests in the relevant Subsidiary not
held by such person to the extent required to satisfy local minority interest requirements outside of the United States.


 


Section 1.02.
References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any Note in
this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant
to any of ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03. Unless the context otherwise requires,
any express mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions
hereof where such express mention is not made.


 






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Article 2

Issue, Description, Execution, Registration and Exchange of Notes


 


Section 2.01. Designation and Amount.
The Notes shall be designated as the “5.00% Convertible Senior Notes due 2027.” The aggregate principal amount of Notes
that may be authenticated and delivered under this Indenture is initially limited to $150,000,000 (as increased by an amount equal to
the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to
purchase additional Notes as set forth in the Purchase Agreement), subject to ‎Section 2.10 and except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.


 


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, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a
part of this Indenture. 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. In the case of any conflict between this Indenture and a Note, the provisions
of this Indenture shall control and govern to the extent of such conflict.


 


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 or 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 Officer 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.


 


Each 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 redemptions, repurchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a 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 the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a 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.


 






    15


     


    

 


Section 2.03.
Date and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered
form without coupons in minimum 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 such Note. Accrued interest on the Notes shall
be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days
actually elapsed in a 30-day month.


 


(b)            The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record
Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal
amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained by the
Company for such purposes in the Borough of Manhattan, The City of New York, which shall initially be at an office of an affiliate of
the Trustee at 240 Greenwich Street, New York, New York 10286 or by wire transfer of immediately available funds to the account of the
Holder and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of
the Depositary or its nominee. The Company shall pay, or cause the Paying Agent to pay, interest (i) on any Physical Notes (A) to
Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes
at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount
of more than $5,000,000, either by check mailed to each such Holder or, upon written application by such a Holder to the Note Registrar
not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within
the United States if such Holder has provided the Company, the Trustee or the Paying Agent (if other than the Trustee) with the requisite
information necessary to make such wire transfer, which application shall remain in effect until the Holder notifies, in writing, the
Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the
Depositary or its nominee.


 


(c)            Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum
at the interest rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant
payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case,
as provided in clause (i) or (ii) below:


 


(i)            The
Company may elect to make payment of any Defaulted Amounts 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 Amounts, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each
Note and the date of the proposed payment (which shall be not less than 25 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 Amounts 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 Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment
of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and
not less than 10 days after the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an
earlier date). The Company shall promptly notify the Trustee in writing 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 Amounts and the special record date therefor
to be delivered to each Holder not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted
Amounts and the special record date therefor having been so delivered, such Defaulted Amounts 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 (ii) of this ‎Section 2.03‎(c).


 






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(ii)           The
Company may make payment of any Defaulted Amounts 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 written 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.


 


(iii)          The
Trustee shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Defaulted Amounts, or with
respect to the nature, extent, or calculation of the amount of Defaulted Amounts owed, or with respect to the method employed in such
calculation of the Defaulted Amounts.


 


Section 2.04. Execution, Authentication
and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual, electronic or facsimile
signature of its Chief Executive Officer, President, Chief Financial Officer, Chief Legal Officer, Chief Accounting Officer, Director
of Treasury, Secretary, or any of its Senior Vice Presidents.


 


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 (such Company Order to include the terms of the Notes) 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;
provided that, subject to Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel
of the Company with respect to the issuance, authentication and delivery of such Notes.


 






    17


     


    

 


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,
electronically or by facsimile by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided
by ‎Section 17.10), 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 Officers of the Company, although at the date of the execution of
this Indenture any such person was not such an Officer.


 


Section 2.05. 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 4.02, 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
into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar”
for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars
in accordance with ‎Section 4.02.


 


Upon surrender for registration of transfer of
any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this ‎Section 2.05,
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 4.02. Whenever any Notes are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive,
bearing registration numbers not contemporaneously outstanding.


 






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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-Note
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 Holder thereof or its attorney-in-fact duly authorized in writing.


 


No service charge shall be imposed by the Company,
the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but
the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in
connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different
from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.


 


None
of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange for other Notes 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, (ii) any Notes, or a portion of any Note, surrendered for required repurchase upon a Fundamental Change
(and not withdrawn) in accordance with ‎Article 15 or (iii) any Notes selected for redemption in accordance with ‎Article 16,
except the unredeemed portion of any Note being redeemed in part.


 


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, unless otherwise required by law, subject to the fourth
paragraph from the end of ‎Section 2.05(c) all Notes shall 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. Each Global Note shall bear
the legend required on a Global Note set forth in Exhibit A hereto. The transfer and exchange of beneficial interests in a Global
Note that does not involve the issuance of a Physical 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 applicable procedures of the Depositary
therefor.


 


(c)           Every
Note that bears or is required under this ‎Section 2.05(c) to bear the Restrictive Notes Legend (together with any Common
Stock issued upon conversion of the Notes that is required to bear the legend set forth in ‎Section 2.05(d), collectively, the
 “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this ‎Section 2.05(c) (including
the Restrictive Notes 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 this ‎Section 2.05(c) and ‎Section 2.05(d), the term “transfer”
encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.


 






    19


     


    

 


Until
the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after
the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision
thereto, and (2) such later date, if any, as may be required by applicable law, 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 2.05(d), if applicable) shall bear a legend in substantially the following form (the “Restrictive
Notes Legend”) (unless such Notes 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 sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then
in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof 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:


 


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


 


(2)            AGREES
FOR THE BENEFIT OF NOVAVAX, INC. (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 THERETO AND (Y) SUCH
LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:


 


(A)          TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR


 


(B)           PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, 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 CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.


 


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) (i) as to which such restrictions on transfer shall have expired
in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or
been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has
been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities
Act, may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this ‎Section 2.05,
be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Restrictive Notes Legend
required by this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct
the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth in clause (i) through (iii) of
the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note
for exchange; and any new Global Note so exchanged therefor shall not bear the Restrictive Notes Legend specified in this Section 2.05(c) and
shall not be assigned a restricted CUSIP number. 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 any proposed transfer of any
Note (other than any transfer (x) to the Company or a Subsidiary thereof, (y) pursuant to a registration statement which has
become effective under the Securities Act and is effective at the time of such transfer or (z) to a “qualified institutional
buyer” (as such term is defined in Rule 144A) in compliance with Rule 144A under the Securities Act) is being made in
compliance with the Securities Act and applicable state securities laws. The Company shall promptly notify the Trustee in writing upon
the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, 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 2.05(c)), 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
exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph.


 






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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 each Global
Note. Initially, each 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 with respect to the Notes has occurred and is continuing
and, subject to the Depositary’s applicable procedures, a beneficial owner of any Note requests that its beneficial interest therein
be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company
Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note
to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s
beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global
Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange
for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.


 


Physical Notes issued in exchange for all or a
part of the Global Note pursuant to this ‎Section 2.05(c) 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, or, in the case of clause (iii) of
the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee in writing. Upon execution and authentication,
the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered.


 


At such time as all interests in a Global Note
have been converted, canceled, repurchased upon a Fundamental Change, redeemed or transferred, such Global Note shall be, upon receipt
thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian.
At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased
upon a Fundamental Change, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical 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.


 


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


 






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None of the Company, the Trustee or any agent
of the Company or the Trustee shall have any responsibility or liability for any act or omission of the Depositary, including without
limitation with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any
notice, or for the payment of amounts to owners of beneficial interest in a Global Note, for any aspect of the records relating to or
payments made on account of those interests by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary
relating to those interests. All notices and communications to be given to the Holders and all payments to be made to Holders in respect
of the Notes shall be given or made only to, or upon the order of, the registered Holder(s) (which shall be the Depositary or its
nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary
subject to the applicable procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners.


 


(d)            Until
the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of a Note shall bear
a legend in substantially the following form (unless such Common Stock has 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 or any similar provision then in force under the Securities Act, or such
Common Stock has been issued upon conversion of a Note that has 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 or any similar provision then in force 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:


 


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


 


(2)            AGREES
FOR THE BENEFIT OF NOVAVAX, INC. (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
OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE
LAW, EXCEPT:


 






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(A)          TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR


 


(B)           PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, 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 CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK 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 (i) as to which such
restrictions on transfer shall have expired in accordance with their terms, (ii) that has 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 (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, 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 2.05(d).


 


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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(e)            Any
Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by the Company or any Affiliate of
the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be
resold by the Company or such Affiliate (or such Person, as the case may be) 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 Note or Common Stock,
as the case may be, no longer being a “restricted security” (as defined under Rule 144).


 


Section 2.06. 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 registration 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, at the expense of the Holder of such Note. 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, claim, 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. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient
to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder
of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or
stolen. In case any Note that has matured or is about to mature or has been surrendered for required repurchase upon a Fundamental Change
or is about to be converted in accordance with ‎Article 14 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, claim, 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.


 






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Every substitute Note issued pursuant to the provisions
of this ‎Section 2.06 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, payment, redemption, 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, payment, redemption, conversion or repurchase of negotiable instruments or other
securities without their surrender.


 


Section 2.07. Temporary Notes. Pending
the preparation of Physical Notes, 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 Physical Notes 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 Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or
such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global
Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to ‎Section 4.02
and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal
amount of Physical Notes. 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
Physical Notes authenticated and delivered hereunder.


 


Section 2.08. Cancellation of Notes Paid,
Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment at maturity, repurchase upon a Fundamental
Change, redemption, registration of transfer or exchange or conversion (other than any Notes exchanged pursuant to Section 14.12),
if surrendered to the Company or any Person that the Company controls, to be surrendered to the Trustee for cancellation and such Notes
shall no longer be considered outstanding under this Indenture upon the payment at maturity, repurchase upon a Fundamental Change, redemption,
registration of transfer or exchange or conversion (other than any Notes exchanged pursuant to Section 14.12). All Notes delivered
to the Trustee shall be canceled promptly by it in accordance with its customary procedures. Except for any Notes surrendered for registration
of transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated
in exchange for any Notes surrendered to the Trustee for cancellation. The Trustee shall dispose of canceled Notes in accordance with
its customary procedures and, after such disposition, shall deliver evidence of such disposition to the Company, at the Company’s
written request in a Company Order.


 






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Section 2.09. 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 Holders as a convenience to such Holders; provided that the Trustee shall have no liability for
any defect in the “CUSIP” numbers as they appear on any Note, notice or elsewhere, and, provided, further, 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 shall promptly notify
the Trustee in writing of any change in the “CUSIP” numbers.


 


Section 2.10.
Additional Notes; Repurchases. The Company may, without the consent of, or notice to, the Holders and notwithstanding ‎Section 2.01,
reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other
than differences in the issue date, the issue price, interest accrued prior to the issue date of such additional Notes and, if applicable,
restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount; provided that if any
such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax or securities law purposes,
such additional Notes shall have one or more separate CUSIP numbers or no CUSIP number. The Notes and any additional Notes would rank
equally and ratably with each other and would be treated as a single series for all purposes under this Indenture. Prior to the issuance
of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion
of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by ‎Section 17.05,
as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless
of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its
Subsidiaries or through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements,
including by cash-settled swaps or other derivatives, in each case, without the consent of or notice to the Holders of the Notes. The
Company may, at its option and to the extent permitted by applicable law, reissue, resell or surrender to the Trustee for cancellation
any Notes that it may repurchase, in the case of a reissuance or resale, so long as such Notes do not constitute “restricted securities”
(as defined under Rule 144) upon such reissuance or resale; provided that if any such reissued or resold Notes are not fungible
with the Notes initially issued hereunder for U.S. federal income tax or securities law purposes, such reissued or resold Notes shall
have one or more separate CUSIP numbers or no CUSIP number. Any Notes that the Company may repurchase (other than in connection with
a Fundamental Change or upon redemption) shall be considered outstanding for all purposes under this Indenture (other than, at any time
when such Notes are owned by the Company, any of the Company’s Subsidiaries or Affiliates or any Subsidiary of any of the Company’s
Affiliates, as set forth in Section 8.04) unless and until such time as the Company surrenders them to the Trustee for cancellation
and, upon receipt of a Company Order, the Trustee shall cancel all Notes so surrendered.


 






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Article 3

Satisfaction and Discharge


 


Section 3.01.
Satisfaction and Discharge. (a) This Indenture and the Notes shall cease to be of further effect when (i) all Notes theretofore
authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced, paid or
converted as provided in ‎Section 2.06 and (y) Notes for whose payment money has heretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in ‎Section 4.04(d))
have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders,
as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change
Repurchase Date, upon conversion or otherwise, cash or cash and/or shares of Common Stock, solely to satisfy the Company’s Conversion
Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture or the Notes by the
Company; and (b) the Trustee upon request of the Company contained in an Officer’s Certificate and at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture and the Notes, when the Company has delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture and the Notes have been complied with. Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under ‎Section 7.06 shall survive.


 


Article 4

Particular Covenants of the Company


 


Section 4.01. Payment of Principal and
Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, 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.


 


Section 4.02. 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 affiliate of the Trustee in the Borough of Manhattan, The City of New York.


 


The Company may also from time to time designate
as co-Note 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.


 






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The Company hereby initially designates the Trustee
as the Paying Agent, Note Registrar, Custodian and Conversion Agent and its affiliate office located at 240 Greenwich St., New York,
New York 10286 in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served; provided that the Corporate Trust Office shall not be a place for service of legal process
for the Company.


 


Section 4.03. 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 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.


 


Section 4.04. 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 4.04:


 


(i)            that
it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders;


 


(ii)           that
it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, 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 (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid
interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) 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 (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and 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 (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) and 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 (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become
due and payable.


 






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(c)            Anything
in this ‎Section 4.04 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, cause to be paid or deliver to the Trustee all sums or amounts held in
trust by the Company or any Paying Agent hereunder as required by this ‎Section 4.04, such sums or amounts to be held by the
Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company
or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.


 


(d)            Subject
to applicable escheatment laws, any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if
applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two
years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration
due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s
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 shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease.


 


Section 4.05. Existence. Subject to
 ‎Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence.


 


Section 4.06. Rule 144A Information
Requirement and Annual Reports. (a) At any time the Company is not subject to Section 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, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common
Stock issuable 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.


 


(b)            The
Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies of any annual
or quarterly reports (on Form 10-K or Form 10-Q or any respective successor form) that the Company is required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or
portions thereof, subject to confidential treatment and any correspondence with the Commission, and giving effect to any grace period
provided by Rule 12b-25 under the Exchange Act (or any successor thereto)). Any such document or report that the Company files with
the Commission via the Commission’s EDGAR system (or any successor system) shall be deemed to be filed with the Trustee for purposes
of this ‎Section 4.06(b) at the time such documents are filed via the EDGAR system (or such successor), it being understood
that the Trustee shall not be responsible for determining whether such filings have been made.


 






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(c)            Delivery
of reports, information and documents under this Indenture to the Trustee is for informational purposes only, and the information 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 on an Officer’s Certificate).


 


(d)            With
respect to the Notes, if, at any time during the six-month period beginning on, and including, the date that is six months after the
last date of original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace
periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes),
the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of 0.25% per annum
of the principal amount of the Notes outstanding for each day during the first 90-day period for which the Company’s failure to
file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the
Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately preceding)
without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes and 0.50% per annum of the principal
amount of the Notes outstanding for each day thereafter during which the Company’s failure to file has occurred and is continuing
or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders
that were the Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to
U.S. securities laws or the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports that the
Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not
include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.
For purposes of this Section 4.06(d), the phrase “restrictions pursuant to U.S. securities laws or the terms of this Indenture
or the Notes” shall not include, for the avoidance of doubt, the assignment of a restricted CUSIP number or the existence of the
Restrictive Notes Legend on Notes in compliance with Section 2.05(c), in either case, during the six-month period described in this
Section 4.06(d).


 






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(e)            With
respect to the Notes, if, and for so long as, the Restrictive Notes Legend on the Notes specified in Section 2.05(c) has not
been removed, the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of
the 380th day after the last date of original issuance of the Notes or any additional Notes, as the case may be, the Company shall pay
Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the Restrictive
Notes Legend on the Notes has been removed in accordance with ‎Section 2.05(c), the Notes are assigned an unrestricted CUSIP
number and the Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that
were the Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S.
securities laws or the terms of this Indenture or the Notes.


 


(f)            Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes.


 


(g)           Subject
to the immediately succeeding sentence, the Additional Interest that is payable in accordance with Section 4.06‎(d) or
Section 4.06‎(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of
the Company’s election pursuant to ‎Section 6.03. However, in no event shall Additional Interest payable for the Company’s
failure to comply with its obligations to timely file any document or report that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder
and other than reports on Form 8-K), as set forth in Section 4.06(d), together with any Additional Interest that may accrue
at the Company’s election as a result of the Company’s failure to comply with its reporting obligations pursuant to Section 6.03,
accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving
rise to the requirement to pay such Additional Interest.


 


(h)            If
Additional Interest is payable by the Company pursuant to Section 4.06‎(d) or Section 4.06‎(e), the Company shall
deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is
payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives
at the Corporate Trust Office such Officer’s Certificate, the Trustee may conclusively assume without inquiry that no such Additional
Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to
the Trustee an Officer’s Certificate setting forth the particulars of such payment.


 


Section 4.07. 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.


 






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Section 4.08. 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, 2022) an Officer’s Certificate stating whether the signers thereof
have knowledge of any Event of Default that occurred during the previous year and, if so, specifying each such Event of Default and the
nature thereof.


 


In addition, the Company shall deliver to the
Trustee, within 30 days after the Company obtains knowledge of the occurrence of any Event of Default or Default, an Officer’s
Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing
to take in respect thereof; provided that the Company is not required to deliver such notice if such Event of Default or Default
has been cured.


 


Section 4.09. 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.


 


Section 4.10. Foreign Account Tax Compliance
Act (FATCA). In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations
promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees with respect
to Physical Notes (i) to provide to The Bank of New York Mellon Trust Company, N.A. upon request information the Company has in
its reasonable possession about the terms of the Notes (including any modification to the terms of the Notes) so The Bank of New York
Mellon Trust Company, N.A. can determine whether it has tax related obligations under Applicable Law, and (ii) that The Bank of
New York Mellon Trust Company, N.A. shall be entitled to make any withholding or deduction from payments under this Indenture to the
extent necessary to comply with Applicable Law. The terms of this section shall survive the termination of this Indenture.


 


Article 5

Lists of Holders and Reports by the Company and the Trustee


 


Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after
each June 1 and December 1 in each year beginning with June 1, 2023, and at such other times as the Trustee may request
in writing, within 30 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 Holders as of a date not more than 15 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.


 






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Section 5.02. Preservation and Disclosure
of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses
of the Holders contained in the most recent list furnished to it as provided in ‎Section 5.01 or maintained by the Trustee in
its capacity as Note Registrar, if so acting. The Trustee may dispose of any list furnished to it as provided in ‎Section 5.01
upon receipt of a new list so furnished.


 


Article 6

Defaults and Remedies


 


Section 6.01. Events of Default. Each
of the following events shall be an “Event of Default” with respect to the Notes:


 


(a)           default
in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;


 


(b)           default
in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required repurchase,
upon declaration of acceleration or otherwise;


 


(c)           failure
by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s
conversion right and such failure continues for three Business Days;


 


(d)           failure
by the Company to give (i) a Fundamental Change Company Notice in accordance with ‎Section 15.02(c) or notice of a
Make-Whole Fundamental Change in accordance with ‎Section 14.03(b), in either case when due and such failure continues for two
Business Days, or (ii) notice of a specified corporate transaction in accordance with Section 14.01(b)(ii) or 14.01(b)(iii) when
due and such failure continues for three Business Days;


 


(e)           failure
by the Company to comply with its obligations under ‎Article 11;


 


(f)            failure
by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture;


 


(g)           default
by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there
may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $35,000,000 (or its
foreign currency equivalent) in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists
or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated
maturity date or (ii) constituting a failure to pay the principal of any such debt when due and payable (after the expiration of
all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in
the cases of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default
shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 30 days after written
notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes
then outstanding in accordance with this Indenture;


 






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(h)           the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to the Company or any such Significant Subsidiary 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 Significant Subsidiary 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 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 Significant Subsidiary seeking liquidation, reorganization
or other relief with respect to the Company or such Significant Subsidiary 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 Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of 60 consecutive days.


 


Section 6.02. Acceleration; Rescission
and Annulment. If one or more Events of Default shall have occurred and be continuing, then, and in each and every such case (other
than an Event of Default specified in ‎Section 6.01(h) or ‎Section 6.01(i) with respect to 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 8.04, by notice in writing
to the Company (and to the Trustee if given by Holders), may (and the Trustee, at the written request of such Holders, shall) declare
100% of the principal of, and accrued and unpaid interest, if any, on, all the outstanding 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 contained in this Indenture
or in the Notes to the contrary notwithstanding. If an Event of Default specified in ‎Section 6.01(h) or ‎Section 6.01(i) with
respect to the Company occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall
become and shall automatically be immediately due and payable.


 


The immediately preceding paragraph, however,
is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before
any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, and if (1) rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default
under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have
become due solely by such acceleration, shall have been cured or waived pursuant to ‎Section 6.09, then and in every such case
(except as provided in the immediately succeeding sentence) 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
and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver 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 to
the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting
from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to
pay or deliver, as the case may be, the consideration due upon conversion of the Notes.


 






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Section 6.03. Additional Interest.
Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an
Event of Default relating to the Company’s failure to comply with its obligations as set forth in ‎Section 4.06(b) shall,
for the first 365 days after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest
on the Notes at a rate equal to (x) 0.25% per annum of the principal amount of the Notes outstanding for each day during the first
180 days after the occurrence of such Event of Default and (y) 0.50% per annum of the principal amount of the Notes outstanding
from the 181st day to, and including, the 365th day following the occurrence of such Event of Default, as long as such Event of Default
is continuing. Subject to the last paragraph of this Section 6.03, Additional Interest payable pursuant to this ‎Section 6.03
shall be in addition to, not in lieu of, any Additional Interest payable pursuant to ‎Section 4.06(d) or ‎Section 4.06(e).
If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable
on the Notes. On the 366th day after such Event of Default (if the Event of Default relating to the Company’s failure to comply
with its obligations as set forth in ‎‎Section 4.06(b) is not cured or waived prior to such 366th day), the Notes shall
be immediately subject to acceleration as provided in ‎Section 6.02. The provisions of this paragraph will not affect the rights
of Holders in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations
as set forth in ‎‎Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event
of Default in accordance with this ‎Section 6.03 or the Company elected to make such payment but does not pay the Additional
Interest when due, the Notes shall be immediately subject to acceleration as provided in ‎Section 6.02.


 


In order to elect to pay Additional Interest as
the sole remedy during the first 365 days after the occurrence of any Event of Default relating to the Company’s failure to comply
with its obligations as set forth in ‎‎Section 4.06(b) in accordance with the immediately preceding paragraph, the
Company must notify all Holders of the Notes, the Trustee and the Paying Agent in writing of such election prior to the beginning of
such 365-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided
in ‎Section 6.02.


 






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In no event shall Additional Interest payable
at the Company’s election for failure to comply with its obligations as set forth in Section 4.06(b) as set forth in
this Section 6.03, together with any Additional Interest that may accrue as a result of the Company’s failure to timely file
any document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), pursuant
to Section 4.06(d), accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events
or circumstances giving rise to the requirement to pay such Additional Interest.


 


Section 6.04. Payments of Notes on Default;
Suit Therefor. If an Event of Default described in clause ‎(a) or ‎(b) of ‎Section 6.01 shall have occurred
and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the
whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest,
if any, at the interest 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 7.06. 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 the Trustee shall have
made any demand pursuant to the provisions of this ‎Section 6.04, 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 and accrued and unpaid interest, if any, 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 Holders 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 to the Trustee under ‎Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian
or similar official is hereby authorized by each of the Holders 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 Holders, 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 7.06, 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.


 






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Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim
of any Holder 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.


 


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 any waiver pursuant to ‎Section 6.09
or any rescission and annulment pursuant to ‎Section 6.02 or for any other reason or shall have been determined adversely to
the Trustee, then and in every such case the Company, the Holders 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 Holders
and the Trustee shall continue as though no such proceeding had been instituted.


 


Section 6.05. Application of Monies Collected
by Trustee. Any monies collected by the Trustee pursuant to this ‎Article 6 with respect to the Notes shall be applied in
the following order, 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, in all of its capacities under this Indenture;


 






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Second,
in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due
upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion,
as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at
the rate of interest borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;


 


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, if applicable, the payment of the Redemption Price and the Fundamental Change Repurchase Price and any cash
due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal
and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate of interest
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 (including, if applicable, the Redemption Price and the Fundamental Change Repurchase
Price and any cash due upon conversion) and interest without preference or priority of principal over interest, or of interest over principal
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 (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion)
and accrued and unpaid interest; and


 


Fourth,
to the payment of the remainder, if any, to the Company.


 


Section 6.06. Proceedings by Holders.
Except to enforce the right to receive payment of principal (including, if applicable, the Redemption Price and the Fundamental Change
Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder
of any Note shall have any right by virtue of or by availing of any provision of this Indenture or the Notes 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:


 


(a)           such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;


 


(b)           Holders
of at least 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;


 


(c)           such
Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, claim, liability
or expense to be incurred therein or thereby;


 


(d)           the
Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; and


 






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(e)           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 of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to ‎Section 6.09,


 


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 Holders 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 Holder, or to obtain or seek to obtain priority over or preference to any other such Holder (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 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
Holders (except as otherwise provided herein). For the protection and enforcement of this ‎Section 6.06, each and every Holder
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, each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest,
if any, on, and (z) the consideration due upon conversion of, 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 or delivery, as the case may be.


 


Section 6.07. 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 6.08. Remedies Cumulative and
Continuing. Except as provided in the last paragraph of ‎Section 2.06, all powers and remedies given by this ‎Article 6
to the Trustee or to the Holders 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 Event of Default or any acquiescence therein; and, subject to the
provisions of ‎Section 6.06, every power and remedy given by this ‎Article 6 or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.


 






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Section 6.09. Direction of Proceedings
and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at the time
outstanding determined in accordance with ‎Section 8.04 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 the
Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this
Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee and that is not inconsistent with such direction.
The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that 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 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event
of Default hereunder and its consequences except any continuing defaults relating to (i) a default in the payment of accrued and
unpaid interest, if any, on, or the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes
when due that has not been cured pursuant to the provisions of ‎Section 6.01, (ii) a failure by the Company to pay or deliver,
as the case may be, the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or provision
hereof which under ‎Article 10 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 6.09, 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 6.10. Notice of Defaults.
The Trustee shall, within 90 days after a Responsible Officer has received written notice of the occurrence and continuance of a Default,
deliver to all Holders notice of all Defaults of which a Responsible Officer has received notice; provided that, except in the
case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if
applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon
conversion, the Trustee shall be protected in withholding such notice if and so long as it determines in good faith that the withholding
of such notice is in the interests of the Holders.


 


Section 6.11. 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 6.11 (to the extent permitted by law) shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of the Notes at the time outstanding determined in accordance with ‎Section 8.04, or to any suit instituted
by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including,
but not limited to, the Redemption Price and the Fundamental Change Repurchase Price, if applicable) 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, or receive the consideration due upon
conversion, in accordance with the provisions of ‎Article 14.


 






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Article 7

Concerning the Trustee


 


Section 7.01. Duties and Responsibilities
of Trustee.


 


(a)           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.


 


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


 


(c)           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 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 against the Trustee; and


 


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


 


(d)           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:


 






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(i)            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;


 


(ii)           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 of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided
in Section 6.09 relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;


 


(iii)           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;


 


(iv)          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;


 


(v)           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-Note Registrar with respect to
the Notes;


 


(vi)          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
a Responsible Officer of the Trustee had actual knowledge of such event;


 


(vii)         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, fees, taxes or other charges 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


 


(viii)        in
the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer
agent hereunder, the rights and protections afforded to the Trustee pursuant to this ‎Article 7 shall also be afforded to such
Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent.


 






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Section 7.02.
Reliance on Documents, Opinions, Etc. Except as otherwise provided in ‎Section 7.01:


 


(a)           the
Trustee may conclusively rely and shall be fully protected in acting or refraining from 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;


 


(b)           any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s 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)           whenever
in the administration of this Indenture, the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of gross negligence or willful misconduct on its part, conclusively rely upon an Officer’s Certificate;


 


(d)           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;


 


(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, in
its reasonable judgement, to make such further inquiry or investigation, it shall be entitled, at a reasonable time on any Business Day
after reasonable notice, 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
permissive rights of the Trustee enumerated herein shall not be construed as duties;


 


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


 


(i)             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 any loss, claim,
liability or expense that might be incurred by it in compliance with such request or direction;


 






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(j)            neither
the Trustee nor any of its directors, officers, employees, agents, or affiliates shall be responsible for nor have any duty to monitor
the performance or any action of the Company, or any of their respective directors, members, officers, agents, affiliates, or employees,
nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The Trustee shall not be responsible
for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in the records which may result from
such information or any failure by the Trustee to perform its duties or set forth herein as a result of any inaccuracy or incompleteness;


 


(k)           in
no event shall the Trustee be liable for any special, indirect, punitive, or consequential 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;


 


(l)            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; and


 


(m)          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 a Responsible Officer of the Trustee by the Company or by any Holder.


 


Section 7.03. 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 7.04. Trustee, Paying Agents,
Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent,
Bid Solicitation Agent (if other than the Company or any Affiliate thereof) 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,
Bid Solicitation Agent or Note Registrar.


 


Section 7.05. Monies and Shares of Common
Stock to Be Held in Trust. All monies and shares of Common Stock 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 and shares of Common Stock 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 or shares of Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee.


 






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Section 7.06. Compensation and Expenses
of Trustee. The Company covenants and agrees to pay to the Trustee from time to time and the Trustee shall receive such compensation
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 previously and 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, willful misconduct or bad faith. The Company also covenants
to indemnify the Trustee or any predecessor Trustee in any capacity under this Indenture and any other document or transaction entered
into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage,
liability or expense incurred without gross negligence, willful misconduct or bad faith 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 Indenture or in any other capacity hereunder and the enforcement of this Indenture (including this ‎Section 7.06),
including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company
under this ‎Section 7.06 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 6.05, funds held in trust herewith for the benefit of the Holders
of particular Notes, and, for the avoidance of doubt, such lien shall not be extended in a manner that would conflict with the Company’s
obligations to its other creditors. The Trustee’s right to receive payment of any amounts due under this ‎Section 7.06
shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this ‎Section 7.06
shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee. The Company need
not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in
this ‎Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.


 


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 6.01(h) or ‎Section 6.01(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 7.07. [Reserved].


 


Section 7.08. 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 (as
if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. 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 promptly in the manner and with the effect hereinafter specified in
this Article.


 






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Section 7.09. 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 delivering notice thereof to the Holders.
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 60 days after the giving
of such notice of resignation to the Holders, the resigning Trustee may, upon 10 Business Days' notice to the Company and the Holders,
petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide Holder
of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of ‎Section 6.11,
on behalf of himself or herself 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.


 


(b)            In
case at any time any of the following shall occur:


 


(i)            the
Trustee shall cease to be eligible in accordance with the provisions of ‎Section 7.08 and shall fail to resign after written
request therefor by the Company or by any such Holder, or


 


(ii)            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 either 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 6.11, any Holder who has been a bona fide Holder of a Note or Notes for at least six months (or since the date of
this Indenture) may, on behalf of himself or herself 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 6.09,
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 Holder,
upon the terms and conditions and otherwise as in ‎Section 7.09(a) provided, may petition any court of competent jurisdiction
for an appointment of a successor trustee.


 






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(d)            Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this ‎Section 7.09
shall become effective upon acceptance of appointment by the successor trustee as provided in ‎Section 7.10.


 


Section 7.10. Acceptance by Successor
Trustee. Any successor trustee appointed as provided in ‎Section 7.09 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 7.06, 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 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 7.06.


 


No successor trustee shall accept appointment
as provided in this ‎Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions
of ‎Section 7.08.


 


Upon acceptance of appointment by a successor
trustee as provided in this ‎Section 7.10, each of the Company and the successor trustee, at the written direction and at the
expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If the
Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be delivered at the expense of the Company.


 


Section 7.11. 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 eligible under the provisions of ‎Section 7.08.


 






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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.


 


Article 8

Concerning the Holders


 


Section 8.01. Action by Holders. Whenever
in this Indenture it is provided that the Holders of a specified percentage of the 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 Holders in person or by agent or proxy appointed in writing,
or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the
provisions of ‎Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting
of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee
may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders 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 8.02.
Proof of Execution by Holders. Subject to the provisions of ‎Section 7.01, ‎Section 7.02
and ‎Section 9.05, proof of the execution of any instrument
or writing by a Holder 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 Holders' meeting shall be proved in the manner provided
in ‎Section 9.06.


 


Section 8.03. 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 (including any Redemption
Price and any Fundamental Change Repurchase Price) of and (subject to ‎Section 2.03) accrued and unpaid interest on such Note,
for conversion of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent
nor any Conversion Agent nor any Note Registrar shall be affected nor incur any liability by any notice to the contrary. The sole registered
holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder for the time being,
or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy
and discharge the liability for monies payable or shares deliverable 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.


 






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Section 8.04. Company-Owned Notes Disregarded.
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, by any Subsidiary thereof or by any Affiliate of the
Company or any Subsidiary thereof 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 for the purposes of this ‎Section 8.04 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,
a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. 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 Officer’s 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 7.01, the Trustee shall
be entitled to accept such Officer’s 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 8.05. Revocation of Consents;
Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in ‎Section 8.01,
of the taking of any action by the Holders of the percentage of the 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 8.02, 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.


 






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Article 9

Holders' Meetings


 


Section 9.01. Purpose of Meetings.
A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this ‎Article 9 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 (in each case, as permitted under this Indenture) and its consequences, or
to take any other action authorized to be taken by Holders pursuant to any of the provisions of ‎Article 6;


 


(b)           to
remove the Trustee and nominate a successor trustee pursuant to the provisions of ‎Article 7;


 


(c)           to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of ‎Section 10.02; 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 9.02. Call of Meetings by Trustee.
The Trustee may at any time call a meeting of Holders to take any action specified in ‎Section 9.01, to be held at such
time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, 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 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company. Such notices
shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.


 


Any meeting of Holders 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 then 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 9.03. Call of Meetings by Company
or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal
amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the notice of such meeting
within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting
and may call such meeting to take any action authorized in ‎Section 9.01, by delivering notice thereof as provided in ‎Section 9.02.


 






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Section 9.04. Qualifications for Voting.
To be entitled to vote at any meeting of Holders 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 Holders 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 9.05. Regulations. Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders, 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 Holders as provided in ‎Section 9.03,
in which case the Company or the Holders 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 aggregate principal
amount of the outstanding Notes represented at the meeting and entitled to vote at the meeting.


 


Subject to the provisions of ‎Section 8.04,
at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or
represented by him or her; 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 Holders. Any meeting of Holders duly called pursuant to the provisions of ‎Section 9.02 or ‎Section 9.03
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 9.06. Voting. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders
or of their representatives by proxy and the outstanding aggregate 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 Holders 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 delivered
as provided in ‎Section 9.02. The record shall show the aggregate 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.


 






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Any record so signed and verified shall be conclusive
evidence of the matters therein stated.


 


Section 9.07. No Delay of Rights by Meeting.
Nothing contained in this ‎Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting
of Holders 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 Holders under any of the provisions of this Indenture or of the Notes.


 


Article 10

Supplemental Indentures


 


Section 10.01. Supplemental Indentures
Without Consent of Holders. The Company 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;


 


(b)           to
provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to ‎Article 11;


 


(c)           to
add guarantees with respect to the Notes;


 


(d)           to
secure the Notes;


 


(e)           to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Company;


 


(f)            to
make any change that does not adversely affect the rights of any Holder as determined by the Company in good faith;


 


(g)           in
connection with any Share Exchange Event, to provide that the Notes are convertible into Reference Property, subject to the provisions
of ‎Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by ‎Section 14.07;


 


(h)           to
conform the provisions of this Indenture or the Notes to the “Description of notes” section of the Offering Memorandum as
evidenced in an Officer’s Certificate;


 






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(i)            to
comply with the rules of any applicable Depositary, including The Depository Trust Company, so long as such amendment does not adversely
affect the rights of any Holder in any material respect;


 


(j)            to
appoint a successor Trustee with respect to the Notes;


 


(k)           to
increase the Conversion Rate as provided in this Indenture;


 


(l)            to
provide for the acceptance of appointment by a successor Trustee, Note Registrar, Paying Agent, Bid Solicitation Agent or Conversion
Agent to facilitate the administration of the trusts under this Indenture by more than one trustee; or


 


(m)          to
irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company’s right to elect a Settlement Method;
provided that no such election or elimination shall affect any Settlement Method theretofore elected (or deemed to be elected)
with respect to any Note pursuant to the provisions of ‎‎Article 14.


 


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 and to make any further appropriate
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 10.01 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 10.02.


 


Section 10.02. Supplemental Indentures
with Consent of Holders. With the consent (evidenced as provided in ‎Article 8) of the Holders of at least a majority of
the aggregate principal amount of the Notes then outstanding (determined in accordance with ‎Article 8 and including, without
limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Company 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, the Notes or any
supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that, without the consent
of each Holder of an outstanding Note affected, no such supplemental indenture shall:


 


(a)           reduce
the principal amount of Notes whose Holders must consent to an amendment;


 


(b)           reduce
the rate of 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)           except
as required by this Indenture, make any change that adversely affects the conversion rights of any Notes;


 






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(e)            reduce
the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders 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, or at a place of payment, other than that stated in the Note;


 


(g)           change
the ranking of the Notes; or


 


(h)           make
any change in this ‎Article 10 that requires each Holder’s consent or in the waiver provisions in ‎Section 6.02
or ‎Section 6.09.


 


Upon the written request of the Company, and upon
the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to ‎Section 10.05, 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.


 


Holders do not need under this ‎Section 10.02
to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof.
After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly describing such supplemental
indenture. 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 supplemental indenture.


 


Section 10.03. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this ‎Article 10, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations,
duties, indemnities, privileges and immunities under this Indenture of the Trustee, the Company and the Holders 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 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this ‎Article 10
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
Company, 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 17.10)
and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.


 






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Section 10.05. 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 Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant hereto complies with the requirements of this ‎Article 10 and is permitted or authorized by this Indenture; provided
that such Opinion of Counsel shall include a customary legal opinion stating that such supplemental indenture is the valid and binding
obligation of the Company, subject to customary exceptions and qualifications. The Trustee shall have no responsibility for determining
whether any amendment or supplemental indenture will or may have an adverse effect on any Holder.


 


Article 11

Consolidation, Merger, Sale, Conveyance and Lease


 


Section 11.01. Company May Consolidate,
Etc. on Certain Terms. Subject to the provisions of ‎Section 11.02, the Company shall not consolidate with, enter into a
binding share exchange with, or merge with or into, another Person or sell, assign, convey, transfer, lease or otherwise dispose of the
Company’s properties and assets substantially as an entirety to any successor Person unless:


 


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


 


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


 


(c)           if
a supplemental indenture is executed hereunder, the Company shall deliver to the Trustee an Officer’s Certificate and Opinion of
Counsel making the statements contemplated in Sections 10.05 and 17.05 hereunder.


 


Section 11.02.
Successor Corporation to Be Substituted. In case of any such binding share exchange, consolidation, merger, sale, assignment,
conveyance, transfer, lease or other disposition and upon the assumption by the Successor Company, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued
and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon
conversion of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed
by the Company, such Successor Company (if not the Company) shall succeed to the Company and, except in the case of a lease of the Company’s
properties and assets substantially as an entirety, shall be substituted for the Company, with the same effect as if it had been named
herein as the party of the first part, and may thereafter exercise every right and power of the Company under this Indenture. 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 binding share exchange, consolidation,
merger, sale, assignment, conveyance, transfer or other disposition (but not in the case of a lease), upon compliance with this ‎Article 11
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 11) may be dissolved, wound up and liquidated at any time thereafter and,
except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations
under this Indenture and the Notes.


 






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


 


Article 12

Immunity of Incorporators, Stockholders, Officers and Directors


 


Section 12.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of 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, either directly or through the Company or any successor corporation, 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.


 






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Article 13

[Intentionally Omitted]


 


Article 14

Conversion of Notes


 


Section 14.01. Conversion Privilege.


 


(a)            Subject
to and upon compliance with the provisions of this ‎Article 14, each Holder of a Note shall have the right, at such Holder’s
option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of
such Note (i) subject to satisfaction of the conditions described in ‎Section 14.01(b), at any time prior to the close
of business on the Business Day immediately preceding September 15, 2027 under the circumstances and during the periods set forth
in Section 14.01(b), and (ii) regardless of the conditions described in ‎Section 14.01(b), on or after September 15,
2027 and prior to the close of business on the Business Trading Day immediately preceding the Maturity Date, in each case, at an initial
conversion rate of 80.0000 shares of Common Stock (subject to adjustment as provided in this
‎Article 14, the “Conversion Rate”)
per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of ‎Section 14.02, the “Conversion
Obligation”).


 


(b)


 


(i)            Prior
to the close of business on the Business Day immediately preceding September 15, 2027, a Holder may surrender all or any portion
of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period
(the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following
a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than
98% of the product of the Last Reported Sale Price of the Common Stock on each such Trading Day and the Conversion Rate on each such
Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition
of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation Agent (if other than the
Company) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading
Price, along with appropriate contact information for each. The Bid Solicitation Agent (if other than the Company) shall have no obligation
to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination, and the Company
shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation
to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder or Holders of at least $2,000,000 principal amount
of Notes in the aggregate provide(s) the Company with reasonable evidence that the Trading Price per $1,000 principal amount of
Notes on any Trading Day would be less than 98% of the product of the Last Reported Sale Price of the Common Stock on such Trading Day
and the Conversion Rate on such Trading Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company)
to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal
amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount
of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate.
If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not, when the Company is required to, instruct
the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding
sentence, or if the Company gives such instruction to the Bid Solicitation Agent and the Bid Solicitation Agent fails to make such determination,
or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided
in the preceding sentence, then, in either case, the Trading Price per $1,000 principal amount of Notes on any date shall be deemed to
be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such
failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion
Agent (if other than the Trustee) in writing. Any such determination shall be conclusive absent manifest error. If, at any time after
the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal
to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such date, the Company shall so
notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing and thereafter neither the Company nor
the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids (or determine the Trading Price of the Notes
as set forth in this Indenture) again unless a new Holder request is made as provided in this subsection (b)(i).


 






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(ii)            If,
prior to the close of business on the Business Day immediately preceding September 15, 2027, the Company elects to:


 


(A)            distribute
to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder
rights plan prior to the separation of such rights from the Common Stock) entitling them, for a period of not more than 60 calendar days
after the announcement date of such distribution, to subscribe for or purchase shares of the Common Stock at a price per share that is
less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of such distribution; or


 


(B)            distribute
to all or substantially all holders of the Common Stock the Company’s assets, securities or rights to purchase securities of the
Company (other than in connection with a stockholder rights plan prior to separation of such rights from the Common Stock), which distribution
has a per share value, as reasonably determined by the Company in good faith, exceeding 10% of the Last Reported Sale Price of the Common
Stock on the Trading Day preceding the date of announcement for such distribution,


 






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then, in either case, the Company shall notify all Holders of the
Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 48 Scheduled Trading Days prior to the Ex-Dividend
Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan, as
soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will occur);
provided that if the Company is then otherwise permitted to settle conversions of Notes by Physical Settlement (and, for the avoidance
of doubt, has not irrevocably elected another Settlement Method for conversion of Notes), then the Company may instead elect to provide
such notice at least five Scheduled Trading Days prior to such Ex-Dividend Date, in which case the Company shall be required to settle
all conversions of Notes with a Conversion Date occurring during the period on or after the date the Company provides such notice and
before such Ex-Dividend Date (or, if earlier, the date the Company announces that such issuance or distribution will not take place)
by Physical Settlement, and the Company shall describe the same in such notice. Once the Company has given such notice, a Holder may
surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business
Day immediately preceding the Ex-Dividend Date for such distribution and (2) the Company’s announcement that such distribution
will not take place, in each case, even if the Notes are not otherwise convertible at such time; provided that Holders may not
convert their Notes pursuant to this subsection (b)(ii) if they participate, at the same time and upon the same terms as holders
of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in clause (A) or (B) of
this subsection (b)(ii) without having to convert their Notes as if they held a number of shares of Common Stock equal to the Conversion
Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.


 


(iii)           If
(A) a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of
business on the Business Day immediately preceding September 15, 2027, regardless of whether a Holder has the right to require the
Company to repurchase the Notes pursuant to ‎Section 15.02, or (B) if the Company is a party to a Share Exchange Event
(other than a Share Exchange Event that is solely for the purpose of changing the Company’s jurisdiction of organization that (x) does
not constitute a Fundamental Change or a Make-Whole Fundamental Change and (y) results in a reclassification, conversion or exchange
of outstanding shares of Common Stock solely into shares of common stock of the surviving entity and such common stock becomes Reference
Property for the Notes) that occurs prior to the close of business on the Business Day immediately preceding September 15, 2027,
(each such Fundamental Change, Make-Whole Fundamental Change or Share Exchange Event, a “Corporate Event”), all or
any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of such Corporate
Event until the earlier of (x) 35 Trading Days after the effective date of the Corporate Event (or, if the Company gives notice
after the effective date of such Corporate Event, until 35 Trading Days after the date the Company gives notice of such Corporate Event)
or, if such Corporate Event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), until the close of business
on the Business Day immediately preceding the related Fundamental Change Repurchase Date and (y) the close of business on the Business
Day immediately preceding the Maturity Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the
Trustee) in writing as promptly as practicable following the effective date of such Corporate Event, but in no event later than one Business
Day after the effective date of such Corporate Event.


 






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(iv)          Prior
to the close of business on the Business Day immediately preceding September 15, 2027, a Holder may surrender all or any portion
of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on March 31, 2023
(and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or
not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding
calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day.


 


(v)           If
the Company calls any Notes for redemption pursuant to ‎Article 16, then a Holder may surrender all or any portion of its Called
Notes for conversion at any time prior to the close of business on the Scheduled Trading Day immediately preceding the Redemption Date,
even if the Called Notes are not otherwise convertible at such time. After that time, the right to convert such Called Notes on account
of the Company’s delivery of a Notice of Redemption shall expire, unless the Company defaults in the payment of the Redemption
Price, in which case a Holder of Called Notes may convert all or a portion of its Called Notes until the Redemption Price has been paid
or duly provided for. If the Company elects to redeem fewer than all of the outstanding Notes for redemption pursuant to ‎Article 16,
and the Holder of any Note (or any owner of a beneficial interest in any Global Note) is reasonably not able to determine, prior to the
close of business on the 44th Scheduled Trading Day immediately preceding the relevant Redemption Date (or if, as permitted by ‎‎Section 16.02(a),
the Company delivers a Notice of Redemption not less than 15 nor more than 70 calendar days prior to the related Redemption Date, then
prior to close of business on the 14th calendar day immediately before the relevant Redemption Date), whether such Note or beneficial
interest, as applicable, is to be redeemed pursuant to such redemption, then such Holder or owner, as applicable, shall be entitled to
convert such Note or beneficial interest, as applicable, at any time before the close of business on the Scheduled Trading Day immediately
preceding such Redemption Date, unless the Company defaults in the payment of the Redemption Price, in which case such Holder or owner,
as applicable, shall be entitled to convert such Note or beneficial interest, as applicable, until the Redemption Price has been paid
or duly provided for, and each such conversion will be deemed to be of a Note called for redemption, and such Note or beneficial interest
shall be deemed called for redemption solely for the purposes of such conversion (“Deemed Redemption”). If a Holder
elects to convert Called Notes during the related Redemption Period, the Company shall, under certain circumstances, increase the Conversion
Rate for such Called Notes pursuant to ‎‎Section 14.03. Accordingly, if the Company elects to redeem fewer than all of the
outstanding Notes pursuant to ‎‎Article 16, Holders of the Notes that are not Called Notes will not be entitled to convert
such Notes pursuant to this ‎‎Section 14.01(b)(v) and will not be entitled to an increase in the Conversion Rate on
account of the Notice of Redemption for conversions of such Notes during the related Redemption Period if such Notes are otherwise convertible
pursuant to any other provision of this ‎‎Section 14.01(b).


 






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Section 14.02. Conversion Procedure; Settlement
Upon Conversion.


 


(a)            Subject
to this ‎Section 14.02, ‎Section 14.03(b) and ‎Section 14.07(a), upon conversion of any Note, the Company
shall satisfy its Conversion Obligation by paying or delivering, as the case may be, to the converting Holder, in respect of each $1,000
principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if
applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02
(“Physical Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in
lieu of delivering any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02 (“Combination
Settlement”), at its election, as set forth in this ‎Section 14.02.


 


(i)            All
conversions of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period, and all conversions for
which the relevant Conversion Date occurs on or after September 15, 2027, shall be settled using the same Settlement Method.


 


(ii)           Except
for any conversions of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period, and any conversions
for which the relevant Conversion Date occurs on or after September 15, 2027, and except to the extent the Company has irrevocably
elected Physical Settlement pursuant to ‎Section 14.01(b)(ii) in a notice as described in such Section, the Company shall
use the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have any obligation to use
the same Settlement Method with respect to conversions with different Conversion Dates.


 


(iii)          If,
in respect of any Conversion Date (or any conversions of Called Notes for which the relevant Conversion Date occurs during the related
Redemption Period, or any conversions for which the relevant Conversion Date occurs on or after September 15, 2027 or for which
the Company has irrevocably elected Physical Settlement pursuant to ‎‎Section 14.01(b)(ii) in a notice as described
in such Section), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement Method
in respect of such Conversion Date (or such period, as the case may be), the Company shall deliver such Settlement Notice to converting
Holders, the Trustee and the Conversion Agent (if other than the Trustee) no later than the close of business on the Trading Day immediately
following the relevant Conversion Date (or, in the case of (A) any conversions of Called Notes for which the relevant Conversion
Date occurs during the related Redemption Period, in the related Notice of Redemption, (B) any conversions of Notes for which the
relevant Conversion Date occurs on or after September 15, 2027, no later than September 15, 2027 or (C) any conversions
for which the Company has irrevocably elected Physical Settlement pursuant to ‎‎‎Section 14.01(b)(ii), in a notice as
described in such Section). If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding
sentence, the Company shall no longer have the right to elect a Settlement Method with respect to any conversion on such Conversion Date
or during such period, and the Company shall be deemed to have elected the Default Settlement Method with respect to such conversion.
Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant
Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement
Notice electing Combination Settlement (or is deemed to have elected Combination Settlement) in respect of its Conversion Obligation
but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes to be converted in such Settlement Notice, the Specified
Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. For the avoidance of doubt, the Company’s failure
to timely elect a Settlement Method or specify as applicable a Specified Dollar Amount shall not constitute a Default under this Indenture.


 






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By notice to Holders, the Trustee and
the Conversion Agent (if other than the Trustee), the Company may, from time to time, change the Default Settlement Method prior to September 15,
2027. By notice to all Holders, the Company may, prior to September 15, 2027, at its option, irrevocably elect to satisfy its Conversion
Obligation with respect to the Notes through any Settlement Method that the Company is then permitted to elect, including Combination
Settlement with a Specified Dollar Amount per $1,000 principal amount of Notes of $1,000 or with an ability to continue to set the Specified
Dollar Amount per $1,000 principal amount of Notes at or above a specific amount set forth in such election notice. If the Company changes
the Default Settlement Method or the Company irrevocably elects to fix the Settlement Method, in either case, to Combination Settlement
with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount, the
Company will, after the date of such change or election, as the case may be, inform Holders converting their Notes, the Trustee and the
Conversion Agent (if other than the Trustee) of such Specified Dollar Amount no later than the relevant deadline for election of a specified
Settlement Method as set forth in the immediately preceding paragraph, or, if the Company does not timely notify Holders, such Specified
Dollar Amount will be the specific amount set forth in the change or election notice or, if no specific amount was set forth in the change
or election notice, such Specified Dollar Amount will be $1,000 per $1,000 principal amount of Notes. A change in the Default Settlement
Method or an irrevocable election shall apply for all conversions of Notes with Conversion Dates occurring subsequent to delivery of
such notice; provided that no such change or election will affect any Settlement Method theretofore elected (or deemed to be elected)
with respect to any Note. For the avoidance of doubt, such an irrevocable election, if made by the Company, will be effective without
the need to amend this Indenture or the Notes, including pursuant to ‎‎‎Section 10.01(m). However, the Company may nonetheless
choose to execute such an amendment at its option. If the Company changes the Default Settlement Method or if the Company irrevocably
fixes the Settlement Method pursuant to this paragraph, then, concurrently with providing notice to Holders of such change or election,
the Company shall either post the Default Settlement Method or fixed Settlement Method, as the case may be, on its website or disclose
the same in a current report on Form 8-K (or any successor form) that is filed with the Commission.


 






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(iv)          The
cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any conversion of Notes (the “Settlement
Amount”) shall be computed as follows:


 


(A)            if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver
to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common Stock equal
to the Conversion Rate in effect on the Conversion Date;


 


(B)            if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the
converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily
Conversion Values for each of the 40 consecutive Trading Days during the related Observation Period; and


 


(C)            if
the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement,
the Company shall pay or deliver, as the case may be, to the converting Holder in respect of each $1,000 principal amount of Notes being
converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive Trading Days during the
related Observation Period.


 


(v)           The
Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly
following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion
Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional share of Common Stock, the Company shall
notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values,
as the case may be, and the amount of cash payable in lieu of delivering any fractional shares of Common Stock. The Trustee and the Conversion
Agent (if other than the Trustee) shall have no responsibility for any such determination.


 


(b)           Subject
to ‎Section 14.02(e), before any Holder of a Note shall be entitled
to convert a Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the applicable procedures
of the Depositary 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 14.02(h) and (ii) in the case of a Physical Note (1) complete,
manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile,
PDF or other electronic transmission thereof) (a notice pursuant to the applicable procedure of the Depositary or a notice as set forth
in the Form of Notice of Conversion, a “Notice of Conversion”) at the office of the Conversion Agent and state
in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the
certificate or certificates for any shares of Common 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, furnish appropriate endorsements and transfer documents and (4) if
required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
 ‎Section 14.02(h). The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant
to this ‎Article 14 on the Conversion Date for such conversion. No Notes may be surrendered for conversion by a Holder thereof
if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly
withdrawn such Fundamental Change Repurchase Notice in accordance with ‎Section 15.03.


 






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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 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 subsection ‎(b) above. Except as set forth in ‎‎Section 14.03(b) and
 ‎Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion
Obligation on the second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement,
or on the second Business Day immediately following the last Trading Day of the Observation Period, in the case of any other Settlement
Method. If any shares of Common Stock are due to a converting Holder, the Company shall issue and deliver (if applicable) (or cause the
Conversion Agent to issue and deliver (if applicable)) to such Holder, or such Holder’s nominee or nominees, the full number of
shares of Common Stock to which such Holder shall be entitled, in book-entry format through the Depositary, in satisfaction of the Company’s
Conversion Obligation.


 


(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 a new Note or Notes in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but,
if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder
of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion.


 


(e)           If
a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other
than the Holder’s name, in which case the Holder shall pay that tax. 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 is due by such Holder in accordance with the immediately preceding sentence.


 






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(f)            Except
as provided in ‎Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion
of any Note as provided in this Article 14.


 


(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 Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below.
The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal
amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued
and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest
will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after
the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive
the full amount of 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 Regular Record Date to the open of business on the immediately following
Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided
that no such payment shall be required (1) for conversions following the Regular Record Date immediately preceding the Maturity
Date; (2) for Called Notes, if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to
the Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental Change
Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest
Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the time of conversion with respect
to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity
Date shall receive the full interest payment due on the Maturity Date in cash regardless of whether their Notes have been converted following
such Regular Record Date.


 


(i)            The
Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a stockholder of record as of the
close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement)
or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination
Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.


 






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(j)            The
Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of delivering
any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date or, if such Conversion
Date is not a Trading Day, the immediately preceding Trading Day (in the case of Physical Settlement) or based on the Daily VWAP for
the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion,
if the Company has elected (or is deemed to have elected) Combination Settlement, the full number of shares that shall be issued upon
conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any
fractional shares remaining after such computation shall be paid in cash.


 


Section 14.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or a Notice of Redemption.


 


(a)            If
(i) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes
in connection with such Make-Whole Fundamental Change or (ii) the Company delivers a Notice of Redemption as provided under ‎Section 16.02
and a Holder elects to convert its Called Notes in connection with such Notice of Redemption, as the case may be, the Company shall,
under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional
shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these
purposes to be “in connection with” a Make-Whole Fundamental Change if the relevant Conversion Date occurs during the period
from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior
to the related Fundamental Change Repurchase Date (or, in the case of an Exempted Fundamental Change or a Make-Whole Fundamental Change
that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day
immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change
Period”). A conversion of Notes shall be deemed for these purposes to be “in connection with” a Notice of Redemption
if such Notes are Called Notes with respect to such Notice of Redemption and the relevant Conversion Date occurs during the related Redemption
Period. For the avoidance of doubt, if the Company elects to redeem fewer than all of the outstanding Notes pursuant to ‎‎Article 16,
Holders of the Notes that are not Called Notes will not be entitled to convert such Notes pursuant to‎ ‎Section 14.01(b)(v) and
will not be entitled to an increase in the Conversion Rate for conversions of such Notes (on account of the Notice of Redemption) during
the applicable Redemption Period if such Notes are otherwise convertible pursuant to ‎Section 14.01(b)(i)-‎(iv).


 


(b)            Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or a Notice of Redemption, the Company shall, at
its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance
with ‎Section 14.02; provided, however, that if, at the effective time of a Make-Whole Fundamental Change described
in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed
entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation
shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal
amount of converted Notes equal to the Conversion Rate (including any increase to reflect the Additional Shares), multiplied by
such Stock Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day
following the Conversion Date. The Company shall notify the Holders and the Trustee in writing of the Effective Date of any Make-Whole
Fundamental Change no later than five Business Days after such Effective Date.


 






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(c)            The
number of Additional Shares, if any, by which the Conversion Rate shall be increased for conversions in connection with a Make-Whole
Fundamental Change or a Notice of Redemption shall be determined by reference to the table below, based on the date on which the Make-Whole
Fundamental Change occurs or becomes effective or the date the Company delivers the Notice of Redemption, as the case may be (in each
case, the “Effective Date”), and the price (the “Stock Price”) paid (or deemed to be paid) per
share of the Common Stock in the Make-Whole Fundamental Change or determined with respect to the Notice of Redemption, as the case may
be. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described
in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock
Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the applicable Effective Date. If a conversion of Called Notes during a Redemption
Period would also be deemed to be in connection with a Make-Whole Fundamental Change, a Holder of any such Notes to be converted will
be entitled to a single increase to the Conversion Rate with respect to the first to occur of the Effective Date of the Notice of Redemption
or the Make-Whole Fundamental Change, as applicable, and the later event shall be deemed not to have occurred for purposes of such conversion
for purposes of this ‎Section 14.03. The Company shall make appropriate adjustments to the Stock Price, in its good faith determination,
to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate
where the Ex-Dividend Date, Effective Date (as such term is used in ‎Section 14.04) or expiration date of the event occurs during
such five consecutive Trading Day period.


 


(d)            The
Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of the
Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment,
multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the
Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth
in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in ‎Section 14.04.


 






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(e)            The
following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000 principal amount
of Notes pursuant to this ‎Section 14.03 for each Stock Price and Effective Date set forth below:


 


	 	 	 	 	Stock
    Price
	Effective
    Date	 	$10.00	 	$11.00	 	$12.50	 	$14.00	 	$16.25	 	$20.00	 	$25.00	 	$30.00	 	$35.00	 	$40.00	 	$45.00	 	$55.00
	December 20, 2022	 	20.0000	 	16.6064	 	12.8360	 	10.1257	 	7.2997	 	4.4500	 	2.4132	 	1.3143	 	0.6826	 	0.3115	 	0.1002	 	0.0000
	December 15, 2023	 	20.0000	 	16.6064	 	12.8360	 	10.0150	 	7.0911	 	4.2295	 	2.2528	 	1.2117	 	0.6209	 	0.2775	 	0.0856	 	0.0000
	December 15, 2024	 	20.0000	 	16.6064	 	12.4304	 	9.4257	 	6.4671	 	3.7150	 	1.9192	 	1.0107	 	0.5051	 	0.2150	 	0.0567	 	0.0000
	December 15, 2025	 	20.0000	 	15.9482	 	11.2000	 	8.0950	 	5.2265	 	2.8020	 	1.3804	 	0.7053	 	0.3374	 	0.1280	 	0.0207	 	0.0000
	December 15, 2026	 	20.0000	 	14.1945	 	8.8040	 	5.6350	 	3.1360	 	1.4760	 	0.7024	 	0.3560	 	0.1609	 	0.0498	 	0.0022	 	0.0000
	December 15, 2027	 	20.0000	 	10.9091	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000



 


The exact Stock Price and Effective Date may not
be set forth in the table above, in which case:


 


(i)             if
the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in the table, the
number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between
the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable,
based on a 365-day year;


 


(ii)            if
the Stock Price is greater than $55.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and


 


(iii)           if
the Stock Price is less than $10.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings
of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.


 


Notwithstanding the foregoing, in no event shall the Conversion Rate
per $1,000 principal amount of Notes exceed 100.0000 shares of Common Stock, subject to adjustment in the same manner as the Conversion
Rate pursuant to ‎Section 14.04.


 


(f)            Nothing
in this ‎Section 14.03 shall prevent an adjustment to the Conversion Rate that would otherwise be required pursuant to ‎Section 14.04
in respect of a Make-Whole Fundamental Change.


 


Section 14.04. Adjustment of Conversion
Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the
Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a
share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the
Common Stock and solely as a result of holding the Notes, in any of the transactions described in this ‎Section 14.04, without
having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by
the principal amount (expressed in thousands) of Notes held by such Holder.


 






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


 





where,


 


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






 


Any adjustment made under this ‎Section 14.04(a) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this ‎Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately
readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate
that would then be in effect if such dividend or distribution had not been declared.


 


(b)           If
the Company distributes to all or substantially all holders of the Common Stock any rights, options or warrants (other than pursuant
to a stockholder rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such distribution,
to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale
Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement of such distribution, the Conversion Rate shall be increased based on the following formula:


 






    70


     


    

 


 


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 such Ex-Dividend Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	 	 	 
	X	=	the total number of shares of Common Stock distributable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of shares of 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 the
    Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date
    of announcement of the distribution of such rights, options or warrants.






 


Any increase made under this ‎Section 14.04(b) shall
be made successively whenever any such rights, options or warrants are distributed and shall become effective immediately after the open
of business on the Ex-Dividend Date for such distribution. To the extent that such rights, options or warrants are not exercise prior
to their expiration or shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion
Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the distribution of such
rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such
rights, options or warrants are not so distributed or if no such right, option or warrant is exercised prior to its expiration, the Conversion
Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not occurred.


 


For purposes of this ‎Section 14.04(b) and
for the purpose of ‎Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of Common
Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common
Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such distribution, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account
any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof,
the value of such consideration, if other than cash, to be determined by the Company in good faith.


 






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(c)            If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights,
options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding
(i) dividends, distributions or issuances (including share splits) as to which an adjustment was effected pursuant to ‎Section 14.04(a) or
 ‎Section 14.04(b), (ii) except as otherwise provided in Section 14.11, rights issued pursuant to any stockholder rights
plan of the Company then in effect, (iii) distributions of Reference Property in exchange for, or upon conversion of, Common Stock
in a Share Exchange Event, (iv) dividends or distributions paid exclusively in cash as to which the provisions set forth in ‎Section 14.04(d) shall
apply, (v) Spin-Offs as to which the provisions set forth below in this ‎Section 14.04(c) shall apply (any of such
shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock
or other securities, the “Distributed Property”) and (vi) tender offers and exchange offers as to which an adjustment
to the Conversion Rate is effected (or would be effected disregarding the provisions set forth below in Section 14.04(k)) pursuant
to Section 14.04(e), then the Conversion Rate shall be increased based on the following formula:


 





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






 


Any increase made under the portion of this ‎Section 14.04(c) above
shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is
not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution
had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount
thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind
of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion
Rate in effect on the Ex-Dividend Date for the distribution.


 






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With respect to an adjustment pursuant to this
 ‎Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital
Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that
are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:


 





where,


 


	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the end of the Valuation Period;
	 	 	 
	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 (determined
    by reference to the definition of Last Reported Sale Price as set forth in ‎Section 1.01 as if references therein to Common
    Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including,
    the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 
	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.




 


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


 






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For
purposes of this ‎Section 14.04(c) (and subject in all respect to ‎Section 14.11), rights, options or warrants
distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s
Capital Stock, including 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 14.04(c) (and no adjustment to the Conversion
Rate under this ‎Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such
rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion
Rate shall be made under this ‎Section 14.04(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 (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date
without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options
or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that
was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this ‎Section 14.04(c) was
made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by
any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options
or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or
purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder
had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and
(2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof,
the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.


 


For
purposes of ‎Section 14.04(a), ‎Section 14.04(b) and
this ‎Section 14.04(c), if any dividend or distribution to which this ‎Section 14.04(c) is applicable also
includes one or both of:


 


(A)          a
dividend or distribution of shares of Common Stock to which ‎Section 14.04(a) is applicable (the “Clause A Distribution”);
or


 


(B)           a
dividend or distribution of rights, options or warrants to which ‎Section 14.04(b) is applicable (the “Clause
B Distribution”),


 


then, in either case, (1) such dividend or distribution, other
than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this ‎Section 14.04(c) is
applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this ‎Section 14.04(c) with
respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed
to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by ‎Section 14.04(a) and ‎Section 14.04(b) with
respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause
A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any
shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately
prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of ‎Section 14.04(a) or
 “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of ‎Section 14.04(b).


 






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


 





where,


 


	CR0	=	the Conversion Rate in effect immediately prior to the 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;
	 	 	 
	SP`0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
	 	 	 
	C	=	the amount in cash per share the Company dividends or distributes to all or substantially all holders of the Common Stock.






 


Any increase to the Conversion Rate pursuant to this ‎Section 14.04(d) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or
distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to
make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had
not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes
it holds, at the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex-Dividend Date for such cash
dividend or distribution.


 


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


 






    75


     


    

 





where,


 


	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	CR '	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	AC	=	the aggregate value of all cash and any other consideration (as determined by the Company in good faith) 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 the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 
	OS '	=	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 
	SP '	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.






 


The
increase to the Conversion Rate under this ‎Section 14.04(e) shall occur at the close of business on the 10th Trading
Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided
that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date
occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender
or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such
lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date that such tender or exchange
offer expires to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of
Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation
Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration
date of any tender or exchange offer, references to “10” or “10th”
in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the
Trading Day next succeeding the expiration date of such tender or exchange offer to, and including, such Trading Day in determining the
Conversion Rate as of such Trading Day of such Observation Period.


 






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If the Company or one of its Subsidiaries is obligated
to purchase shares of Common Stock pursuant to any such tender or exchange offer described in this ‎Section 14.04(e) but
the Company or such Subsidiary is permanently prevented by applicable law from effecting any such purchase or all such purchases are
rescinded, the Conversion Rate shall be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange
offer had not been made or had been made only in respect of the purchases that have been made.


 


(f)            Notwithstanding
this ‎Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective
on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record
Date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based
on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this ‎Section 14.04,
the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall
be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related
dividend, distribution or other event giving rise to such adjustment.


 


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


 


(h)           In
addition to those adjustments required by clauses ‎(a), ‎(b), ‎(c), ‎(d) and ‎(e) of this ‎Section 14.04,
and subject to applicable exchange listing rules, the Company from time to time may increase the Conversion Rate by any amount for a
period of at least 20 Business Days if the Company determines that such increase would be in the Company’s best interest. In addition,
subject to applicable exchange listing rules, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish
any income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution
of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event.


 


(i)            Notwithstanding
anything to the contrary in this ‎Article 14, the Conversion Rate shall not be adjusted:


 






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(i)            upon
the issuance of any shares of Common Stock at a price below the Conversion Price or otherwise, other than any such issuance described
in clause (a), (b) or (c) of this Section 14.04;


 


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


 


(iii)          upon
the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit or incentive plan or program (including pursuant to any evergreen plan) of or assumed by the Company or
any of the Company’s Subsidiaries;


 


(iv)          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 ‎(iii) of this subsection and outstanding as of the date the Notes were first issued;


 


(v)           for
a third-party tender offer by any party other than a tender offer by one or more of the Company’s Subsidiaries as described in
clause (e) of this Section 14.04;


 


(vi)          upon
the repurchase of any shares of Common Stock pursuant to an open market share purchase program or other buy-back transaction, including
structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives, or other buy-back
transaction, that is not a tender offer or exchange offer of the kind described under clause (e) of this Section 14.04;


 


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


 


(viii)        for
accrued and unpaid interest, if any.


 


(j)            All
calculations and other determinations under this ‎Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share.


 


(k)           If
an adjustment to the Conversion Rate otherwise required by this Section 14.04 would result in a change of less than 1% to the Conversion
Rate, then, notwithstanding the foregoing, the Company may, at its election, defer and carry forward such adjustment, except that all
such deferred adjustments must be given effect immediately upon the earliest to occur of the following: (i) when all such deferred
adjustments would result in an aggregate change of at least 1% to the Conversion Rate, (ii) on the Conversion Date for any Notes
(in the case of Physical Settlement), (iii) on each Trading Day of any Observation Period related to any conversion of Notes (in
the case of Cash Settlement or Combination Settlement), (iv) September 15, 2027, (v) on any date on which the Company
delivers a Notice of Redemption and (vi) on the effective date of any Fundamental Change and/or Make-Whole Fundamental Change, in
each case, unless the adjustment has already been made.


 






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(l)            Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not
the Trustee) an Officer’s 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 Officer’s
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 deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver
such notice shall not affect the legality or validity of any such adjustment.


 


(m)          For
purposes of this ‎Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares of Common
Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common
Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip certificates issued
in lieu of fractions of shares of Common Stock.


 


(n)           Notwithstanding
anything to the contrary in this Article 14, certain listing standards of The Nasdaq Global Select Market generally require the
Company to obtain the approval of the Company’s stockholders before entering into certain transactions that potentially result
in the issuance of 20% or more of the Common Stock outstanding at the time the Notes are issued unless the Company obtain stockholder
approval of issuances in excess of such limitations. Accordingly, in the event that a conversion of Notes, if settled in whole in part
through the delivery of Common Stock, would result in the aggregate number of shares of Common Stock issued upon conversion of the Notes
exceeding such limitations, the Company shall, at its option, either obtain stockholder approval of such issuance or deliver cash in
lieu of any shares of Common Stock otherwise deliverable upon conversions in excess of such limitations (x) in the case of Combination
Settlement, based on the Daily VWAP on each Trading Day of the relevant Observation Period in respect of which, in lieu of delivering
Common Stock, the Company shall deliver cash pursuant to this Section 14.04(n) or (y) in the case of Physical Settlement,
based on the Daily VWAP on the relevant Conversion Date in respect of which, in lieu of delivering Common Stock, the Company shall deliver
cash pursuant to this Section 14.04(n). The number of shares of Common Stock comprising such limitations described in the two immediately
preceding sentences shall be subject to adjustment in the same manner and at the same time as any adjustment to the Conversion Rate of
the Notes pursuant to clauses (a) through (e) of this Section 14.04.


 


Section 14.05. Adjustments of Prices.
Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily
Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation Period
and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change or a Notice of Redemption), the
Company shall, in good faith, make appropriate adjustments (without duplication in respect of any adjustment made pursuant to ‎Section 14.04)
to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion
Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs at any time during the period
when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated.


 






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Section 14.06. Shares to Be Fully Paid.
Prior to receiving stockholder approval to issue shares of Common Stock upon conversion of the Notes in excess of the limitations
described in Section 14.04(n), the Company shall at all times reserve, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, a number of shares of Common Stock equal to the aggregate maximum number of shares of Common Stock
that may be issued upon conversion of the Notes in compliance with the listing standard described in Section 14.04(n), to provide
for conversion of the Notes from time to time as such Notes are presented for conversion. From and after receiving stockholder approval
to issue shares of Common Stock upon conversion of the Notes in excess of the limitations described in Section 14.04(n), the Company
shall at all times reserve, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, a number
of shares of Common Stock equal to the product of (a) the number of outstanding Notes and (b) the Conversion Rate (assuming
the Conversion Rate has been increased by the maximum number of Additional Shares pursuant to Section 14.03), to provide for conversion
of the Notes from time to time as such Notes are presented for conversion.


 


Section 14.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock.


 


(a)            In
the case of:


 


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


 


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


 


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


 


(iv)          any
statutory share exchange,


 


in each case, as a result of which the Common Stock would be converted
into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event,
a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event, the right to convert
each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount
of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number
of shares of Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled
to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and
amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior
to or at the effective time of such Share Exchange Event, the Company or the successor or acquiring Person, as the case may be, shall
execute with the Trustee a supplemental indenture permitted under ‎Section 10.01(g) providing for such change in the right
to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Share
Exchange Event (A) the Company or the successor or acquiring Person, as the case may be, shall continue to have the right to determine
the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with ‎Section 14.02
and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with ‎Section 14.02 shall continue
to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the
Notes in accordance with ‎Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder
of that number of shares of Common Stock would have received in such Share Exchange Event and (III) the Daily VWAP shall be calculated
based on the value of a unit of Reference Property that a holder of one share of Common Stock would have received in such Share Exchange
Event.


 






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If the Share Exchange Event causes the Common
Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed
to be the weighted average of the types and amounts of consideration actually received by the holders of Common Stock, and (ii) the
unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause
(i) attributable to one share of Common Stock. If the holders of the Common Stock receive only cash in such Share Exchange Event,
then for all conversions for which the relevant Conversion Date occurs after the effective date of such Share Exchange Event (A) the
consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion
Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to ‎Section 14.03), multiplied
by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion Obligation
by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion Date. The Company shall
notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable
after such determination is made.


 


If
the Reference Property in respect of any such Share Exchange Event includes, in whole or in part, shares of Common Equity or American
depositary receipts (or other interests) in respect thereof, such supplemental indenture described in the second immediately preceding
paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the adjustments
provided for in this ‎Article 14 with respect to the portion of the Reference Property consisting of such Common Equity or American
depositary receipts (or other interests) in respect thereof. If, in the case of any Share Exchange Event, the Reference Property
includes shares of stock, securities or other property or assets (including any combination thereof), other than cash and/or cash equivalents,
of a Person other than the Company or the successor or acquiring Person, as the case may be, in such Share Exchange Event, then such
supplemental indenture shall also be executed by such other Person, if such Person is an Affiliate of the Company or the successor or
acquiring Person, and shall contain such additional provisions to protect the interests of the Holders as the Company shall in good faith
reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in ‎Article 15.


 






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(b)           When
the Company executes a supplemental indenture pursuant to subsection ‎(a) of this ‎Section 14.07, the Company shall
deliver to the Trustee an Opinion of Counsel and Officer’s Certificate required under Sections 10.05 and 17.05 of this Indenture
and promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities
or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to be made with
respect thereto and that all conditions precedent have been complied with, and shall promptly deliver or cause to be delivered notice
thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to each Holder
within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental
indenture.


 


(c)           The
Company shall not become a party to any Share Exchange Event unless its terms are consistent with this ‎Section 14.07. None
of the foregoing provisions shall affect the right of a Holder of Notes to convert its Notes into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, as applicable, as set forth in ‎Section 14.01 and ‎Section 14.02 prior to the effective
date of such Share Exchange Event.


 


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


 


Section 14.08. 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 of Common Stock may be validly issued
upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such
registration or approval, as the case may be.


 


(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.


 


Section 14.09. Responsibility of Trustee.
The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the
Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the
Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion
Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any
securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other
Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for
any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property
or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants
of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent
shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to ‎Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash)
receivable by Holders upon the conversion of their Notes after any event referred to in such ‎Section 14.07 or to any adjustment
to be made with respect thereto, but, subject to the provisions of ‎Section 7.01, may accept (without any independent investigation)
as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate
(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 14.01(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 14.01(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 14.01(b).


 






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Section 14.10. Notice to Holders Prior
to Certain Actions. In case of any:


 


(a)           action
by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to ‎Section 14.04
or ‎Section 14.11;
or


 


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


 


then, in each case (unless notice of such event is otherwise required
pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other
than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 10 days prior to the applicable
date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the
Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are
to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such 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 dissolution, liquidation
or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company
or one of its Subsidiaries.


 






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Section 14.11. Stockholder Rights Plans.
If the Company has a stockholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued upon
such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock
issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights
plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the
shares of Common Stock in accordance with the provisions of the applicable stockholder rights plan, the Conversion Rate shall be adjusted
at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property
as provided in ‎Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such
rights.


 


Section 14.12. Exchange in Lieu of Conversion.


 


(a)           When
a Holder surrenders its Notes for conversion, the Company may, at its election (an “Exchange Election”), direct the
Conversion Agent to deliver, on or prior to the Trading Day immediately following the Conversion Date, such Notes to one or more financial
institutions designated by the Company (each, a “Designated Financial Institution”) for exchange in lieu of conversion.
In order to accept any Notes surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay and/or
deliver, as the case may be, in exchange for such Notes, cash, shares of Common Stock or combination thereof that would otherwise be
due upon conversion pursuant to ‎Section 14.02 or such other amount agreed to by the Holder and the Designated Financial Institution(s) (the
 “Conversion Consideration”). If the Company makes an Exchange Election, the Company shall, by the close of business
on the Trading Day following the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee)
and the Holder surrendering Notes for conversion that the Company has made the Exchange Election, and the Company shall promptly notify
the Designated Financial Institution(s) of the relevant deadline for delivery of the Conversion Consideration and the type of Conversion
Consideration to be paid and/or delivered, as the case may be.


 


(b)           Any
Notes delivered to the Designated Financial Institution(s) shall remain outstanding, subject to the applicable procedures of the
Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange but does not timely pay and/or
deliver, as the case may be, the related Conversion Consideration, or if such Designated Financial Institution(s) does not accept
the Notes for exchange, the Company shall pay and/or deliver, as the case may be, the relevant Conversion Consideration, as, and at the
time, required pursuant to this Indenture as if the Company had not made the Exchange Election.


 


(c)           The
Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange does not
require such Designated Financial Institution(s) to accept any Notes.


 






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Article 15

Repurchase of Notes at Option of Holders


 


Section 15.01. [Intentionally Omitted].


 


Section 15.02. Repurchase at Option of
Holders Upon a Fundamental Change.


 


(a)            Subject
to ‎Section 15.02(f), if a Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option,
to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount thereof properly
surrendered and not validly withdrawn pursuant to Section 15.03 that is equal to $1,000 or an integral multiple of $1,000, on the
date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 10 Business Days or
more than 35 Business Days following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal
amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental
Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior
to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full amount of
accrued and unpaid interest to Holders of record as of the close of business on such Regular Record Date, and the Fundamental Change
Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this ‎Article 15.


 


(b)            Repurchases
of Notes under this ‎Section 15.02 shall be made, at the option of the Holder thereof, upon:


 


(i)            delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance
with the Depositary’s applicable procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each
case, on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and


 


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


 


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


 


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


 






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


 


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


 


If
the Notes are Global Notes, to exercise the Fundamental Change repurchase right, Holders must surrender their Notes in accordance with
applicable Depositary procedures.


 


Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this ‎Section 15.02 shall
have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the
Paying Agent in accordance with ‎Section 15.03.


 


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


 


(c)            On
or before the 20th Business Day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all
Holders and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental
Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting repurchase right
at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or,
in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously
with providing such notice, the Company shall 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;


 


(iii)           the
last date on which a Holder may exercise the repurchase right pursuant to this ‎Article 15;


 


(iv)          the
Fundamental Change Repurchase Price;


 


(v)           the
Fundamental Change Repurchase Date;


 


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


 


(vii)         if
applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of the Fundamental Change (or related Make-Whole
Fundamental Change);


 






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


 


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


 


No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders' repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this ‎Section 15.02.


 


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


 


(d)            Notwithstanding
anything to the contrary in this Article 15, the Company shall not be required to repurchase, or to make an offer to repurchase,
the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance
with the requirements for an offer made by the Company as set forth in this Article 15 and such third party purchases all Notes
properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with
the requirements for an offer made by the Company as set forth above.


 


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


 


(f)            Notwithstanding
anything to the contrary in this ‎Section 15.02, the Company shall not be required to send a Fundamental Change Company Notice,
or offer to repurchase or repurchase any Notes, as set forth in this ‎‎Article 15, in connection with a Fundamental Change
occurring pursuant to clause (b)(A) or (B) of the definition thereof, if: (i) such Fundamental Change constitutes a Share
Exchange Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change,
the Notes become convertible (pursuant to ‎‎Section 14.07 and, if applicable, ‎Section 14.03) into consideration
that consists solely of U.S. dollars in an amount per $1,000 principal amount of Notes that equals or exceeds the Fundamental Change
Repurchase Price per $1,000 principal amount of Notes (calculated assuming that the same includes the maximum amount of accrued but unpaid
interest payable as part of the Fundamental Change Repurchase Price for such Fundamental Change); and (iii) the Company timely sends
the notice relating to such Fundamental Change required pursuant to ‎‎Section 14.01(b)(iii). Any Fundamental Change with
respect to which, in accordance with the provisions described in this ‎Section 15.02(f), the Company does not offer to repurchase
any Notes is referred to as herein as an “Exempted Fundamental Change.”


 






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Section 15.03. Withdrawal of Fundamental
Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) in respect of Physical
Notes by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this
 ‎Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date, specifying:


 


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


 


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


 


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


 


If the Notes are Global Notes, Holders must withdraw their Notes subject
to repurchase at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date in accordance with applicable procedures of the Depositary.


 


Section 15.04. Deposit of Fundamental
Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if
the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in ‎Section 4.04) on or prior
to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes
to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not validly withdrawn prior to the close
of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the
Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in ‎Section 15.02) 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 15.02 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 Repurchase Price.


 






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(b)            If
by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the
Company) holds money sufficient to pay the Fundamental Change Repurchase Price (and, to the extent not included in the Fundamental Change
Repurchase Price, accrued and unpaid interest, if applicable) of the Notes to be repurchased on such Fundamental Change Repurchase Date,
then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such
Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the
Notes has been made or whether or not the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of
the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price and, to the extent
not included in the Fundamental Change Repurchase Price, accrued and unpaid interest, if applicable).


 


(c)            Upon
surrender of a Note that is to be repurchased in part pursuant to ‎Section 15.02, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased
portion of the Note surrendered.


 


Section 15.05. Covenant to Comply with
Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer upon a Fundamental Change pursuant to this Article 15,
the Company will, if required:


 


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


 


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


 


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


 


in each case, so as to permit the rights and obligations under this
 ‎Article 15 to be exercised in the time and in the manner specified in this ‎Article 15.


 


To the extent that the provisions of any securities
laws or regulations enacted or adopted after the date of this Indenture conflict with the provisions of this Indenture relating to the
Company’s obligations to repurchase the Notes upon a Fundamental Change, the Company shall comply with such securities laws and
regulations and shall not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict.


 






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Article 16

Optional Redemption


 


Section 16.01. Optional Redemption.
No sinking fund is provided for the Notes. The Notes shall not be redeemable by the Company prior to December 22, 2025. On or after
December 22, 2025, the Company may redeem (an “Optional Redemption”) for cash all or any portion of the Notes
(subject to the Partial Redemption Limitation), at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been
at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive
Trading Day period (including the last Trading Day of such period) ending on, and including, the Trading Day immediately preceding the
date on which the Company provides the Notice of Redemption in accordance with ‎Section 16.02.


 


Section 16.02. Notice of Optional Redemption;
Selection of Notes.


 


(a)            In
case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to ‎Section 16.01,
it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee
not less than five Business Days prior to the date such Notice of Redemption is to be sent (or such shorter period of time as may be
acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice
of such Optional Redemption (a “Notice of Redemption”) not less than 45 nor more than 70 Scheduled Trading Days prior
to the Redemption Date to each Holder so to be redeemed as a whole or in part; provided, however, that, if the Company
shall give such notice, it shall also give written notice of the Redemption Date to the Trustee and the Paying Agent (if other than the
Trustee); provided further that if, in accordance with the provisions described in ‎Section 14.02(a)(iii), the Company
elects through delivery of a Settlement Notice to settle all conversions of Called Notes with a Conversion Date that occurs on or after
the date of issuance of a Notice of Redemption with respect to the Notes and prior to the related Redemption Date by Physical Settlement,
then the Company may instead elect to choose a Redemption Date that is a Business Day not less than 15 nor more than 70 calendar days
after the date the Company sends such Notice of Redemption. The Redemption Date must be a Business Day, and the Company shall not specify
a Redemption Date that falls on or after the 41st Scheduled Trading Day immediately preceding the Maturity Date.


 


(b)            The
Notice of Redemption, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or
not the Holder receives such notice. In any case, failure to give such Notice of Redemption or any defect in the Notice of Redemption
to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption
of any other Note.


 


(c)            Each
Notice of Redemption shall specify:


 


(i)            the
Redemption Date;


 


(ii)           the
Redemption Price;


 


(iii)          that
on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest thereon, if
any, shall cease to accrue on and after the Redemption Date;


 


(iv)          the
place or places where such Notes are to be surrendered for payment of the Redemption Price;


 






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(v)           that
Holders of Called Notes may surrender their Notes for conversion at any time prior to the close of business on the Scheduled Trading
Day immediately preceding the Redemption Date;


 


(vi)          the
procedures a converting Holder must follow to convert its Called Notes and the Settlement Method and Specified Dollar Amount, if applicable;


 


(vii)         the
Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with ‎Section 14.03;


 


(viii)        the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and


 


(ix)           in
case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after the Redemption
Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued.


 


A Notice of Redemption shall be irrevocable. The Trustee shall not
be responsible for determining the Redemption Price.


 


(d)            If
the Company elects to redeem fewer than all of the outstanding Notes, at least $50,000,000 aggregate principal amount of Notes must be
outstanding and not subject to redemption as of the relevant date of a Notice of Redemption (such requirement, the “Partial
Redemption Limitation”). If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Global
Notes, the Notes to be redeemed shall be selected by the Depositary in accordance with the applicable procedures of the Depositary. If
fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are not Global Notes, the Trustee shall select
the Notes or portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot. If any Note selected for partial
redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed
(so far as may be possible) to be the portion selected for redemption, subject, in the case of Notes represented by a Global Note, to
the Depositary’s applicable procedures.


 


Section 16.03.
Payment of Notes Called for Redemption.


 


(a)            If
any Notice of Redemption has been given in respect of the Notes in accordance with ‎Section 16.02, the Notes shall become due
and payable on the Redemption Date at the place or places stated in the Notice of Redemption and at the applicable Redemption Price.
On presentation and surrender of the Notes at the place or places stated in the Notice of Redemption, the Notes shall be paid and redeemed
by the Company at the applicable Redemption Price.


 


(b)           Prior
to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a
Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in ‎Section 7.05 an amount
of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes
to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be
made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company,
return to the Company any funds in excess of the Redemption Price.


 






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Section 16.04.
Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been
accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption
Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect
to such Notes).


 


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 Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by overnight
courier or by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address
is filed by the Company with the Trustee) to Novavax, Inc., 21 Firstfield Road, Gaithersburg, Maryland 20878, Attention:James Kelly,
with a copy sent to Ropes & Gray LLP, 800 Boylston Street, Boston, MA 02199, Attention: Paul Kinsella and Tara Fisher. 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 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 or sent electronically in PDF format to an email address specified by the Trustee.


 


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


 


Any notice or communication delivered or to be
delivered to a Holder of Physical Notes 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. Any notice or communication delivered or
to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall
be sufficiently given to it if so delivered within the time prescribed. Notwithstanding any other provision of this Indenture or any
Note, where this Indenture or any Note provides for notice of any event (including any Fundamental Change Company Notice) to a Holder
of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with the Depositary’s
applicable procedures.


 






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Failure to mail or deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed
or delivered, as the case may be, 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.


 


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


 






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Section 17.04. Governing Law; Jurisdiction.
THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


The Company irrevocably consents and agrees, for
the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with
respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought
in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York
and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for
itself in respect of its properties, assets and revenues.


 


The Company irrevocably and unconditionally waives,
to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid
actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the
courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.


 


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, the Company shall, if requested by the Trustee, furnish to
the Trustee (i) an Officer’s Certificate to the effect that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have been satisfied; and (ii) an Opinion of Counsel to the
effect that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.


 


Each Officer’s Certificate and Opinion of
Counsel 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 Officer’s Certificates provided for in ‎Section 4.08) shall include (a) a statement that
the person signing 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 and that all conditions precedent to such action have been
complied with; provided that no Opinion of Counsel shall be required to be delivered in connection with (1) the original
issuance of Notes on the date hereof under this Indenture or (2) a request by the Company that the Trustee deliver a notice to Holders
under this Indenture where the Trustee receives an Officer’s Certificate with respect to such notice. With respect to matters of
fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.


 






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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, any Fundamental Change Repurchase Date, any Redemption Date or the Maturity Date is not a Business
Day or is a day on which financial institutions located in the state in which the Corporate Trust Office is located are authorized or
required by law or executive order to close or be closed, 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 that is not a day on which financial institutions located in the state in which the
Corporate Trust Office is located are authorized or required by law or executive order to close or be closed with the same force and
effect as if taken on such date, and no interest shall accrue in respect of the delay.


 


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. Benefits of Indenture.
Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties hereto,
any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any
legal or equitable right, remedy or claim under this Indenture.


 


Section 17.09. 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 17.10. 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 2.04, ‎Section 2.05, ‎Section 2.06, ‎Section 2.07, ‎Section 10.04 and ‎Section 15.04
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 7.08.


 






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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 of 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 17.10, 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 deliver notice of such appointment to all Holders.


 


The Company agrees to pay to the authenticating
agent from time to time reasonable compensation agreed to it in writing between the Company and the authenticating agent.


 


The provisions of ‎Section 7.02, ‎Section 7.03,
 ‎Section 7.04, ‎Section 8.03 and this ‎Section 17.10 shall be applicable to any authenticating agent.


 


If an authenticating agent is appointed pursuant
to this ‎Section 17.10, 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 Officer


 


Section 17.11. 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, PDF or
other electronic 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, PDF or other electronic
transmission shall constitute effective execution and delivery of this Indenture as to the other parties hereto shall be deemed to be
their original signatures for all purposes.


 


Section 17.12. 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.


 






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Section 17.13. 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 TRANSACTIONS CONTEMPLATED HEREBY.


 


Section 17.14. 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, pandemics, epidemics, quarantine restrictions, recognized public emergencies, 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 17.15.
Calculations. Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under
the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock,
the Trading Price of the Notes (for purposes of determining whether the Notes are convertible as described herein), the Daily VWAPs,
the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes and the Conversion Rate of the Notes.
The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final
and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent,
and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without
independent verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder
at the sole cost and expense of the Company. For the avoidance of doubt, the Trustee and Conversion Agent shall rely conclusively on
the calculations and information provided to them by the Company as to Daily VWAP, Trading Price of the Notes and Last Reported Sale
Prices of the Common Stock. Neither the Trustee nor the Conversion Agent shall be charged with knowledge of or have any duties to monitor
the price of the Common Stock or any Measurement Period. Neither the Trustee nor the Conversion Agent will be responsible for performing
any calculations under the Indenture or the Notes, or for monitoring the price of the Common Stock.


 


Section 17.16. USA PATRIOT Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA 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 USA PATRIOT Act.


 






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Section 17.17. Electronic Signatures.
All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent
to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign
(or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English). The Company
agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to Trustee, including
without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.


 


Section 17.18. Tax Withholding. The
Company or the Trustee, as the case may be, shall be entitled to withhold any applicable withholding taxes (including backup withholding)
from interest and payments upon conversion, repurchase or maturity of the notes, or if any withholding taxes (including backup withholding)
are paid on behalf of a Holder or beneficial owner, those withholding taxes may be withheld from payments of cash or Common Stock, if
any, payable on the Notes (or, in some circumstances, any payments on Common Stock) or sales proceeds received by, or other funds or
assets of, the beneficial owner.


 


 


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


 


	 	NOVAVAX, INC.
	 	 
	 	 
	 	By:	/s/
    James P. Kelly
	 	 	Name:	 James P. Kelly 
	 	 	Title:	 Executive Vice President, Chief Financial Officer and Treasurer


 


	 	THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	 
	 	By:	/s/
    Michele R. Shrum
	 	 	Name:	Michele R. Shrum
	 	 	Title: 	Vice President


 


[Signature Page to Indenture]


 






    


     


    

 


EXHIBIT A


 


[FORM OF FACE OF NOTE]


 


[INCLUDE FOLLOWING LEGEND IF A GLOBAL 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 HEREUNDER IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]


 


[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY]


 


[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:


 


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


 


(2) AGREES
FOR THE BENEFIT OF NOVAVAX, INC. (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 THERETO AND (Y) SUCH
LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:


 


(A) TO THE COMPANY
OR ANY SUBSIDIARY THEREOF, OR


 






    A-1


     


    

 


(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, 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 CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY
OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]


 






    A-2


     


    

 


Novavax, Inc.


 


5.00% Convertible Senior Note due 2027


 


	No. [_____]	[Initially]1 $[_____________]




 


CUSIP No. [______]2


 


Novavax, Inc., a corporation duly organized
and validly existing under the laws of the State of Delaware (the “Company,” which term includes any successor corporation
or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE &
CO.]3 [_______]4, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of
Notes” attached hereto]5 [of $[_______]]6, which amount, taken together with the principal amounts of
all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $150,000,000 in aggregate at any time (or $175,250,000
if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the Purchase Agreement), in accordance
with the rules and procedures of the Depositary, on December 15, 2027, and interest thereon as set forth below.


 


This
Note shall bear interest at the rate of 5.00% per year from December 20, 2022, 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 December 15, 2027. Interest is payable
semi-annually in arrears on each June 15 and December 15, commencing on June 15, 2023, to Holders of record at the close
of business on the preceding June 1 and December 1 (whether or not such day is a Business Day), respectively. Additional Interest
will be payable as set forth in ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03 of the within-mentioned
Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in
such context, Additional Interest is, was or would be payable pursuant to any of such ‎Section 4.06(d), ‎Section 4.06(e) or
 ‎Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed
as excluding Additional Interest in those provisions thereof where such express mention is not made.


 


Any Defaulted Amounts shall accrue interest per
annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the relevant payment
date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance
with ‎Section 2.03(c) of the Indenture.


 


 





 






1       
Include if a global note.


2       
This Note will be deemed to be identified by CUSIP No. [____] from and after such time when (i) the Company delivers, pursuant to Section
2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence of the Resale Restriction Termination Date
and the removal of the restrictive legend affixed to this Note and (ii) this Note is identified by such CUSIP number in accordance with
the applicable procedures of the Depositary.


3       
Include if a global note.


4       
Include if a physical note.


5       
Include if a global note.


6       
Include if a physical note.


 






    A-3


     


    

 


The Company shall pay the principal of and interest
on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case
may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the
principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose. The
Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its Corporate Trust Office
in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration of transfer
and exchange.


 


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 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 at this place.


 


This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York.


 


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


 


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


 


 


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    A-4


     


    

 


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


 


 


	 	NOVAVAX, INC.
	 	 
	 	 
	 	By:	               
	 	 	Name:
	 	 	Title:


 


Dated:


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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

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

in the within-named Indenture.


 


	By:	 	 
	 	Authorized Signatory	 




 






    A-5


     


    

 


[FORM OF REVERSE OF NOTE]


 


Novavax, Inc.

5.00% Convertible Senior Note due 2027


 


This Note is one of a duly authorized issue of
Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2027 (the “Notes”), limited to the aggregate
principal amount of $150,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased
by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement),
all issued or to be issued under and pursuant to an Indenture dated as of December 20, 2022 (the “Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A., (the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this
Note shall have the respective meanings set forth in the Indenture.


 


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


 


Subject to the terms and conditions of the Indenture,
the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase
Date, the Redemption Price on any Redemption Date and the principal amount on the 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 certain 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.


 


Each Holder shall have the right to receive payment
or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion of, this Note
at the place, at the respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed.


 






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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 transfer or similar tax that may be imposed in connection therewith as a result
of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old
Notes surrendered for such exchange.


 


The Notes shall be redeemable at the Company’s
option on or after December 22, 2025 in accordance with the terms and subject to the conditions specified in the Indenture. No sinking
fund is provided for the Notes.


 


Upon the occurrence of a Fundamental Change (other
than an Exempted Fundamental Change), the Holder has the right, at such Holder’s option, to require the Company to repurchase for
cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental
Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.


 


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 Business 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 the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.


 






    A-7


     


    

 


ABBREVIATIONS


 


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


 


TEN COM = as tenants in common


 


UNIF GIFT MIN ACT = Uniform Gifts to Minors Act


 


CUST = Custodian


 


TEN ENT = as tenants by the entireties


 




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


 


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


 






    A-8


     


    

 


SCHEDULE A7


 


SCHEDULE OF EXCHANGES OF NOTES


 


Novavax, Inc.

5.00% Convertible Senior Notes due 2027


 


The initial principal amount of this Global Note
is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been made:


 


	Date of exchange	 	Amount of 

decrease in

 principal amount

 of this Global Note	 	Amount of

 increase in 

principal amount

 of this Global Note	 	Principal amount

 of this Global Note

 following such 

decrease or 

increase	 	Signature of

 authorized 

signatory of

 Trustee or 

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 



 


 





 






7       
Include if a global note.


 






    A-9


     


    

 


ATTACHMENT 1


 


[FORM OF NOTICE OF CONVERSION]


 


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

4655 Salisbury Road

Jacksonville, Florida, 32256

Attn: Corporate Trust Administration



 


The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000
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 cash payable
and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any
Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different
name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of
a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance
with ‎Section 14.02(d) and ‎Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned
on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.


 


	Dated:	 	 	 	 
	 	 	Signature(s)	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 




Signature Guarantee


 


Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.


 






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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


 






    2


     


    

 





 


ATTACHMENT 2


 


[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]


 


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

4655 Salisbury Road

Jacksonville, Florida, 32256

Attn: Corporate Trust Administration



 


The undersigned registered owner of this Note
hereby acknowledges receipt of a notice from Novavax, Inc. (the “Company”) as to the occurrence of a Fundamental
Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay
to the registered holder hereof in accordance with ‎Section 15.02 of the Indenture referred to in this Note (1) the entire
principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated,
and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to
the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase
Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.


 


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


 


Dated:     _____________________


 


________________________________


 


Signature(s)


 


_________________________


 


Social Security or Other Taxpayer

Identification Number


 


Principal amount to be 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.


 






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ATTACHMENT 3


 


[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
Novavax, Inc. or a subsidiary thereof; or


 


 ̈     Pursuant
to a 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 any other available exemption from the registration
requirements of the Securities Act of 1933, as amended.


 






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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.


 






    2