EXHIBIT 10.1


 





[Dealer Name]


[Dealer Address]






 


[__________], 2022


 


		To:	Uniti Group Inc.






2101 Riverfront Drive,
Suite A


Little Rock, Arkansas
72202


Attention: [______]


Telephone No.:[______]


E-mail:[______]


 


Re: [[Base][Additional]] Call Option Transaction


 


The purpose of this letter
agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction entered into
between [Dealer Name] (“Dealer”) and Uniti Group Inc. (“Counterparty”) as of the Trade Date
specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to
in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the Agreement evidence a
complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction to which this Confirmation
relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto.


 


The definitions and provisions
contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International
Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency
between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on
terms that are defined in the Offering Memorandum dated [______], 2022 (the “Offering Memorandum”) relating to the
Convertible Senior Notes due 20[ ] (as originally issued by Counterparty, the “Convertible Notes” and each USD 1,000
principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty in an aggregate initial principal
amount of USD [______] (as increased by [up to]1 an aggregate principal amount of USD [______] [if and to the extent that]2[pursuant
to the exercise by]3 the Initial Purchasers (as defined herein) [exercise]4[of]5 their option to purchase
additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture [to be]6 dated
[______], 2022 (the “Indenture”). In the event of any inconsistency between the terms defined in the Offering Memorandum,
the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on
the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the
Indenture and (ii) sections of the Indenture that are referred to herein, in each case, will conform to the descriptions thereof in the
Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof
in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties
further acknowledge that the Indenture section numbers used herein are based on the [draft of the Indenture last reviewed by Dealer as
of the date of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will amend this
Confirmation in good faith to preserve the intent of the parties]7[Indenture as executed]8. Subject to the foregoing,
references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is
amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section [10.01(j)]9 of
the Indenture


 










 



1
Include in the Base Call Option Confirmation.


2
Include in the Base Call Option Confirmation.


3
Include in the Additional Call Option Confirmation.


4
Include in the Base Call Option Confirmation.


5
Include in the Additional Call Option Confirmation.


6
Insert if Indenture is not completed at the time of the Confirmation.


7
Include in the Base Call Option Confirmation. Include in the Additional Call Option Confirmation
if it is executed before closing of the base deal.


8
Include in the Additional Call Option Confirmation, but only if the Additional Call Option
Confirmation is executed after closing of the base deal.


9
Include cross-reference to Indenture section permitting amendments without holder consent to
conform the Indenture to the Description of Notes.


 




    	 



    	 



    

that, as
determined by the Calculation Agent, conforms the Indenture to the description of the Convertible Notes in the Offering Memorandum or
(y) pursuant to Section [14.07]10 of the Indenture, subject, in the case of this clause (y), to the second paragraph under
“Method of Adjustment” in Section 3), any such amendment or supplement will be disregarded for purposes of this Confirmation
unless the parties agree otherwise in writing.


 


   Each party
is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial
financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.


 


1.       This
Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA
Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form (but without
any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law
doctrine); (ii) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer
with (a) the phrase “, or becoming capable at such time of being declared,” deleted from Section 5(a)(vi)(1) of the Agreement,
(b) a “Threshold Amount” with respect to Dealer of three percent of Dealer’s shareholders’ equity as of the Trade
Date and (c) the following language added to the end of Section 5(a)(vi): “Notwithstanding the foregoing, a default under subsection
(2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or
operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is made within two
Local Business Days of such party’s receipt of written notice of its failure to pay.”; and (iii) the term “Specified
Indebtedness” shall have the meaning specified in Section 14 of the Agreement[, except that such term shall not include obligations
in respect of deposits received in the ordinary course of Dealer’s banking business]11) on the Trade Date. In the event
of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the
Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this
Confirmation relates shall be governed by the Agreement.


 


2.       The
Transaction shall be considered a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction
to which this Confirmation relates are as follows:


 


General Terms.


 


	 	Trade Date:	[_________], 2022
	 	 	 
	 	Effective Date:	The second Exchange Business Day immediately prior to the Premium Payment Date
	 	 	 
	 	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 	 
	 	Option Type:	Call
	 	 	 
	 	Buyer:	Counterparty
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Shares:	The common stock of Counterparty, par value USD 0.0001 per share (Exchange symbol “UNIT”).
	 	 	 
	 	Number of Options:	[_______].  For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the Number of Options be less than zero.
	 	 	 
	 	Applicable Percentage:	[__]%



 





 



10
Include cross-reference to Indenture section relating to Merger Events.


11
Include if applicable.


 



    2 


     


    

	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and [______]12.
	 	 	 
	 	Strike Price:	USD [______]
	 	 	 
	 	Cap Price:	USD [______]
	 	 	 
	 	Premium:	USD [______]
	 	 	 
	 	Premium Payment Date:	[__________], 2022
	 	 	 
	 	Exchange:	The Nasdaq Global Select Market
	 	 	 
	 	Related Exchange(s):	All Exchanges
	 	 	 
	 	Excluded Provisions:	Section [14.04(h)]13, Section [14.03]14 [and Section 16.06]
    of the Indenture.



 

Procedures for Exercise.


 


	 	Conversion Date:	With respect to any conversion of a Convertible Note (other than (1)
    any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date, (2) any conversion of
    Convertible Notes occurring on or after the Free Convertibility Date in connection with a “Make-Whole Fundamental Change”
    (as defined in the Indenture) and (3) any conversion of Convertible Notes occurring on or after the Free Convertibility Date in connection
    with a “Notice of Redemption” (as defined in the Indenture) (any such conversion described in (1), (2) or (3) above,
    an “Early Conversion”), to which the provisions of Section 9(j)(i) of this Confirmation shall apply), the date
    on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion
    thereof as set forth in Section [14.02(b)]15 of the Indenture; provided that if Counterparty has not delivered
    to Dealer a related Notice of Exercise, then in no event shall a Conversion Date be deemed to occur hereunder (and no Option shall
    be exercised or deemed to be exercised hereunder) with respect to any surrender of a Convertible Note for conversion in respect of
    which Counterparty has elected to designate a financial institution for exchange in lieu of conversion of such Convertible Note
pursuant to Section [14.02(j)]16 of the Indenture.


 


	 	Free Convertibility Date:	September 1, 2027
	 	 	 
	 	Expiration Time:	The Valuation Time



 





 



12
Insert the initial Conversion Rate for the Convertible Notes.


13
Include cross-reference to section(s) of the Indenture containing discretionary adjustments
to the Conversion Rate by Counterparty.


14
Include cross-reference to Indenture section(s) dealing with make-whole adjustments to the
Conversion Rate.


15
Include cross-reference to section(s) of the Indenture setting forth the requirements for conversion
of the Convertible Notes.


16
Include cross-reference to section of the Indenture containing provisions for exchange in lieu
of conversion.


 



    3 


     


    

	 	Expiration Date:	December 1, 2027, subject to earlier exercise.
	 	 	 
	 	Multiple Exercise:	Applicable, as described under “Exercise in Connection with Certain Conversion Dates” and “Automatic Exercise After Free Convertibility Date” below.



 




	 	Exercise in Connection
with Certain	 
	 	Conversion Dates: 	Notwithstanding
    Section 3.4 of the Equity Definitions, on each Conversion Date occurring on or after the Free Convertibility Date in respect of which
    a Notice of Conversion (as defined in the Indenture) that is effective as to Counterparty has been delivered by the relevant converting
    Holder, a number of Options equal to [(i)] the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion
    Date has occurred [minus (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion
    Date under the Base Call Option Transaction Confirmation letter agreement dated [_________], 2022 between Dealer and Counterparty
    (the “Base Call Option Confirmation”) (and for the purposes of determining whether any Options under this Confirmation
    or under the Base Call Option Confirmation will be automatically exercised hereunder or under the Base Call Option Confirmation,
    the Convertible Notes subject to conversion shall be allocated first to the Base Call Option Confirmation until all Options thereunder
    are exercised or terminated),]17 shall be deemed to be automatically exercised; provided that such Options shall
    be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice
    of Exercise” below.



 

Notwithstanding the
foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.


 





	 	Automatic Exercise
After Free	 
	 	Convertibility Date:	Notwithstanding Section 3.4 of the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the Expiration Date that it does not wish automatic exercise to occur, all Options then outstanding as of 5:00 p.m., New York City time, on the Expiration Date shall be deemed to be automatically exercised as if (i) a number of Convertible Notes (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a “Conversion Date” (as such term is defined in the Indenture) occurring on or after the Free Convertibility Date (and not in connection with a “Make-Whole Fundamental Change” (as such term is defined in the Indenture) nor in connection with a “Notice of Redemption” (as such term is defined in the Indenture)) and (ii) the Notice of Final Settlement Method, if any, applied to such Convertible Notes; provided that no such



 





 



17
Include for Additional Call Option Confirmation only.


 



    4 


     


    

automatic exercise
pursuant to this paragraph shall occur if the Relevant Price for each Valid Day during the Settlement Averaging Period is less than or
equal to the Strike Price.


 


	 	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under “Exercise in Connection with Certain Conversion Dates” above, but subject to “Automatic Exercise After Free Convertibility Date” above, in order to exercise any Options relating to Convertible Notes with a Conversion Date occurring on or after the Free Convertibility Date, Counterparty must notify Dealer in writing (which, for the avoidance of doubt, may be by email) before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date specifying the number of such Options; provided that if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount (as defined below) is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) (which, for the avoidance of doubt, may be by email) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Free Convertibility Date, specifying (1) the Relevant Settlement Method for such Options, and (2) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to deliver to Holders of the related Convertible Notes (the “Specified Cash Amount”). If Counterparty fails to timely provide such Notice of Final Settlement Method, it shall be deemed to have provided a Notice of Final Settlement Method indicating that the Relevant Settlement Method is Net Share Settlement and that the settlement method for the related Convertible Notes is the Default Settlement Method (as defined below). Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes that is not the Default Settlement Method.
	 	 	 
	 	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:



 

“‘Market
Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange
or market on which the Shares are listed or admitted for trading to open for


 




    5 


     


    

trading during its
regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the
Shares 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 Shares or in any options
contracts or futures contracts relating to the Shares.”


 


Settlement Terms.


 


	 	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.
	 	 	 
	 	Relevant Settlement Method:	In respect of any Option:



 

(i)       if
Counterparty has elected (or, in the case of the Default Settlement Method, is deemed to have elected) to settle its conversion obligations
in respect of the related Convertible Note (A) entirely in Shares pursuant to Section [14.02(a)(iii)(A)]18 of the Indenture
(together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination
of cash and Shares pursuant to Section [14.02(a)(iii)(C)]19 of the Indenture with a Specified Cash Amount less than USD 1,000
(such settlement method, “Low Cash Combination Settlement”) or (C) in a combination of cash and Shares pursuant to
Section [14.02(a)(iii)(C)]20 of the Indenture with a Specified Cash Amount equal to USD 1,000 (such settlement method,
the “Default Settlement Method”), then, for each of the cases in clause (A) (Settlement in Shares), clause (B) (Low
Cash Combination Settlement) and clause (C) (Default Settlement Method), the Relevant Settlement Method for such Option shall be Net
Share Settlement;


 


(ii)       if
Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and
Shares pursuant to Section [14.02(a)(iii)(C)]21 of the Indenture with a Specified Cash Amount greater than USD 1,000, then
the Relevant Settlement Method for such Option shall be Combination Settlement; and


 





 



18
Include cross-reference to section of the Indenture containing provisions for full physical
settlement of the Convertible Notes.


19
Include cross-reference to section of the Indenture containing provisions for combination settlement
of the Convertible Notes.


20
Include cross-reference to section of the Indenture containing provisions for combination settlement
of the Convertible Notes.


21
Include cross-reference to section of the Indenture containing provisions for combination settlement
of the Convertible Notes.


 




    6 


     


    

(iii)       if
Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to
Section [14.02(a)(iii)(B)]22 of the Indenture (such settlement method, “Settlement in Cash”), then the
Relevant Settlement Method for such Option shall be Cash Settlement.


 


	 	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.



 

Dealer will pay cash
in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price
for the last Valid Day of the Settlement Averaging Period.


 


	 	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:



 

		(i)	cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid Day
during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”)
equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000 and (2)
the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the
calculation in clause (A) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for
such Valid Day shall be deemed to be zero; and



 


		(ii)	Shares (the “Combination Settlement Share Amount”) equal to the sum, for each Valid
Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination
Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus the Daily Combination
Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number
of Valid Days in the Settlement Averaging Period; provided that if the calculation in sub-clause (A)(1) above results



 





 



22
Include cross-reference to section of the Indenture containing provisions for cash settlement
of the Convertible Notes.


 







    7 


     


    

in zero or a
negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be zero.


 


Dealer will pay cash
in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant
Price for the last Valid Day of the Settlement Averaging Period.


 


	 	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.  
	 	 	 
	 	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero.  In no event will the Daily Option Value be less than zero.
	 	 	 
	 	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
	 	 	 
	 	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading.  If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
	 	 	 
	 	Business Day:	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.  
	 	 	 
	 	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page UNIT <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid



 



    8 


     


    

Day, as determined
by the Calculation Agent using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard
to after-hours trading or any other trading outside of the regular trading session trading hours.


 


	 	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option, the 40 consecutive Valid Days commencing on, and including, the 41st Scheduled Valid Day immediately prior to the Expiration Date.
	 	 	 
	 	Settlement Date:	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
	 	 	 
	 	Settlement Currency:	USD
	 	 	 
	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”.  “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
	 	 	 
	 	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as the issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (such Rule, “Rule 144” and such Act, the “Securities Act”)).


 


3.       Additional
Terms applicable to the Transaction.


 


Adjustments applicable to the Transaction:


 


	 	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “Unit of Reference Property” or to any “Last Reported Sale Price”, “Daily VWAP”, “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to Holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which Holders of the Convertible Notes are entitled to participate, in each case,



 



    9 


     


    

in lieu of an adjustment
under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to [the third
paragraph of Section 14.04(c) of the Indenture]23 or [the fourth paragraph of Section 14.04(d) of the Indenture]24).


 


	 	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to the extent an analogous adjustment is required to be made pursuant to the Indenture in connection with such Potential Adjustment Event.


 


Notwithstanding the
foregoing and “Consequences of Merger Events” below:


 


		(i)	if the Calculation Agent in good faith
                                            disagrees with any adjustment to the Convertible Notes that involves an exercise of discretion
                                            by Counterparty, its board of directors or a committee thereof (including, without limitation,
                                            pursuant to Section [14.05]25 of the Indenture, Section [14.07]26 of
                                            the Indenture or any supplemental indenture entered into thereunder or in connection with
                                            any proportional adjustment or the determination of the fair value of any securities, property,
                                            rights or other assets), then in each such case, the Calculation Agent will determine the
                                            adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement
                                            and any other variable relevant to the exercise, settlement or payment for the Transaction
                                            in a commercially reasonable manner; provided that, notwithstanding the foregoing,
                                            if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment
                                            was made to any Convertible Note under the Indenture because the relevant Holder was deemed
                                            to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation
                                            Agent shall make an adjustment to the terms hereof in order to account for such Potential
                                            Adjustment Event;



 





 



23
Include cross reference to provision in the Indenture providing for pass-through of Distributed
Property, at the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.


24
Include cross reference to provision in the Indenture providing for pass-through of cash, at
the same time as it is received by holders of the Shares, in lieu of a Conversion Rate adjustment.


25
Include cross-reference to specific paragraph of the section of the Indenture providing for
adjustments where a Conversion Rate adjustment occurs during a period over which VWAP, conversion value, settlement amount or closing
price is calculated.


26
Include cross-reference to Indenture section relating to merger events.


 


 




    10 


     


    

		(ii)	in connection with any Potential Adjustment
                                            Event as a result of an event or condition set forth in Section [14.04(b)]27 of
                                            the Indenture or Section [14.04(c)]28 of the Indenture where, in either case,
                                            the period for determining “Y” (as such term is used in Section [14.04(b)] of
                                            the Indenture) or “SP0” (as such term is used in Section [14.04(c)]
                                            of the Indenture), as the case may be, begins before Counterparty has publicly announced
                                            the event or condition giving rise to such Potential Adjustment Event, then the Calculation
                                            Agent shall have the right to adjust any variable relevant to the exercise, settlement or
                                            payment for the Transaction as appropriate to reflect the costs (including, but not limited
                                            to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with
                                            its hedging activities as a result of such event or condition not having been publicly announced
                                            prior to the beginning of such period; and



 


		(iii)	if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential
Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture)
is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration
or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and
subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment Event Change”) then, in each case,
the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction
as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer
in connection with its hedging activities as a result of such Potential Adjustment Event Change.



 


	 	Dilution Adjustment Provisions:	Sections [14.04][(a), (b), (c), (d) and (e)]29 and Section
    [14.05]30 of the Indenture.



 





 



27
Include cross-reference to section of the Indenture providing for an adjustment to the Conversion
Rate in connection with a below-market rights, options or warrants offering.


28
Include cross-reference to section of the Indenture providing for an adjustment to the Conversion
Rate in connection with distributions of Distributed Property.


29
Include cross-reference to specific paragraphs of the section of the Indenture containing anti-dilution
adjustments to the Conversion Rate, including above-market tender offers by Counterparty.


30 Include cross-reference
to specific paragraph of the section of the Indenture providing for adjustments where a Conversion Rate adjustment occurs during a period
over which VWAP, conversion value, settlement amount or closing price is calculated.


 



    11 


     


    

Extraordinary Events applicable to the
Transaction:


 


	 	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of
    the Equity Definitions, which section shall not apply with respect to the Transaction, a “Merger Event” means the occurrence
    of any event or condition set forth in the definition of “Specified Corporate Event” in Section [14.07(a)]31
    of the Indenture.
	 	 	 
	 	Tender Offers:	Not Applicable.
	 	 	 
	 	Consequences of Merger Events:	Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction to the extent an analogous adjustment is required to be made pursuant to the Indenture in connection with such Merger Event, subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision, provided further that if, with respect to a Merger Event, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia, then, in either case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s commercially reasonable election.
	 	 	 
	 	Consequences of Announcement Events:	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)”, and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event,” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall determine whether the relevant Announcement Event has



 





 



31
Include cross-reference to the section of the Indenture describing consequences of merger events.


 



    12 


     


    

had a material economic
effect on the Transaction (and, if so, shall adjust the Cap Price accordingly in good faith and in a commercially reasonable manner) on
one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination
Date and/or any other date of cancellation, it being understood that (1) any adjustment in respect of an Announcement Event shall take
into account any earlier adjustment relating to the same Announcement Event, (2) such adjustment shall be made solely in respect of the
period (as determined by the Calculation Agent) during which the relevant Announcement Event has had a material effect on the Transaction
and without duplication of any other adjustment hereunder or in respect of any previous Announcement Event and (3) in determining such
economic effect the Calculation Agent shall take into account Dealer’s Hedge Positions. An Announcement Event shall be an “Extraordinary
Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.


 


	 	Announcement Event:	(i) The public announcement by Issuer or any subsidiary or agent thereof or any party (1) that has or is reasonably likely to have or be able to obtain the financial resources to consummate the relevant transaction or event (as determined by the Calculation Agent) or (2) where the Calculation Agent determines that the relevant transaction or event is reasonably likely to occur (it being understood that such determination may be made by reference to the effect of such public announcement on the market price of the Shares or options on the Shares) of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 50% of the market capitalization of Issuer as of the date of such announcement (an “Acquisition Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or an Acquisition Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or an Acquisition Transaction or (iii) any subsequent public announcement by Issuer or any subsidiary or agent thereof or any party (1) that has or is reasonably likely to have or be able to obtain the financial resources to consummate the relevant transaction making the previous announcement or event (as determined by the Calculation Agent) or (2) where the Calculation Agent determines that the relevant transaction or event is reasonably likely to occur (it being understood that such determination may be made by reference to the effect of such public announcement on the market price of the Shares or options on the Shares) of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating



 



    13 


     


    

to such a transaction
or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as
determined by the Calculation Agent. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction
or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes
of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b)
of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b)
of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender
Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions, except that all references to “voting
shares” in Sections 12.1(d), 12.1(e) and 12.1(l) of the Equity Definitions shall be deemed to be references to “Shares”;
provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “25%”
in the third line thereof.


 


	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 	 
	 	Restrictions on Adjustments:	Other than pursuant to Section 9(bb), none of the events listed in Section [14.04(i)]32
    of the Indenture will constitute a Potential Adjustment Event or Merger Event, and no adjustment will be made to the Transaction
    in connection with any such event pursuant to the Equity Definitions (as amended by this Confirmation) or otherwise.



 

Additional Disruption
Events:


 


	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words



 





 



32
Include cross-reference to section of the Indenture describing list of events for which the
Conversion Rate will not be adjusted.


 



    14 


     


    

“Hedge Position”
and (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including,
for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized
or mandated by existing statute)”. Notwithstanding anything to the contrary in the Equity Definitions, a Change in Law described
in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions shall not constitute a Change in Law and instead shall constitute an Increased
Cost of Hedging as described in Section 12.9(a)(vi) of the Equity Definitions, and any such determination of a Change in Law shall be
consistently applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty.


 


	 	Failure to Deliver:	Applicable
	 	 	 
	 	Hedging Disruption:	Applicable; provided that:



 

		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting (a) the following words at
the end of clause (A) thereof: “in the manner contemplated by the Hedging Party on the Trade Date” and (b) the following two
phrases at the end of such Section:



 


“For the avoidance
of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility
risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available
on commercially reasonable pricing terms.”; and


 


		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,
after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging
Disruption”.



 


	 	Increased Cost of Hedging:	Applicable solely with respect to a “Change in Law” described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions as set forth in the last sentence opposite the caption “Change in Law” above (which determination shall be consistently applied by the Determining Party across transactions similar to the Transaction and for counterparties similar to Counterparty).
	 	 	 
	 	Hedging Party:	For all applicable Additional Disruption Events, Dealer; provided that when making any determination or calculation as “Hedging Party” (but not, for the avoidance of doubt, the making of any election it is entitled to make as “Hedging Party”), Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity



 



    15 


     


    

Definitions and this
Confirmation as if the Hedging Party were the Calculation Agent.


 


	 	Determining Party:	For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Determining Party were the Calculation Agent.



 


	 	Non-Reliance:	Applicable
	 	 	 
	 	Agreements and Acknowledgments	 
	 	Regarding Hedging Activities:	Applicable
	 	 	 
	 	Additional Acknowledgments:	Applicable



 

4.       Calculation
Agent. Dealer. Whenever the Calculation Agent is required to act or to exercise judgment in any way with respect to the Transaction,
it will do so in good faith and in a commercially reasonable manner. Whenever the Calculation Agent is required or permitted to determine
the effect of an event (including Potential Adjustment Events) on Dealer’s hedge position, the Calculation Agent will make such
determination based on the assumption that Dealer is maintaining (or establishing or unwinding, as the case may be) a commercially reasonable
hedge position with respect to the Transaction. Following the occurrence and during the continuation of an Event of Default pursuant to
Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, Counterparty shall have the right to designate
an independent, nationally recognized equity derivatives dealer to replace Dealer as Calculation Agent, and the parties shall work in
good faith to execute any appropriate documentation required by such replacement Calculation Agent. Following any determination, adjustment
or calculation by the Calculation Agent, the Hedging Party or the Determining Party hereunder (other than, for the avoidance of doubt,
the making of any election by Hedging Party that is entitled to make as “Hedging Party”), the Calculation Agent, the Hedging
Party or the Determining Party, as the case may be, will within five Exchange Business Days of a request by Counterparty, provide to Counterparty
a report (in a commonly used file format for the storage and manipulation of financial data without disclosing any proprietary or confidential
models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information) displaying
in reasonable detail the basis for such determination, adjustment or calculation, as the case may be.


 


5.       Account
Details.


 


		(a)	Account for payments to Counterparty:



 


[____________]


 


Account for delivery of Shares to Counterparty:


 


To be provided by Counterparty.


 


		(b)	Account for payments to Dealer:



 


[______________]






 


Account for delivery of Shares from Dealer:


 


DTC [____]


 


6.       Offices.


 


		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.



 




    16 


     


    

		(b)	The Office of Dealer for the Transaction is: [London / New York]



 


[___________________]


 


7.Notices.


 


		(a)	Address for notices or communications to Counterparty:



 


Uniti Group Inc. 


2101 Riverfront Drive, Suite A


Little Rock, Arkansas 72202


	 	 Attention:	[_____]
	 	 Telephone No.:	[_____]
	 	 E-mail:	[_____]


 


With a copy to:


 


	 	 Attention:	[_____]
	 	 Telephone No.:	[_____]
	 	 Email:	[_____]


 


And:


 


	 	 Attention:	[_____]
	 	 Telephone No.:	[_____]
	 	 Email:	[_____]



 

		(b)	Address for notices or communications to Dealer:



 


[_________________________]


 


8.       Representations
and Warranties of Counterparty.


 


In addition to the representations and
warranties set forth in Section 3(a) of the Agreement, Counterparty hereby represents and warrants to Dealer on the date hereof and on
and as of the Premium Payment Date that:


 


		(a)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.



 


		(b)	Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18)
of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the
Commodity Exchange Act).



 


		(c)	Counterparty is not, on the date hereof, in possession of any material non-public information with respect
to Counterparty or the Shares.



 


		(d)	Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and
(C) has total assets of at least USD 50 million.



 


		(e)	On each of the Trade Date, the Premium Payment Date and immediately after giving effect to the Transaction
on the Premium Payment Date, (A) the present fair market value (or present fair saleable value) of the total assets of Counterparty is
not less than the total amount required to pay the probable total liabilities (including contingent liabilities) of Counterparty as they
mature and become absolute, (B) the capital of Counterparty is adequate to conduct its business in the manner



 




    17 


     


    

described in the offering
memorandum relating to the sale of the Convertible Notes and to enter into the Transaction, (C) Counterparty has the ability to pay its
debts and obligations as such debts mature, (D) Counterparty is not “insolvent” (as such term is defined under Section 101(32)
of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (E) Counterparty would
be able to purchase the Number of Shares with respect to the Transaction in compliance with the laws of the jurisdiction of Counterparty’s
incorporation.


 


9.       Other
Provisions.


 


		(a)	Opinions. Counterparty shall deliver to Dealer one or more opinions of counsel, dated as
of the Premium Payment Date, with respect to the matters set forth in Section 3(a) of the Agreement; provided that any such opinion
of counsel may contain customary exceptions and qualifications. Delivery of such opinion or opinions, as the case may be, when due, to
Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer
under Section 2(a)(i) of the Agreement.



 


		(b)	Repurchase Notices. If on any day Counterparty effects any repurchase of Shares, Counterparty
shall give Dealer a written notice of such repurchase (a “Repurchase Notice”) within one Exchange Business Day if,
following such repurchase, the number of outstanding Shares, as the case may be, as determined on such day is (i) less than [__] million
(in the case of the first such notice) or (ii) thereafter more than [__] million less than the number of Shares, as the case may be, included
in the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”)
from and against any and all losses (including losses relating to Dealer’s commercially reasonable hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from commercially
reasonable hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and reasonable expenses (including reasonable attorney’s fees), joint or several, which
an Indemnified Person actually may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such
Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony
or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty
in writing, and Counterparty, upon request of the Indemnified Person, shall retain one counsel per relevant jurisdiction reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay
the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable to the extent that the Indemnified
Person fails to notify Counterparty within a commercially reasonable period of time after any action is commenced against it in respect
of which an indemnity may be sought hereunder. In addition, Counterparty shall not be liable for any settlement of any proceeding contemplated
by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement
or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending
or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party
and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of
such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to
such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such
Indemnified Person



 




    18 


     


    

thereunder, shall contribute
to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided
for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified
Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force
and effect regardless of the termination of the Transaction.


 


		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as such term
is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any securities
of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation
M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective Date, engage in any such distribution.



 


		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate
the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act.



 


		(e)	Transfer or Assignment.



 


		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect
to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that
such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to the following
conditions:



 


		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(o) or 9(t) of this Confirmation;



 


		(B)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such
third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that,
in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any
documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as
are requested and reasonably satisfactory to Dealer;



 


		(C)	Dealer will not, as a result of such transfer and assignment, (i) receive from the transferee or assignee
on any payment or delivery date any payment or delivery less than an amount that Dealer would have been entitled to receive from Counterparty
in the absence of such transfer or assignment or (ii) be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4)
of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and
assignment;



 


		(D)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such
transfer and assignment;



 


		(E)	The transferee or assignee shall provide Dealer with a complete and accurate U.S. Internal Revenue Service
Form W-9 or W-8 (as applicable) prior to becoming a party to the Transaction;



 


		(F)	Counterparty shall cause the transferee to make such Payee Tax Representations and to provide such tax
documentation as may be reasonably requested by



 




    19 


     


    

Dealer to permit Dealer
to determine that results described in clauses (C) and (D) will not occur upon or after such transfer and assignment; and


 


		(G)	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel
fees, incurred by Dealer in connection with such transfer or assignment.



 


		(ii)	Dealer may transfer or assign all or any
                                            part of its rights or obligations under the Transaction (A) without Counterparty’s
                                            consent, to any affiliate of Dealer (1) that has a long-term issuer rating that is equal
                                            to or better than Dealer’s credit rating at the time of such transfer or assignment,
                                            or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary
                                            guarantee in a form used by Dealer generally for similar transactions, by Dealer [or its
                                            ultimate parent]33, or (B) with Counterparty’s prior written consent (such
                                            consent not to be unreasonably withheld) to any other third party with a long-term issuer
                                            rating equal to or better than the lesser of (1) the credit rating of Dealer at the time
                                            of the transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its successor
                                            (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
                                            or, if either S&P or Moody’s ceases to rate such debt, at least an equivalent rating
                                            or better by a substitute rating agency mutually agreed by Counterparty and Dealer; provided
                                            that any transfer or assignment effected by Dealer shall not result in a deemed exchange
                                            from Counterparty’s perspective within the meaning of Section 1001 of the U.S. Internal
                                            Revenue Code of 1986, as amended (the “Code”); provided further
                                            that (w) no Event of Default, Potential Event of Default or Termination Event will occur
                                            as a result of such transfer or assignment, (x) Counterparty shall not, as a result of such
                                            transfer or assignment, (i) receive from the transferee or assignee on any payment or delivery
                                            date any payment or delivery less than an amount that Counterparty would have been entitled
                                            to receive from Dealer in the absence of such transfer or assignment or (ii) be required
                                            to pay the transferee or assignee on any payment date an amount under Section 2(d)(i)(4)
                                            of the Agreement greater than an amount that Counterparty would have been required to pay
                                            Dealer in the absence of such transfer or assignment, (y) the transferee or assignee shall
                                            provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9
                                            or W-8 (as applicable) prior to becoming a party to the Transaction and (z) Dealer shall
                                            cause the transferee or assignee to make such Payee Tax Representations and to provide such
                                            tax documentation as may be reasonably requested by Counterparty to permit Counterparty to
                                            determine that results described in clause (x) will not occur upon or after such transfer
                                            and assignment. If at any time at which (A) the Section 16 Percentage exceeds 9.0%, [(B)
                                            the Option Equity Percentage exceeds 14.5%,]34 or (C) the Share Amount exceeds
                                            the Applicable Share Limit (if any applies) (any such condition described in clauses (A),
                                            (B) or (C), an “Excess Ownership Position”), Dealer is unable after using
                                            its commercially reasonable efforts to effect a transfer or assignment of Options to a third
                                            party on pricing terms reasonably acceptable to Dealer and within a time period reasonably
                                            acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate
                                            any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction
                                            (the “Terminated Portion”), such that following such partial termination
                                            no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination
                                            Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section
                                            6 of the Agreement as if (1) an Early Termination Date had been designated in respect of
                                            a Transaction having terms identical to the Transaction and a Number of Options equal to
                                            the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected
                                            Party with respect to such partial termination and (3) the Terminated Portion were the sole
                                            Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(m) shall
                                            apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as
                                            if Counterparty was not the Affected Party). The “Section 16 Percentage”
                                            as of any day is



 





 



33
Include if Dealer is not parent entity.


34
Subject to trade allocation.


 




    20 


     


    

the fraction, expressed
as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject
to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns (within the
meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation
under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B)
the denominator of which is the number of Shares outstanding on such day. The “Option Equity Percentage” as of any
day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number of Options and
the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty,
and (B) the denominator of which is the number of Shares outstanding. The “Share Amount” as of any day is the number
of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer
Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are,
in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively
owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined
by Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the minimum
number of Shares, as the case may be, that could reasonably be expected to give rise to reporting or registration obligations (except
for any filing requirements on Form 13F, Schedule 13D or Schedule 13G under the Exchange Act), mandatory takeover offers or other requirements
(including obtaining prior approval from shareholders or any other person or entity) of a Dealer Person, or could reasonably be expected
(as determined by Dealer in good faith) to result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined
by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding.


 


		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer
to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty,
Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive
such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume
such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any such performance.



 


		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory
requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably
determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered
by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal
Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”)
as follows:



 


		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which
will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;



 


		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and



 


		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on
the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on
each Staggered



 




    21 


     


    

Settlement Date, except
that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated among such Staggered Settlement Dates as specified
by Dealer in the notice referred to in clause (i) above.


 


		(g)	[Conduct Rules. Each party
                                            acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory
                                            Authority, Inc. applicable to transactions in options, and further agrees not to violate
                                            the position and exercise limits set forth therein.]35



 


		(h)	[Role of Agent. [Insert relevant Dealer agency language, if any]]



 


		(i)	Dividends. If at any time during the period from and including the Effective Date, to but
excluding the Expiration Date, (i) an ex-dividend date for a regular quarterly cash dividend occurs with respect to the Shares (an “Ex-Dividend
Date”), and that dividend is less than the Regular Dividend on a per Share basis or (ii) if no Ex-Dividend Date for a regular
quarterly cash dividend occurs with respect to the Shares in any quarterly dividend period of Counterparty, then the Calculation Agent
will adjust the Cap Price to preserve the fair value of the Options to Dealer after taking into account such dividend or lack thereof.
“Regular Dividend” shall mean USD 0.15 per Share per quarter. Upon any adjustment to the “Initial Dividend Threshold”
(as defined in the Indenture) for the Convertible Notes pursuant to the Indenture, the Calculation Agent will make a corresponding adjustment
to the Regular Dividend for the Transaction.



 


		(j)	Additional Termination Events.



 


		(i)	Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of
which a “Notice of Conversion” (as such term is defined in the Indenture) that is effective as to Counterparty has been delivered
by the relevant converting Holder:



 


		(A)	Counterparty may, at its option, within
                                            five Scheduled Trading Days of the Conversion Date for such Early Conversion, provide written
                                            notice (an “Early Conversion Notice”) to Dealer specifying the number
                                            of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible
                                            Notes, the “Affected Convertible Notes”), and the giving of such Early
                                            Conversion Notice shall constitute an Additional Termination Event as provided in this clause
                                            (i)[, and any Early Conversion Notice delivered to Dealer pursuant to the Base Call Option
                                            Confirmation shall be deemed to be an Early Conversion Notice pursuant to this Confirmation
                                            and the terms of such Early Conversion Notice shall apply, mutatis mutandis, to this
                                            Confirmation]36; provided that any such Early Conversion Notice shall contain
                                            a representation by Counterparty that the representations set forth in Section ‎8(c)
                                            are true and correct as of the date of such Early Conversion Notice; provided further
                                            that the provisions of this Section 9(j)(i) shall not apply to any Affected Convertible
                                            Note (i) with respect to which Counterparty has elected the “Exchange in Lieu of Conversion”
                                            option pursuant to Section [14.02(j)] of the Indenture and (ii) that has been accepted by
                                            the designated financial institution pursuant to Section [14.02(j)] of the Indenture, except
                                            to the extent that Counterparty notifies Dealer, within five Scheduled Trading Days of the
                                            then applicable conversion settlement date determined pursuant to Section [14.02(c)] of the
                                            Indenture, that (x) such financial institution has failed to pay or deliver, as the case
                                            may be, the consideration due upon conversion of such Affected Convertible Note, or (y) such
                                            Affected Convertible Note is subsequently resubmitted to Counterparty for conversion in accordance
                                            with the terms of the Indenture;



 


		(B)	upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an
Early Termination Date (which Exchange



 





 



35
Include if applicable for Dealer.


36
Include in Additional Call Option Confirmation only.


 




    22 


     


    

Business Day shall
be no earlier than the later of (x) one Scheduled Trading Day following the Conversion Date for such Early Conversion and (y) the date
on which Counterparty provides the written notice described in Section 9(j)(i)(A) above) with respect to the portion of the Transaction
corresponding to a number of Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected
Convertible Notes [minus the “Affected Number of Options” (as defined in the Base Call Option Confirmation), if any,
that relate to such Affected Convertible Notes (and for the purposes of determining whether any Options under this Confirmation or under
the Base Call Option Confirmation will be among the Affected Number of Options hereunder or under, and as defined in, the Base Call Option
Confirmation, the Affected Convertible Notes specified in such Early Conversion Notice shall be allocated first to the Base Call Option
Confirmation until all Options thereunder are exercised or terminated)]37 and (y) the Number of Options as of the Conversion
Date for such Early Conversion;


 


		(C)	any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the
Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction
and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional
Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction;



 


		(D)	for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction
pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions,
adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no
adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain
outstanding; and



 


		(E)	the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such
Early Conversion, the Number of Options shall be reduced by the Affected Number of Options.



 


		(ii)	Notwithstanding anything to the contrary
                                            in this Confirmation if an event of default with respect to Counterparty occurs under the
                                            terms of the Convertible Notes as set forth in Section [6.01]38 of the Indenture,
                                            and such event of default results in the Convertible Notes becoming or being declared due
                                            and payable pursuant to the terms of the Indenture, then such event of default shall constitute
                                            an Additional Termination Event applicable to the Transaction and, with respect to such Additional
                                            Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the
                                            Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled
                                            to designate an Early Termination Date pursuant to Section 6(b) of the Agreement.



 


		(iii)	Within five Scheduled Trading Days following any Repayment Event (as defined below), Counterparty (1)
shall (solely to the extent that such Repayment Event results directly from a “Fundamental Change” (as defined in the Indenture)
or pursuant to a redemption of Convertible Notes pursuant to Article 16 of the Indenture), and (2) otherwise, may, at its option, notify
Dealer of such Repayment Event and the aggregate principal amount of Convertible Notes subject to such Repayment Event (any such notice,
a “Repayment Notice”); provided that in the case of clause (2) only, any such Repayment Notice shall contain
an acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b)
of the Exchange Act and the



 





 



37
Include in Additional Call Option Confirmation only.


38
Include cross-reference to the Indenture section containing events of default.


 




    23 


     


    

rules and regulations
thereunder, in respect of such Repayment Event and the delivery of such Repayment Notice, and a representation by Counterparty that the
representations set forth in Section 8(c) are true and correct as of the date of such Repayment Notice. [Any Repayment Notice delivered
to Dealer pursuant to the Base Call Option Confirmation shall be deemed to be a Repayment Notice pursuant to this Confirmation and the
terms of such Repayment Notice shall apply, mutatis mutandis, to this Confirmation.]39 The receipt by Dealer from Counterparty
of any Repayment Notice shall constitute an Additional Termination Event as provided in this Section 9(j)(iii). Upon receipt of any such
Repayment Notice, Dealer shall designate an Exchange Business Day following receipt of such Repayment Notice (which Exchange Business
Day shall be on or as promptly as reasonably practicable after the later of (x) the related repurchase settlement date for the relevant
Repayment Event and (y) the date on which Counterparty provides the Repayment Notice described in this Section ‎9(j)(iii)) as an
Early Termination Date with respect to the portion of the Transaction corresponding to a number of Options (the “Repayment Options”)
equal to the lesser of (A) [(x)] the aggregate principal amount of such Convertible Notes specified in such Repayment Notice, divided
by USD 1,000, [minus (y) the number of “Repayment Options” (as defined in the Base Call Option Confirmation),
if any, that relate to such Convertible Notes (and for the purposes of determining whether any Options under this Confirmation or under
the Base Call Option Confirmation will be among the Repayment Options hereunder or under, and as defined in, the Base Call Option Confirmation,
the Convertible Notes specified in such Repayment Notice shall be allocated first to the Base Call Option Confirmation until all Options
thereunder are exercised or terminated),]40 and (B) the Number of Options as of the date Dealer designates such Early Termination
Date and, as of such date, the Number of Options shall be reduced by the number of Repayment Options. Any payment hereunder with respect
to such termination (the “Repayment Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as
if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number
of Options equal to the number of Repayment Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination
Event, (3) no adjustments to the Conversion Rate have occurred pursuant to an Excluded Provision, (4) the corresponding Convertible Notes
remain outstanding and (5) the terminated portion of the Transaction were the sole Affected Transaction. For the avoidance of doubt,
solely for purposes of calculating the amount payable pursuant to Section 6 of the Agreement pursuant to the immediately preceding sentence,
Counterparty shall assume that the relevant Repayment Event (and, if applicable, the related Fundamental Change and the announcement
of such Fundamental Change) had not occurred. “Repayment Event” means that (i) any Convertible Notes are repurchased
or redeemed (whether in connection with or as a result of a fundamental change, howsoever defined, or for any other reason) by Counterparty
or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty or any of its subsidiaries in exchange for delivery
of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible
Notes is repaid prior to the final maturity date of the Convertible Notes (for any reason other than as a result of an acceleration of
the Convertible Notes that results in an Additional Termination Event pursuant to the preceding Section 9(j)(ii)), or (iv) any Convertible
Notes are exchanged by or for the benefit of the Holders thereof for any other securities of Counterparty or any of its subsidiaries
(or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt,
any conversion of Convertible Notes (whether into cash, Shares, Reference Property (as defined in the Indenture) or any combination thereof)
pursuant to the terms of the Indenture shall not constitute a Repayment Event.


 


		(iv)	Notwithstanding anything to the contrary in this Confirmation, if an Early Conversion or Repayment Event
in respect of Convertible Notes occurs but an Additional Termination



 





 



39
Include in Additional Call Option Confirmation only.


40 Include in the Additional
Call Option Confirmation.


 




    24 


     


    

Event does not occur
in respect of such Early Conversion or Repayment Event, as the case may be, under Section 9(j)(i) or Section 9(j)(iii), as the case may
be, then for all purposes hereunder, the Indenture and such Convertible Notes shall be deemed to remain outstanding regardless of whether
such Convertible Notes are actually outstanding following such Early Conversion or Repayment Event, as the case may be.


 


		(k)	Amendments to Equity Definitions.



 


		(i)	Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase “, provided
that, notwithstanding this Section 11.2(e), the parties hereto agree that, with respect to any Transaction, the following repurchases
of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events (1) any reacquisition of Shares
pursuant to Counterparty’s employee incentive plans in connection with the related equity transactions, or Counterparty’s
withholding of Shares to cover tax liabilities associated with such equity transactions, and (2) to the extent the aggregate amount of
such repurchases effected during the term of such Transaction does not exceed USD 200 million: (x) in any calendar year, repurchases of
Shares in open-market transactions or privately negotiated accelerated Share repurchase (or similar) transactions that do not, in the
aggregate, exceed USD 60 million in such calendar year, and (y) in any calendar quarter, privately negotiated accelerated Share repurchase
(or similar) transactions that do not, in the aggregate, exceed USD 20 million in such calendar quarter” at the end of such Section.



 


		(ii)	Section 11.2(e)(vii) of the Equity Definitions is hereby replaced in its entirety with the words “any
other corporate event involving the Issuer that has a material economic effect on the Shares or Options.”



 


		(iii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “such an event”
in the second line thereof with “(x) an Insolvency Filing or (y) a Change in Law”, (2) inserting the words “(as applicable)”
immediately following the words “notice to the other party” in the fourth line thereof and (3) inserting immediately prior
to the period at the end thereof with the words “; provided that Counterparty may only elect to terminate the Transaction
upon the occurrence of a Change in Law if concurrently with electing to terminate the Transaction Counterparty represents and warrants
to Dealer that it is not in possession of any material non-public information with respect to Counterparty or the Shares”.



 


		(iv)	Section 12.9(b)(vi) of the Equity Definitions is hereby amended by adding the phrase “, provided
that in connection with any election by the Non-Hedging Party to terminate the Transaction, it acknowledges to Dealer, as of the date
of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange
Act and the rules and regulations thereunder” at the end of subsection (C).



 


		(l)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement
between the parties to the contrary, no obligations of either party hereunder are secured by any collateral. Each party waives any and
all rights it may have to set off obligations arising under the Agreement and the Transaction against other obligations between the parties,
whether arising under any other agreement, applicable law or otherwise.



 


		(m)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect
to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result
of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash,
(ii) an Announcement Event or Merger Event that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty
is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type
described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination



 




    25 


     


    

Event of the type described
in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if Dealer
would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of
the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation
by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed
in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the date of the Announcement Event, Merger
Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as
applicable, of its election that the Share Termination Alternative shall not apply and (b) Counterparty acknowledges to Dealer, as of
the date of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the
Exchange Act and the rules and regulations thereunder, in connection with such election, in which case the provisions of Section 12.7
or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply.


 


	 	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 	 
	 	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation, divided by the Share Termination Unit Price.  The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
	 	 	 
	 	Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its good faith discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.
	 	 	 
	 	Share Termination Delivery Unit:	In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property received by holders of all or substantially all Shares (determined on a per Share basis and without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any



 



    26 


     


    

securities) in such
Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration
to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.


 


	 	Failure to Deliver:	Applicable
	 	 	 
	 	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.






 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies
that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in
the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party
have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein.



 


		(o)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer based on advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of hedging its
obligations pursuant to the Transaction cannot be sold in the U.S. public market by Dealer without registration under the Securities Act
(other than as a result of Dealer being or having been in the three months preceding an “affiliate” (as defined under Rule
144) of Counterparty), Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares
and enter into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an underwriting agreement for
a registered secondary offering; provided, however, that if Dealer, in its sole reasonable discretion, is not satisfied
with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered
offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order
to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private
placement purchase agreements customary for private placements of equity securities of similar size and type, in form and substance satisfactory
to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its
reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares
in a private placement of similar size and type), or (iii) purchase the Hedge Shares from Dealer at the Relevant Price on such Exchange
Business Days, and in the amounts, requested by Dealer.



 


		(p)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses)
that are provided to Counterparty relating to such tax treatment and tax structure.



 




    27 


     


    

		(q)	Right to Extend. Dealer may postpone or add, in whole or, other than in the event Dealer
determines in good faith that such postponement or addition resulted solely pursuant to the circumstances set forth in clause (ii)(y)
below, in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment or delivery
by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, based on the advice of counsel in the
case of the immediately following clause (ii), that such action is reasonably necessary or appropriate (i) to preserve Dealer’s
commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or (ii) to enable Dealer
to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in
a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance (x) with applicable legal,
regulatory or self-regulatory requirements, or (y) with related policies and procedures applicable to Dealer, consistently applied across
transactions similar to the Transaction and for counterparties similar to Counterparty; provided that no such Valid Day or other
date of valuation, payment or delivery may be postponed or added more than 40 Valid Days after the original Valid Day or other date of
valuation, payment or delivery, as the case may be.



 


		(r)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is
not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders
of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall
be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements
with respect to the Transaction; provided further that nothing herein shall limit or shall be deemed to limit Dealer’s rights
in respect of any transactions other than the Transaction.



 


		(s)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to
be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States
Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections,
Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction
and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to
constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities
or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer”
as defined in the Bankruptcy Code.



 


		(t)	Notice of Certain Other Events. Counterparty covenants and agrees that:



 


		(i)	promptly following the public announcement of the results of any election by the holders of Shares with
respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the weighted
average of the types and amounts of consideration actually received by holders of Shares (the date of such notification, the “Consideration
Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which
such Merger Event is consummated; and



 


		(ii)	(A) Counterparty shall give Dealer commercially reasonable advance (but in any event at least one Exchange
Business Day prior to the relevant Adjustment Notice Deadline) written notice of the section or sections of the Indenture and, if applicable,
the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment
Event (other than a Potential Adjustment in respect of the Dilution Adjustment Provision set forth in Section [14.04(b)] or Section [14.04(d)])
or Merger Event and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment.
The “Adjustment Notice Deadline” means (i) for any Potential Adjustment in respect of the Dilution Adjustment Provision
set forth in Section [14.04(a)] of the Indenture, the relevant Ex-Dividend Date (as such term is defined in the Indenture) or Effective
Date (as such term is defined in the Indenture), as the case may be, (ii) for any Potential Adjustment in respect of the Dilution Adjustment
Provision in the first formula set forth



 




    28 


     


    

in Section [14.04(c)]
of the Indenture, the first Trading Day (as such term is defined in the Indenture) of the period referred to in the definition of “SP0”
in such formula, (iii) for any Potential Adjustment in respect of the Dilution Adjustment Provision in the second formula set forth in
Section [14.04(c)] of the Indenture, the first Trading Day (as such term is defined in the Indenture) of the Valuation Period (as such
term is defined in the Indenture), (iv) for any Potential Adjustment in respect of the Dilution Adjustment Provision set forth in Section
[14.04(e)] of the Indenture, the first Trading Day (as such term is defined in the Indenture) of the period referred to in the definition
of “SP1” in the formula in such Section, and (v) for any Merger Event, the effective date of such Merger Event
(or, if earlier, the first day of any valuation or similar period in respect of such Merger Event).


 


		(u)	[Reserved].



 


		(v)	Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall
Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of
WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement,
as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under
this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change
in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in the Agreement)).



 


		(w)	Agreements and Acknowledgments Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities
or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with
respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging
activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging
or market activities in securities of Counterparty or its Affiliates shall be conducted and shall do so in a manner that it deems appropriate
to hedge its price and market risk with respect to the Relevant Prices; and (D) any market activities of Dealer and its affiliates with
respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse
to Counterparty.



 


		(x)	Early Unwind. In the event
                                            the sale of the [“Firm Securities”]41[“Optional Securities”]42
                                            (as defined in the Purchase Agreement (the “Purchase Agreement”),
                                            dated as of [______], 2022, among Counterparty, the guarantors party thereto, and Goldman
                                            Sachs & Co. LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives
                                            of the Initial Purchasers party thereto (the “Initial Purchasers”)) is
                                            not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver
                                            to Dealer any opinion of counsel required pursuant to Section 9(a), in each case by 5:00
                                            p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon
                                            by the parties (the Premium Payment Date or such later date, the “Early Unwind Date”),
                                            the Transaction shall automatically terminate (the “Early Unwind”) on
                                            the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations
                                            of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii)
                                            each party shall be released and discharged by the other party from and agrees not to make
                                            any claim against the other party with respect to any obligations or liabilities of the other
                                            party arising out of and to be performed in connection with the Transaction either prior
                                            to or after the Early Unwind Date or Premium Payment Date, as the case may be. Each of Dealer
                                            and Counterparty represents



 





 



41
Insert for Base Call Option Confirmation.


42
Insert for Additional Call Option Confirmation.


 




    29 


     


    

and acknowledges to
the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.


 


		(y)	Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early
Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other
than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an
amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of
the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.



 


		(z)	Resolution Stay Protocol and Bail-In Protocol. [Insert relevant resolution stay / BRRD
/ QFC provision]



 


		(aa)	Tax Matters.



 


		(i)	Withholding Tax imposed on payments to certain non-US counterparties. “Tax,” as used
in Section 9(aa)(iii) of this Confirmation (Payor Tax Representations), and “Indemnifiable Tax,” as defined in Section 14
of the Agreement, shall not include (A) any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of
the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)
of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into
in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”) or (B) any tax imposed
or collected pursuant to Section 871(m) of the Code or any current or future regulations or official interpretation thereof (a “Section
871(m) Withholding Tax”). For the avoidance of doubt each of a FATCA Withholding Tax and a Section 871(m) Withholding Tax is
a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.



 


		(ii)	Tax Documentation. [For the purpose
                                            of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Counterparty shall provide to Dealer a
                                            valid U.S. Internal Revenue Service Form W-9, or any successor form, and Dealer shall provide
                                            to Counterparty a valid U.S. Internal Revenue Service Form [__]43, or any successor
                                            form, (i) on or before the date of execution of this Confirmation and (ii) promptly upon
                                            learning that any such tax form previously provided by it has become obsolete or incorrect.
                                            Additionally, each party shall, promptly upon request by the other party, provide such other
                                            tax forms and documents reasonably requested by the other party.]44



 


		(iii)	Payor Tax Representations. For the purpose of Section 3(e) of the Agreement, each party makes the
following representation:



 


It is not required
by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make
any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to
be made by it to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy of any representations
made by the other party pursuant to Section 9(aa)(iv) of this Confirmation, (ii) the satisfaction of the agreement contained in Section
4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section
4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction of the agreement of the other party contained in the last sentence of
Section 9(aa)(iv) of this Confirmation, except that it will not be a breach of this representation where reliance is placed on clause


 





 



43
To reflect appropriate tax forms for Dealer.


44
To be updated as necessary to reflect appropriate tax forms for Dealer.


 




    30 


     


    

(ii) above and the
other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.


 


		(iv)	Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, Counterparty makes
the following representations to Dealer:



 


Counterparty is (x)
a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal
income tax purposes and (y) an exempt recipient under United States Treasury Regulation Section 1.6049-4(c)(1)(ii).


 


For the purpose of
Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:


 


Dealer is [__]45


 


Each party agrees
to give notice of any failure of a representation made by it under this Section 9(aa)(iv) to be accurate and true promptly upon learning
of such failure.


 


		(bb)	Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary
in the Agreement, the Equity Definitions or this Confirmation, upon the occurrence of a Merger Date, the occurrence of a Tender Offer
Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, the Calculation Agent shall determine in good faith
and in a commercially reasonable manner whether such occurrence or declaration, as applicable, has had a material economic effect on the
Transaction, and if so, shall, in its good faith and commercially reasonable discretion, adjust the Cap Price to account for the economic
effect on the Transaction of such occurrence or declaration; provided that in no event shall the Cap Price be less than the Strike
Price; and provided further that any adjustment to the Cap Price made pursuant to this section shall be made without duplication
of any other adjustment hereunder. Solely for purposes of this Section 9(bb): (x) the terms “Potential Adjustment Event,”
“Merger Event,” and “Tender Offer” shall each have the meanings assigned to each such term in the Equity Definitions
(in the case of the definition of “Potential Adjustment Event”, as amended by Section 9(k) of this Confirmation, and in the
case of the definition of “Tender Offer”, as amended by the provisions opposite the caption “Announcement Event”
in Section 3 of this Confirmation) and (y) “Extraordinary Dividend” means any cash dividend on the Shares that is greater
than the Regular Dividend (determined on a per quarter basis).



 


		(cc)	CARES Act. Counterparty represents and warrants that it and any of its subsidiaries has
not applied, and shall not, until after the first date on which no portion of the Transaction remains outstanding following any final
exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that
term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or
to receive any financial assistance or relief under any program or facility (collectively “Financial Assistance”) that
(a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including
without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) (i) requires under applicable law (or any regulation,
guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition
of such Financial Assistance, that the Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant
that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty,
and that Counterparty has not, as of the date specified in the condition, made a capital distribution or will not make a capital distribution,
or (ii) where the terms of the Transaction would cause Counterparty to fail to satisfy any condition for application for or receipt or
retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided, that Counterparty
or any of its subsidiaries may apply for Restricted Financial Assistance if Counterparty either (a) determines based on the advice of
outside counsel of national standing that the terms of the Transaction would not cause Counterparty or any of its



 





 



45
To be updated as necessary to reflect appropriate tax representations for Dealer.


 




    31 


     


    

subsidiaries to fail
to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or
facility as of the date of such advice or (b) delivers to Dealer evidence or other guidance from a governmental authority with jurisdiction
for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction
or by general reference to transactions with the attributes of the Transaction in all relevant respects). Counterparty further represents
and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to
any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a)
is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including
without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation,
guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such
funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference
to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects).46


 


		(dd)	REIT Matters. The parties agree that for all purposes of the Agreement and this Confirmation,
the terms “Beneficial Ownership” and “Constructive Ownership” in Article Seven of Counterparty’s corporate
charter, as in effect under the General Corporation Law of the State of Maryland on the date hereof (the “Charter”)
shall not include shares held by Dealer or its affiliates to the extent such shares are held in a purely fiduciary capacity and such shares
shall not be considered Beneficially Owned or Constructively Owned by Dealer or its affiliates under the Charter.



 





 



46
NTD – To be conformed to preferred boilerplate of relevant bank counterparty.


 




    32 


     


    

Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.


 


Very truly yours,


 


	 	[Dealer]
	 	 
	 	 
	 	By:	 
	 	Authorized Signatory
	 	Name:


 


Accepted and confirmed

as of the Trade Date:


 


	Uniti Group Inc.	 
	 	 
	 	 
	By:	 	 
	Authorized Signatory	 
	Name: