Document:

Form of Indenture between GCL Silicon Technology Holdings, Inc.

 EXHIBIT 4.18 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 as Company 
 and 
 DB TRUSTEES (HONG KONG)
LIMITED 
 as Trustee 
 3% Convertible Senior Notes due 2010 
 FORM OF INDENTURE 
 DATED AS OF              2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	Article	  		  	
			
	ARTICLE 1.	  	Definitions	  	1
	            1.1	  	Definitions	  	1
	            1.2	  	Compliance Certificates and Opinions	  	13
	            1.3	  	Form of Documents Delivered to Trustee	  	14
	            1.4	  	Acts of Holders; Record Dates	  	14
	ARTICLE 2.	  	Designation, Form and Terms of the Notes	  	16
	            2.1	  	Designation of Series	  	16
	            2.2	  	Limit on Amount of Notes	  	16
	            2.3	  	Status	  	16
	            2.4	  	Final Maturity	  	16
	            2.5	  	Form of Notes	  	16
	            2.6	  	Interest and Principal	  	16
	            2.7	  	Paying Agent; Conversion Agent	  	17
	            2.8	  	No Sinking Fund	  	18
	            2.9	  	Form of Note Registrar’s Certificate of Authentication	  	18
	            2.10	  	Notes in Global Form	  	18
	            2.11	  	Denominations	  	19
	            2.12	  	Execution, Authentication, Delivery and Dating	  	19
	            2.13	  	Registration, Registration of Transfer and Exchange	  	19
	            2.14	  	Mutilated, Destroyed, Lost and Stolen Notes	  	20
	            2.15	  	Payment of Interest; Interest Rights Preserved	  	21
	            2.16	  	Persons Deemed Owners	  	22
	            2.17	  	Cancellation	  	22
	            2.18	  	ISIN Numbers	  	22
	ARTICLE 3.	  	Redemption of Notes	  	22
	            3.1	  	Applicability of Article 3	  	22
	            3.2	  	Redemption for Taxation Reasons	  	22
	            3.3	  	Election to Redeem; Notice to Trustee	  	23
	            3.4	  	Notice of Redemption	  	23
	            3.5	  	Deposit of Redemption Price	  	24
	            3.6	  	Notes Payable on Redemption Rate	  	24
	            3.7	  	Notes Redeemed in Part	  	24
	ARTICLE 4.	  	Conversion Rights	  	24
	            4.1	  	Right to Convert	  	24
	            4.2	  	Conversion Procedures	  	25
	            4.3	  	Payment Upon Conversion	  	26
	            4.4	  	Cash Payments in Lieu of Fractional ADSs	  	26
	            4.5	  	Adjustment of Conversion Rate	  	26
	            4.6	  	Notice of Adjustment in Conversion Rate	  	30
	            4.7	  	Effect of Reclassification, Consolidation, Merger or Sale	  	31
	            4.8	  	Taxes on Shares Issued	  	31
	            4.9	  	Reservation of Shares; Convenants in respect of Conversion	  	32
	            4.10	  	Responsibility of Trustee and Agents	  	32
	            4.11	  	Capital Distributions	  	33
	ARTICLE 5.	  	Repurchases	  	34
	            5.1	  	Repurchase at the Option of the Holder Upon a Fundamental Change	  	34
	            5.2	  	Compliance with Securities Laws Upon Repurchase of Notes	  	34
	            5.3	  	Repayment to the Company	  	35

					
	ARTICLE 6.	  	Covenants	  	35
	            6.1	  	Payment of Principal, Premium and Interest	  	35
	            6.2	  	Maintenance of Office or Agency	  	35
	            6.3	  	Money for Notes Payments to be Held in Trust	  	35
	            6.4	  	Statement by Officers as to Default	  	36
	            6.5	  	Existence	  	36
	            6.6	  	Maintenance of Properties	  	37
	            6.7	  	Payment of Taxes and other Claims	  	37
	            6.8	  	Limitations on Liens	  	37
	            6.9	  	Limitations on Indebtedness and Preferred Stock of Offshore Subsidiaries	  	37
	            6.10	  	Limitations on Leverage	  	37
	            6.11	  	Waiver of Certain Covenants	  	37
	            6.12	  	Additional Amounts	  	38
	            6.13	  	Investment Company Act	  	39
	            6.14	  	Additional Information	  	39
	            6.15	  	Interest Reserve Account	  	39
	            6.16	  	Delivery of Ordinary Shares	  	39
	ARTICLE 7.	  	Consolidation, Merger, Assignment, Conveyance, Transfer or Lease	  	39
	            7.1	  	Company may Consolidate, etc. only on Certain Terms	  	39
	            7.2	  	Successor Substituted	  	40
	ARTICLE 8.	  	Remedies	  	40
	            8.1	  	Events of Default	  	40
	            8.2	  	Acceleration of Maturity; Rescission and Annulment	  	41
	            8.3	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	42
	            8.4	  	Trustee may File Proofs of Claim	  	43
	            8.5	  	Trustee may Enforce Claims without Possession of Notes	  	43
	            8.6	  	Application of Money Collected	  	43
	            8.7	  	Limitation on Suits	  	44
	            8.8	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	44
	            8.9	  	Restoration of Rights and Remedies	  	44
	            8.10	  	Rights and Remedies Cumulative	  	44
	            8.11	  	Delay or Omission not Waiver	  	45
	            8.12	  	Control by Holders	  	45
	            8.13	  	Waiver of Past Defaults	  	45
	            8.14	  	Undertaking for Costs	  	45
	            8.15	  	Waiver of Usury, Stay or Extension	  	45
	ARTICLE 9.	  	The Trustee	  	46
	            9.1	  	Certain Duties and Responsibilities	  	46
	            9.2	  	Notice of Defaults	  	46
	            9.3	  	Certain Rights of Trustee	  	46
	            9.4	  	Not Responsible for Recitals or Issuance of Notes	  	48
	            9.5	  	May Hold Notes	  	48
	            9.6	  	Money Held in Trust	  	48
	            9.7	  	Compensation and Reimbursement	  	48
	            9.8	  	Conflicting Interests	  	49
	            9.9	  	Corporate Trustee Required; Eligibility	  	49
	            9.10	  	Resignation and Removal; Appointment of Successor	  	49
	            9.11	  	Acceptance of Appointment by Successor	  	51
	            9.12	  	Merger, Conversion, Consolidation or Succession to Business	  	51
	            9.13	  	Preferential Collection of Claims against Company	  	52
	ARTICLE 10.	  	Supplemental Indentures	  	52
	            10.1	  	Supplemental Indentures without Consent of Holders	  	52
	            10.2	  	Supplemental Indentures with Consent of Holders	  	53

					
	            10.3	  	Execution of Supplemental Indentures	  	54
	            10.4	  	Effect of Supplemental Indentures	  	54
	            10.5	  	Conformity with Trust Indenture	  	54
	            10.6	  	Reference in Notes to Supplemental Indentures	  	54
	ARTICLE 11.	  	Satisfaction and Discharge	  	54
	            11.1	  	Satisfaction and Discharge of Indenture	  	54
	            11.2	  	Application of Trust Money	  	55
	ARTICLE 12.	  	Holders’ Lists and Reports by Company	  	55
	            12.1	  	Company to Furnish Names and Addresses of Holders	  	55
	            12.2	  	Preservation of Information; Communications to Holders	  	55
	            12.3	  	Reports by Trustee	  	56
	            12.4	  	Reports by Company	  	56
	ARTICLE 13.	  	[INTENTIONALLY OMITTED]	  	56
	ARTICLE 14.	  	Meeting of Holders of Notes	  	56
	            14.1	  	Purposes for which Meetings may be Called	  	56
	            14.2	  	Call, Notice and Place of Meetings	  	56
	            14.3	  	Persons Entitled to Vote at Meetings	  	57
	            14.4	  	Quorum; Action	  	57
	            14.5	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	58
	            14.6	  	Counting Votes and Recording Action of Meetings	  	58
	ARTICLE 15.	  	Miscellaneous	  	59
	            15.1	  	Notices, etc., to Trustee and Company	  	59
	            15.2	  	Notice to Holders; Waiver	  	59
	            15.3	  	Effect of Headings and Table of Contents	  	60
	            15.4	  	Successors and Assigns	  	60
	            15.5	  	Separability Article	  	60
	            15.6	  	Benefits of Indenture	  	60
	            15.7	  	Governing Law	  	60
	            15.8	  	Legal Holidays	  	61
	            15.9	  	Language of Notices, etc.	  	61
	            15.10	  	Waiver of Jury Trial	  	61
	            15.11	  	Force Majeure	  	62
	            15.12	  	Currency Indemnity	  	63

  

					
		
	Schedule	  	
			
	1.        	  	Form of Note	  	64
	2.	  	Form of Conversion Notice	  	71
	3.	  	Form of Repurchase Exercise Notice	  	72

 THIS INDENTURE, dated as of [—] 2008, between GCL Silicon Technology Holdings
Inc., a corporation duly organized and existing under the laws of the Cayman Islands (herein called the Company), and DB Trustees (Hong Kong) Limited, a corporation duly organized and existing under the laws of Hong Kong (herein called the
Trustee). 
 RECITALS 
 The
Company has duly authorized the creation of an issue of its 3% Convertible Senior Notes due 2010 (herein called the Notes) of the tenor and amount hereinafter set forth, to be issued in three series as provided in this Indenture, and to
provide therefore the Company has duly authorized the execution and delivery of this Indenture. 
 All things necessary to make the Notes, when the Notes are
executed by the Company and authenticated and delivered hereunder and the provisions of the Agency Agreement and duly issued by the Company, the valid and binding obligations of the Company, and to make this Indenture a valid and legally binding
agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For, and in consideration of, the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Notes or of Series thereof, as follows: 
 ARTICLE 1. DEFINITIONS 
  

	1.1	Definitions 

 For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	the terms defined in this Indenture have the meanings assigned to them in this Indenture and include the plural as well as the singular; 

  

	 	(b)	words importing gender include each gender; 

  

	 	(c)	whenever the words include, includes or including are used in this Indenture, they shall be deemed to be followed by the words without limitation;

  

	 	(d)	references to U.S.$ and U.S. Dollars are to the lawful currency of the United States of America; 

  

	 	(e)	all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

  

	 	(f)	any reference herein to a “series” of Notes, or the representative Holders thereof, should be a reference to the Class A Notes, the Class B Notes or the Class C
Notes. 

  

	 	(g)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with US GAAP and except as otherwise expressly provided herein, the term
“generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted as consistently applied by the Company at the date of this
Indenture; 

  

 1 

	 	(h)	unless the context otherwise requires, any reference to an Article, a Section or a Schedule refers to an Article, a Section or a Schedule, as the case may be,
of or to this Indenture; 

  

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

  

	 	(j)	if any rights or obligations under this Indenture fall on a day or date which is not a Business Day, such rights or obligations shall instead fall on the next succeeding Business
Day after such stated day or date; and 

  

	 	(k)	the parties have participated jointly in the negotiating and drafting of this Indenture. In the event that an ambiguity or a question of intent or interpretation arises, this
Indenture shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Indenture. 

 Acceptable Bank means: 
  

	 	(a)	for banks and financial institutions incorporated or established in the People’s Republic of China, a bank or financial institution which has a rating for its long-term
unsecured and non credit-enhanced debt obligations of [—] or higher by Standard & Poor’s Rating Services or Fitch Limited or [—] or higher by Moody’s
Investor Services Limited or a comparable rating from an internationally recognized credit rating agency; 

  

	 	(b)	for all other banks and financial institutions, a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of [—] or higher by Standard & Poor’s Rating Services or Fitch Limited or [—] or higher by Moody’s Investor Services Limited or a comparable rating from an
internationally recognized credit rating agency; or 

  

	 	(b)	any other bank or financial institution approved by the Trustee. 

 Act, when used with respect to any Holder, has the meaning specified in Section 1.4. 
 ADS means the
Company’s American Depositary Shares, each representing [—] Ordinary Share[s]. 
 ADS Depositary
means The Bank of New York Mellon, its nominees, successors and assigns. 
 Affiliate of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 Agency Agreement means the paying and conversion agency agreement dated [—], 2008 between the Company, Deutsche Bank AG, Hong Kong Branch, as principal agent, Deutsche Bank Luxembourg S.A., as registrar and the Trustee. 
 Agent means any Principal Agent, Note Registrar, Paying Agent or Conversion Agent appointed under the Agency Agreement, at their specified offices,
and their successors and assigns. 
 Annualised Quarterly Consolidated EBITDA means, in relation to a Quarterly Period, the aggregate
of Consolidated EBITDA for that Quarterly Period and for the immediately preceding 

  

 2 

 
three Quarterly Periods (those four Quarterly Periods being referred to as the Rolling 12 Month Period), provided that in respect of the first two
testing dates on September 30, 2008 and December 31, 2008, the calculation shall be made by multiplying by four the aggregate Consolidated EBITDA for each Quarterly Period in that Rolling 12 Month Period starting from the Quarterly Period
ending March 31, 2008 (each such Quarterly Period being a Relevant Quarterly Period) and then dividing it by the number of Relevant Quarterly Periods in that Rolling 12 Month Period. 
 Applicable Procedures means, with respect to any transfer or exchange of beneficial ownership interests in a Global Note, the rules and procedures
of the Clearing Systems, in each case to the extent applicable to such transfer or exchange. 
 Authorized Newspaper means a newspaper,
in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any Business Day. 
 Board of Directors means either the board of directors of
the Company or any duly authorized committee of that board. 
 Board Resolution means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 Business Day, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in Hong Kong or New York City are authorized or obligated by law or executive order to close. 
 Cash means, at
any time, cash denominated in USD or USD equivalents, in hand or at bank and (in the latter case) credited to an account in the name of [the Company/a member of the Group] with an Acceptable Bank and to which [the Company/a member of the Group] is
alone (or together with other members of the Group) beneficially entitled and for so long as: 
  

	 	(a)	that cash is repayable on demand; 

  

	 	(b)	repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on satisfaction of any
other condition; 

  

	 	(c)	there is no Lien over that cash; and 

  

	 	(d)	the cash is freely and immediately available to be applied in repayment or prepayment of the Notes. 

 Clearing System means each of Clearstream and Euroclear. 
 Clearstream means Clearstream Banking, société anonyme or any successor securities clearing agency. 
 Close of Business means 5.00 p.m., New York City time. 
 Commission means the United States
Securities and Exchange Commission. 
  

 3 

 Common Depositary means a depositary common to Euroclear and Clearstream, being Deutsche Bank AG,
London Branch, its nominees and their respective assigns. 
 Company means the Person named as the Company in the Preamble of
this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter Company shall mean such successor Person. 
 Company Request or Company Order means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice
Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer [or any Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary], and delivered to the Trustee. 
 Consolidated Debt means the aggregate amount of Financial Indebtedness of the Group on a consolidated basis as shown in the Relevant Company
Report. 
 Consolidated EBIT means in relation to a Quarterly Period or, as the case may be, Rolling 12 Month Period, the aggregate of:

  

	 	(a)	the consolidated operating profits of the Group (including the results from discontinued operations) before finance costs and tax for that Quarterly Period or, as the case may be,
Rolling 12 Month Period; 

  

	 	(b)	plus or minus the Group’s share of the profits or losses of associates for that period (after finance costs and tax) and the Group’s share of the profits or losses of any
joint ventures; 

 adjusted by: 
  

	 	(c)	taking no account of extraordinary items (whether positive or negative) but after taking into account all exceptional items (whether positive or negative); 

 

	 	(d)	taking no account of non-recurring items (whether positive or negative) or non-operating business (whether positive or negative); 

  

	 	(e)	taking no account of any material items which represent gains or losses arising from: 

  

	 	(i)	restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring; 

  

	 	(ii)	disposals of non-current assets; 

  

	 	(iii)	the disposal of assets associated with discontinued operations; or 

  

	 	(iv)	reversals of any provision; 

  

	 	(f)	taking no account of any income or charge attributable to a post-employment benefit scheme other than the current service costs and any past service costs and curtailments and
settlements attributable to the scheme; and 

  

	 	(g)	taking no account of any expense referable to equity-settled share-based compensation of employees, 

 all as shown in the Relevant Company Report. 
 Consolidated EBITDA means, in relation to a Quarterly Period or, as the case may be, Rolling 12 Month Period, Consolidated EBIT for that Quarterly Period or, as the case may be, that Rolling 12 

  

 4 

 
Month Period after adding back any depreciation and amortization charges and taking no account of any charge for impairment or any reversal of any previous
impairment charge made in the period, all as shown in the Relevant Company Report. 
 Consolidated Net Debt means Consolidated Debt
minus Cash. 
 Consolidated Net Worth means, as of any date of determination, stockholders’ equity as set forth on the most
recently available quarterly consolidated balance sheet of the Company and its Subsidiaries, determined in accordance with US GAAP, but excluding minority interests if not already excluded. 
 Corporate Trust Office means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which
office at the date of this Indenture is located at 55th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong, Attention: Managing Director, or such other address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 corporation means a corporation, association, company, limited liability company, joint-stock company or business trust. 
 Current Market Price of the ADSs on any day means the average Sales Prices of one ADS over the five consecutive Trading Days ending on (and
including) the earlier of the day in question and the day before the Ex Date with respect to an issuance, dividend or distribution requiring such computation. 
 Defaulted Interest has the meaning specified in Section 2.15. 
 Deposit Agreement means
the deposit agreement dated as of [—], 2008 between the Company, The Bank of New York Mellon, as ADS Depositary, and the holders and beneficial owners from time to time of the ADSs issued thereunder. 

Dollars means the lawful currency of the United States of America. 
 DTC means The Depository Trust Company, its nominees, successors and assigns. 
 EDGAR means the
Commission’s Electronic Data Gathering, Analysis and Retrieval system. 
 Euroclear means Euroclear Bank S.A./N.V., or any
successor securities clearing agency. 
 Event of Default has the meaning specified in Section 8.1. 
 Event of Default Redemption Amount means, subject to Section 8.2, in relation to each Note, an amount equal to the aggregate of (i) the
principal amount of such Note together with any accrued interest and Defaulted Interest (if any) plus (ii) (A) the principal amount of such Note multiplied by (B) the Event of Default Redemption Premium. 
 Event of Default Redemption Premium means: 
  

					
	A = 15% x	 	           B        
	 	
	 	          C        	 	

  

 5 

 Where: 
  

	 	A	is the Event of Default Redemption Premium expressed as a percentage; 

  

	 	B	is the number of days between the Issue Date and the date the Trustee gives the default notice (both inclusive); and 

  

	 	C	is the number of days between the Issue Date and the Final Maturity Date (both inclusive). 

 Ex Date means the first date on which the ADSs trade on the applicable exchange or in the applicable market without the right to receive an
issuance, dividend or distribution. 
 Exchange Act means the United States Securities Exchange Act of 1934, including the rules
promulgated thereunder, and any statute successor thereto, in each case as amended from time to time. 
 Expiration Date has the
meaning specified in Section 1.4. 
 Final Maturity Date means [—] 2010. 
 Financial Indebtedness means indebtedness (other than ordinary trade indebtedness) incurred in respect of (a) money borrowed or raised from
banks and other financial institutions, (b) any bond, note, loan stock, debenture or similar instrument, (c) acceptance credit, documentary credit or commercial paper facilities, (d) guarantees, bonds, standby letters of credit or
other instruments issued in connection with the performance of contracts, (e) receivables sold or discounted otherwise than on a non-recourse basis, (f) any other transaction having the commercial effect of borrowing or raising of money
(including forward sale or purchase agreements), (g) any share which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, in each case at the option of the holder of that security) or upon
the happening of any event matures or is mandatorily redeemable or is redeemable at the option of its holder in whole or in part and (h) guarantees or other assurances against financial loss in respect of Financial Indebtedness of any person
falling within any of (a) to (g) above. For the avoidance of doubt, Financial Indebtedness shall include any indebtedness incurred in respect of any derivative transaction entered into for the purposes of hedging against fluctuations in
any rate, price, index or credit rating. [Any prepayment or advances which (i) the Company, or its Subsidiaries receives under any short-term or long-term polysilicon or wafer supply contract to which the Company, or its Subsidiaries, enters
into in the ordinary course of business and shall be included for the purposes of paragraph (f) above.] 
 Fundamental Change
means the occurrence of any of the following events: 
  

	 	(a)	 any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), excluding Mr. Zhu Gongshan, is or
becomes the “beneficial owner” (as that term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the total outstanding voting power of all shares of the Company’s capital stock that are entitled to
vote generally in elections of the Company’s directors (voting shares), or if Mr. Zhu Gongshan or any “group” (as that term is used in Sections 13(d) or 14(d) of the Exchange Act) of which he is a part is or becomes the
“beneficial owner” (as that term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of [70]% or more of the total outstanding voting power of all of the Company’s voting shares, or if at any time after Mr. Zhu
Gongshan’s ownership interest in the Company falls below 50%, any “person” or “group” (as such terms are used in Sections 13(d) or 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including
any group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, becomes a “beneficial holder” (as defined in Rule 13d-3 

  

 6 

	 	 
under the Exchange Act), directly or indirectly, of shares of the Company’s capital stock entitling the person to exercise 50% or more of the total
voting power of all of the Company’s voting shares (for the purposes of this clause (a), such person or group shall be deemed to beneficially own any voting stock of a corporation held by any other corporation (the parent corporation) so
long as such person or group beneficially owns, directly or indirectly, in the aggregate a majority of the total voting power of the capital stock entitled to vote in the election of directors of such other corporation);

  

	 	(b)	the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of all or substantially all the assets of the Company and its Subsidiaries,
considered as a whole (other than a disposition of such assets as an entirety or virtually as an entirety to a wholly owned Subsidiary) shall have occurred, or the Company merges, consolidates or amalgamates with or into any other Person or any
other person merges, consolidates or amalgamates with or into the Company, in any such event pursuant to a transaction in which the outstanding voting stock is reclassified into or exchanged for cash, securities or other property, other than any
such transaction where: 

  

	 	(i)	the outstanding voting stock is reclassified into or exchanged for other voting stock of the Company or for voting stock of the surviving corporation; and 

 

	 	(ii)	the holders of the voting stock of the Company immediately prior to such transaction own, directly or indirectly, not less than a majority of the voting stock of the Company or the
surviving corporation immediately after such transaction and in substantially the same proportion as before the transaction; or 

  

	 	(c)	at any time, individuals who at the Issue Date constituted the Board of Directors (together with any new directors whose election or appointment by such Board of Directors or whose
nomination for election by the shareholders of the Company was approved by a vote of not less than three-fourths of the directors then still in office who were either directors at the Issue Date or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; or 

  

	 	(d)	the shareholders of the Company shall have approved any plan of liquidation or dissolution of the Company; or 

  

	 	(e)	if the ADSs (or other equity securities into which the Notes are then convertible) are (i) not listed or approved for trading on the New York Stock Exchange, the NASDAQ Global
Select Market, the NASDAQ Global Market or any of their respective successors or (ii) other than as a result of New York Stock Exchange Rule 123D(3), suspended from trading for 10 consecutive Business Days; 

 provided, further, that a Fundamental Change shall not be deemed to have occurred pursuant to clause (b) above if at least 90% of the consideration
(excluding cash payments for fractional shares) in the transaction or transactions constituting the Fundamental Change consists of Publicly Traded Securities, and as a result of such transaction or transactions the Notes become convertible into such
Publicly Traded Securities. 
 For the avoidance of doubt, any transaction or event that would constitute a Fundamental Change under both
clauses (a) and (b) in this definition of Fundamental Change shall be deemed to be governed solely by clause (b) of this definition, including the provisos thereto. 
 Fundamental Change Redemption Amount means, in relation to each Note, an amount equal to the aggregate of (i) the principal amount of such
Note together with any accrued interest and Defaulted Interest (if any) plus (ii) (A) the principal amount of such Note multiplied by (B) the Fundamental Change Redemption Premium. 
  

 7 

 Fundamental Change Redemption Premium means: 
  

					
	A = 15% x	 	           B        
	 	
	 	          C        	 	

 Where: 
  

	 	A	is the Fundamental Change Redemption Premium expressed as a percentage; 

  

	 	B	is the number of days between the Fundamental Change Repurchase Date and the Final Maturity Date (both inclusive); and 

  

	 	C	is the number of days between the Issue Date and the Final Maturity Date (both inclusive). 

 Global Note means a Note in global form that is substantially in the form attached as Schedule 1. 
 Group means the Company and its Subsidiaries. 
 Holder means the Person in whose name the Note is registered in the Note Register. 
 Indebtedness means, with respect
to any Person, at any time: 
  

	 	(a)	any obligation (present or future, actual or contingent) of such Person, as debtor, borrower or guarantor, for borrowed money, including any obligation of such Person evidenced by
bonds, debentures, notes, guarantees or other similar agreements or instruments involving or evidencing money borrowed or received, any reimbursement obligation with respect to letters of credit, bankers’ acceptances or similar facilities
issued for the account of such Person, any obligation in respect of a conditional sale or transfer with recourse or with an obligation to purchase, or pursuant to a lease with substantially the same economic effect as any such agreement or
instrument; 

  

	 	(b)	any obligation of such Person pursuant to any interest rate swap agreement, foreign currency exchange agreement, interest rate collar agreement, option or futures contract or other
derivative instrument or similar agreement or arrangement designed to protect such Person against changes in interest rates or foreign exchange rates; and 

  

	 	(c)	any Indebtedness of others for which such Person agrees to be responsible, including, without limitation, by an obligation to pay or purchase such Indebtedness or an obligation to
lend money or to purchase or subscribe shares or other securities or to purchase assets or services in order to provide funds for the payment of such Indebtedness, whether or not such Indebtedness is assumed by such Person. 

Indenture means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern
this instrument and any such supplemental indenture, respectively. 
 Interest Payment Date means [—] and [—], of each year, commencing [—] 2008. 
  

 8 

 Interest Reserve Account means the account in the name of the Company opened with Deutsche Bank
AG, Hong Kong Branch for the purpose of holding scheduled interest payments in accordance with Section 6.15. 
 Investment Company
Act means the United States Investment Company Act of 1940, including the rules promulgated thereunder, and any statute successor thereto, in each case as amended from time to time. 
 Issue Date means [—] 2008. 
 Lien means any mortgage, pledge, security interest, lien, hypothecation, sale-leaseback arrangement, preferential arrangement or other charge or encumbrance of any kind (including any agreement to give any of
the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof), or any arrangement having the practical effect of creating such an encumbrance on, or with respect to the payment of any obligations with or
from the proceeds of, any asset of any kind, including any equivalent created or arising under the laws of the Cayman Islands, Hong Kong or the People’s Republic of China. 
 Maturity, when used with respect to any Note, means the date on which the principal of such Note or an installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, conversion, call for redemption or otherwise. 
 Note Register and Note Registrar have the respective meanings specified in Section 2.13. 
 Notes means the: (a) U.S.$[275,000,000] Class A Convertible Senior Notes due 2010; (b) U.S.$[137,500,000] Class B Convertible Senior Notes due 2010; and (c) U.S.$[137,500,000] Class C Convertible Senior Notes due
2010, or any of them (each a Note), as amended or supplemented from time to time, that are issued under this Indenture. 
 Notice of
Default means a written notice of the kind specified in Section 8.1(b). 
 Officers’ Certificate means a certificate
signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, its Chief Financial Officer [or any Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary], of the
Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 6.4 shall be the principal executive, financial or accounting officer of the Company. 
 Offshore Subsidiary means each Subsidiary of the Company which is incorporated in any jurisdiction other than the People’s Republic of China.

 Opinion of Counsel means a written opinion of counsel, which may be an employee of the Company. 
 Ordinary Shares means the ordinary voting equity shares of the Company, par value U.S.$0.0001 per share, as it exists on the date of this
Indenture, and any shares of any class or classes of capital stock of the Company resulting from any subdivision, consolidation or reclassification thereof and which have no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided, however, that if at any time there shall be more than one such resulting class, the
ADSs issuable on conversion of the Notes shall be substantially in the proportion which the total number of shares of such class resulting from all such subdivisions, consolidations or reclassifications bears to the total number of shares of all
such classes resulting from all such subdivisions, consolidations or reclassifications. 
  

 9 

 Outstanding, when used with respect to Notes, means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture, EXCEPT: 
  

	 	(a)	Notes theretofore canceled by the Note Registrar or delivered to any Agent for cancellation; 

  

	 	(b)	Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made; and 

  

	 	(c)	Notes that have been paid pursuant to Section 2.13 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other
than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company;

 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have
given any request, demand, authorization, direction, notice, consent, waiver, or other action hereunder or whether a quorum is present at a meeting of Holders of Notes, Notes owned by the Company or any other obligor upon the Notes or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent,
waiver, or other action hereunder, or upon any such determination actually as to the presence of a quorum, only Notes that a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the
Notes or any Affiliate of the Company or of such other obligor. 
 Paying Agent means any Person authorized by the Company to pay the
principal of or any premium or interest on any Notes on behalf of the Company, which shall initially be the Principal Agent. 
 Permitted
Lien means any Lien: 
  

	 	(a)	granted upon or with regard to any property hereafter acquired by the Company or any of its Subsidiaries to secure the purchase price of such property or to secure Indebtedness
incurred solely for the purpose of financing the acquisition of such property and transactional expenses related to such acquisition, including any Lien existing at the time of its acquisition (other than a Lien incurred in contemplation of such
acquisition); provided, however, that (1) the maximum sum secured by such Lien shall not exceed 100% of the U.S. Dollar equivalent on the date of purchase of the purchase price of such property (including transactional expenses) or the
U.S. Dollar equivalent on the date of incurrence of such Indebtedness incurred solely for the purpose of financing the acquisition of such property and (2) such Lien shall be created contemporaneously with, or within 180 days after, the
acquisition of such property; 

  

	 	(b)	in existence on the Issue Date, and any extension, renewal or replacement thereof; provided, however, that the total amount of Indebtedness so secured shall not exceed the
amount so secured on the Issue Date; 

  

 10 

	 	(c)	arising by operation of law, such as tax, merchants’ or other similar Liens arising in the ordinary course of business; or 

  

	 	(d)	arising in respect of any judgment or award not giving rise to an Event of Default for which an appeal is being diligently pursued in good faith and in respect of which not more
than forty-five days have elapsed without a stay of execution in respect thereof having been granted. 

 Person means any
individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 Place of Payment, when used with respect to the Notes of any series, means New York City. 
 Predecessor Note of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.14 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Note. 
 Preferred Stock means, in respect of any Person, any capital stock of such Person having
preferential rights as to dividends or other distributions and/or upon the liquidation of such Person. 
 Principal Agent means
Deutsche Bank AG, Hong Kong Branch and its successors or assigns. 
 Publicly Traded Securities means any common stock traded on the
New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or any of their respective successors. 
 Quarterly
Period means each three-month financial period ending on March 31, June 30, September 30 or December 31, as the case may be. 
 Redemption Date, when used with respect to any Note to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 Redemption Price, when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 Registration Rights Agreement means the Registration Rights Agreement dated as of the date hereof between the Company and the
initial Holders. 
 Regular Record Date for the interest payable on any Interest Payment Date on the Notes of any series means the
[—] or [—], as the case may be, next preceding such Interest Payment Date. 
 Relevant Company Report at any time, means the Company Report most recently provided by the Company to the Trustee and the Holders pursuant to Section 12.3 of this Indenture. 
 Responsible Officer, when used with respect to the Trustee, means any vice president, the treasurer, any assistant treasurer, any trust officer or
assistant trust officer, the controller or any assistant controller or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
  

 11 

 Sale Price of the ADSs on any date means the closing sale price (or if no closing sale price is
reported, the average of the bid and asked prices or, if more than one such price in either case, the average of the average bid and the average asked prices) on that date as quoted by the New York Stock Exchange or, if the ADSs are not quoted on
the New York Stock Exchange, on the other principal U.S. national or regional securities exchange on which the ADSs are then traded. The Sale Price will be determined without reference to after-hours or extended market trading. If the ADSs are not
quoted by the New York Stock Exchange or a principal U.S. national or regional securities exchange, the Sale Price will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by the National
Quotation Bureau or similar organization. If the ADSs are not so quoted, the Sale Price will be the average of the mid-point of the last bid and asked prices for the ADSs on the relevant date from each of at least three internationally
recognized independent investment banking firms selected by the Company for this purpose. 
 Securities Act means the United States
Securities Act of 1933, including the rules promulgated thereunder, and any statute successor thereto, in each case as amended from time to time. 
 Semi-Annual Period means a six month financial period ending on June 30 or December 31, as the case may be. 
 Significant Subsidiary means, in respect of any Person, a Subsidiary of such Person that would constitute a “significant subsidiary”, as such term is defined under Rule 1-02 of Regulation S-X under the Exchange Act.

 Special Record Date for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.15.

 Stated Maturity, when used with respect to any Note or any installment of principal thereof or interest thereon, means the date
specified in such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable. 
 Subsidiary means a corporation or limited liability company more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or
more other Subsidiaries. For the purposes of this definition, voting stock means the equity interest that ordinarily has voting power for the election of directors, managers or trustees of an entity, or persons performing similar functions,
whether at all times or only so long as no senior class of equity interest has such voting power by reason of any contingency. 
 Tax
Redemption Amount means, in relation to each Note, an amount equal to the aggregate of (i) the principal amount of such Note together with any accrued interest and Defaulted Interest (if any) plus (ii) (A) the principal amount of
such Note multiplied by (B) the Tax Redemption Premium in respect of such Note. 
 Tax Redemption Premium means:

  

									
	A = 15% x	  	 B
	  		  		  	
	  	C	  		  		  	

 Where: 
  

			
	A	  	is the Tax Redemption Premium expressed as a percentage;

  

 12 

			
	B	  	is the number of days between the Tax Redemption Date and the Final Maturity Date (both inclusive); and
		
	C	  	is the number of days between the Issue Date and the Final Maturity Date (both inclusive).

 Trading Day means a day during which the New York Stock Exchange or, if the ADSs are not
listed on the New York Stock Exchange, the principal U.S. national or regional securities exchange on which the ADSs are then listed, opens for trading during its regular trading session or, if the ADSs are not so listed, admitted for trading or
quoted, any Business Day. A Trading Day only includes those days that have a scheduled closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading on the relevant exchange or trading system. 
 Trust Indenture Act means the United States Trust Indenture Act of 1939, including the rules promulgated thereunder, and any statute successor
thereto, in each case as amended from time to time. 
 Trustee means the Person named as the Trustee in the Preamble of this
Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter Trustee shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more
than one such Person, Trustee as used with respect to the Notes of any series shall mean the Trustee with respect to Notes of that series. 
 US GAAP means generally accepted accounting principles in the United States of America as in effect on the Issue Date. 
 Vice President, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title vice president. 
  

	1.2	Compliance Certificates and Opinions 

 Upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such
certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act
and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (except for certificates provided for in Section 6.4) shall include: 
  

	 	(a)	a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

  

	 	(b)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	(c)	a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been complied with; and 

  

	 	(d)	a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

  

 13 

	1.3	Form of Documents Delivered to Trustee 

 In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations, with respect to the matters upon which his certificate or
opinion is based, are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	1.4	Acts of Holders; Record Dates 

 Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the Act of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 9.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 The principal amount and serial
numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register. 
 Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
  

 14 

 The Company may set any day as a record date for the purpose of determining the Holders of Outstanding
Notes of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Notes of such series,
provided, that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Notes of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; provided, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no
action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by the Holders and the applicable Expiration Date to be given to the
Trustee in the manner set forth in Section 15.1 and to each Holder of the relevant series in the manner set forth in Section 15.2. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Notes of any series entitled to give or make (a) any Notice of Default; (b) any declaration of acceleration referred to in
Section 8.2; (c) any request to institute proceedings referred to in Section 8.7(b); or (d) any direction referred to in Section 8.12, in each case with respect to Notes of such series. If any record date is set pursuant to
this paragraph, the Holders of Outstanding Notes of such series on such record date, and no other Holders, shall be entitled to give or make such notice, declaration, request or direction, whether or not such Holders remain Holders after such record
date; provided, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no
action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by the Holders and the applicable Expiration Date to be given
to the Company in the manner set forth in Section 15.1 and to each Holder of the relevant series in the manner set forth in Section 15.2. 
 With respect to any record date set pursuant to this Section 1.4, the party hereto that sets such record date may designate any day as the Expiration Date and from time to time may change the Expiration Date to any earlier or
later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in the manner set forth in Section 15.1, and to each Holder of the relevant series in the manner set
forth in Section 15.2, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.4, the party hereto that set such record date shall be deemed to
have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. 
 Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part
of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

 15 

 ARTICLE 2. DESIGNATION, FORM AND TERMS OF THE NOTES 
  

	2.1	Designation of Series 

 Pursuant to the terms
hereof, the Company hereby creates three series of its Notes designated as the (a) U.S.$[275,000,000] Class A Convertible Senior Notes due 2010 (the Class A Notes); (b) U.S.$[137,500,000] Class B Convertible Senior Notes
due 2010 (the Class B Notes); and (c) U.S.$[137,500,000] Class C Convertible Senior Notes due 2010 (the Class C Notes and together with the Class A Notes and the Class B Notes, the Notes). 
  

	2.2	Limit on Amount of Notes 

 The aggregate principal
amount of Notes that may be issued and authenticated is limited to (a) U.S.$[275,000,000] in respect of the Class A Notes; (a) U.S.$[137,500,000] in respect of the Class B Notes; and (c) U.S.$[137,500,000] in respect of the Class
C Notes. 
  

	2.3	Status 

 The Notes will constitute direct, general,
unconditional, unsubordinated and unsecured obligations of the Company and will rank at least pari passu, without any preference among themselves, with all other present and future direct, general, unconditional, unsubordinated and unsecured
obligations of the Company. 
  

	2.4	Final Maturity 

 The Final Maturity Date of the
Notes shall be [—] 2010. 
  

	2.5	Form of Notes 

  

	(a)	The Notes will be issued initially as Global Notes substantially in the form set forth in Schedule 1 attached hereto, which is incorporated herein and made part hereof.

  

	(b)	The Global Notes shall be deposited on behalf of the purchasers of the Notes represented thereby with the Common Depositary and registered in the name of a nominee of the Common
Depositary. 

  

	2.6	Interest and Principal 

  

	(a)	The Notes will mature on [—] 2010, and will bear interest at the rate of 3% per annum. The Company will pay interest on the Notes on each
[—] and [—], beginning on [—] 2008, to Holders of record on the immediately preceding [—] or [—] respectively. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. Interest on the Notes will be calculated on the
basis of a 360-day year comprised of twelve 30-day months. 

  

	(b)	Subject to the other terms set forth in this Section 2.6, long as the Notes are represented by a Global Note, payments in respect of the Notes will be made by the Company, upon
presentation and, in the case of final payment, surrender of such Global Note at the office of the Principal Agent or any other Paying Agent, by transfer to a U.S. Dollar account maintained by the Principal Agent for further transmittal to
Euroclear and Clearstream and distribution by Euroclear and Clearstream to the Holders in accordance with the Applicable Procedures. Upon making any such payment through the Principal Agent or any other Paying Agent to, or to the order of, such
bearer in the amount then due, the Company will be fully discharged of its obligations under the Notes in respect of such payment. 

  

 16 

	(c)	Prior to 10:00 am (New York City time) on the Business Day prior to each Interest Payment Date and the Final Maturity Date (or such earlier date as may be fixed for the acceleration
or redemption of the Notes as provided herein), the Company shall deposit with the Principal Agent or any other Paying Agent money in immediately available funds sufficient to pay such principal, premium, if any, and interest so becoming due on such
Interest Payment Date or Final Maturity Date (or such earlier date as may be fixed for the acceleration or redemption of the Notes as provided herein) for payment under the Notes and subject to the receipt of such money, the Principal Agent shall
make payment on the Notes in accordance with this Indenture. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money
held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes (whether such money has been paid to the Paying Agent by the Company or any other obligor on the Notes), and such Paying Agent shall promptly notify
the Trustee of any default by the Company (or any other obligor on the Notes) in making any such payment. The Company at any time may require a Paying Agent (to the extent such Paying Agent is not the Trustee) to pay all money held by such Paying
Agent to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and
to account for any funds disbursed. Upon doing so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or any Affiliate of the Company acts as Paying Agent, it shall, on or before each Interest
Payment Date and the Final Maturity Date (or such earlier date as may be fixed for the acceleration or redemption of the Notes as provided herein), segregate and hold in trust for the benefit of the Holders a sum of money sufficient to pay such
principal, premium, if any, or interest so becoming due on such Interest Payment Date or Final Maturity Date (or such earlier date as may be fixed for the acceleration or redemption of the Notes as provided herein) until such sum of money shall be
paid to such Holders or otherwise disposed of as provided in this Indenture, and shall promptly notify the Trustee of its action or failure to act. 

  

	(d)	The Company will be discharged of its obligation to make payment of the principal of, interest and premium, if any, on and any other amounts (including any Additional Amounts) in
respect of the Notes on any Interest Payment Date or the Final Maturity Date by payment in full (but not in part) of such principal, interest, premium, if any, and other amounts, if any, to, or to the order of, the Holder through the Principal Agent
or any other Paying Agent in the manner specified herein only if, and to the extent that, there is no default by the Principal Agent or such other Paying Agent in any payment to any additional Paying Agent or by any Paying Agent in any payment of
such principal, interest, premium, if any, or other amounts, if any, to any Holder in accordance with this Indenture. In the event of any such default by the Principal Agent or any other Paying Agent, the Company hereby agrees to pay such additional
amounts as will result in receipt by the Holders of such amounts as would have been received had no such default occurred. The provisions of this Section 2.6(d) shall not discharge or limit in any way any future obligations of the Company
arising in respect of amounts subsequently becoming payable under the Notes. 

  

	2.7	Paying Agent; Conversion Agent 

  

	(a)	The place of payment where the Notes may be presented or surrendered for payment, where the principal and interest and any other payments due on the Notes are payable, where the
Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and this Indenture may be served shall be in the Borough of Manhattan, The City of New York or Hong Kong,
and the office or agency maintained by the Company for such purpose shall initially be the Corporate Trust Office of the Trustee, who shall act as Paying Agent. 

  

 17 

	(b)	The Company shall maintain an office or agency where Notes may be presented for conversion (the Conversion Agent), which shall initially be the Corporate Trust Office of the
Trustee, who shall act as Conversion Agent. 

  

	2.8	No Sinking Fund 

 No sinking fund will be provided
with respect to the Notes. 
  

	2.9	Form of Note Registrar’s Certificate of Authentication 

 The Note Registrar’s certificates of authentication shall be in substantially the following form: 
 This is one of the Notes of
the series designated therein referred to in the within-mentioned Indenture. 
  

							
	 DEUTSCHE BANK LUXEMBOURG, S.A.,
         AS NOTE REGISTRAR
	 	
				
	By:	 	  
	 		 	
		 	AUTHORIZED SIGNATORY	 		 	
				
	Dated:	 		 		 	

  

	2.10	Notes in Global Form 

 So long as the Notes are
represented by a Global Note, and the Common Depositary or its nominee is the registered owner of the Global Note, the corresponding interests in such Global Note, shall be acquired, and transfers thereof shall be effected, exclusively through the
book-entry settlement systems maintained by Euroclear and Clearstream, through an account maintained by the Holder with either such Clearing System, subject to the Applicable Procedures, and otherwise subject to the provisions of this Indenture.
Each Person who is for the time being shown in the records of Euroclear or Clearstream as being the owner of a particular Note shall be treated by the Company, the Trustee and any Paying Agent as the Holder of such Note for all purposes other than
with respect to payment on the Note, the right to which shall be vested, as against the Company and the Trustee or any Paying Agent, solely in the registered owner of the Global Note representing such Note in accordance with and subject to the terms
thereof. The security account records of Euroclear and Clearstream shall in the absence of manifest error be conclusive evidence of the identity of the Holders and of the principal amount credited to the security accounts of such Holders. Any
statement issued by Euroclear and Clearstream to any Holder relating to a specified Note credited to the security account of such Holder and stating the principal amount of such Note and certified by Euroclear and Clearstream to be a true record of
such security account shall in the absence of manifest error be conclusive evidence of the records of Euroclear and Clearstream for the purposes of the next sentence (but without prejudice to any other means of producing such records in evidence).
Neither the Company nor the Trustee nor any Paying Agent will have any responsibility for any aspect of the records relating to or payments made by Euroclear or Clearstream on account of the Note, or for maintaining, supervising or reviewing any
records relating to the Note. 
  

 18 

 Every Global Note authenticated and delivered hereunder shall bear a legend in substantially the
following form: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A REGISTERED NOTE, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

	2.11	Denominations 

 The Notes of any series shall be
issuable in denominations of U.S.$100,000 and any integral multiples of U.S.$1,000 thereof. 
  

	2.12	Execution, Authentication, Delivery and Dating 

 The
Notes shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer or one of its Vice Presidents. The signature of any of these officers on the
Notes may be manual or facsimile. Notes bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 Each Note
shall be dated the date of its authentication. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Note Registrar by manual signature, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Note to the Trustee for cancellation as provided in Section 2.16, for all purposes of this Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of
this Indenture. 
  

	2.13	Registration, Registration of Transfer and Exchange 

 The Company shall cause to be kept at an office or agency to be maintained by the Company in accordance with Section 6.2 a register (being the combined register of the Note Registrar and all transfer agents designated pursuant to
Section 6.2 for the purpose of registration of transfer of the Notes and sometimes collectively referred to as the Note Register) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of the Notes and the registration of transfers of the Notes. Deutsche Bank Luxembourg, S.A. is hereby appointed Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. 
 Upon surrender for registration of transfer of any Note of a series at the office or agency of the Company maintained pursuant to Section 6.2 for
such purpose in a Place of Payment for that series, 

  

 19 

 
the Company shall execute, and the Note Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Notes of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the option of the Holder,
Notes of any series may be exchanged for other Notes of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are
so surrendered for exchange, the Company shall execute, and the Note Registrar shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note
presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee or any transfer agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the
Company and the Note Registrar or any transfer agent duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No
service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 3.7 or 10.5 not involving any transfer. 
 If the Notes of any
series are to be redeemed in part, the Company shall not be required (a) to issue, register the transfer of or exchange any Notes of that series during a period beginning at the opening of business 15 days before the mailing of notice of
redemption of that series and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (b) to register the transfer or exchange of any Note so selected for redemption, in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 
 Global Notes may not be exchanged, in whole or in part, for definitive Notes, and no
transfer of a Global Note, in whole or in part, may be registered in the name of any Person other than the Common Depositary for the Global Note or a nominee of the Common Depositary unless (i) the Common Depositary has notified the Company
that it is unwilling or unable to continue as Common Depositary for the Global Note or has ceased to be qualified to act as Common Depositary unless the Company has approved a successor Common Depositary within 90 days or (ii) the Company
determines that the Global Note will be so exchangeable or transferable. 
  

	2.14	Mutilated, Destroyed, Lost and Stolen Notes 

 If any
mutilated Note is surrendered to the Note Registrar or any Paying Agent, the Company shall execute and the Note Registrar shall authenticate and deliver in exchange therefor a new Note of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the Note Registrar (a) evidence to
their satisfaction of the destruction, loss or theft of any Note and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the
Note Registrar that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Note Registrar shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of the same series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding. 
  

 20 

 Notwithstanding the provisions of the previous two clauses, in case any such mutilated, destroyed, lost
or stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith. 
 Every new Note of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Notes of that series duly issued hereunder. 
 The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

	2.15	Payment of Interest; Interest Rights Preserved 

 With respect to any series of Notes, interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is
registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Note of any series which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date (herein called Defaulted Interest) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 
  

	 	(a)	The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes of such series (or their respective Predecessor Notes) are registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note
of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Section 2.15
provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten days prior to the date of the proposed payment and not less than ten days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given to each Holder of such series in the manner set forth in Section 15.2, not less than ten days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes of such series (or their respective Predecessor Notes) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (b). 

  

 21 

	 	(b)	The Company may make payment of any Defaulted Interest on the Notes of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on
which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.15, such manner of payment shall be deemed
practicable by the Trustee. 

 Subject to the foregoing provisions of this Section, each Note delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 
  

	2.16	Persons Deemed Owners 

 Prior to due presentment of
a Note for registration of transfer, the Company, the Trustee, the Principal Agent, the Agents and any other agent of the Company, the Trustee or any Agent may treat the Person in whose name such Note is registered as the owner of such Note for the
purpose of receiving payment of principal of and any premium and (subject to Section 2.15) any interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee, the Principal
Agent, the Agents nor any other agent of the Company, the Trustee or any Agent shall be affected by notice to the contrary. 
  

	2.17	ISIN Numbers 

 The Company in issuing the Notes may
use ISIN numbers (if then generally in use) and, if so, the Trustee shall use such ISIN numbers in notices of redemption as a convenience to Holder; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will notify the Trustee and the Agents of any change in the ISIN numbers. 
 ARTICLE 3. REDEMPTION OF NOTES 

  

	3.1	Applicability of Article 3 

 Notes of any series
which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and in accordance with this Article. 
  

	3.2	Redemption for Taxation Reasons 

  

	(a)	 At any time the Company may, having given not less than 30 nor more than 60 days’ notice (a Tax Redemption Notice) to the Holders in accordance with
Section 15.2 (which notice shall be irrevocable), redeem all, but not less than all, of the Notes then outstanding at a redemption price equal to the Tax Redemption Amount, on the redemption date specified in the Tax Redemption Notice (the
Tax Redemption Date) if (i) immediately prior to the giving of such Tax Redemption Notice that the Company has or will become obliged to pay Additional Amounts as referred to in Section 6.12 as a result of any change in, or
amendment to, the laws or regulations of the Relevant Jurisdiction or any political subdivision or authority thereof or therein having power to tax, or any change in the general application or official interpretation of such laws or regulations,
which change or amendment becomes effective on or after the Issue Date, and (ii) such obligation cannot be avoided by the Company taking reasonable measures available to it, provided that no Tax Redemption Notice shall be given earlier than 90
days prior to the earliest date on which the Company would be obliged to pay such Additional Amounts were a payment in respect of the Notes then due. Prior to the publication of any Tax Redemption Notice pursuant to this paragraph, the 

  

 22 

	 	 
Company shall deliver to the Trustee (A) an Officers’ Certificate stating that the obligation referred to in (i) above cannot be avoided by
the Company taking reasonable measures available to it and (B) an opinion of independent legal or tax advisors of recognized standing to the effect that such change or amendment has occurred or will occur (irrespective of whether such amendment
or change is then effective) and the Trustee shall be entitled without further enquiry to accept such certificate and opinion as sufficient evidence thereof in which event it shall be conclusive and binding on the Holders.

  

	(b)	If the Company gives a Tax Redemption Notice pursuant to Section 3.2(a), each Holder will have the right to elect that its Note(s) shall not be redeemed and that the provisions
of Section 6.12 shall not apply in respect of any payment of principal, premium (if any) or interest to be made in respect of such Note(s) which falls due after the relevant Tax Redemption Date whereupon no Additional Amounts shall be payable
in respect thereof pursuant to Section 6.12 and payment of all amounts shall be made subject to the deduction or withholding of any tax required to be deducted or withheld (provided that such election shall only be in respect of the deduction
or withholding then required to be made and the Company shall comply with the provisions of Section 6.12 in respect of any further deductions or withholding). To exercise a right pursuant to this Section 3.2(b), the Holder of the relevant
Note must complete, sign and deposit at the specified office of any Paying Agent a duly completed and signed notice of exercise, in the form for the time being current, obtainable from the specified office of any Paying Agent on or before the day
falling ten days prior to the Tax Redemption Date. 

  

	3.3	Election to Redeem; Notice to Trustee 

 The election
of the Company to redeem any Notes shall be evidenced by a Board Resolution. 
  

	3.4	Notice of Redemption 

 Notice of redemption shall be
given in the manner provided in Section 15.2 to the Holders of Notes to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. 
 All notices of redemption shall state: 
  

	 	(a)	the Redemption Date, 

  

	 	(b)	the Redemption Price, 

  

	 	(c)	that on the Redemption Date the Redemption Price will become due and payable upon each such Note to be redeemed and, if applicable, that interest thereon will cease to accrue on and
after said date, 

  

	 	(d)	the place or places where such Notes are to be surrendered for payment of the Redemption Price, and 

  

	 	(e)	applicable ISIN numbers, if any. 

 Each notice of
redemption shall be given to the Holders in the manner set forth in Section 15.2. 
 Notice of redemption of Notes to be redeemed at the
election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable; provided, however, in the latter case the Trustee will be given at least
15 days’ prior notice of the date of the giving of such notice. 
  

 23 

	3.5	Deposit of Redemption Price 

 At least one Business
Day prior to any Redemption Date, the Company shall deposit with the Trustee or with the Principal Agent or any other Paying Agent an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Notes which are to be redeemed on that date. 
  

	3.6	Notes Payable on Redemption Rate 

 Notice of
redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that, installments of interest on Notes whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes, registered as
such at the Close of Business on the relevant Record Dates according to their terms and the provisions of Section 2.15. 
 If any Note
called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Note. 
  

	3.7	Notes Redeemed in Part 

 Any Note which is to be
redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by,
the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Note Registrar shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes of the same series and of
like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered. 
 ARTICLE 4. CONVERSION RIGHTS 
  

	4.1	Right to Convert 

 Subject to, and upon compliance
with, the provisions of this Indenture: 
  

	 	(a)	on or after the date falling six months after the Issue Date, prior to the Close of Business on the Business Day immediately preceding the Final Maturity Date, a Holder of any
Class A Note shall have the right, at such Holder’s option, to convert any portion of the principal amount of a Class A Note that is an integral multiple of U.S.$1,000 into [—] ADSs per U.S.$1,000
principal amount of Notes (the Conversion Rate); 

  

	 	(b)	on or after the date falling nine months after the Issue Date and prior to the Close of Business on the Business Day immediately preceding the Final Maturity Date, a Holder of a
Class B Note shall have the right at such Holder’s option, to convert any portion of a Class B Note that is an integral multiple of U.S.$1,000 into ADSs at the Conversion Rate; and 

  

	 	(c)	on or after the date falling twelve months after the Issue Date and prior to the Close of Business on the Business Day immediately preceding the Final Maturity Date, a Holder of a
Class C Note shall have the right at such Holder’s option, to convert any portion of a Class C Note that is an integral multiple of U.S.$1,000 into ADSs at the Conversion Rate; 

  

 24 

 provided, however, following receipt from the Company of a Fundamental Change Repurchase Notice, a Holder
shall have the right at such Holder’s option, to immediately convert any portion of the Notes of such Holder that is an integral multiple of U.S.$1,000 into ADSs at the Conversion Rate; provided, further, that, if any such Note is submitted or
presented for repurchase pursuant to Section 5.1, such conversion right shall terminate at the Close of Business on the second Business Day immediately preceding the Fundamental Change Repurchase Date for such Note (unless the Company shall
default in making the payment of the Fundamental Change Redemption Amount when due, in which case the conversion right shall terminate at the Close of Business on the date such default is cured and such Note is repurchased). 
 Upon receipt by the Conversion Agent of a Conversion Notice from a Holder pursuant to Section 4.2, the Conversion Agent shall inform the Company of
such request (and, if the Conversion Agent is other than the Trustee, inform the Trustee). The Conversion Rate shall be subject to adjustment as set forth in this Article 4. 
 A Note in respect of which a Holder is electing to exercise its option to require repurchase upon a Fundamental Change pursuant to Section 5.1 may be
converted only if such Holder withdraws its election in accordance with Section 5.1. A Holder is not entitled to any rights of a holder of ADSs until such Holder has converted such Notes for ADSs, and only to the extent such Notes are deemed to
have been converted for ADSs under this Article 4. 
  

	4.2	Conversion Procedures 

 To convert a Note, a Holder
must (i) complete and manually sign a conversion notice in substantially the form set forth in Schedule 2 (Conversion Notice) or a facsimile of the Conversion Notice and deliver such notice to a Conversion Agent, (ii) surrender the
Note to a Conversion Agent and (iii) furnish appropriate endorsements and transfer documents if required by the Note Registrar or the Conversion Agent. The date on which the Holder satisfies all of those requirements is the Conversion
Date. A Conversion Notice is irrevocable upon delivery to the Conversion Agent. Anything herein to the contrary notwithstanding, in the case of Global Notes, Conversion Notices may be delivered and such Notes may be surrendered for conversion in
accordance with the Applicable Procedures as in effect from time to time. 
 The Person in whose name the ADSs are registered shall be deemed
to be the holder of record of such ADSs at the Close of Business on the applicable Conversion Date. 
 Upon conversion of a Note, a Holder
will receive a cash payment in respect of (i) interest on the principal amount of such Note, or the portion thereof converted, accrued and unpaid in the period from (and including) the immediately preceding Interest Payment Date to (but
excluding) the Conversion Date and (ii) Defaulted Interest (if any). Delivery to the Holder of the full number of ADSs into which the Note is convertible, together with any cash payment for (a) interest or Defaulted Interest due on the
Notes and (b) any fractional ADSs pursuant to Section 4.4, will be deemed to satisfy the Company’s obligation with respect to such Note. 
 If a Holder converts more than one Note at the same time, the number of ADSs issuable upon the conversion shall be based on the aggregate principal amount of Notes converted. 
 Upon surrender of a Note that is converted in part, the Company shall execute, and the Note Registrar shall authenticate and deliver to the holder, a new
Note equal in principal amount to the principal amount of the unconverted portion of the Note surrendered. 
  

 25 

	4.3	Payment Upon Conversion 

 Upon the conversion of a
Note, subject to Section 4.2, the Company shall deliver ADSs, together with any cash payment required to be made pursuant to this Article 4, to the Holder directly. No payment or adjustment shall be made for dividends on, or other distributions
with respect to, any ADSs except as provided in this Article 4. 
 Settlement of the Company’s obligation to deliver ADSs and any cash
payment required to be made pursuant to this Article 4 will occur no later than the third Business Day immediately following the Conversion Date. Delivery of ADSs shall be accomplished by delivery to the relevant Holders or in accordance with such
other instructions as may be specified in the relevant Conversion Notice. 
  

	4.4	Cash Payments in Lieu of Fractional ADSs 

 No
fractional ADSs shall be issued upon conversion of Notes. Instead, the Company will pay cash for all fractional ADSs in an amount based on the Sale Price of one ADS on the Trading Day immediately preceding the Conversion Date. 
 If more than one Note shall be surrendered for conversion at one time by the same Holder, the number of ADSs that shall be issuable upon conversion shall
be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted hereby) so surrendered. 
  

	4.5	Adjustment of Conversion Rate 

 The Conversion Rate
shall be adjusted from time to time by the Company as follows: 
  

	 	(a)	In case the Company shall issue Ordinary Shares as a dividend or distribution to all holders of its Ordinary Shares or subdivide or combine its outstanding Ordinary Shares, the
Conversion Rate shall be adjusted based on the following formula: 

  

																			
		 	CR1	 	=	 	CR0	 	×	 	 OS1
	  		  		  		  	
	 	 	 	 	 	OS0	  		  		  		  	

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the Ex Date for such dividend or distribution or the effective date of such subdivision or combination, as the case may be;
			
	CR1	 	=	 	the Conversion Rate in effect immediately on and after the Ex Date for such dividend or distribution or the effective date of such subdivision or combination, as the case may
be;
			
	OS0	 	=	 	the number of Ordinary Shares outstanding immediately prior to the Ex Date for such dividend or distribution or the effective date of such subdivision or combination, as the case may be; and

			
	OS1	 	=	 	the number of Ordinary Shares outstanding immediately on and after the Ex Date for such dividend or distribution or the effective date of such subdivision or combination, as the case may be.

 Such adjustment shall become effective on the Ex Date for such dividend, distribution, subdivision
or combination. 
  

 26 

	 	(b)	In case the Company shall issue rights, warrants or options to all holders of Ordinary Shares entitling them to subscribe for, purchase or otherwise acquire Ordinary Shares at a
price per Ordinary Share that is less than 95 % of the average Sale Prices of the ADSs divided by the number of Ordinary Shares then represented by each ADS on the Trading Day immediately preceding the date of announcement of such issuance, the
Conversion Rate will be adjusted based on the following formula: 

  

																			
		 	CR1	 	=	 	CR0	 	×	 	 OS0 + X
	  		  		  		  	
	 	 	 	 	 	OS0 + Y	  		  		  		  	

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the Ex Date for such event;
			
	CR1	 	=	 	the Conversion Rate in effect immediately on and after the Ex Date for such event;
			
	OS0	 	=	 	the number of Ordinary Shares outstanding immediately prior to the Ex Date for such event;
			
	  X	 	=	 	the total number of Ordinary Shares issuable pursuant to such rights, warrants or options; and
			
	  Y	 	=	 	the number of Ordinary Shares which the aggregate price payable to exercise such rights, warrants or options would purchase at the average Sale Prices of the ADSs divided by the number of
Ordinary Shares then represented by each ADS over the five consecutive Trading Day period ending on and including the Trading Day immediately preceding the announcement of such issuance.

 Such adjustment shall become effective immediately on the Ex Date for such dividend, distribution,
subdivision or combination. 
 In determining whether any rights or warrants entitle the holders to subscribe for or purchase Ordinary Shares
(directly or in the form of ADSs) at less than the average Sale Prices of the ADSs (as divided by the number of Ordinary Shares then represented by each ADS) over the ten consecutive Trading Day period ending on and including the trading Day
immediately preceding the date of announcement of such issuance, and in determining the aggregate price payable to exercise such rights or warrants of such Ordinary Shares, there shall be taken into account any consideration received by the Company
for such rights or warrants and any amount payable on exercise thereof, the value of such consideration, if other than cash, to be determined in good faith by the Board of Directors. 
  

	 	(c)	In case the Company shall dividend or distribute to all holders of its Ordinary Shares any securities (other than Ordinary Shares or rights, warrants or options to subscribe for,
purchase or otherwise acquire Ordinary Shares) (hereinafter called the Distributed Property), then in each such case the Conversion Rate shall be adjusted based on the following formula: 

  

																			
		 	CR1	 	=	 	CR0	 	×	 	 SP0
	  		  		  		  	
	 	 	 	 	 	SP0 - FMV	  		  		  		  	

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the Ex Date for such distribution;

  

 27 

					
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on the Ex Date for such distribution;
			
	SP0	 	=	 	the Current Market Price of the ADSs divided by the number of Ordinary Shares then represented by each ADS; and
			
	FMV	 	=	 	the fair market value (as determined in good faith by the Board of Directors) of the Distributed Property dividended or distributed with respect to each outstanding Ordinary
Share.

 Such adjustment shall become effective on
the Ex Date; provided that if the then fair market value (as so determined) of the portion of the Distributed Property so distributed applicable to one Ordinary Share is equal to or greater than SP0 as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive, for each U.S.$1,000 principal amount of
Notes upon conversion, the amount of Distributed Property such Holder would have received had such Holder owned a number of Ordinary Shares equal to the Conversion Rate on the record date for such dividend or distribution multiplied by the number of
Ordinary Shares then represented by each ADS. If the Board of Directors determines the fair market value of any distribution for purposes of this Section 4.5(c) by reference to the actual or when issued trading market for any Notes, it shall in
doing so consider the prices in such market over the same period used in computing the Current Market Price. 
 With respect to an adjustment
pursuant to this Section 4.5(c) where there has been a payment of a dividend or other distribution on the Ordinary Shares or shares of capital stock of, or similar equity interests of, a Subsidiary or other business unit of the Company (a
Spin-Off, and any such dividend or distribution of Ordinary Shares, shares of capital stock or equity interests being Spin-Off Securities), in which event the Conversion Rate will be adjusted based on the following formula: 

 

																			
		 	CR1	 	=	 	CR0	 	×	 	 FMV0 + MP0
	  		  		  		  	
	 	 	 	 	 	MP0	  		  		  		  	

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the Close of Business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;
			
	CR1	 	=	 	the Conversion Rate in effect immediately from and after the Close of Business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;
			
	FMV0	 	=	 	the average of the Sale Prices of the capital stock or similar equity interest distributed to holders of Ordinary Shares applicable to one Ordinary Share over the ten consecutive Trading Days
commencing on and including the effective date of the Spin-Off; and
			
	MP0	 	=	 	the average of the Sale Prices of the ADSs divided by the number of Ordinary Shares then represented by each ADS over the ten consecutive Trading Days commencing on and including the effective
date of the Spin-Off.

 Such adjustment shall become effective on the Ex Date. 
  

 28 

 If the Company has in effect a rights plan upon a conversion of the Notes into ADSs and the rights have
not separated from the Ordinary Shares, Holders will receive, upon a conversion of the Notes in respect of which the Company is required to deliver ADSs, in addition to such ADSs and in lieu of any adjustment to the Conversion Rate, rights under the
Company’s rights plan. If prior to any conversion, the rights have separated from the Ordinary Shares, the Conversion Rate will be adjusted at the time of separation as if the Company had distributed to all holders of Ordinary Shares, capital
stock, evidences of indebtedness or other assets or property pursuant to this Section 4.5(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 
 Rights or warrants distributed by the Company to all holders of Ordinary Shares entitling the holders thereof to subscribe for or purchase ADSs, or shares
of capital stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (Trigger Event), (i) are deemed to be transferred with such Ordinary Shares, (ii) are
not exercisable and (iii) are also issued in respect of future issuances of Ordinary Shares, shall be deemed not to have been distributed for purposes of this Section 4.5(c) (and no adjustment to the Conversion Rate under this
Section 4.5(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be
made under this Section 4.5(c). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights or warrants become
exercisable to purchase different notes, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and record date with respect to new rights or warrants with
such rights (and a termination or expiration of the existing rights or warrants without exercise by any of the holders thereof). 
  

	 	(d)	In case the Company or one or more of its Subsidiaries shall purchase any Ordinary Shares, or ADSs representing Ordinary Shares (including by means of a tender offer or exchange
offer by the Company or any Subsidiaries), to the extent that the cash and value of any other consideration included in the payment per Ordinary Share, or equivalent payment per Ordinary Share then represented by the ADSs exceeds the average Sale
Prices of the ADSs divided by the number of Ordinary Shares then represented by each ADS over the ten consecutive Trading Days commencing on and including the Trading Day immediately succeeding the closing date of such purchase or, in the case of a
tender or exchange offer, the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the Offer Expiration Date), the Conversion Rate shall be adjusted based on the following formula:

  

																			
		 	CR1	 	=	 	CR0	 	×	 	 FMV + (SP1  x  OS1)
	  		  		  	
	 	 	 	 	 	OS0  x  SP1	  		  		  	

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect at the Close of Business on the Offer Expiration Date;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the Offer Expiration Date;
			
	FMV	 	=	 	the fair market value (as determined in good faith by the Board of Directors) of the aggregate value of all cash and any other consideration paid or payable for shares purchased or, in the case
of a tender or exchange offer, shares validly tendered or exchanged and not withdrawn as of the Offer Expiration Date;

  

 29 

			
	 OS1 =
	 	the number of Ordinary Shares outstanding immediately after the Offer Expiration Date (after giving effect to the purchase or exchange of shares);
		
	 OS0 =
	 	the number of Ordinary Shares outstanding immediately after the Offer Expiration Date (without giving effect to the purchase or exchange of shares); and
		
	 SP1 =
	 	the average of the Sale Prices of the ADSs divided by the number of Ordinary Shares then represented by each ADS for the ten consecutive Trading Days commencing on and including the Trading
Day immediately succeeding the Offer Expiration Date.

 The adjustment to the Conversion Rate under this Section 4.5(d) shall occur on the Trading Day
next succeeding the Offer Expiration Date. 
 If the application of this Section 4.5(d) would result in a decrease in the Conversion
Rate, no adjustment shall be made under this Section 4.5(d). 
 No adjustment in the Conversion Rate shall be made: 
  

	 	(i)	unless such adjustment would require a change of at least 1.0% in the Conversion Rate; provided, however, the Company shall carry forward any adjustments that are less than 1.0% of
the Conversion Rate and take them into account in any subsequent adjustment of the Conversion Rate or in connection with any conversion of the Notes; 

  

	 	(ii)	if the Holders are permitted to participate, without converting their Notes, in the transactions described in clauses (a) through (d) of Section 4.5 that would
otherwise require adjustment of the Conversion Rate. 

 The Company may, from time to time, and to the extent permitted by law
and subject to applicable rules of the New York Stock Exchange, increase the Conversion Rate by any amount for any period of at least 20 days. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall give
notice of the increase to the Holders in the manner provided in Section 4.6, with a copy to the Trustee and Conversion Agent, at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect. The Company may also, in its discretion, increase the Conversion Rate, to avoid or diminish any income tax to any holders of the ADSs resulting from any dividend or
distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
  

	4.6	Notice of Adjustment in Conversion Rate 

 Whenever
the Conversion Rate is adjusted pursuant to Section 4.5: 
  

	 	(1)	the Company shall compute the adjusted Conversion Rate in accordance with Section 4.5 and shall prepare an Officers’ Certificate setting forth (i) the adjusted
Conversion Rate, (ii) the provision of Section 4.5 pursuant to which such adjustment has been made, showing in reasonable detail the facts upon which such adjustment is based, (iii) the calculation of such adjustment and (iv) the
date as of which such adjustment is effective, and such certificate shall promptly be filed with the Trustee, the Principal Agent and with each Agent; and 

  

 30 

	 	(2)	upon each such adjustment, a notice stating that the Conversion Rate has been adjusted and setting forth the adjusted Conversion Rate shall be required, and as soon as practicable
after it is required, such notice shall be provided by the Company to all Holders of record of the Notes in accordance with Section 15.1. 

 Unless and until a Responsible Officer of the Trustee shall have received an Officers’ Certificate in accordance with this Section 4.6, the Trustee shall not be deemed to have knowledge of any adjustment of
the Conversion Rate and may assume that the last Conversion Rate of which it has knowledge is still in effect. 
 Neither the Trustee, the
Principal Agent nor any Agent shall be under any duty or responsibility with respect to any such certificate or the information and calculations contained therein, except to exhibit the same to any Holder desiring inspection thereof at its office
during normal business hours. 
  

	4.7	Effect of Reclassification, Consolidation, Merger or Sale 

 If any of the following events occur, namely (i) any recapitalization, reclassification or other similar change in the outstanding Ordinary Shares represented by the ADSs issuable upon conversion (other than changes resulting from a
subdivision or combination), (ii) any consolidation, merger or combination of the Company with another Person, (iii) the Company is a party to a statutory share exchange or (iv) any sale, lease or other transfer of all or
substantially all of the assets of the Company to any other Person, in each case, as a result of which holders of Ordinary Shares shall be entitled to receive stock, other notes, other property or assets (including cash or any combination thereof)
with respect to or in exchange for such Ordinary Shares, the Holders of the Notes then Outstanding will be entitled thereafter to convert such Notes into the kind and amount of shares of stock, other notes or other property or assets (including cash
or any combination thereof) that they would have owned or been entitled to receive (the Reference Property) upon such recapitalization, reclassification, change, consolidation, merger, combination, sale, lease, transfer or statutory share
exchange had such Notes been converted into ADSs immediately prior to such transaction. 
 In the event the holders of Ordinary Shares have
the opportunity to elect the form of consideration to be received in such transaction, the Company shall make adequate provision whereby the Notes shall be convertible from and after the effective date of such transaction into the form of
consideration elected by a majority of the Company’s stockholders in such transaction. The Company hereby agrees not to become a party to any such transaction unless its terms are consistent with the foregoing. 
 The above provisions of this Section 4.7 shall similarly apply to successive recapitalizations, reclassifications, changes, consolidations, mergers,
combinations, sales and conveyances. 
  

	4.8	Taxes on Shares Issued 

 The issue of stock
certificates upon conversion of the Notes shall be made without charge to the Holder thereof for any documentary, stamp or similar issue or transfer tax in respect of the issue thereof. The Company shall not, however, be required to pay any such tax
which may be payable in respect of any transfer involved in the issue and delivery of stock in any name other than that of the Holder of any Note converted, and the Company shall not be required to issue or deliver any such stock certificate unless
and until the Person or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
  

 31 

	4.9	Reservation of Shares; Convenants in respect of Conversion 

 The Company shall reserve and keep available, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient Ordinary Shares to permit the issuance of the Ordinary Shares (to be represented by
ADSs) upon conversion of Notes from time to time as such Notes are presented for conversion. The ADSs representing the Ordinary Shares due upon conversion of the Notes shall be delivered by the Company in accordance with DTC’s customary
practices. 
 Before taking any action which would cause an adjustment increasing the Conversion Rate to an amount that would cause the
conversion price to be reduced below the then par value, if any, of the ADSs issuable upon conversion of the Notes, the Company shall take all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue such ADSs at the Conversion Rate. 
 The Company covenants that: 
  

	 	(1)	all Ordinary Shares represented by the ADSs issued upon conversion of Notes will upon issue be fully paid and non-assessable by the Company and free from all taxes, liens and
charges with respect to the issue by the Company thereof, except as set forth in Section 4.8; 

  

	 	(2)	if any ADSs to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any Federal or State law before
such shares may be validly issued upon conversion, the Company will in good faith and as expeditiously as possible, to the extent then permitted by the rules and interpretations of the Commission (or any successor thereto), endeavour to secure such
registration or approval, as the case may be; 

  

	 	(3)	if at any time the ADSs shall be listed on the New York Stock Exchange or quoted or listed on any other national securities exchange or automated quotation system, the Company
shall, if permitted by the rules of such exchange or automated quotation system, list and keep listed, so long as the ADSs shall be so listed or quoted on such exchange or automated quotation system, all ADSs issued upon conversion of the Notes;

  

	 	(4)	it shall take all such actions and obtain all such approvals and registrations required for the ADSs deliverable upon the conversion of any Notes, including the issuance of Ordinary
Shares represented by such ADSs, the deposit thereof in accordance with the Deposit Agreement, the acceptance of such ADSs into the book-entry system maintained by DTC; and 

  

	 	(5)	it shall maintain the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that freely
tradeable ADSs can be delivered in accordance herewith upon conversion of the Notes immediately following the earlier of (i) the effective date of the Resale Registration Statement (as defined in the Registration Rights Agreement) or
(ii) the date falling six months after the Issue Date. The Company shall comply with all securities laws regulating the offer and delivery of ADSs upon conversion of the Notes. 

  

	4.10	Responsibility of Trustee and Agents 

 None of the
Trustee or any Agent shall at any time be under any duty or responsibility to any Holder to determine the Conversion Rate or whether any facts exist which may require any adjustment of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture 

  

 32 

 
provided to be employed, in making the same. The Trustee and the Agents shall not be accountable with respect to the validity or value (or the kind or
amount) of any Ordinary Shares, or of any notes or property, which may at any time be issued or delivered upon the conversion of any Note; and the Trustee and the Agents make no representations with respect thereto. Neither the Trustee nor any Agent
shall be responsible for any failure of the Company to issue, transfer or deliver any ADSs or other notes or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or
covenants of the Company contained in this Article 4. 
  

	4.11	Capital Distributions 

  

	(a)	If and when the Company shall pay or make any Capital Distribution (as defined below) to the holders of Ordinary Shares (except to the extent that the number of ADSs to be delivered
on conversion is adjusted under Section 4.5), on the date that such Capital Distribution is actually made or if a record date is fixed therefor, immediately after such record date, the Company shall pay the Trustee (on behalf of the Holders in
respect of their pro rata holding of the Notes) such Capital Distribution that the Holders of such Notes would have been entitled to receive if they had converted all of their Notes immediately prior to the record date of such Capital Distribution,
if any, or on the date on which the Capital Distribution was publicly announced (a Pass-through Capital Distribution). 

  

	(b)	Where the Company redeems any Note for, or pays, a redemption amount in relation to any Note: 

  

	 	(i)	if the aggregate amount of all Pass-through Capital Distributions which the Holder of such Note was entitled to receive under clause (a) above in the form of cash (the
Received Capital Distributions) is greater than the redemption amount, the redemption amount payable by the Company in relation to such Note will be deemed to be zero; and 

  

	 	(ii)	if the redemption amount is greater than the Received Capital Distributions, the redemption amount shall be reduced by an amount equal to the Received Capital Distributions, in each
case, in relation to such Note. 

 For the purposes of this Section 4.11: 
 Capital Distribution means: 
  

	 	(i)	any distribution of assets in specie by or charged or provided for in the accounts of the Company for any financial period (whenever paid or made and however described and for these
purposes a distribution of assets in specie includes, without limitation, an issue of shares or other securities credited as fully or partly paid (other than Ordinary Shares credited as fully paid to the extent any adjustment to the number of ADSs
to be delivered upon conversion is made in respect thereof under Section 4.5) by way of capitalisation of reserves); and/or 

  

	 	(ii)	any cash dividend or distribution of any kind charged or provided for or to be provided for in the accounts of by the Company for any financial period (whenever paid and however
described), 

 including, without limitation, in connection with a purchase or redemption of shares by or on behalf of the
Company or one of its Subsidiaries. 
  

 33 

 ARTICLE 5. REPURCHASES 
  

	5.1	Repurchase at the Option of the Holder Upon a Fundamental Change 

 Subject to the satisfaction of the requirements of this Section 5.1, if a Fundamental Change occurs, each Holder will have the right to require the Company to repurchase for cash any or all of such Holder’s
Notes, or any portion of those Notes that is equal to U.S.$100,000 or an integral multiple of U.S.$1,000, on the date (the Fundamental Change Repurchase Date) that is no earlier than 30 days and no later than 90 days after the date the
Company gives the Fundamental Change Repurchase Notice at the Fundamental Change Redemption Amount. 
 Within 10 days after the occurrence of
a Fundamental Change, the Company shall provide to all Holders, the Trustee and the Principal Agent a notice of the occurrence of the Fundamental Change and of the resulting repurchase right (the Fundamental Change Repurchase Notice).

 To exercise the repurchase right in connection with a Fundamental Change, a Holder must, prior to the Close of Business, on or before the
second Business Day immediately preceding the Fundamental Change Repurchase Date, deliver the Notes to be repurchased to the Principal Agent, duly endorsed for transfer, or effect book-entry transfer of the Notes to the Principal Agent, and must
deliver a written notice of repurchase (a Repurchase Exercise Notice), substantially in the form set forth in Schedule 3 of the Global Note, duly completed to the Principal Agent. The Repurchase Exercise Notice must state: 
  

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

  

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

  

	 	(c)	that the Notes are to be repurchased by the Company as of the Fundamental Change Repurchase Date pursuant to the applicable provisions of the Notes and this Indenture.

 If the Notes are not in certificated form, the Repurchase Exercise Notice must comply with the Applicable Procedures.

 A Repurchase Exercise Notice shall be irrevocable, except where, prior to the Fundamental Change Repurchase Date, an Event of Default has
occurred in which event such Holder, at its option, may elect by notice to the Company to withdraw the Repurchase Exercise Notice and instead to give notice that the Notes are immediately due and payable under Section 8.2. The Company shall
promptly pay the Fundamental Change Redemption Amount for Notes surrendered for repurchase following the Fundamental Change Repurchase Date. 
 Notwithstanding the foregoing, the Company will be under no obligation to repurchase any Notes upon a Fundamental Change if there has occurred and is continuing an Event of Default, other than an Event of Default that is cured by the
payment of the Fundamental Change Redemption Amount; provided that, for the avoidance of doubt, failure of the Company to pay the Fundamental Change Redemption Amount when required would result in an Event of Default under this Indenture.

  

	5.2	Compliance with Securities Laws Upon Repurchase of Notes 

 In connection with any offer to purchase or repurchase of Notes under Section 5.1, the Company shall comply with all tender offer rules applicable to the Company under the Exchange Act. The Company shall (a) comply with Rule 13e-4
and Rule 14e-l (or any successor to either such Rule), if applicable, under the Exchange Act, (b) file the related Schedule TO (or any successor or similar 

  

 34 

 
schedule, form or report) if required under the Exchange Act and (c) otherwise comply with all Federal and State securities laws in connection with such
offer to purchase or purchase of Notes, all so as to permit the rights of the Holders and obligations of the Company under Section 5.1 to be exercised in the time and in the manner specified therein. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 5.2, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 5.2 by
virtue of such conflict. 
  

	5.3	Repayment to the Company 

 To the extent that the
aggregate amount of cash deposited by the Company pursuant to Section 5.1 exceeds the aggregate Fundamental Change Redemption Amount that the Company is obligated to pay to repurchase the Notes pursuant to Section 5.1, then promptly after
the Fundamental Change Repurchase Date, the Trustee, the Principal Agent or a Paying Agent, as the case may be, shall return any such excess cash to the Company. 
 ARTICLE 6. COVENANTS 
  

	6.1	Payment of Principal, Premium and Interest 

 The
Company covenants and agrees for the benefit of Holders of each series of Notes that it will duly and punctually pay the principal of, and any premium and interest on, the Notes of that series in accordance with the terms of the Notes and this
Indenture. 
  

	6.2	Maintenance of Office or Agency 

 The Company will
maintain in each Place of Payment for any series an office or agency where Notes of that series may be presented or surrendered for payment, where Notes of that series may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Notes of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at
any time the Company shall fail to maintain any such required office or agency in respect of any series of Notes or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders of Notes of that series may be made and
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands. The Company may also from time
to time designate one or more other offices or agencies where the Notes of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Notes of any series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency. 
  

	6.3	Money for Notes Payments to be Held in Trust 

 If
the Company shall at any time act as its own Paying Agent with respect to any series of Notes, it will, on or before each due date of the principal of, or any premium or interest on, any of the Notes of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act. 
  

 35 

 Whenever the Company shall have one or more Paying Agents for any series of Notes, it will, prior to each
due date of the principal of, or any premium or interest on, any Notes of that series, deposit with a Paying Agent a sum sufficient to pay the principal and any premium or interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of Notes other than the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will, during the continuance of any default by the Company (or any other obligor upon the Notes of that series) in the making of any payment
in respect of the Notes of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes of that series. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Note of any series and remaining unclaimed for
three years after such principal and any premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

	6.4	Statement by Officers as to Default 

 The Company
will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default
in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such
defaults and the nature and status thereof of which they may have knowledge. 
  

	6.5	Existence 

 Subject to Article 7, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the ability of the Company to
make payments hereunder. 
  

 36 

	6.6	Maintenance of Properties 

 The Company will cause
all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section 6.6 shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Board of Directors, desirable in the
conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the ability of the Company to make payments hereunder. 
  

	6.7	Payment of Taxes and other Claims 

 The Company will
pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the
Company or any Subsidiary, and (b) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to
pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith. 
  

	6.8	Limitations on Liens 

 So long as any Note remains
Outstanding, the Company shall not, and shall not permit any of its Offshore Subsidiaries to, directly or indirectly, at any time create, incur, assume or suffer to exist any Lien, except a Permitted Lien, with respect to all or any part of its
properties, assets or revenues now owned or hereafter acquired, to secure any Indebtedness, without, at the same time or prior thereto, securing the obligations of the Company under the Notes equally and ratably therewith for so long as such
Indebtedness is secured. 
  

	6.9	Limitations on Indebtedness and Preferred Stock of Offshore Subsidiaries 

 The Company will not permit any of its Offshore Subsidiaries to create, incur, assume or permit to exist (or agree to create, incur, assume or permit to exist), directly or indirectly, any Indebtedness or Preferred
Stock, other than: (a) Indebtedness or Preferred Stock existing on the date hereof; (b) Indebtedness or Preferred Stock issued to and held by the Company or a wholly owned Offshore Subsidiary of the Company; and (c) Indebtedness or
Preferred Stock incurred in exchange for, or the proceeds of which are used to refinance or recapitalize, Indebtedness or Preferred Stock of equal or higher rank otherwise permitted hereunder, provided that the principal amount of such Indebtedness
or the liquidation value of such Preferred Stock does not exceed the principal amount or liquidation value of the Indebtedness or Preferred Stock so exchanged, refinanced or recapitalized. 
  

	6.10	Limitations on Leverage 

 The Company will not at
any time permit Consolidated Net Debt at the end of each Quarterly Period to exceed Annualised Quarterly Consolidated EBITDA for that Rolling 12 Month Period by [—] times or more. 
  

	6.11	Waiver of Certain Covenants 

 The Company may, with
respect to the Notes of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 10.1(b) 

  

 37 

 
or 10.1(g) for the benefit of the Holders of such series if before the time for such compliance the Holders of at least 75% in principal amount of the
Outstanding Notes of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and
effect. 
  

	6.12	Additional Amounts 

  

	(a)	All payments by the Company in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other
governmental charges of whatsoever nature imposed or levied by or within any jurisdiction in which the Company or a Surviving Person is organized or resident for tax purposes or any political subdivision or authority thereof or therein having power
to tax (each as applicable a Relevant Jurisdiction), unless the Company is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In such event, the Company or a Surviving Person, as the case may be,
shall make such appropriate withholding or deduction, make payment of the amount so withheld to the appropriate government authority and pay such additional amounts (Additional Amounts) as may be necessary to ensure that the net amounts
received by the Holders after such withholding or deduction shall equal the respective amounts of principal and premium, if any, and interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction.
No such Additional Amounts shall be payable: 

  

	 	(i)	to a Holder who is subject to such taxes, duties, assessments or governmental charges by reason of its having some present or former connection with Relevant Jurisdiction (or any
political subdivision or taxing authority thereof or therein) otherwise than merely by the holding or owning of such Notes or the receipt of principal, premium or interest in respect thereof; or 

  

	 	(ii)	if payment would not have been subject to such taxes, duties, assessments or governmental charges had a Note been presented for payment within 30 days of the Relevant Date.

  

	(b)	If the Company becomes obliged to pay Additional Amounts in accordance with this Section 6.12, then it will have the right to redeem the Notes, subject to the right of the
Holders to retain the Notes without entitlement to such Additional Amounts in accordance with Section 3.2(b). 

 As used
herein, the Relevant Date means the date on which such payment first becomes due, except that, if the full amount of the moneys payable has not been duly received by the Principal Agent or the Trustee on or prior to such due date, it means
the date on which, the full amount of such moneys having been so received, notice to that effect shall have been duly given to the Holders in accordance with Section 15.2. 
  

	(c)	Whenever there is mentioned herein, in any context, the payment of the principal of or interest on or any premium on, or in respect of, a Note, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for in this Section 6.12 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this
Section 6.12, and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

  

 38 

	6.13	Investment Company Act 

 As long as any Notes are
outstanding, the Company will conduct its business and operations so as not to become an “investment company” within the meaning of the Investment Company Act, and will take all steps required in order for it to continue not to be an
“investment company” and not to be required to be registered under the Investment Company Act. 
  

	6.14	Additional Information 

 The Company agrees, at any
time when the Company is not subject to Section 13 or 15(d) of the Exchange Act or exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, to furnish at its expense and upon request, to the Holders and prospective purchasers of
securities information satisfying the requirements of subsection (d)(4) of Rule 144A under the Securities Act. 
  

	6.15	Delivery of Ordinary Shares 

 The Company shall
deliver to the Custodian (as defined in the Deposit Agreement) (the ADS Custodian), such Ordinary Shares required for the issuance of the ADSs by the ADS Depositary upon conversion of the Notes, plus written delivery instructions (if
requested by the ADS Custodian) for such ADSs, a Conversion Notice duly completed and executed by each Holder surrendering such Notes for conversion certifying its status as an affiliate or non-affiliate, as the case may be, of the Company within
the meaning of Rule 144 and any other information or documentation required by the ADS Depositary or the ADS Custodian in connection with each deposit of the Ordinary Shares and the issuance and delivery of the ADSs. 
 ARTICLE 7. CONSOLIDATION, MERGER, ASSIGNMENT, CONVEYANCE, TRANSFER OR LEASE 
  

	7.1	Company may Consolidate, etc. only on Certain Terms 

 The Company shall not consolidate with or merge into any other Person or assign, convey, transfer, sell, lease or otherwise dispose of all or substantially all of the properties and assets of the Company and its Subsidiaries, taken as a
whole, to any Person unless: 
  

	 	(a)	the surviving or transferee entity shall (i) be a corporation, partnership or trust, (x) organized and validly existing under the laws of its country or state of
incorporation and (y) whose common equity securities are Publicly Traded Securities, and (ii) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form and substance satisfactory to the Trustee,
the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts, if any payable pursuant to Section 6.12) on all the Notes and the performance or observance of every covenant of this Indenture on
the part of the Company to be performed or observed; 

  

	 	(b)	immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have
happened and be continuing; 

  

	 	(c)	immediately after giving effect to such transaction on a pro forma basis, the Company or the Surviving Person, as the case may be, shall have a Consolidated Net Worth equal to or
greater than the Consolidated Net Worth of the Company immediately prior to such transaction; 

  

 39 

	 	(d)	if, as a result of such transaction, the Notes become convertible into common stock or other securities issued by a third party, such third party agrees to deliver such common stock
or other securities upon conversion of the Notes and this Indenture; and 

  

	 	(e)	if the Company will not be the resulting or surviving corporation, the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with. 

  

	7.2	Successor Substituted 

 Upon any consolidation of
the Company with, or merger of the Company into, any other Person or any conveyance, transfer, sale, lease or other disposition of all or substantially all of the properties and assets of the Company and its Subsidiaries, taken as a whole, in
accordance with Section 7.1, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer, sale, lease or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Notes. 
 ARTICLE 8. REMEDIES 
  

	8.1	Events of Default 

 Event of Default,
wherever used herein with respect to Notes of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  

	 	(a)	default in the payment of any principal, premium (if any) or interest upon any Note of that series on the due date when it becomes due and payable (unless such default is caused by
an administrative or technical error and payment is made within three Business Days of its due date); or 

  

	 	(b)	default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach
is specifically dealt with elsewhere in this Section), and continuance of such default or breach for a period of 15 days (in the case of a default in the performance or breach of any covenant) and 30 days (in the case of a breach of any warranty)
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 50% in principal amount of the Outstanding Notes of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a Notice of Default hereunder; or 

  

	 	(c)	 the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law
or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company or any Subsidiary in an involuntary case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking 

  

 40 

	 	 
reorganization or relief under any applicable law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Subsidiary in furtherance of any such action; or 

  

	 	(d)	the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or any Subsidiary in an involuntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or any Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company or any Subsidiary under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 30 consecutive days; or 

  

	 	(e)	failure of the Company to comply with Article 7 of this Indenture; or 

  

	 	(f)	failure of the Company to deliver, when due upon conversion, ADSs together with cash in lieu of fractional ADSs and such failure continues for a period of seven Business Days after
receipt of the Conversion Notice as specified in Section 4.2; or 

  

	 	(g)	failure by the Company to issue a Fundamental Change Repurchase Notice in accordance with Section 5.1 when due, and such failure continues for a period of two Business Days; or

  

	 	(h)	a default under any bond, debenture, note or other evidence of indebtedness of the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any indebtedness of the Company or any Subsidiary (including the Notes), in each case having an aggregate principal amount outstanding of at least U.S.$10,000,000, whether such indebtedness exists
at the time of this Indenture or shall hereafter be created, which default shall have resulted in the acceleration of the final maturity of such indebtedness, or shall constitute a failure to pay any portion of the principal or interest on such
indebtedness (giving effect to applicable grace periods); or 

  

	 	(i)	any judgment or judgments for the payment of money in an aggregate amount in excess of U.S.$10,000,000 that shall be rendered against the Company or any Subsidiary and that shall
not be waived, satisfied or discharged for any period of forty-five consecutive days during which a stay of enforcement shall not be in effect. 

 The Company shall deliver to the Trustee, within 30 days after it has knowledge of the occurrence of any Event of Default or any event which, with notice or the lapse of time or both, would constitute an Event of
Default, an Officers’ Certificate setting forth the details of such Event of Default or event, its status and what action the Company is taking or proposes to take with respect thereto. 
  

	8.2	Acceleration of Maturity; Rescission and Annulment 

 If an Event of Default (other than an Event of Default specified in Section 8.1(c), 8.1(d) or 8.1(e)) with respect to the Notes at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not
less than 50% in principal amount of the Outstanding Notes may declare, by a notice in writing to the Company (or the Trustee and the Company if made by the 

  

 41 

 
Holders), the Event of Default Redemption Amount in respect of all the Notes due and payable immediately, and upon any such declaration such Event of Default
Redemption Amount shall become immediately due and payable. If an Event of Default specified in Section 8.1(c), 8.1(d) or 8.1(e) with respect to the Notes at the time Outstanding occurs, the Event of Default Redemption Amount in respect of each
Note shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders
of 75% in principal amount of the Outstanding Notes may, by written notice to the Company and the Trustee, rescind and annul such declaration and its consequence: 
  

	 	(a)	the Company has paid or deposited with the Trustee a sum sufficient to pay: 

  

	 	(i)	all overdue interest on any Note; 

  

	 	(ii)	the principal of (and premium, if any, on) any Note which has become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed
therefor in such Note; 

  

	 	(iii)	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Note; and 

  

	 	(iv)	all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and

  

	 	(b)	all Events of Default with respect to the Notes, other than the non-payment of the principal of the Notes which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 8.13. 

 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
  

	8.3	Collection of Indebtedness and Suits for Enforcement by Trustee 

 The Company covenants that if default in the payment of any principal, premium (if any) or interest upon any Note of that series on the due date when it becomes due and payable (unless such default is caused by an
administrative or technical error and payment is made within three (3) Business Days of its due date), the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable
on such Notes for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed
therefor in such Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances, of the Trustee, its agents and
counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Notes and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Notes, wherever situated. 
  

 42 

 If an Event of Default with respect to Notes of any series occurs and is continuing, the Trustee may in
its discretion proceed to protect and enforce its rights and the rights of the Holders of Notes of such series by such appropriate judicial proceedings as the Trustee shall deem reasonably necessary to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	8.4	Trustee may File Proofs of Claim 

 In case of any
judicial proceeding relative to the Company (or any other obligor upon the Notes), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized
under the Trust Indenture Act (assuming that this Indenture were required to be qualified under the Trust Indenture Act) in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be
authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 9.7. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  

	8.5	Trustee may Enforce Claims without Possession of Notes 

 All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. 
  

	8.6	Application of Money Collected 

 Any money collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the
Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all
amounts due the Trustee and its agents under Section 9.7; 
 SECOND: To the payment of the amounts then due and unpaid for principal of
and any premium and interest on the Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and
any premium and interest, respectively; and 
 THIRD: Any remainder to the Company. 
  

 43 

	8.7	Limitation on Suits 

 No Holder of any Note of any
series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

	 	(a)	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes of that series; 

  

	 	(b)	the Holders of not less than 75% in principal amount of the Outstanding Notes of that series shall have made a written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder; 

  

	 	(c)	such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such
request; 

  

	 	(d)	the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

  

	 	(e)	no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes
of that series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever, by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any
other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such
Holders. 

  

	8.8	Unconditional Right of Holders to Receive Principal, Premium and Interest 

 Notwithstanding any other provision in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal amount, Redemption Price, Fundamental Change
Redemption Amount and any premium if any, and (subject to Section 2.15) interest on such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to convert such security in
accordance with Article 4 and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	8.9	Restoration of Rights and Remedies 

 If the Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
Holders shall continue as though no such proceeding had been instituted. 
  

	8.10	Rights and Remedies Cumulative 

 Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last clause of Section 2.14, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

 44 

	8.11	Delay or Omission not Waiver 

 No delay or omission
of the Trustee or of any Holder of any Notes to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

	8.12	Control by Holders 

 The Holders of a majority in
principal amount of the Outstanding Notes of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Notes of such series, provided that: 
  

	 	(a)	such direction shall not be in conflict with any rule of law or with this Indenture, and 

  

	 	(b)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

  

	8.13	Waiver of Past Defaults 

 The Holders of not less
than a majority in principal amount of the Outstanding Notes of any series may on behalf of the Holders of all the Notes of such series waive any past default hereunder with respect to such series and its consequences, except a default: 

 

	 	(a)	in the payment of the principal of or any premium or interest on any Note of such series; or 

  

	 	(b)	in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of the Holder of each Outstanding Note of such series affected.

 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

	8.14	Undertaking for Costs 

 In any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of
such suit, and may assess costs against any such party litigant, including reasonable attorney’s fees and expenses in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture
Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company. 
  

	8.15	Waiver of Usury, Stay or Extension 

 The Company
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully 

  

 45 

 
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 9. THE
TRUSTEE 
  

	9.1	Certain Duties and Responsibilities 

 Except during
the continuance of an Event of Default, the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Notes and the Trustee need perform only those duties that are specifically set forth in this Indenture
and the Notes and no others, and no implied covenants or obligations shall be read into this Indenture and the Notes against the Trustee. If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and shill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability, including, for the avoidance of doubt, compensation for its services hereunder, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, nor shall the Trustee be required to do anything which
it believes is illegal or contrary to applicable laws. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to
the provisions of this Section 9.1 and Section 9.3. 
  

	9.2	Notice of Defaults 

 If a default occurs hereunder
with respect to Notes of any series, the Trustee shall give the Holders of Notes of such series notice of such default actually known to a Responsible Officer of the Trustee; provided, however, that in the case of any default of the character
specified in Section 8.1(b) with respect to Notes of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term default means any event which is,
or after notice or lapse of time or both would become, an Event of Default with respect to Notes of such series. 
  

	9.3	Certain Rights of Trustee 

 Subject to the
provisions of Section 9.1: 
  

	 	(a)	the Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties;

  

	 	(b)	any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be
sufficiently evidenced by a Board Resolution; 

  

	 	(c)	whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate or an Opinion of Counsel; 

  

 46 

	 	(d)	the Trustee may consult with counsel and other advisers of its own selection and the advice of such counsel or other advisers or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  

	 	(e)	the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by, or pursuant to, this Indenture at the request or direction of any of the Holders or
otherwise take any action pursuant to this Indenture, unless the Holders shall have offered to the Trustee reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction or the taking of such action; 

  

	 	(f)	the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company; 

  

	 	(g)	the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

  

	 	(h)	in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

  

	 	(i)	the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture; 

  

	 	(j)	whether or not expressly provided in any other provision hereof, the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified and all rights provided under Section 9.1 and this Section 9.3, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder, including the Agents, and shall survive the termination of this Indenture; and 

  

	 	(k)	the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with an Act of the Holders hereunder, and, to the
extent not so provided herein, with respect to any act requiring the Trustee to exercise its own discretion, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture or any Notes, unless it shall be proved that, in connection with any such action taken, suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or engaged in wilful
misconduct; 

  

 47 

	 	(l)	the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture, except in case of negligence or bad faith; 

  

	 	(m)	the Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture;

  

	 	(n)	in the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more Holders or groups of Holders, each representing less than a majority in
aggregate principal amount of the Notes of a series then outstanding, each pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken; 

  

	 	(o)	the permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and the Trustee shall not be answerable for other than its negligence
or wilful default; and 

  

	 	(p)	in no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond the Trustee’s control,
including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, strikes, work stoppages, government action (including any laws, ordinances, regulations) or interruptions, loss or malfunctions
of utilities, communications or computer (software or hardware) services, which delay, restrict or prohibit the providing of any services or the taking of any action contemplated by this Indenture. 

  

	9.4	Not Responsible for Recitals or Issuance of Notes 

 The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes, the ADSs or the Ordinary Shares. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 
  

	9.5	May Hold Notes 

 The Trustee, any Agent or any other
agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 9.8 and 1.1, may otherwise deal with the Company with the same rights it would have if it were not
Trustee, Agent or such other agent. 
  

	9.6	Money Held in Trust 

 Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
  

	9.7	Compensation and Reimbursement 

 The Company agrees:

  

	 	(a)	to pay to the Trustee from time to time reasonable compensation, including, if applicable, additional compensation in the event of a default or Event of Default, for its services as
shall be agreed from time to time between the Company and the Trustee; 

  

 48 

	 	(b)	except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances properly incurred or made by the
Trustee in accordance with any provision of this Indenture or arising out of, or in connection with, the acceptance or administration of the trust or trusts hereunder (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by its own negligence or bad faith; and 

  

	 	(c)	to indemnify the Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder. 

 The Trustee shall have a lien prior to the Notes as to all property and funds held or collected by it hereunder
for any amount owing it or any predecessor Trustee pursuant to this Section 9.7, except with respect to funds held in trust for the benefit of the Holders of particular Notes. 
 When the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in Section 8.1(c) or Section 9.7, the
expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other similar law. 
 The provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee and shall apply with equal
force and effect to any Agent. 
  

	9.8	Conflicting Interests 

 If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Notes of more than one series. 
  

	9.9	Corporate Trustee Required; Eligibility 

 There
shall at all times be one (and only one) Trustee hereunder with respect to the Notes of each series, which may be Trustee hereunder for Notes of one or more other series. Each Trustee shall be a Person and has a combined capital and surplus of at
least U.S.$[50,000,000] that has its Corporate Trust Office in Hong Kong. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then, for the purposes
of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Notes of any
series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

	9.10	Resignation and Removal; Appointment of Successor 

 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements
of Section 9.11. 
  

 49 

 The Trustee may resign at any time with respect to the Notes of one or more series by giving written
notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 9.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such series. 
 The Trustee may be removed at any time with respect to the Notes of any series by Act of the Holders of a majority in principal amount of the Outstanding Notes of such series, delivered to the Trustee and to the
Company. If the instrument of acceptance by a successor Trustee required by Section 9.11 shall not have been delivered to the Trustee within 30 days after the Trustee is provided notice of removal, the removed Trustee may petition at the
expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such series. 
 If at any time: 
  

	 	(a)	the Trustee shall fail to comply with Section 9.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Note for at least six
months; or 

  

	 	(b)	the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

 then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee with respect to all Notes, or (ii) subject to Section 8.14, any Holder who has been a bona fide Holder of a Note
for at least six months may, on behalf of himself and all others similarly situated, petition (at the expense of the Company) any court of competent jurisdiction for the removal of the Trustee with respect to all Notes and the appointment of a
successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, with respect to the Notes of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Notes of that or those series (it being understood that
any such successor Trustee may be appointed with respect to the Notes of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Notes of any particular series) in accordance with the applicable
requirements of Section 9.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Notes of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Notes of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 9.11, become the successor Trustee with respect to the Notes of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Notes of any series
shall have been so appointed by the Company or the Holders of Notes of such series and accepted appointment in the manner required by Section 9.11, any Holder who has been a bona fide Holder of a Note of such series for at least six months may,
on behalf of himself and all others similarly situated, petition (at the expense of the Company) any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect to the Notes of any series and each appointment of a
successor Trustee with respect to the Notes of any series to all Holders of Notes of such series in the manner provided in Section 15.2. Each notice shall include the name of the successor Trustee with respect to the Notes of such series and
the address of its Corporate Trust Office. 
  

 50 

 In no event shall any retiring Trustee be held liable for any acts or omissions of any successor Trustee
hereunder. 
  

	9.11	Acceptance of Appointment by Successor 

 In case of
the appointment hereunder of a successor Trustee with respect to all Notes, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 In
case of the appointment hereunder of a successor Trustee with respect to the Notes of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Notes of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that or those series to which the appointment of such successor Trustee relates, (b) shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (c) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Notes of that or those series to which the appointment
of such successor Trustee relates. 
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding clause, as the case may be. 
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this
Article. 
  

	9.12	Merger, Conversion, Consolidation or Succession to Business 

 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust 

  

 51 

 
business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 ARTICLE 10. SUPPLEMENTAL INDENTURES

  

	10.1	Supplemental Indentures without Consent of Holders 

 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for
any of the following purposes: 
  

	 	(a)	to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants, agreements and obligations of the Company herein and in the
Notes; 

  

	 	(b)	to add to the covenants of the Company for the benefit of the Holders of all or any series of Notes (and if such covenants are to be for the benefit of less than all series of
Notes, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; 

  

	 	(c)	to add any additional Events of Default for the benefit of the Holders of all or any series of Notes (and if such additional Events of Default are to be for the benefit of less than
all series of Notes, stating that such additional Events of Default are expressly being included solely for the benefit of such series); 

  

	 	(d)	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Notes, provided that any such addition, change or elimination
(i) shall neither (A) apply to any Note of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Note with respect to
such provision or (ii) shall become effective only when there is no such Note Outstanding; 

  

	 	(e)	to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or to surrender any right or power conferred upon us under this Indenture;

  

	 	(f)	to provide for uncertificated Notes in addition to or in place of certificated Notes; 

  

	 	(g)	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 9.11; 

  

	 	(h)	to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (h) shall not adversely affect the interests of the Holders of Notes of any series; 

  

	 	(i)	to comply with the rules or regulations of any securities exchange or automated quotation system on which any Notes are listed or traded; 

  

	 	(j)	to secure the Notes or to add any subsidiary guarantees; or 

  

 52 

	 	(k)	to add, change or eliminate any provisions of this Indenture that refer to the Trust Indenture Act in accordance with any amendments to the relevant provisions of the Trust
Indenture Act, provided that the action does not adversely affect the rights or interests of any Holders of Notes. 

  

	10.2	Supplemental Indentures with Consent of Holders 

 With the consent of the Holders of not less than 50% in aggregate principal amount of the Outstanding Notes of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of modifying in any manner the rights of the Holders of Notes of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected
thereby: 
  

	 	(a)	change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note, or reduce the principal amount thereof or the rate of interest thereon
or any premium payable upon the redemption thereof, or change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 

  

	 	(b)	reduce the percentage in principal amount of the Outstanding Notes of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or 

  

	 	(c)	make any change that adversely affects (i) the right to convert or exchange any Note or decreases the conversion or exchange rate or increases the conversion price of any Note
or (ii) the right to require repurchase of any Note; or 

  

	 	(d)	modify any of the provisions of this Section 10.2, Section 8.13 or Section 6.11, except to increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; or 

  

	 	(e)	reduce the percentage in aggregate principal amount of Notes Outstanding required for the adoption of a resolution or the quorum required at any meeting of Holders of Notes at which
a resolution is adopted. 

 A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series of Notes, or which modifies the rights of the Holders of Notes of such series with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Indenture of the Holders of Notes of any other series. 
 It shall not be necessary for any Act of Holders of
Notes under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

 53 

	10.3	Execution of Supplemental Indentures 

 In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 9.1)
shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the Trustee’s owner’s rights, duties or immunities under this Indenture or otherwise. 
  

	10.4	Effect of Supplemental Indentures 

 Upon the
execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. 
  

	10.5	Reference in Notes to Supplemental Indentures 

 Notes of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided
for in such supplemental indenture. If the Company shall so determine, new Notes of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Note Registrar in exchange for Outstanding Notes of such series. 
 ARTICLE 11. SATISFACTION AND DISCHARGE 

  

	11.1	Satisfaction and Discharge of Indenture 

 This
Indenture shall, upon Company Request, cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for, and any right to receive additional amounts, as provided in
Section 6.12), and the Trustee, at the request and expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 
  

	 	(a)	Either: 

  

	 	(i)	all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.14
and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 6.3) have been delivered to the
Note Registrar for cancellation; or 

  

	 	(ii)	all such Notes not theretofore delivered to the Note Registrar for cancellation: 

  

	 	(A)	have become due and payable, 

  

	 	(B)	will become due and payable at their Stated Maturity within one year, or 

  

 54 

	 	(C)	are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company, 

 and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited
with the Trustee as trust funds, an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Note Registrar for cancellation, for principal and any premium and interest to the date of such deposit
(in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  

	 	(b)	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

  

	 	(c)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. 

 Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 9.7 and, if money shall have been deposited with the Trustee pursuant to clause (a)(ii) of this Section, the obligations of the Trustee under Section 11.2 and the
last clause of Section 6.3 shall survive such satisfaction and discharge. 
  

	11.2	Application of Trust Money 

 Subject to the
provisions of the last clause of Section 6.3, all money deposited with the Trustee pursuant to Section 11.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited
with the Trustee. 
 ARTICLE 12. HOLDERS’ LISTS AND REPORTS BY COMPANY 
  

	12.1	Company to Furnish Names and Addresses of Holders 

 The Company will furnish or cause to be furnished to the Trustee: 
  

	 	(a)	semi-annually, not later than 15 days after each Regular Record Date a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Notes
of each series as of the Regular Record Date or such semi-annual date, as the case may be; and 

  

	 	(b)	at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished; EXCLUDING from any such list furnished pursuant to this Section 12.1 above names and addresses received by the Trustee in its capacity as Note Registrar. 

  

	12.2	Preservation of Information; Communications to Holders 

 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 12.1 and the names and addresses of
Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in Section 12.1 upon receipt of a new list so furnished. 
  

 55 

 Every Holder, by receiving and holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to this Section. 
  

	12.3	Reports by Company 

 The Company shall deliver to
the Trustee and the Holders (unless such reports have been filed within the time period set forth below on EDGAR), within 15 days after the Company would have been required to file with the Commission, copies of its annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which the Company is required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act (each a Company Report). In the event the Company is at any time no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall continue to provide the Trustee with Company
Reports containing substantially the same information as would have been required to be filed with the Commission had the Company continued to have been subject to such reporting requirements. In such event, such Company Reports shall be provided
within 15 days after the dates, applicable to a registrant that is not an accelerated filer or a large accelerated filer, on which the Company would have been required to provide reports had the Company continued to have been subject to such
reporting requirements. Notwithstanding anything herein to the contrary, the Company will not be deemed to have failed to comply with any of its obligations under this Indenture for purposes of clause (c) of Section 8.1(b) until 120 days
after any Company Reports is due under this Indenture. The Company shall also comply with the other provisions of Section 314(a) of the Trust Indenture Act. 
 ARTICLE 13. [INTENTIONALLY OMITTED] 
 ARTICLE 14. MEETING OF HOLDERS OF NOTES 
  

	14.1	Purposes for which Meetings may be Called 

 A
meeting of Holders of Notes of any or all series of Notes may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be made, given to, or taken by Holders of Notes of such series. 
  

	14.2	Call, Notice and Place of Meetings 

  

	(a)	The Trustee may at any time call a meeting of Holders of Notes of any series for any purposes specified in Section 14.1, to be held at any such time and at such place as the
Trustee shall determine. Notice of every meeting of Holders of Notes of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in
Section 15.2, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

  

	(b)	 In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding Notes of any series shall
have requested the Trustee to call a meeting of the Holders of Notes of such series for any purpose specified in Section 14.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided 

  

 56 

	 	 
herein, then the Company or the Holders of Notes of such series in the amount above specified, as the case may be, may determine the time and the place in
the Borough of Manhattan, the City of New York, or in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section. 

  

	14.3	Persons Entitled to Vote at Meetings 

 Upon the
calling of a meeting of Holders of Notes of any or all series, a record date shall be established for determining Holders of Outstanding Notes of such series entitled to vote at such meeting. The Holders on such record date, and their designated
proxies, and only such Persons, shall be entitled to vote at such meeting of Holders. 
 To be entitled to vote at any meeting of Holders, a
Person shall (a) be a Holder of one or more Notes or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes; provided, however, that in the case of any meeting of Holders with respect to the Notes
of a series all or part of which are represented by a Note, only Holders, or their designated proxies, of record on the record date established pursuant to Section 1.4 shall be entitled to vote at such meeting. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

  

	14.4	Quorum; Action 

 The Persons entitled to vote a
majority in principal amount of the Outstanding Notes of a series shall constitute a quorum for a meeting of Holders of Notes of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent or waiver
which this Indenture expressly provides may be given by the Holders of not less than 50% in principal amount of the Outstanding Notes of a series, the Persons entitled to vote 50% in principal amount of the Outstanding Notes of such series shall
constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes of such series, be dissolved. In any other case the meeting may be
adjourned for a period of not less than ten days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a
period of not less than ten days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 14.2(a), except that such
notice need be given only once, not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal
amount of the Outstanding Notes of such series which shall constitute a quorum. 
 Except as limited by the proviso to the first clause of
Section 10.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Notes
of that series; provided, however, that, except as limited by the proviso to the first clause of Section 10.2, any resolution with respect to any consent or waiver which this Indenture expressly provides may be given by the Holders of not less
than 50% in principal amount of the Outstanding Notes of a series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by the affirmative vote of the Holders of 50% in principal amount
of the Outstanding Notes of that series; and provided, further, that, except as limited by the proviso to the first clause of Section 10.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or
other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Notes of a series may be adopted at a meeting or 

  

 57 

 
any adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in
principal amount of the Outstanding Notes of that series. 
 Any resolution passed or decision taken at any meeting of Holders of Notes of any
series duly held in accordance with this Section shall be binding on all the Holders of Notes of such series whether or not present or represented at the meeting. 
  

	14.5	Determination of Voting Rights; Conduct and Adjournment of Meetings 

  

	(a)	Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes of a series in
regard to proof of the holding of Notes of such series in regard to proof of the holding of Notes of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as is shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes shall
be proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4 or by having the signature of the person executing the proxy witnessed or guaranteed by any trust
company, bank or banker authorized by Section 1.4. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other
proof. 

  

	(b)	The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Notes as
provided in Section 14.2, in which case the Company or the Holders of Notes of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Notes of such series represented at the meeting. 

  

	(c)	At any meeting each Holder of a Note of such series or proxy shall be entitled to one vote for each U.S.$1,000 principal amount of the Outstanding Notes of such series held or
represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have
no right to vote, except as a Holder of a Note of such series or proxy. 

  

	(d)	Any meeting of Holders of Notes of any series duly called pursuant to Section 14.2 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a
majority in principal amount of the Outstanding Notes of such series represented at the meeting; and the meeting may be held as so adjourned without further notice. 

  

	14.6	Counting Votes and Recording Action of Meetings 

 The vote upon any resolution submitted to any meeting of Holders of Notes of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes of such series or of their representatives by proxy and
the principal amounts and serial numbers of the Outstanding Notes of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Notes of any
series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth 

  

 58 

 
a copy of the notice of the meeting and showing that said notice was given as provided in Section 14.2 and, if applicable, Section 14.4. Each copy
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 ARTICLE 15. MISCELLANEOUS 
  

	15.1	Notices, etc., to Trustee and Company 

 Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 
  

	 	(a)	the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be via facsimile) to or with the
Trustee at its Corporate Trust Office, Attention: Managing Director; or 

  

	 	(b)	the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at its principal office at Suite 3601, Two Exchange Square, Central, Hong Kong, Attention: Hunter Jiang/Jun Zou, or at any other address previously furnished in writing to the Trustee by the Company.

  

	15.2	Notice to Holders; Waiver 

  

	(a)	Except as otherwise expressly provided herein, where this Indenture provides for notice of any event to Holders, such notice shall be sufficiently given to Holders if in writing and
mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Note Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for
the giving of such notice. 

 In case by reason of the suspension of regular mail service, or by reason of any other cause, it
shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Notes shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver. 
  

	(b)	 Notwithstanding the foregoing, so long as the Notes are represented by a Global Note, notices to, requests for consent by, and other communications to Holders shall
be given by delivery of the relevant notice, request or other communication to Euroclear and Clearstream for further transmittal to such Holders by Euroclear and Clearstream through the internal communication systems of the 

  

 59 

	 	 
relevant Clearing System from time to time utilized by such Clearing System for communication with its respective member organizations. Any such notice shall
be deemed to have been given on the date of its first delivery as provided above. In the event that a Global Note is exchanged in whole for Definitive Notes as provided herein, such notice shall be given by publication in one or more newspapers, in
the official language of the country of publication or in the English language, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation, in such market regions as the Company
and the Trustee shall determine are appropriate. Any such notice shall be deemed to have been given on the date on which such publication is first made. If at any time publication in any such newspaper is not practicable, then such notification in
lieu thereof as shall be made by the Company shall constitute sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the publication in lieu of which it is given.
Neither the failure to give notice nor any defect in any notice given to any particular Holder shall affect the sufficiency of any notice to any other Holder. 

  

	(c)	The costs of any such notice to Holders as provided in this Section 15.2 shall be paid by the Company. 

  

	15.3	Effect of Headings and Table of Contents 

 The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	15.4	Successors and Assigns 

 All covenants and
agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
  

	15.5	Separability Article 

 In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	15.6	Benefits of Indenture 

 Nothing in this Indenture or
in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of Notes, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

	15.7	Governing Law 

  

	(a)	THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

  

	(b)	For the benefit of the Holders, the Company hereby (i) irrevocably submits to the non-exclusive jurisdiction of any New York State court or United States federal court sitting
in New York City, the Borough of Manhattan, solely for the purposes of any legal action or proceeding rising out of or relating to the Notes; and (ii) irrevocably waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of venue of any legal action or proceeding in any New York State court or United States federal court sitting in New York City, the Borough of Manhattan, and any claim that any such action or proceeding brought in any
such court has been brought in an inconvenient forum. The Company agrees that a final judgment in any such legal action or proceeding shall be conclusive, and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. 

  

 60 

	(c)	So long as any Note remains Outstanding, the Company shall maintain an authorized agent in New York City upon whom process may be served in any legal action or proceeding. Service
of process upon such agent and written notice of such service mailed or delivered to the Company shall, to the extent permitted by law, be deemed in every respect effective service of process upon the Company in any legal action or proceeding and,
if the Company fails to maintain such an agent, any such process or summons may be served on it at its address as provided for notices hereunder, by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto,
addressed to it at such address to the extent permitted by applicable law, or by such other means as may be required by applicable laws of the jurisdiction in which such service is made. The Company hereby appoints CT Corporation System, as its
agent for such purpose, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at the principal office in New York City of such agent. 

  

	(d)	Any legal action or proceeding arising out of or relating to the Notes may also be brought and enforced in the courts of Hong Kong or any other jurisdiction where the Company or any
of its property may be found, and the Company irrevocably submits to the jurisdiction of each such court in respect of any such action or proceeding. 

  

	(e)	To the extent that the Company may in any jurisdiction claim for itself or its assets immunity (to the extent that any immunity may now or hereafter exist, whether on the grounds of
sovereign immunity or otherwise) from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process (whether through service or notice or otherwise), and to the extent that in any such jurisdiction
there may be attributed to itself or its assets such immunity (whether or not claimed), the Company irrevocably agrees not to claim, and irrevocably waives, such immunity to the full extent permitted by the laws of such jurisdiction.

  

	(f)	The choice of New York governing law and of the non-exclusive jurisdiction of the New York State courts hereunder is made pursuant to New York General Obligations Law Sections
5-1401 and 5-1402. The Company acknowledges and agrees that the Notes are part of a transaction covering in the aggregate not less than U.S. $1,000,000 (One Million U.S. Dollars). 

  

	15.8	Legal Holidays 

 In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Note shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Notes (other than a provision of any Note which specifically
states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity. 
  

	15.9	Language of Notices, etc. 

 Any request, demand,
authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 
  

	15.10	Waiver of Jury Trial 

 EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

  

 61 

	15.11	Currency Indemnity 

 Each reference in the Notes to
U.S. Dollars is of the essence. The Company agrees that, to the fullest extent permitted by applicable law, the obligations of the Company in respect of any amount due in respect of the Notes and this Indenture shall, notwithstanding any payment in
any other currency (whether pursuant to a judgment or otherwise, the judgment currency), be discharged only to the extent of the amount in U.S. Dollars that the Person entitled to receive such payment may, in accordance with normal banking
procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such Person receives such payment, and the Company will indemnify the Holders and the
Trustee against any deficiency arising or resulting from any variation in rates of exchange between the date as of which U.S. Dollars are notionally converted into the judgment currency for the purposes of such judgment or order and the date of
actual payment thereof. If the amount in U.S. Dollars that may be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts, in U.S. Dollars, as may be necessary to compensate for such
shortfall. Any obligation of the Company not discharged by such payment shall be due as a separate and independent obligation, which shall continue in full force and effect until discharged as provided herein, notwithstanding any judgment or order
for a liquidated sum or sums in respect of amounts due in respect of the Notes or this Indenture or under any such judgment or order or any indulgence granted from time to time, and shall give rise to a separate and independent cause of action. Any
shortfall as aforesaid will be deemed to constitute a loss suffered by the Holders or the Trustee, as applicable, and no proof or evidence of any loss will be required. 
  

 62 

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

			
	GCL SILICON TECHNOLOGY HOLDINGS INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	DB TRUSTEES (HONG KONG) LIMITED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 63 

 SCHEDULE 1 
 FORM OF NOTE 
 ISIN: [—] 
 Common Code: [—] 
 GCL SILICON TECHNOLOGY HOLDINGS INC. 
 (Incorporated with limited liability in the Cayman Islands) 
 U.S.$[[275,000,000]/[137,500,000]/[137,500,000]] Class [A/B/C] 3% Convertible Senior Notes due 2010 
 GLOBAL NOTE 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 THE NOTES REPRESENTED BY THIS SECURITY HAVE BEEN ISSUED PURSUANT TO A NON-PUBLIC OFFERING, IN CONFORMITY WITH THE PRIVATE OFFERING EXEMPTION UNDER SECTION 4(2) OF THE SECURITIES ACT AND RULE 506 OF REGULATION D
PROMULGATED UNDER THE SECURITIES ACT BY THE SECURITIES AND EXCHANGE COMMISSION (THE COMMISSION), AND IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS. SUCH NOTES HAVE NOT BEEN QUALIFIED WITH THE
COMMISSION OF ANY STATE, NOR REGISTERED WITH THE COMMISSION. SUCH NOTES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT: (I) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE); OR (II) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT RELATING TO THE NOTES IN ACCORDANCE WITH ANY OTHER APPLICABLE LAW. EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES
TO THE FOREGOING RESTRICTIONS. 
 The Notes in respect of which this Global Note is issued are in registered form and form part of the series designated as
specified in the title (the Notes) of GCL Silicon Technology Holdings Inc. (the Issuer). 
 The Issuer hereby certifies that BT Globenet
Nominees Limited is, as at the date hereof, entered in the register of Holders as the holder of Notes in the principal amount of U.S.$[[275,000,000]/[137,500,000]/[137,500,000]] ([[—]/[—]/[—]] U.S. dollars) or such other amount as is shown on the register of Holders as being represented by this Global Note and is duly endorsed (for information purposes only) in
the third column of Schedule A to this Global Note. For value received, the Issuer promises to pay the person who appears at the relevant time on the register of Holders as holder of the Notes in respect of which this Global Note is issued such
amount or amounts as shall become due in respect of such Notes and otherwise to comply with the Indenture. 
 The Notes are constituted by a indenture dated
[—] 2008 (the Indenture) and made between the Issuer and DB Trustees (Hong Kong) Limited as trustee (the Trustee) and are subject to, and have the benefit of, the Indenture, as modified by the
provisions of this Global Note. Terms defined in the Indenture have the same meanings when used herein. 
  

 64 

 The Notes in respect of which this Global Note is issued are convertible into ADSs of the Issuer subject to and in
accordance with the Indenture. 
 Owners of interests in the Notes in respect of which this Global Note is issued will be entitled to have title to the Notes
registered in their names. 
 This Global Note is evidence of entitlement only. Title to the Notes passes only on due registration in the register of Holders
and only the duly registered holder is entitled to payments on Notes in respect of which this Global Note is issued. 
 The Indenture is modified as follows
in so far as they apply to the Notes in respect of which this Global Note is issued. 
 Meetings 
 At any meeting of Holders the registered holder of this Global Note will be treated as having one vote in respect of each U.S.$1,000 in principal amount of Notes for
which this Global Note is issued. The Trustee may allow a person with an interest in Notes in respect of which this Global Note has been issued to attend and speak at a meeting of Holders on appropriate proof of his identity and interest.

 Cancellation 
 Cancellation of any Note by the Issuer
following its redemption, exchange or purchase by the Issuer will be effected by a reduction in the principal amount of the Notes in the register of Holders. 
 Trustee’s Powers 
 In considering the interests of Holders while this Global Note is registered in the name of a nominee for a clearing
system, the Trustee may, to the extent it considers it appropriate to do so in the circumstances but without being obliged to do so, (a) have regard to any information as may have been made available to it by or on behalf of the relevant
clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements in respect of the Notes and (b) may consider such interests on the basis that such accountholders were the
holders of the Notes in respect of which this Global Note is issued. 
 Conversion 
 To convert a Note, a Holder must (1) complete and sign a notice in substantially the form set forth in Schedule 2 of the Indenture which Holders must complete, execute and deliver to the Conversion Agent, with a
copy to the Company and The Bank of New York Mellon, as the ADS depositary under the Deposit Agreement dated as of [—], 2008, between the Company, The Bank of New York Mellon, as ADS depositary, and the holders
and beneficial owners from time to time of the ADSs issued thereunder[, as supplemented by the letter agreement dated as of [—], 2008 between the Company and The Bank of New York Mellon in connection with the
conversion of the Notes (the Conversion Notice) 
 Payment 
 Payments of principal and premium (if any) in respect of Notes represented by this Global Note will be made without presentation or if no further payment falls to be made in respect of the Notes, against presentation and surrender of this
Global Note to or to the order of the Principal Agent or such other Paying Agent as shall have been notified to the Holders for such purpose. 
  

 65 

 Notices 
 So long as
the Notes are represented by this Global Note and this Global Note is held on behalf of Euroclear or Clearstream or the Alternative Clearing System, notices to Holders may be given by delivery of the relevant notice to Euroclear or Clearstream, for
communication by it to entitled accountholders in substitution for notification as required by the Indenture. 
 Whilst any of the Notes held by a Holder are
represented by this Global Note, notices to be given or elections to be made by such Holder may be given by the relevant accountholder (where applicable) through Euroclear and/or Clearstream and otherwise in such manner as the Principal Agent and
Euroclear and Clearstream may approve for this purpose. 
 Transfers 
 Transfers of interests in the Notes will be effected through the records of Euroclear and Clearstream and their respective participants in accordance with the rules and procedures of Euroclear and Clearstream and
their respective direct and indirect participants. 
 Enforcement 
 For the purposes of enforcement of the provisions of the Indenture against the Trustee, the persons named in a certificate of the holder of the Notes in respect of which this Global Note is issued shall be recognised as the beneficiaries of
the trust set out in the Indenture, to the extent of the principal amounts of their interest in the Notes set out in the certificate of the holder, as if they were themselves the holders of Notes in such principal amounts. 
 This Global Note shall not be valid for any purpose until authenticated by or on behalf of the Note Registrar. 
 This Global Note shall be governed by, and construed under the laws of the State of New York. 
 In witness whereof the Issuer has caused this Global Note to be signed on its behalf. 
 Dated            2008 
  

			
	GCL SILICON TECHNOLOGY HOLDINGS INC.
		
	By:	 	  

	Director/Authorised Signatory

 Certificate of Authentication 
 This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture. 
  

 66 

			
	DEUTSCHE BANK LUXEMBOURG, S.A.,
	
	AS NOTE REGISTRAR
		
	By:	 	 
	AUTHORIZED SIGNATORY

 Dated: 
  

 67 

 Schedule A 
 Schedule of Reductions in Principal Amount of Notes in respect of which this 
 Global Note is Issued

 The following reductions in the principal amount of Notes in respect of which this Global Note is issued have been made as a result of: (i) the
exercise of the Conversion Right attaching to Notes or (ii) redemption of Notes or (iii) purchase and cancellation of the Notes: 
  

							
	Date of Conversion/ Redemption / Purchase and cancellation of the Notes	 	Amount of decrease in principal amount of this Global Note	 	Principal Amount of this Global Note following such decrease	 	Notation made by or on behalf of the Note Registrar

  

 68 

 PRINCIPAL AGENT 
 DEUTSCHE BANK AG, HONG KONG BRANCH 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong

 NOTE REGISTRAR 
 DEUTSCHE BANK LUXEMBOURG S.A. 
 2 Boulevard Konrad Adenauer 
 L-1115 
 Luxembourg 
  

 69 

 Form of Transfer 
 FOR VALUE RECEIVED the undersigned hereby transfers the following principal amounts of Notes in respect of which the Global Note is issued, and all rights in respect thereof, to the transferee(s) listed below:

  

									
	Principal Amount transferred	 		 	Name, address and account for payments of transferee
					
	Dated :	 	  
	 		 	Certifying Signature :	 	  

	Name :	 	  
	 		 		 	

 Notes: 
  

	(i)	A representative of the Holder should state the capacity in which he signs e.g. executor. 

  

	(ii)	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised
bank, notary public or in such other manner as the Principal Agent or the Note Registrar may require. 

  

 70 

 SCHEDULE 2 
 FORM OF CONVERSION NOTICE 
 To convert this Note, check the box:     ̈
 
 To convert only part of this Note, state the principal amount to be converted (must be $1,000 or an integral multiple of $1,000):
$            . 
 If you want the ADSs to be delivered, or cash paid, to another person, fill in
the form below: 
 (Insert assignee’s soc. sec. or tax I.D. no.) 
 (Print or type assignee’s name, address and zip code) and irrevocably appoint 
 Agent to transfer this Note on the books of the Company. The
Agent may substitute another to act for him or her. 
  

							
	Date:	 		 	Your Signature:	 	
		 		 		 	 (Sign exactly as your name appears on the
 other side
of this Note)

 *Signature guaranteed by: 
 By: 
  

	*	[The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer Agent
Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee.] 

  

 71 

 SCHEDULE 3 
 FORM OF REPURCHASE EXERCISE NOTICE 
  

	TO:	GCL SILICON TECHNOLOGY HOLDINGS INC. 

 Suite 3601,
Two Exchange Square 
 Central 
 Hong Kong 
 The undersigned registered owner of this Note hereby irrevocably acknowledges receipt of a notice from GCL SILICON TECHNOLOGY
HOLDINGS INC. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and requests and instructs the Company to purchase the entire principal amount of this Note, or the portion thereof (which is
$1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Note at the Fundamental Change Redemption Amount to the registered Holder hereof. 
  

					
	Date:	 		 	Your
Signature:

 Signature(s) must be guaranteed by a qualified guarantor institution with membership in an approved signature
guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 
 Signature Guaranty 
 Principal amount to be repurchased (in an integral multiple of $1,000, if less than all): 
 NOTICE: The signature to the foregoing election must correspond to the Name as written upon the face of this Note in every particular, without any alteration or change whatsoever. 
  

 72Share Option Scheme adopted by Asia Silicon Technology Holdings

 Exhibit 10.1 
 ASIA SILICON TECHNOLOGY HOLDINGS INC. 
 (incorporated in the Cayman Islands with limited liability)

  
  
 Share Option Scheme adopted by Asia Silicon Technology Holdings Inc. 
 Pursuant to Board Resolutions dated 15th
 August 2007 and Shareholders 
 Resolutions dated 21st February 2008 
  
  

 INDEX 
  

					
	 Paragraph
	  	 Heading
	  	Page no.
	1	  	 Definitions
	  	1
			
	2	  	 Purpose and administration
	  	6
			
	3	  	 Grant of Options
	  	7
			
	4	  	 Subscription Price and Maximum Number of Shares to be issued under the Scheme
	  	9
			
	5	  	 Exercise of Options
	  	9
			
	6	  	 Early termination of Option Period
	  	13
			
	7	  	 Reorganisation of Capital Structure
	  	14
			
	8	  	 Change in Control
	  	15
			
	9	  	 Cancellation of Options
	  	16
			
	10	  	 Share capital
	  	16
			
	11	  	 Disputes
	  	16
			
	12	  	 Alteration of this Scheme
	  	16
			
	13	  	 Termination
	  	16
			
	14	  	 Miscellaneous
	  	17

	1.	DEFINITIONS 

  

	1.1	In this Scheme, except where the context otherwise requires, the following expressions shall have the following meanings: 

  

			
	 “Acceptance Date”
	  	the date of acceptance of an Offer by the relevant Eligible Participant which shall be the date of grant of the Option under the Offer;
		
	 “Adoption Date”
	  	the date on which this Scheme is adopted by the Company by passing of the necessary resolution in general meeting or by way of written resolution of all the shareholders of the
Company;
		
	 “Auditors”
	  	the auditors for the time being of the Company;
		
	 “Acceptance Date”
	  	the board of Directors or a duly authorised committee thereof;
		
	 “Business Day(s)”
	  	any day on which the Stock Exchange is open for the business of dealing in securities;
		
	 “Change in Control”
	  	Means any of the following, so long as it shall occur prior to the Listing Date:
		
		  	 (a)    the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act (for the purposes of this definition a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then-outstanding shares of the Company (for
the purposes of this definition the “Outstanding Shares”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control; (A) any acquisition directly from the
Group, (B) any acquisition by the Group, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Group or any affiliate of the Group or a successor, or (D) any acquisition by any entity pursuant to a
transaction described in sub-sections (c)(l), (2) or (3) below;

		
		  	 (b)    individuals who, as of Adoption Date, constitute the Board (for the purposes of this definition, the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent

  

 1 

			
		 	 to      the Adoption Date whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board (including for these purposes, the new members whose election or nomination was so approved, without counting the member and his predecessor twice) shall
be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

		
		 	 (c)    consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate
transaction involving the Group, a sale or other disposition of all or substantially all of the assets of the Company, [or the acquisition of assets or stock of another entity by the Group] (for the purposes of this definition each, a
“Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Shares immediately prior
to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares entitled to vote generally in the election of directors, of the entity resulting from such Business Combination (including, without
limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly or through one or more subsidiaries (for the purposes of this definition, a
“Parent”)) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Shares, (2) no Person (excluding any entity resulting from such Business Combination
or a Parent or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or Parent) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of
common stock of the entity resulting from such Business Combination or the combined voting power

  

 2 

			
		  	 of      the then-outstanding voting securities of such entity, except to the extent that the ownership in
excess of 20% existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors or trustees of the entity resulting from such Business Combination or a Parent were members of the Incumbent Board at the
time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

		
		  	 (d)    approval by the stockholders of the Company of a complete liquidation or dissolution of the Company other than
in the context of a transaction that does not constitute a Change in Control under clause (c) above.

		
	 “Company”
	  	Asia Silicon Technology Holdings Inc., a company incorporated in the Cayman Islands with limited liability;
		
	 “Control”
	  	means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by
contract, or otherwise;
		
	 “Director(s)”
	  	director(s) of the Company for the time being;
		
	 “Eligible Employee”
	  	any employee (whether full time or part time, including any executive director but excluding any non-executive director) of the Company or any Subsidiary;

  

 3 

			
	 “Eligible Participants”
	  	any director or mid-level to senior management personnel of the Group who may be invited by the Board to take up Options as referred to in paragraph 3.1;
		
	 “Entitlement Shares”
	  	the maximum number of Shares which a Grantee is entitled to subscribe by exercising the Option he has been granted by accepting the Offer;
		
	 “Grantee”
	  	any Eligible Participant who accepts the Offer in accordance with the terms of this Scheme or (where the context so permits and as referred to in paragraph 5.5(a)) his Personal
Representative;
		
	 “Group”
	  	the Company and its Subsidiaries and “member(s) of the Group” shall be construed accordingly;
		
	 “Hong Kong”
	  	the Hong Kong Special Administrative Region of the People’s Republic of China;
		
	 “Latest Practicable Date”
	  	the latest practicable date prior to the printing of the Prospectus for the purpose of ascertaining certain information contained in the Prospectus as specified in the
Prospectus;
		
	 “Listing Date”
	  	the date on which the Shares first commence trading on the Stock Exchange;
		
	 “Offer”
	  	an offer for the grant of an Option made in accordance with paragraph 3.3;
		
	 “Offer Date”
	  	the date, which must be a Business Day, on which an Offer is made to an Eligible Participant;
		
	 “Offer Price”
	  	has the meaning ascribed thereto in the Prospectus;
		
	 “Option”
	  	an option to subscribe for the Shares granted pursuant to this Scheme;
		
	 “Option Close Date”
	  	a date defined pursuant to paragraph 2.3 of this Scheme;

  

 4 

			
		
	 “Option Period”
	  	in respect of any particular Option, a period to be determined and notified by the Board to the Grantee thereof as stated in the Offer (such period may not commence earlier than the first day
immediately following the expiry of six (6) months after the Listing Date and may not end on a date later than the expiry of ten (10) years from the date of grant of that Option);
		
	 “Personal Representatives”
	  	the person or persons who, in accordance with the laws of succession applicable in respect of the death of a Grantee (being an individual), is or are entitled to exercise the Option granted
to such Grantee;
		
	 “Prospectus”
	  	the prospectus to be issued by the Company in connection with, among other matters, the offer for subscription of Shares by the Company by way of public offer and placing and the proposed
listing of the Shares on the Stock Exchange;
		
	 “Scheme”
	  	this Share Option Scheme in its present form or as may be amended in accordance with paragraph 12;
		
	 “Shares”
	  	shares of US$0.01 each of the Company, or, if there has been a subdivision, consolidation, reclassification or reconstruction of the share capital of the Company, shares forming part of the
ordinary equity share capital of the Company of such other nominal amount as shall result from any such subdivision, consolidation, reclassification or reconstruction;
		
	 “Stock Exchange”
	  	New York Stock Exchange or Nasdaq Global Market;
		
	 “Subscription Price”
	  	US$500.00;
		
	 “Subsidiary”
	  	Asia Silicon Technology Holdings Limited and Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd.; and
		
	 “US$”
	  	United States dollars.

  

	1.2	In this Scheme: 

  

	 	(a)	paragraph headings are for ease of reference only and shall be ignored in construing this Scheme; 

  

	 	(b)	references to paragraphs or sub-paragraphs are references to paragraphs or sub-paragraphs hereof; 

  

 5 

	 	(c)	words importing the singular include the plural and vice versa; 

  

	 	(d)	words importing one gender include both genders and the neuter and vice versa; 

  

	 	(e)	references to persons include bodies corporate and unincorporated, partnerships, sole proprietorships, organizations, associations, enterprises and entities of any other kind
whether or not having separate legal identity; 

  

	 	(f)	references to any statutory provisions or rules prescribed by any statutory bodies shall include the same as from time to time amended, consolidated and re-enacted;

  

	 	(g)	references to any statutory body shall include the successor thereof and any body established to replace or assume the functions of the same; and 

  

	 	(h)	any reference to a time of a day in this Scheme is a reference to Hong Kong time. 

  

	2.	PURPOSE AND ADMINISTRATION 

  

	2.1	The purpose of this Scheme is to recognise and reward the contribution of certain Eligible Participants to the growth and development of the Group and the proposed listing of the
Shares on the Stock Exchange 

  

	2.2	This Scheme shall be subject to the administration of the Board whose decision on all matters arising in relation to this Scheme or their interpretation or effect shall (save as
otherwise provided herein) be final and binding on all persons who may be affected thereby. 

  

	2.3	Subject to paragraph 13, this Scheme shall be valid and effective until the earlier of (i) 9:00 a.m. on the Listing Date and (ii) a Change in Control (the “Option
Close Date”), after which period no further Options may be issued but the provisions of this Scheme shall remain in force to the extent necessary to give effect to the exercise of any Options granted or exercised prior thereto or otherwise
as may be required in accordance with the provisions of this Scheme. 

  

	2.4	A Grantee shall ensure that the acceptance of an Offer, the holding and exercise of his Option in accordance with this Scheme, the allotment and issue of Shares to him upon the
exercise of his Option and the holding of such Shares are valid and comply with all laws, legislation and regulations including all applicable exchange control, fiscal and other laws to which he is subject. The Board may, as a condition precedent of
making an Offer and allotting Shares upon an exercise of an Option, require an Eligible Participant to produce such evidence as it may reasonably require for such purpose. 

  

 6 

	3.	GRANT OF OPTIONS 

  

	3.1	The Board shall, in accordance with the provisions of this Scheme and at any time within a period commencing from the Adoption Date and the Option Close Date, be entitled to but do
not have the obligation to grant to any Eligible Participant an Option to subscribe for such number of Shares (being a board lot for dealings in the Shares on the Stock Exchange or an integral multiple thereof) as the Board shall, subject to
paragraph 7, determine. 

 (For the avoidance of doubt, the grant of any options by the Company for the subscription of Shares
or other securities of the Group to any person who fall within any of the classes of Eligible Participants shall not, by itself, unless the Board otherwise determines, be construed as a grant of Option under this Scheme.) 
  

	3.2	The eligibility of any of the Eligible Participants to an Offer shall be determined by the Board from time to time on the basis of the Board’s opinion as to his contribution to
the development and growth of the Group and to the proposed listing of the Shares on the Stock Exchange. The Board may in its absolute discretion specify such conditions as it thinks fit when making an Offer to an Eligible Participant (including,
without limitation, as to any performance criteria which must be satisfied by the Eligible Participant and/or the Company and/or its Subsidiaries before an Option may be exercised, if any), provided that such conditions shall not be inconsistent
with any other terms and conditions of this Scheme. 

  

	3.3	An Offer shall be made to an Eligible Participant in writing (and unless so made shall be invalid) in such form as the Board may from time to time determine, either generally or on
a case-by-case basis, specifying the number of Shares, the Subscription Price and the Option Period in respect of the Option under the relevant Offer (including the minimum period, for which the Option (or any part thereof) must be held before it
can be exercised) and the conditions to which the grant is subject; such Offer shall remain open for acceptance by the Eligible Participant concerned (and by no other person) during the period from the Offer Date to the earlier of (i) the
expiry of a period of 21 days from the Offer Date; or (ii) the Latest Practicable Date. 

  

	3.4	An Offer shall state, in addition to the matters specified in paragraph 3.3, the following: 

  

	 	(a)	the Offer Date; 

  

	 	(b)	the name, address and position of the Eligible Participant; 

  

	 	(c)	the number of Shares in respect of which the Offer is made and the Subscription Price for such Shares; 

  

	 	(d)	the Option Period in respect of which the Offer is made or, as the case may be, the Option Period in respect of separate parcels of Shares comprised in the Offer;

  

 7 

	 	(e)	the last date by which the Offer must be accepted (which may not be later than the earlier of (i) the expiry of 21 days from the Offer Date; or (ii) the Latest Practicable
Date); 

  

	 	(f)	the procedure for acceptance (as described in paragraph 3.5 hereof); 

  

	 	(g)	that the amount paid for the grant of the Option is not refundable and shall not in any circumstances be, or be deemed to be, a part payment of the Subscription Price;

  

	 	(h)	the performance target(s) (if any) that must be attained by the Eligible Participant and/or the Company and/or its Subsidiaries before any Option can be exercised;

  

	 	(i)	such other terms and conditions of the Offer as may be imposed by the Board as are not inconsistent with this Scheme; and 

  

	 	(j)	a statement requiring the Eligible Participant to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of this Scheme including,
without limitation, the conditions specified in paragraphs 2.4, 5.1, 5.2, 14.8 to 14.12, inclusive. 

  

	3.5	An Offer shall have been accepted by an Eligible Participant in respect of all Shares which are subject to the Option being offered to such Eligible Participant when the duplicate
letter comprising acceptance of the Offer duly signed by the Eligible Participant together with a remittance in favour of the Company of US$1.00 by way of consideration for the grant thereof is received by the Company within such time as may be
specified in the Offer (which shall not be later than the earlier of (i) the expiry of 21 days from the Offer Date; or (ii) the Latest Practicable Date). Such remittance shall in no circumstances be refundable. 

  

	3.6	Any Offer may be accepted by an Eligible Participant in such a way that under the Option granted, the Grantee has the right to subscribe for a number of Shares which is less than
that originally stated in the Offer (provided that the number of Shares covered by the Option as accepted shall be a board lot for dealings in the Shares on the Stock Exchange or an integral multiple thereof). The number of Shares covered by the
Option as accepted shall be clearly stated in the Offer; and the acceptance letter must be duly signed by such Eligible Participant and received by the Company together with a remittance in favour of the Company of US$1.00 by way of consideration
for the grant thereof within such time as may be specified in the Offer (which may not be later than the earlier of (i) the expiry of 21 days from the Offer Date; or (ii) the Latest Practicable Date). Such remittance shall in no
circumstances be refundable. 

  

	3.7	Upon an Offer being accepted by an Eligible Participant in whole or in part in accordance with paragraph 3.5 or 3.6, an Option in respect of the number of Shares in respect of which
the Offer is so accepted will be deemed to have been granted by the Company to such Eligible Participant on the date of such acceptance. To the extent that the Offer is not accepted within the time specified in the Offer in the manner indicated in
paragraph 3.5 or 3.6, it will be deemed to have been irrevocably declined. 

  

 8 

	3.8	The Option Period of an Option may not end later than ten (10) years after the date of grant of such Option. 

  

	4.	MAXIMUM NUMBER OF SHARES TO BE ISSUED UNDER THE SCHEME 

  

	4.1	The total number of Shares which may be issued upon exercise of all Options to be granted under the Scheme shall not exceed 5% of the total number of Shares in issue as of the
Adoption Date. 

  

	4.2	The total number of Shares issued or to be issued to any Grantee upon exercise of the Option granted to that Grantee (including both exercised and outstanding Options) within any
twelve-month period shall not exceed 2% of the total number of Shares in issue. 

  

	5.	EXERCISE OF OPTIONS 

  

	5.1	An Option can only be exercised after either of the following events have occurred: 

  

	 	(i)	     

 (a) commencement
of listing and trading of Shares on the Stock Exchange; and 
 (b) the Stock Exchange granting the approval for the listing of
and permission to deal in any Shares to be allotted and issued by the Company pursuant to the exercise of Options in accordance with the terms and conditions of this Scheme; 
 or 
  

	 	(ii)	a Change in Control, prior to the Listing Date, and the Board has elected to accelerate the exercisability of the Options. 

 If either of the foregoing conditions are not satisfied (which in the case of condition clause (i) above must be satisfied on or before 30 days after
the date of the Prospectus and in the case of clause (ii) must be satisfied prior to the Listing Date), this Scheme and any Options granted under this Scheme shall forthwith lapse and no Grantee shall be entitled to any rights or benefits in
respect of any such Options or otherwise under this Scheme. 
  

	5.2	An Option shall be personal to the Grantee and shall not be transferable or assignable. No Grantee shall in any way. sell, transfer, charge, mortgage, encumber or otherwise dispose
of or create any interest (whether legal or beneficial) whatsoever in favour of any third party over or in relation to any Option or enter into any agreement to do so. Any breach of the foregoing by a Grantee shall entitle the Company to cancel any
Option granted to such Grantee to the extent not already exercised. 

  

 9 

	5.3	There is no general provision which requires that any Option granted under the Scheme shall be exercisable only after any performance target is met by the Grantee; however, the
Board may in its sole discretion set the conditions for the exercise of the Option so long as such conditions are set out clearly in the Offer granting the Option. In any event, any Option, in the absence of acceleration by the Board prior to the
Listing Date, must be exercised according to the schedule below: 

  

				
	 Years within the Option Period
	  	Cumulative percentage of Entitlement Shares a
Grantee is allowed to subscribe	 
	 1st
	  	25	%
	 2nd
	  	50	%
	 3rd
	  	75	%
	 4th
	  	100	%

  

	5.4	Subject to paragraphs 2.4 and 14.8 and the fulfillment of all terms and conditions set out in the Offer, including the fulfillment of the minimum period for which an Option must be
held (as described in paragraph 5.3) before it can be exercised and the attainment of any performance targets stated therein (if any), an Option shall be exercisable in whole or in part in the circumstances and in the manner as set out in paragraphs
5.5, 5.6 and 8 by giving notice in writing to the Company stating that the Option is thereby exercised and the number of Shares in respect of which it is so exercised. Each such notice must be accompanied by a remittance for the full amount of the
aggregate Subscription Price for Shares in respect of which the notice is given. Within thirty [(30)] days (seven (7) days in the case of an exercise pursuant to paragraph 5.5(c) or 8) after receipt of the notice and, where appropriate, receipt
of the certificate of the Auditors or the independent financial advisers pursuant to paragraph 7, the Company shall accordingly allot and issue the relevant number of Shares to the Grantee (or, in the event of an exercise of Option by a Personal
Representative pursuant to paragraph 5.5(a), to the estate of the Grantee) fully paid and issue and deliver to the Grantee (or his estate in the event of an exercise by his Personal Representative as aforesaid) a share certificate for the Shares so
allotted and issued. 

  

 10 

	5.5	Subject to the terms herein provided, an Option may (and may only) be exercised by the Grantee at any time or times during the Option Period provided that: 

 

	 	(a)	if the Grantee is an Eligible Employee and in the event of his ceasing to be an Eligible Employee by reason of his death or ill-health or retirement in accordance with his contract
of employment before exercising the Option in full and none of the events which would be a ground for termination of his employment under sub-paragraph 6.1(c) arise, his Personal Representative(s) or, as appropriate, the Grantee, may exercise the
Option (to the extent that he is entitled to under paragraph 5.3 but has not already exercised) in whole or in part in accordance with the provisions of paragraph 5.4 within a period of 12 months following the date of cessation of employment which
date shall be the last day on which the Grantee is at work with the Group whether salary is paid in lieu of notice or not; 

  

	 	(b)	if the Grantee is an Eligible Employee and in the event of his ceasing to be an Eligible Employee by reason of dismissal by the Company or his resignation in accordance with his
contract of employment and none of the events which would be a ground for termination of his employment under sub-paragraph 6.1(c) arise, the Grantee may exercise the Option (to the extent that he is entitled to under paragraph 5.3 but has not
already exercised) in whole or in part in accordance with the provisions of paragraph 5.4 within a period of 3 months following the date of cessation of employment which date shall be the last day on which the Grantee is at work with the relevant
Member of the Associate Group whether salary is paid in lieu of notice or not. If the Grantee is an Eligible Employee and in the event of termination of his employment on one or more grounds specified in paragraph 6.1(c) before the Option has been
exercised in full, the Option (to the extent that he is entitled to under paragraph 5.3 but has not already exercised) shall lapse on the date of cessation or termination and not be exercisable unless the Board determine otherwise, in which case,
the Grantee may exercise the Option (to the extent that he is entitled to under paragraph 5.3 but has not already exercised) in whole or in part in accordance with the provisions of paragraph 5.4 within such period as the Board may determine
following the date of such cessation or termination. The date of cessation or termination as aforesaid shall be the last day on which the Grantee was actually at work with the relevant Member of the Associate Group whether salary is paid in lieu of
notice or not; 

  

	 	(c)	if a general offer by way of take-over is made to all the shareholders of the Company (other than by way of scheme of arrangement pursuant to paragraph 5.5(d) below) (or all such
holders other than the offeror and/or any person controlled by the offeror and/or any person acting in association or concert with the offeror) with the terms of the offer having been approved by the holders of not less than nine-tenths in value of
the Shares comprised in the offer within 4 months from the date of the offer and the offeror thereafter gives a notice to acquire the remaining Shares, the Company shall give notice thereof to the Grantee and the Grantee (or his personal
representative if he is deceased) may by notice in writing to the Company within 14 days after the offer has become unconditional exercise the Option (to the extent that, on the date of the notice of the offeror, he is entitled to under paragraph
5.3 but has not already exercised) to its full extent or to the extent specified in such notice; 

  

 11 

	 	(d)	if a general offer by way of scheme of arrangement is made to all shareholders of the Company and it has been approved by the necessary number of shareholders of the Company at the
requisite meetings, the Company shall give notice thereof to the Grantee. The Grantee (or his personal representative(s) if he is deceased) may by notice in writing to the Company within [14] days of the notice of the offeror exercise the Option (to
the extent that, on the date of the notice of the offeror, he is entitled to under paragraph 5.3 but has not already exercised) to its full extent or to the extent specified in such notice; 

  

	 	(e)	if a notice is given by the Company to its shareholders to convene a general meeting for the purposes of considering, and if thought fit, approving a resolution to voluntarily
wind-up the Company, other than for the purposes of a reconstruction, amalgamation or scheme of arrangement, the Company shall on the same date as or soon after it dispatches such notice to convene the general meeting give notice thereof to all
Grantees; thereupon, each Grantee (or his legal personal representative(s) if he is deceased) may by notice in writing to the Company (such notice shall be received by the Company not later than 2 Business Days prior to the proposed general meeting)
exercise the Option either to its full extent or to the extent specified in such notice; such notice is to be accompanied by a remittance for the full amount of the aggregate Subscription Price for the Shares in respect of such the notice is given,
whereupon the Company shall as soon as possible and, in any event, no later than the Business Day immediately prior to the date of the proposed general meeting allot the relevant Shares to the Grantee credited as fully paid;

  

	 	(f)	in the event a compromise or arrangement between the Company and its shareholders or creditors is proposed for the purposes of or in connection with a scheme for the reconstruction
of the Company or its amalgamation with any other company or companies (other than a general offer or a scheme of arrangement contemplated in paragraphs 5.5(c) and 5.5(d) above), the Company shall give notice thereof to the Grantee on the same date
as it dispatches the notice which is sent to each shareholder or creditor of the Company summoning the meeting to consider such a compromise or arrangement; thereupon the Grantee (or his personal representative(s) if the Grantee is deceased) may
forthwith and until the expiry of the period commencing with such date and ending with the earlier of (i) the expiry of 2 calendar months thereafter and (ii) the date on which such compromise or arrangement is sanctioned by the court,
exercise any of his Options (to the extent that it has become exercisable and has not already been exercised) whether in full or in part, but the exercise of an Option as aforesaid shall be conditional upon such compromise or arrangement being
sanctioned by the court and becoming effective. Upon such compromise or arrangement becoming effective, all Options shall lapse except insofar as previously exercised under the Scheme. The Company may require the Grantee (or the personal
representative(s) if the Grantee is deceased) to transfer or otherwise deal with the Shares issued as a result of the exercise of Options in these circumstances SO as to place the Grantee in the same position as nearly as would have
been the case had such Shares been subject to such compromise or arrangement. 

  

 12 

	5.6	Shares to be allotted and issued upon the exercise of an Option will be subject to all the provisions of the articles of association of the Company for the time being in force and
will rank pari passu in all respects with the then existing fully paid Shares in issue on the date on which the Option is duly exercised or, if that date falls on a day when the register of members of the Company is closed, the first day of the
re-opening of the register of members (“Exercise Date”) and accordingly will entitle the holders thereof to participate in all dividends or other distributions paid or made on or after the Exercise Date other than any
dividend or other distribution previously declared or recommended or resolved to be paid or made if the record date therefor shall be before the Exercise Date. Any Shares allotted and issued upon the exercise of an Option shall not carry voting
rights until the name of the Grantee has been duly entered on the register of members of the Company as the holder thereof. 

  

	6.	LAPSE OF OPTION 

  

	6.1	The Option Period in respect of any Option shall automatically terminate and that Option (to the extent that it has become exercisable but has not already been exercised) shall
lapse on the earliest of: 

  

	 	(a)	the expiry of the Option Period; 

  

	 	(b)	the expiry of any of the periods referred to in paragraph 5.5; 

  

	 	(c)	in respect of a Grantee who is an Eligible Employee as at the date of grant of the Option, the date on which the Grantee ceases to be an Eligible Employee by reason of termination
of his employment on any one or more of the grounds that he has been guilty of persistent or serious misconduct, or has committed any act of bankruptcy or has become insolvent or has made any arrangement or composition with his creditors generally,
or has been convicted of any criminal offence (other than an offence which in the opinion of the Board does not bring the Grantee or the Group into disrepute); 

  

	 	(d)	in respect of a Grantee other than an Eligible Employee, the date on which the Board shall at its absolute discretion determine that (i) (aa) the Grantee has committed any
breach of any contract entered into between the Grantee on the one part and the Group on the other part; or (bb) the Grantee has committed any act of bankruptcy or has become insolvent or is subject to any winding-up, liquidation or analogous
proceedings or has made any arrangement or composition with his creditors generally; or (cc) the Grantee could no longer make any contribution to the growth and development of the Group by reason of the cessation of its relations with the Group or
by any other reason whatsoever; and (ii) the Option shall lapse as a result of any event specified in paragraph 6.1(d)(i)(aa) to (cc) above; 

  

	 	(e)	the date on which the Board shall exercise the Company’s right to cancel the Option by reason of a breach of paragraph 5.2 by the Grantee in respect of that or any other Option
or a breach of any conditions pursuant to which the Option is granted; and 

  

 13 

	 	(f)	the date on which the Board has resolved that the Grantee does not satisfy or fails to observe such conditions, restrictions or limitations, if the Option is granted subject to any
such conditions, restrictions or limitations. 

  

	6.2	A resolution of the Board to the effect that the employment of a Grantee has been terminated on one or more of the grounds specified in paragraph 6.1(c) or that any event referred
to in paragraph 6.1(d)(i) has occurred shall be conclusive and binding on all persons who may be affected thereby. 

  

	6.3	Transfer of employment of a Grantee who is an Eligible Employee from one member of the Group to another member of the Group shall not be considered cessation of employment. It shall
not be considered cessation of employment if a Grantee who is an Eligible Employee is placed on such leave of absence which is considered by the directors of the relevant member of the Group not to be a cessation of employment of the Grantee.

  

	7.	REORGANISATION OF CAPITAL STRUCTURE 

  

	7.1	In the event of any alteration in the capital structure of the Company whilst any Option remains exercisable or this Scheme remains in effect, and such event arises from a
capitalization issue, rights issue, consolidation or sub-division of Shares or reduction of the share capital of the Company, the Company shall instruct the Auditors or an independent financial adviser to certify in writing the adjustment, if any,
that ought in their opinion fairly and reasonably to be made either generally or as regards any particular Grantee, to: 

  

	 	(a)	the number or nominal amount of Shares to which this Scheme or any Option(s) relate(s) (insofar as it is/they are unexercised); and/or 

  

	 	(b)	the Subscription Price of any Option; and/or 

  

	 	(c)	(unless the relevant Grantee elects to waive such adjustment) the number of Shares comprised in an Option or which remains comprised in an Option, 

 and an adjustment as so certified by the Auditors or such independent financial adviser shall be made, provided that: 
  

	 	(i)	any such adjustment shall give the Grantee the same proportion of the issued share capital of the Company for which such Grantee would have been entitled to subscribe had he
exercised all the Options held by him immediately prior to such adjustment; 

  

	 	(ii)	no such adjustment shall be made the effect of which would be to enable a Share to be issued at less than its nominal value; 

  

 14 

	 	(iii)	no such adjustment shall be made the effect of which would be to increase the proportion of the issued share capital of the Company for which any Grantee would have been entitled to
subscribe had he exercised all the Options held by him immediately prior to such adjustment; and 

  

	 	(iv)	the issue of Shares or other securities of the Group as consideration in a transaction shall not be regarded as a circumstance requiring any such adjustment.

  

	7.2	If there has been any alteration in the capital structure of the Company as referred to in paragraph 7.1, the Company shall (upon receipt of a notice from a Grantee in accordance
with paragraph 5.4) inform the Grantee of such alteration and shall either inform the Grantee of the adjustment to be made in accordance with the certificate of the Auditors or the independent financial adviser obtained by the Company for such
purpose or, if no such certificate has yet been obtained, inform the Grantee of such fact and instruct the Auditors or the independent financial adviser as soon as practicable thereafter to issue a certificate in that regard in accordance with
paragraph 7.1. 

  

	7.3	In giving any certificate under this paragraph 7, the Auditors or the independent financial adviser appointed under paragraph 7.1 shall be deemed to be acting as experts and not as
arbitrators and their certificate shall, in the absence of manifest error, be final, conclusive and binding on the Company and all persons who may be affected thereby. 

  

	8.	CHANGE IN CONTROL 

 (a) If, at any time prior to the
Listing Date a Change in Control occurs, all unexercised Options shall, irrespective of the requirements of paragraph 5.3 and as determined by the Board in its sole discretion, either: (i) become immediately exercisable or (ii) be adjusted
in the manner described in paragraph 8(b). As soon as practicable, but no later than seven (7) days after such Change in Control has occurred, the Company shall give notice to the Grantees of its determination and, in the case of clause (i),
the Grantee (or his Personal Representative) may by notice in writing to the Company within fourteen (14) days of receiving such notice of Change in Control exercise all unexercised Options. 
 (b) Upon the occurrence of a Change in Control the Board, in its sole discretion, may in such a manner and to such extent and at such time as it deems
appropriate and equitable under the circumstances, adjust the terms of the Option so long as such action shall be intended to permit the participants to realize the benefits intended to be conveyed by the Option(s). 
  

 15 

	9.	CANCELLATION OF OPTIONS 

 Subject to paragraphs 5.1
and 5.2, any Option granted but not exercised may not be cancelled except with the written consent of the relevant Grantee and the prior approval of the Board; provided that upon a Change in Control any Option granted but not exercised may, pursuant
to paragraph 8, be cancelled or adjusted in the sole discretion of the Board and the affected Grantee(s) shall not be entitled to any rights or benefits in respect of any such Option(s) or otherwise under this scheme. 
  

	10.	SHARE CAPITAL 

 The exercise of any Option shall be
subject to the members of the Company in general meeting approving any necessary increase in the authorised share capital of the Company. Subject thereto, the Directors shall make available sufficient authorised but unissued share capital of the
Company to allot the Shares on the exercise of any Option. 
  

	11.	DISPUTES 

 Any dispute arising in connection with
this Scheme (whether as to the number of Shares the subject of an Option, the amount of the Subscription Price or otherwise) or any adjustment under paragraph 7.1 shall be referred to the decision of the Auditors who shall act as experts and not as
arbitrators and whose decision shall, in the absence of manifest error, be final, conclusive and binding on all persons who may be affected thereby. 
  

	12.	ALTERATION OF THIS SCHEME 

  

	12.1	Subject to paragraphs 12.2 and 12.3, this Scheme may be altered in any respect by a resolution of the Board. 

  

	12.2	Subject to paragraph 12.3, any alterations to the terms and conditions of this Scheme which are of a material nature or any change to the terms of Options shall be approved by the
shareholders of the Company except where the alterations take effect automatically under the existing terms of this Scheme. 

  

	12.3	Any change to the authority of the Board in relation to any alteration to the terms of this Scheme must be approved by the shareholders of the Company in general meeting.

  

	12.4	Save as the aforesaid and except as permitted under the Listing Rules as may be effective from time to time, no amendments shall be made to the provisions under the Scheme.

  

	13.	TERM AND TERMINATION OF THE SCHEME 

  

	13.1	The Scheme shall be valid for a period often years from the date on which Scheme is adopted. 

  

	13.2	The Board may, by resolution, at any time terminate the operation of this Scheme prior to the expiration of the term of this Scheme as stipulated in Clause 13.1 hereof; in such
event no further Options will be offered and, within the sole discretion of the Board, the provisions of this Scheme shall remain in force to the extent necessary to give effect to the exercise of any Options (to the extent that he is entitled to
under paragraph 5.3 but has not already exercised) granted prior thereto. 

  

 16 

	14.	MISCELLANEOUS 

  

	14.1	This Scheme shall not form part of any contract of employment between the Group and any Eligible Employee and the rights and obligations of any Eligible Employee under the terms of
his office or employment shall not be affected by his participation in this Scheme or any right which he may have to participate in it and this Scheme shall afford such an Eligible Employee no additional rights to compensation or damages in
consequence of the termination of such office or employment for any reason. 

  

	14.2	This Scheme shall not confer on any person any legal or equitable rights (other than those constituting the Options themselves) against the Company directly or indirectly or give
rise to any cause of action at law or in equity against the Company. 

  

	14.3	The Company shall bear the costs of establishing and administering this Scheme, including any costs of the Auditors or any independent financial adviser in relation to the
preparation of any certificate by them or provision of any other service in relation to this Scheme. 

  

	14.4	A Grantee shall be entitled to receive copies of all notices and other documents sent by the Company to holders of the Shares at the same time or within a reasonable time of any
such notices or documents being sent to holders of Shares. 

  

	14.5	Any notice or other communication between the Company and a Grantee may be given by sending the same by prepaid post or by personal delivery to, in the case of the Company, its
principal place of business in Hong Kong and, in the case of the Grantee, his address in Hong Kong or the PRC as notified to the Company from time to time or, if none or incorrect or out of date, his last place of employment with the relevant member
of the Group. 

  

	14.6	Any notice or other communication if sent by the Grantee shall be irrevocable and shall not be effective until actually received by the Company. 

  

	14.7	Any notice or other communication if sent to the Grantee shall be deemed to be given or made: 

  

	 	(a)	one (1) day after the date of posting, if sent by mail; and 

  

	 	(b)	when delivered, if delivered by hand. 

  

 17 

	14.8   	A Grantee shall, before accepting an Offer or exercising his Option, obtain all necessary consents that may be required to enable him to accept the Offer or to exercise the Option
and the Company to allot and issue to him in accordance with the provisions of this Scheme the Shares falling to be allotted and issued upon the exercise of his Option. By accepting an Offer or exercising his Option, the Grantee thereof is deemed to
have represented to the Company that he has obtained all such consents. Compliance with this paragraph shall be a condition precedent to an acceptance of an Offer by a Grantee and an exercise by a Grantee of his Option. A Grantee shall indemnify the
Company fully against all claims, demands, liabilities, actions, proceedings, fees, costs and expenses which the Company may suffer or incur (whether alone or jointly with other party or parties) for or in respect of any failure on the part of the
Grantee to obtain any necessary consent or to pay tax or other liabilities referred therein. 

  

	14.9   	A Grantee shall pay all tax and discharge all other liabilities to which he may become subject as a result of his participation in this Scheme or the exercise of any Option.

  

	14.10 	By accepting an Offer, an Eligible Participant shall be deemed irrevocably to have waived any entitlement, by way of compensation for loss of office or otherwise howsoever, to any
sum or other benefit to compensate him for loss of any rights under this Scheme. 

  

	14.11 	The Board shall have the power from time to time to make or vary regulations for the administration and operation of this Scheme. The Board shall also have the power to delegate its
powers to grant Options to Eligible Participants and to determine the Subscription Price, to the Company’s chief executive officer from time to time, subject to the requirements and restrictions set out in this Scheme. 

 

	14.12 	This Scheme and all Options granted hereunder shall be governed by and construed in accordance with the laws of Hong Kong. 

 - End - 
  

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