Document:

Exhibit 4.1

 

 

GRAN TIERRA ENERGY INC.

 

AND

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of April 6, 2016

 

5.00% Convertible Senior Notes due 2021

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

 

  

	 	 	Page
	 	 	 
	Article 1
	Definitions
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	References to Interest	10
	 	 	 
	Article 2
	Issue,
    Description, Execution, Registration and Exchange of Notes
	 	 	 
	Section 2.01.	Designation and Amount	10
	Section 2.02.	Form of Notes	11
	Section 2.03.	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	11
	Section 2.04.	Execution, Authentication and Delivery of Notes	13
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	13
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	20
	Section 2.07.	Temporary Notes	21
	Section 2.08.	Cancellation of Notes Paid, Converted, Etc	21
	Section 2.09.	CUSIP Numbers	22
	Section 2.10.	Additional Notes; Repurchases	22
	 	 	 
	Article 3
	Satisfaction
    and Discharge
	 	 	 
	Section 3.01.	Satisfaction and Discharge	22
	 	 	 
	Article 4
	Particular
    Covenants of the Company
	 	 	 
	Section 4.01.	Payment of Principal and Interest	23
	Section 4.02.	Maintenance of Office or Agency	23
	Section 4.03.	Appointments to Fill Vacancies in Trustee’s Office	23
	Section 4.04.	Provisions as to Paying Agent	23
	Section 4.05.	Existence	25
	Section 4.06.	Rule 144A Information Requirement and Annual Reports	25
	Section 4.07.	Stay, Extension and Usury Laws	26
	Section 4.08.	Compliance Certificate; Statements as to Defaults	27
	 	 	 
	Article 5
	Lists
    of Holders and Reports by the Company and the Trustee
	 	 	 
	Section 5.01.	Lists of Holders	27

 

    i

     

    

 

	Section 5.02.	Preservation and Disclosure of Lists	27
	 	 	 
	Article 6
	Defaults
    and Remedies
	 	 	 
	Section 6.01.	Events of Default	27
	Section 6.02.	Acceleration; Rescission and Annulment	29
	Section 6.03.	Additional Interest	30
	Section 6.04.	Payments of Notes on Default; Suit Therefor	30
	Section 6.05.	Application of Monies Collected by Trustee	32
	Section 6.06.	Proceedings by Holders	33
	Section 6.07.	Proceedings by Trustee	34
	Section 6.08.	Remedies Cumulative and Continuing	34
	Section 6.09.	Direction of Proceedings and Waiver of Defaults by Majority of Holders	34
	Section 6.10.	Notice of Defaults	35
	Section 6.11.	Undertaking to Pay Costs	35
	 	 	 
	Article 7
	Concerning
    the Trustee
	 	 	 
	Section 7.01.	Duties and Responsibilities of Trustee	35
	Section 7.02.	Reliance on Documents, Opinions, Etc	37
	Section 7.03.	No Responsibility for Recitals, Etc	38
	Section 7.04.	Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes	38
	Section 7.05.	Monies and Shares of Common Stock to Be Held in Trust	38
	Section 7.06.	Compensation and Expenses of Trustee	39
	Section 7.07.	Officers’ Certificate as Evidence	39
	Section 7.08.	Eligibility of Trustee	39
	Section 7.09.	Resignation or Removal of Trustee	40
	Section 7.10.	Acceptance by Successor Trustee	41
	Section 7.11.	Succession by Merger, Etc	41
	Section 7.12.	Trustee’s Application for Instructions from the Company	42
	 	 	 
	Article 8
	Concerning
    the Holders
	 	 	 
	Section 8.01.	Action by Holders	42
	Section 8.02.	Proof of Execution by Holders	42
	Section 8.03.	Who Are Deemed Absolute Owners	43
	Section 8.04.	Company-Owned Notes Disregarded	43
	Section 8.05.	Revocation of Consents; Future Holders Bound	43
	 	 	 
	Article 9
	Holders’
    Meetings
	 	 	 
	Section 9.01.	Purpose of Meetings	44

 

    ii

     

    

 

	Section 9.02.	Call of Meetings by Trustee	44
	Section 9.03.	Call of Meetings by Company or Holders	44
	Section 9.04.	Qualifications for Voting	45
	Section 9.05.	Regulations	45
	Section 9.06.	Voting	45
	Section 9.07.	No Delay of Rights by Meeting	46
	 	 	 
	Article 10
	Supplemental
    Indentures
	 	 	 
	Section 10.01.	Supplemental Indentures Without Consent of Holders	46
	Section 10.02.	Supplemental Indentures with Consent of Holders	47
	Section 10.03.	Effect of Supplemental Indentures	48
	Section 10.04.	Notation on Notes	48
	Section 10.05.	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	48
	 	 	 
	Article 11
	Consolidation,
    Merger, Sale, Conveyance and Lease
	 	 	 
	Section 11.01.	Company May Consolidate, Etc. on Certain Terms	48
	Section 11.02.	Successor Corporation to Be Substituted	49
	Section 11.03.	Opinion of Counsel to Be Given to Trustee	49
	 	 	 
	Article 12
	Immunity
    of Incorporators, Stockholders, Officers and Directors
	 	 	 
	Section 12.01.	Indenture and Notes Solely Corporate Obligations	50
	 	 	 
	Article 13
	[Intentionally
    Omitted]
	 	 	 
	Article 14
	Conversion
    of Notes
	 	 	 
	Section 14.01.	Conversion Privilege	50
	Section 14.02.	Conversion Procedure; Settlement Upon Conversion.	50
	Section 14.03.	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	53
	Section 14.04.	Adjustment of Conversion Rate	54
	Section 14.05. 	Adjustments of Prices	62
	Section 14.06.	Shares to Be Fully Paid	62
	Section 14.07.	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	62
	Section 14.08.	Certain Covenants	64
	Section 14.09.	Responsibility of Trustee	65
	Section 14.10.	Notice to Holders Prior to Certain Actions	65

 

    iii

     

    

 

	Section 14.11.	Stockholder Rights Plans	65
	 	 	 
	Article 15
	Repurchase
    of Notes at Option of Holders
	 	 	 
	Section 15.01.	[Intentionally Omitted].	66
	Section 15.02.	Repurchase at Option of Holders Upon a Fundamental Change	66
	Section 15.03.	Withdrawal of Fundamental Change Repurchase Notice	68
	Section 15.04.	Deposit of Fundamental Change Repurchase Price	69
	Section 15.05.	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	69
	 	 	 
	Article 16
	Optional
    Redemption
	 	 	 
	Section 16.01.	Optional Redemption.	70
	Section 16.02.	Notice of Optional Redemption; Selection of Notes	70
	Section 16.03.	Payment of Notes Called for Redemption	71
	Section 16.04.	Restrictions on Redemption	72
	 	 	 
	Article 17
	Miscellaneous
    Provisions
	 	 	 
	Section 17.01.	Provisions Binding on Company’s Successors	72
	Section 17.02.	Official Acts by Successor Corporation	72
	Section 17.03.	Addresses for Notices, Etc	72
	Section 17.04.	Governing Law; Jurisdiction	73
	Section 17.05.	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	73
	Section 17.06.	Interest Act (Canada)	74
	Section 17.07.	Legal Holidays	74
	Section 17.08.	No Security Interest Created	74
	Section 17.09.	Benefits of Indenture	74
	Section 17.10.	Table of Contents, Headings, Etc	74
	Section 17.11.	Authenticating Agent	74
	Section 17.12.	Execution in Counterparts	75
	Section 17.13.	Severability	76
	Section 17.14.	Waiver of Jury Trial	76
	Section 17.15.	Force Majeure	76
	Section 17.16.	Calculations	76
	Section 17.17.	USA PATRIOT Act	76
	 	 	 
	EXHIBIT
	Exhibit A	Form of Note	A-1

 

    iv

     

    

 

INDENTURE dated as of April 6, 2016 between
GRAN TIERRA ENERGY INC., a Nevada corporation, as issuer (the “Company,” as more fully set forth in Section
1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more
fully set forth in Section 1.01).

 

WITNESSETH:

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2021 (the “Notes”), initially
in an aggregate principal amount not to exceed $100,000,000 (as increased by an amount equal to the aggregate principal amount
of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes
as set forth in the Purchase Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated,
issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and

 

WHEREAS, all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement
according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes
have in all respects been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

 

Article
1

Definitions

 

Section 1.01. Definitions. The terms
defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The
words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as
well as the singular.

 

    

     

    

 

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

 

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

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person
means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person
is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time
such determination is made or required to be made, as the case may be, hereunder.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

“Board Resolution” means
a copy of a resolution certified by the Secretary, an Assistant Secretary or another Officer of the Company to have been duly adopted
by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

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

 

“Capital Stock” means,
for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that entity, but excluding debt securities convertible into the foregoing.

 

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

 

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

 

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

 

“Clean-Up Redemption”
shall have the meaning specified in Section 16.01(c).

 

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

 

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

 

    2

     

    

 

“Common Equity” of any
Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or
(b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers
or others that will control the management or policies of such Person.

 

“Common Stock” means
the common stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to Section 14.07.

 

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

 

“Company Order” means
a written order of the Company, signed by (a) the Company’s Chief Executive Officer, President, Executive or Senior Vice
President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title
“Vice President”) and (b) any such other Officer designated in clause (a) of this definition or the Company’s
Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee.

 

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

 

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

 

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

 

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

 

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

 

“Corporate Trust Office”
means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at 5555 San Felipe, Suite 1150, Houston, Texas 77056, Attention: Steve Finklea, 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).

 

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

 

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

 

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

 

    3

     

    

 

“Depositary” means, with
respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such Notes, until a successor
shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary”
shall mean or include such successor.

 

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

 

“Dollar” or “$”
refers to United States dollars.

 

“Effective Date” shall
have the meaning specified in Section 14.03(c), except that, as used in
Section 14.04 and Section 14.05, “Effective Date” means the first date on which shares of the Common Stock trade
on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination,
as applicable.

 

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

 

“Ex-Dividend Date” means
the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of
Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)          a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its
Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has become the direct
or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity
representing more than 50% of the voting power of the Company’s Common Equity;

 

    4

     

    

 

(b)          the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other
property or assets; (B) any statutory share exchange, consolidation or merger of the Company pursuant to which the Common Stock
will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction
or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as
a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction
described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction
own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee
or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior
to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

(c)          the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(d)          the
Common Stock (or other common stock or depositary shares or receipts in respect thereof underlying the Notes) ceases to be listed
or quoted on any of the NYSE MKT, The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or
any of their respective successors);

 

provided, however, that a transaction or transactions
described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received
or to be received by the common stockholders of the Company, excluding cash payments for fractional shares, in connection with
such transaction or transactions consists of shares of common stock or depositary shares or receipts in respect thereof that are
listed or quoted on any of the NYSE MKT, The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market
(or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction
or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding
cash payments for fractional shares (subject to the provisions of Section 14.02(a)). If any transaction in which the Common Stock
is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period
(or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso
immediately following clause (d) of the definition thereof, following the effective date of such transaction) references to the
Company in this definition shall instead be references to such other entity.

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

“Initial Purchasers”
means Nomura Securities International, Inc., Dundee Securities Inc. and RBC Dominion Securities Inc., as representatives of the
several initial purchasers listed in Schedule A to the Purchase Agreement.

 

“Interest Payment Date”
means each April 1 and October 1 of each year, beginning on October 1, 2016.

 

“Last Reported Sale Price”
of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of
the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common
Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant
date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter
market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted,
the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the
Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected
by the Company for this purpose.

 

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

 

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

 

“Maturity Date” means
April 1, 2021.

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

“Offering Memorandum”
means the preliminary offering memorandum dated March 30, 2016, as supplemented by the related pricing term sheet dated March 31,
2016, relating to the offering and sale of the Notes.

 

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

 

“Officers’ Certificate,”
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by (a) two Officers
of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant
Secretary or the Controller of the Company. Each such certificate shall include the statements provided for in Section 17.05 if
and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate pursuant
to Section 4.08 shall be the principal executive, financial or accounting officer of the Company.

 

“open of business” means
9:00 a.m. (New York City time).

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel acceptable
to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05
if and to the extent required by the provisions of such Section 17.05.

 

“Optional Redemption”
means each of a Provisional Redemption and a Clean-Up Redemption.

 

“outstanding,” when used
with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:

 

(a)          Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)          Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)          Notes
that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall have been
authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any
such Notes are held by protected purchasers in due course;

 

    7

     

    

 

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

 

(e)          Notes
redeemed pursuant to Article 16; and

 

(f)          Notes
repurchased by the Company pursuant to the penultimate sentence of Section 2.10.

 

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

 

“Person” means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an
unincorporated organization or a government or an agency or a political subdivision thereof.

 

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

 

“Predecessor Note” of
any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange
for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note that it replaces.

 

“Provisional Redemption”
shall have the meaning specified in Section 16.01(b).

 

“Purchase Agreement”
means that certain Purchase Agreement, dated as of March 31, 2016, among the Company and the Initial Purchasers.

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

“Regular Record Date,”
with respect to any Interest Payment Date, means the March 15 or September 15 (whether or not such day is a Business Day) immediately
preceding the applicable April 1 or October 1 Interest Payment Date, respectively.

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture.

 

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

 

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

 

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

 

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

 

“Significant Subsidiary”
means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of
Regulation S-X under the Exchange Act.

 

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

 

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

 

“Subsidiary” means, with
respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or
controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
one or more Subsidiaries of such Person.

 

“Successor Company” shall
have the meaning specified in Section 11.01(a).

 

“Trading Day” means a
day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs
on the NYSE MKT or, if the Common Stock (or such other security) is not then listed on the NYSE MKT, on the principal other U.S.
national or regional securities exchange on which the Common Stock (or such other security) is then listed or, if the Common Stock
(or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on
which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or such
other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security)
is not so listed or traded, “Trading Day” means a Business Day.

 

    9

     

    

 

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

 

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

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture
Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder.

 

“TSX” means the Toronto
Stock Exchange.

 

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

 

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

 

“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference
to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”,
ignoring, for such purposes, de minimis numbers of directors’ qualifying shares or shares required to be owned by
third parties to satisfy local ownership requirements.

 

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

 

Article
2

Issue, Description,
Execution, Registration and Exchange of Notes

 

Section 2.01. Designation and Amount.
The Notes shall be designated as the “5.00% Convertible Senior Notes due 2021.” The aggregate principal amount of Notes
that may be authenticated and delivered under this Indenture is initially limited to $100,000,000 (as increased by an amount equal
to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their
option to purchase additional Notes as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted
hereunder.

 

    10

     

    

 

Section 2.02. Form of Notes. The
Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective
forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and
made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

Any Global Note may be endorsed with or
have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may
be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Notes are subject.

 

Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers
or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount
of outstanding Notes represented thereby shall be made by the Trustee in such manner and upon instructions given by the Holder
of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note
on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for
herein.

 

Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations
of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day
year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day
month.

 

    11

     

    

 

(b)          The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular
Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment
Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company
maintained by the Company for such purposes in the Borough of Manhattan, The City of New York, which shall initially be the office
or agency of the Trustee at 100 Wall Street, Suite 1600, New York, NY 10005 and (y) in the case of any Global Note, shall be payable
by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Company shall pay interest
(i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by
check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical
Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each Holder or, upon application
by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available
funds to that Holder’s account within the United States, which application shall remain in effect until the Holder notifies,
in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the
account of the Depositary or its nominee.

 

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

 

(i)          The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall
be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed
to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee
of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be mailed,
first-class postage prepaid, to each Holder at its address as it appears in the Note Register, not less than 10 days prior to such
special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been
so mailed, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes)
are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause
(ii) of this Section 2.03(c).

 

    12

     

    

 

(ii)         The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may
be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually
by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall
be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such
an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has
been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at
the date of the execution of this Indenture any such person was not such an Officer.

 

Section 2.05. Exchange and Registration
of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office
a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section
4.02, the “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of
Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period
of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes
and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.

 

    13

     

    

 

Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

 

Notes may be exchanged for other Notes of
any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive,
bearing registration numbers not contemporaneously outstanding.

 

All Notes presented or surrendered for registration
of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or
any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

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

 

None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or
a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15
or (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed
in part.

 

All Notes issued upon any registration of
transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

(b)          So
long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the
fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global
Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial
interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but
not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and
the procedures of the Depositary therefor.

 

    14

     

    

 

(c)          Every
Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together with any
Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively,
the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c)
(including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written
consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be
bound by all such restrictions on transfer. As used in this Section 2.05(c),
and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition
whatsoever of any Restricted Security.

 

Any certificate evidencing a Note (and all
securities issued in exchange therefor or substitution thereof, other than Common Stock issued upon conversion thereof, which shall
bear the legend set forth in Section 2.05(d), if applicable) shall
bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement
that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer,
or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities
Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

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

 

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

 

(2)         AGREES
FOR THE BENEFIT OF GRAN TIERRA ENERGY INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT:

 

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

 

(B)         PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C)         TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

    15

     

    

 

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

 

(3)         REPRESENTS
THAT EITHER IT (I) IS NOT ACQUIRING OR HOLDING THIS SECURITY FOR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED TO ACQUIRE OR
HOLD THIS SECURITY (OR ANY INTEREST THEREIN) CONSTITUTES ASSETS OF ANY PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT
SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER
ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAW”), OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT
OR ARRANGEMENT, OR (II) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) BY THE ACQUIRER
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A SIMILAR VIOLATION
UNDER ANY APPLICABLE SIMILAR LAWS.

 

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

 

No transfer of any Note will be registered
by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.

 

In addition, any certificate evidencing
the Notes (and all securities issued in exchange therefor or substitution thereof, other than Common Stock issued upon conversion
thereof, which shall bear the legends set forth in Section 2.05(e), if applicable) shall bear a legend in substantially the following
form (unless such legend is no longer required under any applicable Canadian securities laws):

 

UNLESS PERMITTED UNDER CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE ORIGINAL
DISTRIBUTION DATE OF THE NOTES].

 

    16

     

    

 

Any Note (or security issued in exchange
or substitution therefor) as to which the restrictions on transfer are no longer required in accordance with their terms, may,
upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged
for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by
this Section 2.05(c) and shall not be assigned a restricted CUSIP number.
The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which the condition set
forth in the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such
Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this
Section 2.05(c) and shall not be assigned a restricted CUSIP number.

 

Notwithstanding any other provisions of
this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or
in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary
and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately
succeeding paragraph.

 

The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect
to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as
the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

If (i) the Depositary notifies the Company
at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a
successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is
continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company
shall execute, and the Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery
of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal
amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in
the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and
upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Physical Notes issued in exchange for all
or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii)
of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication,
the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered.

 

    17

     

    

 

At such time as all interests in a Global
Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be, upon receipt thereof, canceled
by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any
time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased,
redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for
part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement
shall be made on such Global Note, by the Trustee to reflect such reduction or increase.

 

None of the Company, the Trustee or any
agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

(d)          Any
stock certificate representing Common Stock issued upon conversion of a Note shall bear a legend in substantially the following
form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective
under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration
provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon
conversion of a Note that has transferred pursuant to a registration statement that has become or been declared effective under
the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration
provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company
with written notice thereof to the Trustee and any transfer agent for the Common Stock):

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
ACQUIRER:

 

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

 

(2)         AGREES
FOR THE BENEFIT OF GRAN TIERRA ENERGY INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT:

 

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

 

    18

     

    

 

(B)         PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C)         TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

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

 

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

 

Any such Common Stock (i) that has been
transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer or (ii) that has been sold pursuant to the exemption from registration provided by
Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing
such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged
for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive
legend required by this Section 2.05(d).

 

(e)          Any
stock certificate representing Common Stock issued upon conversion of a Note shall bear a legend in substantially the following
form until such legend is no longer required under applicable Canadian securities laws:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE
FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT
“GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.

 

UNLESS PERMITTED UNDER CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE ORIGINAL
DISTRIBUTION DATE OF THE NOTES].

 

    19

     

    

 

Any such Common Stock as to which such restrictions
on transfer have expired in accordance with their terms or otherwise become inapplicable under applicable Canadian securities laws
may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures
of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares
of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(e).

 

(f)          Any
Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company
(or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by such Affiliate
(or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration
requirements of the Securities Act in a transaction that results in such Note or Common Stock, as the case may be, no longer being
a “restricted security” (as defined under Rule 144). The Company shall cause any Note that is repurchased or owned
by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08.

 

Section 2.06. Mutilated, Destroyed, Lost
or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may
execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver,
a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note,
or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note
shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may
be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution,
and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof.

 

The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. Other than the security or indemnity referred to in the
immediately preceding paragraph, no service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient
to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the
Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed,
lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about
to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole
discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the
same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment
or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity
as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable,
any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof.

 

    20

     

    

 

Every substitute Note issued pursuant to
the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute a contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled
to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with
any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement, payment, redemption, conversion or repurchase
of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement, payment, redemption, conversion or repurchase
of negotiable instruments or other securities without their surrender.

 

Section 2.07. Temporary Notes. Pending
the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee
shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes
shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with such omissions,
insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary
Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and
in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall
execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or
all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by
the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for
such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own
expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same
benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder.

 

Section 2.08. Cancellation of Notes Paid,
Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration
of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s
agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall
be canceled promptly by it, and no Notes shall be authenticated in exchange thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after
such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company
Order.

 

    21

     

    

 

Section 2.09. CUSIP Numbers. The
Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice
and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify
the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 2.10. Additional Notes; Repurchases.
The Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional
Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue price and interest
accrued prior to the issue date of such additional Notes) in an unlimited aggregate principal amount; provided that if any
such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional
Notes shall have a separate CUSIP number. Prior to the issuance of any such additional Notes, the Company shall deliver to the
Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion
of Counsel to cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably request. In addition,
the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to
the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private
or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives.
The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives)
to be surrendered to the Trustee for cancellation in accordance with Section 2.08 and such Notes shall no longer be considered
outstanding under this Indenture upon their repurchase.

 

Article
3

Satisfaction
and Discharge

 

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

 

    22

     

    

 

Article
4

Particular
Covenants of the Company

 

Section 4.01. Payment of Principal and
Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places,
at the respective times and in the manner provided herein and in the Notes.

 

Section 4.02. Maintenance of Office or
Agency. The Company will maintain in the contiguous United States of America an office or agency where the Notes may be surrendered
for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for
conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office or the office or agency so designated by the Trustee.

 

The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States of America for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent”
include any such additional or other offices or agencies, as applicable.

 

The Company hereby initially designates
the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office and its office or
agency in the Borough of Manhattan, The City of New York, as the places where Notes may be surrendered for registration of transfer
or exchange or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company
in respect of the Notes and this Indenture may be served.

 

Section 4.03. Appointments to Fill Vacancies
in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.04. Provisions as to Paying
Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to
execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of
this Section 4.04:

 

    23

     

    

 

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

 

(ii)         that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when the same
shall be due and payable; and

 

(iii)        that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust.

 

The Company shall, on or before each due
date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued
and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent
is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit
is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

(b)          If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate
and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly
notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest
on, the Notes when the same shall become due and payable.

 

(c)          Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held
in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the
Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the
Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.

 

    24

     

    

 

(d)          Any
money and shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued
and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon
conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officers’ Certificate,
or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money and shares of Common Stock, 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 a newspaper published in the English language, customarily published on each Business
Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of Common Stock
remain 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 and shares of Common Stock then remaining will be repaid or delivered to the Company.

 

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

 

Section 4.06. Rule 144A Information Requirement
and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall,
so long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and, upon written
request, any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion
of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the
resale of such Notes or shares of Common Stock pursuant to Rule 144A. The Company shall take such further action as any Holder
or beneficial owner of such Notes or such Common Stock may reasonably request to the extent from time to time required to enable
such Holder or beneficial owner to sell such Notes or shares of Common Stock in accordance with Rule 144A, as such rule may be
amended from time to time.

 

(b)          The
Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies of any
documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
(giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company
files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of
this Section 4.06(b) at the time such documents are filed via the EDGAR system.

 

(c)          Delivery
of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to conclusively rely on an Officers’ Certificate).

 

    25

     

    

 

(d)          If,
at any time beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the
Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form
8-K), or the Notes are not otherwise freely tradable under Rule 144 by Holders other than the Company’s Affiliates or Holders
that were the Company’s Affiliates at any time during the three months preceding (as a result of restrictions pursuant to
U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such
Additional Interest shall accrue on the Notes at the rate of 0.50% per annum of the principal amount of the Notes outstanding for
each day during such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise
freely tradable under Rule 144 by Holders other than the Company’s Affiliates (or Holders that have been the Company’s
Affiliates at any time during the three months preceding) due to restrictions pursuant to U.S. securities laws or the terms of
this Indenture or the Notes. For purposes of the foregoing, neither the existence of legends on the Notes or shares of Common Stock
issued upon conversion of the Notes in accordance with Section 2.05, nor any requirement to deliver legal opinions, certifications
or other evidence of compliance with a resale exemption or safe harbor, shall be deemed to be a restriction on free tradability
but, for the avoidance of doubt, the unavailability of Rule 144 or the Company’s failure to comply with the terms of a restrictive
legend or the provisions of Section 2.05 relating to its removal shall each constitute a restriction on free tradability. As used
in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant
to Section 13 or 15(d) of the Exchange Act.

 

(e)          [Intentionally
Omitted].

 

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

 

(g)          The
Additional Interest that is payable in accordance with Section 4.06(d) shall be in addition to, and not in lieu of, any Additional
Interest that may be payable as a result of the Company’s election pursuant to Section 6.03.

 

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

 

Section 4.07. Stay, Extension and Usury
Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit
or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever
enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the
Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted.

 

    26

     

    

 

Section 4.08. Compliance Certificate;
Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Company (beginning with the fiscal year ending on December 31, 2016) an Officers’ Certificate stating whether the signers
thereof have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed
under this Indenture and, if so, specifying each such failure and the nature thereof.

 

In addition, the Company shall deliver to
the Trustee, as soon as possible, and in any event within 30 days after the occurrence of any Event of Default or Default, an Officers’
Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking
or proposing to take in respect thereof.

 

Article
5

Lists of Holders
and Reports by the Company and the Trustee

 

Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days
after each March 15 and September 15 of each year beginning with September 15, 2016, and at such other times as the Trustee may
request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably
request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee
may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the
Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except
that no such list need be furnished so long as the Trustee is acting as Note Registrar.

 

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

 

Article
6

Defaults and
Remedies

 

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

 

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

 

    27

     

    

 

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

 

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

 

(d)          failure
by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c)
or notice of a Make-Whole Fundamental Change in accordance with Section 14.03(b), in each case when due;

 

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

 

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

 

(g)          default
by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there is
outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed in excess of $25,000,000 (or its foreign
currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall
hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure
to pay the principal of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of
acceleration or otherwise, in each case which such indebtedness is not paid or such acceleration is not rescinded within 30 days;

 

(h)          a
final judgment or judgments for the payment of $25,000,000 (or its foreign currency equivalent) or more (excluding any amounts
covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged,
paid, bonded, waived or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal
has commenced, or (ii) the date on which all rights to appeal have been extinguished;

 

(i)          the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or shall make a general assignment for the benefit of creditors, or shall make a public statement to the effect that
it is generally unable to pay its debts as they become due; or

 

    28

     

    

 

(j)          an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case
or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.

 

Section 6.02. Acceleration; Rescission
and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every
such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of
its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, either the Trustee
or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section
8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued
and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and
shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding.
If an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries
occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall
automatically be immediately due and payable.

 

The immediately preceding paragraph, however,
is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable,
and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided,
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon
all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue
installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and
on such principal at the rate borne by the Notes at such time, subject to the enforceability thereof under applicable law) and
amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a
court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment
of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall
have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding
sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company
and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration
and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary
herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from
(i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, or accrued and unpaid interest on, any Notes, other than the nonpayment of the principal of and accrued and unpaid interest,
if any, on Notes that shall have become due solely by such acceleration, (ii) a failure to repurchase any Notes when required or
(iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes.

 

    29

     

    

 

Section 6.03. Additional Interest.
Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for
an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b)
shall after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the Notes
at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during the 60-day period
on which such Event of Default is continuing beginning on, and including, the date on which such an Event of Default first occurs.
Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable
pursuant to Section 4.06(d). If the Company so elects, such Additional Interest shall be payable in the same manner and on the
same dates as the stated interest payable on the Notes. On the 61st day after such Event of Default (if the Event of Default relating
to the Company’s failure to file is not cured or waived prior to such 61st day), the Notes shall be immediately subject to
acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in the
event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth
in ‎Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance
with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes
shall be immediately subject to acceleration as provided in Section 6.02.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 60 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning
of such 60-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided
in Section 6.02.

 

Section 6.04. Payments of Notes on Default;
Suit Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable
on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne
by the Notes at such time (subject to the enforceability thereof under applicable law), and, in addition thereto, such further
amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the
same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

 

    30

     

    

 

In the event there shall be pending proceedings
for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States
Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the
Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor
upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the
principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention
in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid
interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers
or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors,
or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and
to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders
to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances
and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred
by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements
out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and
shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes
may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

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

 

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

 

    31

     

    

 

In any proceedings brought by the Trustee
(and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes
parties to any such proceedings.

 

In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver
pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination
in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers
of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.

 

Section 6.05. Application of Monies Collected
by Trustee. Any monies collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the
following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several
Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

First, to the payment of all amounts
due the Trustee under Section 7.06;

 

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

 

Third, in case the principal of the
outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion)
then owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent
that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such
time (subject to the enforceability thereof under applicable law), and in case such monies shall be insufficient to pay in full
the whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption
Price and the Fundamental Change Repurchase Price and the cash due upon conversion) and interest without preference or priority
of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest,
or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Redemption Price
and the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid interest; and

 

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

 

    32

     

    

 

Section 6.06. Proceedings by Holders.
Except to enforce the right to receive payment of principal (including, if applicable, the Redemption Price and the Fundamental
Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion,
no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver,
trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:

 

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

 

(b)          Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder;

 

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

 

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

 

(e)          no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by
the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to
Section 6.09,

 

it being understood and intended, and being
expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more
Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Notwithstanding any other provision of this
Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid
interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed
or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as
the case may be, on or after such respective dates against the Company shall not be waived or amended in a manner adverse to such
Holder without the consent of such Holder.

 

    33

     

    

 

Section 6.07. Proceedings by Trustee.
In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.08. Remedies Cumulative and
Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the
Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any
other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce
the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee
or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair
any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein;
and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.09. Direction of Proceedings
and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at
the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to
the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this
Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.
The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that
would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time
outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default
or Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any,
on, or the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has
not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be,
the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or provision hereof which under
Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver
the Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no
such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever
any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default
shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

    34

     

    

 

Section 6.10. Notice of Defaults.
The Trustee shall, within 90 days after the occurrence and continuance of a Default of which a Responsible Officer has actual knowledge,
mail to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a
Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that,
except in the case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase
Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration
due upon conversion, the Trustee shall be protected in withholding such notice if and so long as a committee of Responsible Officers
of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

Section 6.11. Undertaking to Pay Costs.
All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that
any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted
by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest,
if any, on any Note (including, but not limited to, the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any
Note, or receive the consideration due upon conversion, in accordance with the provisions of Article 14.

 

Article
7

Concerning
the Trustee

 

Section 7.01. Duties and Responsibilities
of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default
that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.
In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request
or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory
to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

    35

     

    

 

No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act
or its own willful misconduct, except that:

 

(a)          prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i)          the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

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

 

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

 

(c)          the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined
as provided in Section 8.04 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;

 

(d)          whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section;

 

(e)          the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with
respect to the Notes;

 

(f)          if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent
to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred,
unless a Responsible Officer of the Trustee had actual knowledge of such event;

 

    36

     

    

 

(g)          in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred
thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure
of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide
timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder
in the absence of such written investment direction from the Company; and

 

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

 

None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers.

 

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

 

(a)          the
Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine
and to have been signed or presented by the proper party or parties;

 

(b)          any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary, an Assistant Secretary or another Officer of the Company;

 

(c)          the
Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance
with such advice or Opinion of Counsel;

 

(d)          the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation;

 

    37

     

    

 

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

 

(f)          the
permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

In no event shall the Trustee be liable
for any consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused
by the Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default
or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company
or by any Holder of the Notes.

 

Section 7.03. No Responsibility for Recitals,
Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable
for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee
in conformity with the provisions of this Indenture.

 

Section 7.04. Trustee, Paying Agents,
Conversion Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in
its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not
the Trustee, Paying Agent, Conversion Agent or Note Registrar.

 

Section 7.05. Monies and Shares of Common
Stock to Be Held in Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money or shares of Common Stock received by it hereunder except as may be agreed from time to time
by the Company and the Trustee.

 

    38

     

    

 

Section 7.06. Compensation and Expenses
of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to,
reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and
the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity
thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons
not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence,
willful misconduct or bad faith. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any
other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold
them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence, willful misconduct or bad
faith on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case
may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder,
including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the
Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or
collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders
of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate
to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the
satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this
Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in Section 6.01(i) or Section 6.01(j)
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws.

 

Section 7.07. Officers’ Certificate
as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross
negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of
gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08. Eligibility of Trustee.
There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as
if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000.
If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

    39

     

    

 

Section 7.09. Resignation or Removal
of Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing
notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed
and have accepted appointment within 60 days after the mailing of such notice of resignation to the Holders, the resigning Trustee
may, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or
since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

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

 

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

 

then, in either case, the Company may remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona
fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee
and appoint a successor trustee.

 

(c)          The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section
8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless
within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed
or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee.

 

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

 

    40

     

    

 

Section 7.10. Acceptance by Successor
Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company
and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of
the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named
as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to
act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to
such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which
the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held
in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section
7.06.

 

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

 

Upon acceptance of appointment by a successor
trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense
of the Company shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Holders at their addresses
as they shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.

 

Section 7.11. Succession by Merger, Etc.
Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the
administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity
succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be
eligible under the provisions of Section 7.08.

 

In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate
of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor
trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

 

    41

     

    

 

Section 7.12. Trustee’s Application
for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with
regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes
under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.
The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application (which date shall not be less than three Business
Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives
such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such
action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance
with this Indenture in response to such application specifying the action to be taken or omitted.

 

Article
8

Concerning
the Holders

 

Section 8.01. Action by Holders.
Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal amount of the Notes
may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of
any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein
may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent
or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called
and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument or instruments and any such
record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the
Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record
date for determining Holders entitled to take such action. The record date if one is selected shall be not more than fifteen days
prior to the date of commencement of solicitation of such action.

 

Section 8.02. Proof of Execution by Holders.
Subject to the provisions of Section 7.01, Section 7.02 and Section
9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the
Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any
Holders’ meeting shall be proved in the manner provided in Section 9.06.

 

    42

     

    

 

Section 8.03. Who Are Deemed Absolute
Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may
deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner
of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon
made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal
of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes;
and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected
by any notice to the contrary. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall
be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the
liability for monies payable or shares deliverable upon any such Note.

 

Section 8.04. Company-Owned Notes Disregarded.
In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent,
waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate
of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination;
provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent,
waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded. Notes so owned that have
been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish
to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the
Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee,
the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known
by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the
Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and
of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05. Revocation of Consents;
Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the
taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture
in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which
have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding
as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the
Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of
any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation
in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer
thereof.

 

    43

     

    

 

Article
9

Holders’
Meetings

 

Section 9.01. Purpose of Meetings.
A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article 9 for any of the
following purposes:

 

(a)          to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to
consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences,
or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

 

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

 

(c)          to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 

(d)          to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture or under applicable law.

 

Section 9.02. Call of Meetings by Trustee.
The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and
at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant
to Section 8.01, shall be mailed to Holders of such Notes at their addresses as they shall appear on the Note Register. Such notice
shall also be mailed to the Company. Such notices shall be mailed not less than 20 nor more than 90 days prior to the date fixed
for the meeting.

 

Any meeting of Holders shall be valid without
notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the
meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice.

 

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

 

    44

     

    

 

Section 9.04. Qualifications for Voting.
To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining
to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record
date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall
be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

 

Section 9.05. Regulations. Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall think fit.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided
in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of
a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of Section 8.04,
at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held
or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect
of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting
shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it
as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02
or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented
at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

Section 9.06. Voting. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the
Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the
secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice
of the meeting and showing that said notice was mailed as provided in Section 9.02. The record shall show the aggregate principal
amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of
the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to
the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

    45

     

    

 

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

 

Section 9.07. No Delay of Rights by Meeting.
Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of
Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any
right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of
the Notes.

 

Article
10

Supplemental
Indentures

 

Section 10.01. Supplemental Indentures
Without Consent of Holders. The Company and the Trustee, subject to acceptance by the TSX, at the Company’s expense,
may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following
purposes:

 

(a)          to
cure any ambiguity, omission, defect or inconsistency;

 

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

 

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

 

(d)          to
secure the Notes;

 

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

 

(f)          to
make any change that does not adversely affect the rights of any Holder;

 

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

 

(h)          to
conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum.

 

Upon the written request of the Company,
the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

Any supplemental indenture authorized by
the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of
the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.

 

    46

     

    

 

Section 10.02. Supplemental Indentures
with Consent of Holders. With the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the
aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation,
consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes) and acceptance by the TSX, the Company
and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that, without
the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:

 

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

 

(b)          reduce
the rate of or extend the stated time for payment of interest on any Note;

 

(c)          reduce
the principal of or extend the Maturity Date of any Note;

 

(d)          make
any change that adversely affects the conversion rights of any Notes;

 

(e)          reduce
the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders
the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions
or otherwise;

 

(f)          make
any Note payable in a currency, or at a place of payment, other than that stated in the Note;

 

(g)          change
the ranking of the Notes; or

 

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

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such supplemental indenture.

 

Holders do not need under this Section 10.02
to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance
thereof. After any such supplemental indenture becomes effective, the Company shall mail to the Holders a notice briefly describing
such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not
impair or affect the validity of the supplemental indenture.

 

    47

     

    

 

Section 10.03. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 10, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article
10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the
Trustee pursuant to Section 17.11) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then
outstanding.

 

Section 10.05. Evidence of Compliance
of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall
receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by this Indenture.

 

Article
11

Consolidation,
Merger, Sale, Conveyance and Lease

 

Section 11.01. Company May Consolidate,
Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not consolidate with, merge with or into,
or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless:

 

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

 

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

 

For purposes of this Section 11.01, the
sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the
Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all
or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance,
transfer or lease of all or substantially all of the properties and assets of the Company to another Person.

 

    48

     

    

 

Section 11.02. Successor Corporation
to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by
the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee,
of all of the obligations of the Company under the Notes and the Indenture, such Successor Company (if not the Company) shall succeed
to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted
for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon
may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor
Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed
and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation,
merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 11 the Person named as
the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in
the manner prescribed in this Article 11) may be dissolved, wound
up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities
as obligor and maker of the Notes and from its obligations under this Indenture and the Notes.

 

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

 

Section 11.03. Opinion of Counsel to
Be Given to Trustee. In connection with any such consolidation, merger, sale, conveyance, transfer or lease, the Trustee shall
be entitled to receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation,
merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture, complies with the provisions of this Article 11.

 

Article
12

Immunity of
Incorporators, Stockholders, Officers and Directors

 

Section 12.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for
any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as
such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

    49

     

    

 

Article
13

[Intentionally
Omitted]

 

Article
14

Conversion
of Notes

 

Section 14.01. Conversion Privilege.
Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s
option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof)
of such Note at any time prior to the close of business on the Business Day immediately preceding the Maturity Date at an initial
conversion rate of 311.4295 shares of Common Stock (subject to adjustment as provided in this
Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance
with, the settlement provisions of Section 14.02, the “Conversion Obligation”).

 

Section 14.02. Conversion Procedure;
Settlement Upon Conversion.

 

(a)          Upon
conversion of any Note, the Company shall deliver to the converting Holder, in respect of each $1,000 principal amount of Notes
being converted, a number of shares of Common Stock equal to the Conversion Rate, together with a cash payment, if applicable,
in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02, on the third
Business Day immediately following the relevant Conversion Date.

 

(b)          Subject
to Section 14.02(e), before any Holder of a Note shall be entitled
to convert a Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary
in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder
is not entitled as set forth in Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver
an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a “Notice
of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be
converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of
Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed
to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion
Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest
payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h). The Trustee (and
if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date
for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has
also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such
Fundamental Change Repurchase Notice in accordance with Section 15.03.

 

    50

     

    

 

If more than one Note shall be surrendered
for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis
of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

(c)          A
Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”)
that the Holder has complied with the requirements set forth in subsection (b) above. The Company shall issue or cause to be issued,
and deliver (if applicable) to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number
of shares of Common Stock to which such Holder shall be entitled, in certificate form or in book-entry format, in satisfaction
of the Company’s Conversion Obligation.

 

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

 

(e)          If
a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the
issue of the shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued
in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may refuse to deliver
the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee
receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence.

 

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

 

(g)          Upon
the conversion of an interest in a Global Note, the Trustee shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through
any Conversion Agent other than the Trustee.

 

    51

     

    

 

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

 

(i)          The
Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a stockholder of record as
of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder of
such Notes surrendered for conversion.

 

(j)          The
Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of
delivering any fractional share of Common Stock issuable upon conversion based on the Last Reported Sale Price of the Common Stock
on the relevant Conversion Date.

 

(k)          If
the Company calls a Note for redemption pursuant to Article 16, then the Holder of such Note may surrender such Note for conversion
only until the close of business on the Business Day prior to the Redemption Date. After that time, the right to convert shall
expire, unless the Company defaults in the payment of the Redemption Price, in which case a Holder of Notes may convert its Notes
until the Redemption Price has been paid or duly provided for.

 

    52

     

    

 

Section 14.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. (a) If the Effective Date of a Make-Whole
Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole
Fundamental Change, the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered
for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below.
A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change
if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole
Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or,
in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b)
of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change)
(such period, the “Make-Whole Fundamental Change Period”).

 

(b)          Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Article 14, the Company shall
deliver shares of Common Stock, including the Additional Shares, in accordance with Section 14.02; provided, however,
that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change,
the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes following
the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock
Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the
Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. The Company shall notify
the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective
Date no later than five Business Days after such Effective Date.

 

(c)          The
number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference to the table
below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”)
and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole
Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental
Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share.
Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day
period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change.
The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any
adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the
Ex-Dividend Date, Effective Date (as such term is used in Section 14.04) or expiration date of the event occurs during such five
consecutive Trading Day period.

 

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

 

    53

     

    

 

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

 

	 	 	Stock
    Price	 
	Effective
    Date	 	$2.47	 	 	$2.75	 	 	$3.00	 	 	$3.21	 	 	$4.00	 	 	$4.82	 	 	$6.00	 	 	$7.50	 	 	$10.00	 	 	$15.00	 	 	$20.00	 
	April 6, 2016	 	 	93.4287	 	 	 	76.1621	 	 	 	64.2938	 	 	 	56.1749	 	 	 	36.3674	 	 	 	25.0941	 	 	 	16.2790	 	 	 	10.4573	 	 	 	5.7021	 	 	 	1.8781	 	 	 	0.0000	 
	April 1, 2017	 	 	93.4287	 	 	 	72.9915	 	 	 	60.2444	 	 	 	51.6327	 	 	 	31.1959	 	 	 	20.2698	 	 	 	12.4141	 	 	 	7.7249	 	 	 	4.1936	 	 	 	1.3875	 	 	 	0.0000	 
	April 1, 2018	 	 	93.4287	 	 	 	69.4915	 	 	 	55.4124	 	 	 	45.9887	 	 	 	24.2217	 	 	 	13.6012	 	 	 	7.1583	 	 	 	4.1530	 	 	 	2.2639	 	 	 	0.7236	 	 	 	0.0000	 
	April 1, 2019	 	 	93.4287	 	 	 	66.6686	 	 	 	51.1275	 	 	 	40.6956	 	 	 	15.5647	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	April 1, 2020	 	 	93.4287	 	 	 	60.4025	 	 	 	43.6051	 	 	 	33.0208	 	 	 	10.8392	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	April 1, 2021	 	 	93.4287	 	 	 	51.8243	 	 	 	21.7531	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

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

 

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

 

(ii)         if
the Stock Price is greater than $20.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate;
and

 

(iii)        if
the Stock Price is less than $2.47 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.

 

Notwithstanding the foregoing, in no event
shall the Conversion Rate per $1,000 principal amount of Notes exceed 404.8582 shares of Common Stock, subject to adjustment in
the same manner as the Conversion Rate pursuant to Section 14.04.

 

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

 

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

 

    54

     

    

 

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

 

 

where,

 

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

 

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

 

(b)          If
the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants (excluding non-exercisable
rights issued pursuant to a rights plan) entitling them, for a period of not more than 45 calendar days after the announcement
date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average
of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading
Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be increased based on the following
formula:

 

 

    55

     

    

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such issuance;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the close of business on such Record Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the close of business on such Record Date;
	 	 	 
	X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this Section 14.04(b) shall be made
successively whenever any such rights, options or warrants are issued and shall become effective immediately after the close of
business on the Record Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration
of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect
had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the
number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate
shall be decreased to the Conversion Rate that would then be in effect if such Record Date for such issuance had not occurred.

 

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

 

(c)          If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or
rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common
Stock, excluding (i) dividends, distributions or issuances described in Section 14.04(a) or Section 14.04(b), (ii) rights issued
pursuant to a stockholder rights plan that are not then exercisable; (iii) dividends or distributions paid exclusively in cash
as to which the provisions set forth in Section 14.04(d) shall apply, and (iv) Spin-Offs as to which the provisions set forth below
in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property
or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then
the Conversion Rate shall be increased based on the following formula:

 

    56

     

    

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the close of business on such Record Date;
	 	 	 
	SP0	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
	 	 	 
	FMV	=	the fair market value (as determined in good faith by the Board of Directors and subject to approval of the TSX) of the Distributed Property with respect to each outstanding share of the Common Stock on the Record Date for such distribution.

 

Any increase made under the portion of this
Section 14.04(c) above shall become effective immediately after the close of business on the Record Date for such distribution.
If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in
effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal
to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall
receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common
Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder
owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for the distribution. The Company
shall not make any distribution that would require an adjustment pursuant to the portion of this Section 14.04(c) above unless
the Company receives TSX approval for such distribution and conversion rate adjustment prior to the date such adjustment would
become effective hereunder.

 

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

 

 

    57

     

    

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the end of the Valuation Period;
	 	 	 
	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 
	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 

The increase to the Conversion Rate under the preceding paragraph
shall occur on the last Trading Day of the Valuation Period; provided that in respect of any conversion of Notes, if the
relevant Conversion Date occurs during the Valuation Period, references in the portion of this Section 14.04(c) related to Spin-Offs
to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend
Date of such Spin-Off and the Conversion Date in determining the Conversion Rate.

 

For purposes of this Section 14.04(c) (and
subject in all respect to Section 14.11), rights, options or warrants
distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s
Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until
the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such
shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock,
shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under
this Section 14.04(c) will be required) until the occurrence of
the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate
adjustment (if any is required) to the Conversion Rate shall be made under this Section 14.04(c). If any such right, option or
warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to
events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences
of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution
and Record Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or
warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in
the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of
the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution
amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights,
options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption
or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the
Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the
case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or
holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options
or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights,
options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall
be readjusted as if such rights, options and warrants had not been issued.

 

    58

     

    

 

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

 

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

 

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

 

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

 

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

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the close of business on the Record Date for such dividend or distribution;

 

    59

     

    

 

	SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
	 	 	 
	C	=	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

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

 

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

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

 

    60

     

    

 

	OS'	=	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 
	SP'	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 

The increase to the Conversion Rate under this Section 14.04(e)
shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next
succeeding the date such tender or exchange offer expires; provided that in respect of any conversion of Notes, if the relevant
Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration
date of any tender or exchange offer, references in this Section 14.04(e) with respect to 10 Trading Days shall be deemed replaced
with such lesser number of Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion
Date in determining the Conversion Rate.

 

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

 

(g)          In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted
by applicable law and subject to TSX approval and the applicable rules of any other exchange on which any of the Company’s
securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least
20 Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition,
to the extent permitted by applicable law and subject to TSX approval and the applicable rules of any other exchange on which any
of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid
or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution
of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased
pursuant to either of the preceding two sentences, the Company shall mail to the Holder of each Note at its last address appearing
on the Note Register a notice of the increase 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.

 

(h)          Notwithstanding
anything to the contrary in this Article 14, the Conversion Rate shall
not be adjusted upon the repurchase of any shares of Common Stock by the Company pursuant to an open market share repurchase program
or other buy-back transaction, including a normal course issuer bid under applicable Canadian securities laws, that is not a tender
or exchange offer for the Common Stock of the nature described in Section 14.04(e).

 

    61

     

    

 

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

 

(j)          Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent
if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and
may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery
of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion
Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate
to each Holder at its last address appearing on the Note Register of this Indenture. Failure to deliver such notice shall not affect
the legality or validity of any such adjustment.

 

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

 

Section 14.05. Adjustments of Prices.
Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices over a span of multiple
days (including the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Board of Directors
shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any
event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case
may be, of the event occurs, at any time during the period when the Last Reported Sale Prices are to be calculated.

 

Section 14.06. Shares to Be Fully Paid.
The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient
shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming
delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number
of shares, all such Notes would be converted by a single Holder).

 

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

 

(a)          In
the case of:

 

(i)          any
recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination),

 

    62

     

    

 

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

 

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

 

(iv)        any
statutory share exchange,

 

in each case, as a result of which the Common
Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination
thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the
right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes
into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof)
that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Merger Event would have
owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property”
meaning the kind and amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon the effective
time of such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing
Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing
for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after
the effective time of the Merger Event the number of shares of Common Stock otherwise deliverable upon conversion of the Notes
in accordance with Section 14.02 shall instead be deliverable in the amount
and type of Reference Property that a holder of that number of shares of Common Stock would have received in such Merger Event.

 

If the Merger Event causes the Common Stock
to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed
to be (x) the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively
make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration
actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding
paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. The Company shall
notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable
after such determination is made.

 

Such supplemental indenture described in
the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent
as is possible, as determined in good faith by the Board of Directors, to the adjustments provided for in this Article 14. If,
in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including
cash or any combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Merger
Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions
to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of
the foregoing, including the provisions providing for the purchase rights set forth in Article 15.

 

    63

     

    

 

(b)          When
the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly file
with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or
property or asset that will comprise a unit of Reference Property after any such Merger Event, any adjustment to be made with respect
thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. The Company
shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing on the
Note Register provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not
affect the legality or validity of such supplemental indenture.

 

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

 

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

 

Section 14.08. Certain Covenants.
(a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable
by the Company and free from all taxes, liens and charges with respect to the issue thereof, except as provided in Section 14.02.

 

(b)          The
Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration
with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly
issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure
such registration or approval, as the case may be.

 

(c)          The
Company further covenants that if at any time the Common Stock shall be listed on any U.S. national securities exchange or automated
quotation system, the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated
quotation system, any Common Stock issuable upon conversion of the Notes.

 

    64

     

    

 

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

 

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

 

(a)          Merger
Event; or

 

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

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion
Agent (if other than the Trustee) and to be mailed to each Holder at its address appearing on the Note Register, at least 20 days
prior to the applicable date hereinafter specified, to the extent practicable (and, if not practicable, as promptly thereafter
as is practicable), a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company
or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to
be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger
Event, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up.

 

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

 

    65

     

    

 

Article
15

Repurchase
of Notes at Option of Holders

 

Section 15.01. [Intentionally Omitted].

 

Section 15.02. Repurchase at Option
of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time, each Holder shall have the right, at
such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof
that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”)
specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental
Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest
thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”),
unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to
which such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest
to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the
principal amount of Notes to be repurchased pursuant to this Article 15.

 

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

 

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

 

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

 

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

 

(i)          in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

    66

     

    

 

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

 

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

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.

 

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

 

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

 

(c)          On
or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to
all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the
“Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of
the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall
be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures
of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice containing the information set
forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information
on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental Change
Company Notice shall specify:

 

(i)          the
events causing the Fundamental Change;

 

(ii)         the
date of the Fundamental Change;

 

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

 

(iv)        the
Fundamental Change Repurchase Price;

 

(v)         the
Fundamental Change Repurchase Date;

 

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

 

(vii)       if
applicable, the Conversion Rate and any adjustments to the Conversion Rate;

 

    67

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)          the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted,

 

(ii)         if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and

 

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

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary.

 

    68

     

    

 

Section 15.04. Deposit of Fundamental
Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or
if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior
to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of
the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by
the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior
to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the
later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02)
and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company)
by the Holder thereof in the manner required by Section 15.02 by
mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register;
provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds
to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the
Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

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

 

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

 

Section 15.05. Covenant to Comply with
Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a)          comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act;

 

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

 

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

 

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

 

    69

     

    

 

Article
16

Optional Redemption

 

Section 16.01. Optional Redemption.

 

(a)          No
sinking fund is provided for the Notes.

 

(b)          The
Notes shall not be redeemable by the Company prior to April 5, 2019, except pursuant to Section 16.01(c). On or after April 5,
2019, the Company may redeem (a “Provisional Redemption”) for cash all or part of the Notes, at the Redemption
Price, if (i) the Last Reported Sale Price of the Common Stock has been at least 150% of the Conversion Price then in effect for
at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last trading
day of such period) ending on, and including, the Trading Day immediately preceding the date on which the Company provides the
Redemption Notice in accordance with Section 16.02 and (ii) the Company has filed all reports that it is required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than current reports on Form 8-K), during
the twelve months preceding the date on which the Company provides the Redemption Notice in accordance with Section 16.02.

 

(c)          At
any time after the last day of any Make-Whole Fundamental Change Period, the Company may redeem (a “Clean-Up Redemption”)
for cash all (but not less than all) of the Notes, at the Redemption Price, if less than 10% of the aggregate principal amount
of Notes issued hereunder remain outstanding.

 

Section 16.02. Notice of Optional Redemption;
Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any
part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”)
and it or, at its written request received by the Trustee not less than 35 calendar days prior to the Redemption Date (or such
shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall
mail or cause to be mailed a notice of such Optional Redemption (a “Redemption Notice”) not less than 30 (in
the case of a Provisional Redemption) or 10 (in the case of a Clean-Up Redemption), nor more than 60, calendar days prior to the
Redemption Date to each Holder of Notes so to be redeemed as a whole or in part at its last address as the same appears on the
Note Register; provided, however, that, if the Company shall give such notice, it shall also give written notice
of the Redemption Date to the Trustee. The Redemption Date must be a Business Day.

 

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

 

(c)          Each
Redemption Notice shall specify:

 

(i)          the
Redemption Date;

 

    70

     

    

 

(ii)         the
Redemption Price;

 

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

 

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

 

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

 

(vi)        the
procedures a converting Holder must follow to convert its Notes;

 

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

 

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

 

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

 

A Redemption Notice shall be irrevocable.

 

(d)          If
fewer than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of a Global
Note or the Notes in certificated form to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro
rata basis or by another method the Trustee considers to be fair and appropriate. If any Note selected for partial redemption
is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so
far as may be possible) to be the portion selected for redemption.

 

Section 16.03. Payment of Notes Called
for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes
shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable
Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes
shall be paid and redeemed by the Company at the applicable Redemption Price.

 

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

 

    71

     

    

 

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

 

Article
17

Miscellaneous
Provisions

 

Section 17.01. Provisions Binding on
Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture
shall bind its successors and assigns whether so expressed or not.

 

Section 17.02. Official Acts by Successor
Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any
board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee
or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

 

Section 17.03. Addresses for Notices,
Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by
being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is
filed by the Company with the Trustee) to Gran Tierra Energy Inc., 200, 150 13 Avenue S.W., Calgary, Alberta, Canada T2R 0V2, Attention:
General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post
office letter box addressed to the Corporate Trust Office.

 

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

 

Any notice or communication mailed to a
Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall
be sufficiently given to it if so mailed within the time prescribed or, with respect to Global Notes, in accordance with the applicable
procedures of the Depositary.

 

Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

    72

     

    

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

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

 

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

 

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

 

Section 17.05. Evidence of Compliance
with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish
to the Trustee an Officers’ Certificate stating that such action is permitted by the terms of this Indenture.

 

Each Officers’ Certificate provided
for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture
(other than the Officers’ Certificates provided for in Section 4.08) shall include (a) a statement that the person signing
such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of
the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the
judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an
informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in
the judgment of such person, such action is permitted by this Indenture.

 

    73

     

    

 

Notwithstanding anything to the contrary
in this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion
of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to,
or entitled to request, such Opinion of Counsel.

 

Section 17.06. Interest Act (Canada).
Whenever interest is calculated, pursuant to any provision of this Indenture, on the basis of a period other than a calendar
year, the annual rate of interest to which such rate of interest as determined by such calculation is equivalent, for purposes
of the Interest Act (Canada), is such rate as so calculated multiplied by a fraction, the numerator of which is the actual
number of days in the particular calendar year in respect of which the calculation is made, and the denominator of which is the
number of days used in the calculation.

 

Section 17.07. Legal Holidays. In
any case where any Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date is not a Business Day, then any action
to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force
and effect as if taken on such date, and no interest shall accrue in respect of the delay.

 

Section 17.08. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the
Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 17.09. Benefits of Indenture.
Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties
hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 17.10. Table of Contents, Headings,
Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms
or provisions hereof.

 

Section 17.11. Authenticating Agent.
The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the
authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder,
including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents
and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate
and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall
be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed
on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the
Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 7.08.

 

    74

     

    

 

Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder,
if such successor corporation or other entity is otherwise eligible under this Section 17.11, without the execution or filing of
any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other
entity.

 

Any authenticating agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency
of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible
under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice
of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such
Holders appear on the Note Register.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if
it determines such agent’s fees to be unreasonable.

 

The provisions of Section 7.02, Section
7.03, Section 7.04, Section 8.03 and this Section 17.11 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed
pursuant to this Section 17.11, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes
described

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

Section 17.12. Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

    75

     

    

 

Section 17.13. Severability. In the
event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.14. Waiver of Jury Trial.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 17.15. Force Majeure. In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

Section 17.16. Calculations. Except
as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes. These calculations
include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, accrued interest payable
on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest
error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of
its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely
conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the
Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company.

 

Section 17.17. USA PATRIOT Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy
the requirements of the USA PATRIOT Act.

 

[Remainder of page
intentionally left blank]

 

    76

     

    

 

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

 

	 	GRAN TIERRA ENERGY INC.
	 	 	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 	 
	 	By:	/s/ Steven A. Finklea
	 	 	Name:	Steven A. Finklea
	 	 	Title:	Vice President

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

 

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

 

[INCLUDE FOLLOWING LEGEND
IF A RESTRICTED SECURITY]

 

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

 

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

 

(2) AGREES
FOR THE BENEFIT OF GRAN TIERRA ENERGY INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT:

 

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

 

(B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

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

 

    A-1

     

    

 

(3) REPRESENTS
THAT EITHER IT (I) IS NOT ACQUIRING OR HOLDING THIS SECURITY FOR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED TO ACQUIRE OR
HOLD THIS SECURITY (OR ANY INTEREST THEREIN) CONSTITUTES ASSETS OF ANY PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT
SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAW”), OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT
OR ARRANGEMENT, OR (II) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) BY THE ACQUIRER
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A SIMILAR VIOLATION
UNDER ANY APPLICABLE SIMILAR LAWS.

 

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

 

UNLESS PERMITTED UNDER
CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS 4 MONTHS AND
A DAY AFTER THE ORIGINAL DISTRIBUTION DATE OF THE NOTES].]

 

    A-2

     

    

 

GRAN TIERRA ENERGY INC.

 

5.00% Convertible Senior Note due 2021

 

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

 

CUSIP No. [_________]

 

Gran Tierra Energy Inc., a corporation duly
organized and validly existing under the laws of the State of Nevada (the “Company,” which term includes any
successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE & CO.]2 [_______]3, or registered assigns, the principal sum [as set forth in the “Schedule
of Exchanges of Notes” attached hereto]4 [of $[_______]]5, which amount, taken together with the principal
amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $100,000,000 in aggregate at any time
(or $115,000,000 if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the Purchase
Agreement), in accordance with the rules and procedures of the Depositary, on April 1, 2021, and interest thereon as set forth
below.

 

This Note shall bear interest at the rate
of 5.00% per year from April 6, 2016, or from the most recent date to which interest had been paid or provided for to, but excluding,
the next scheduled Interest Payment Date until April 1, 2021. Interest is payable semi-annually in arrears on each April 1 and
October 1, commencing on October 1, 2016, to Holders of record at the close of business on the preceding March 15 and September
15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d)
and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall
be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to either
of such Section 4.06(d) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein
shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made.

 

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

 

 

1 Include if a global note.

2 Include if a global note.

3 Include if a physical note.

4 Include if a global note.

5 Include if a physical note.

 

    A-3

     

    

 

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

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into shares of Common Stock on the terms and subject to the limitations set forth in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place.

 

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

 

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

 

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

 

[Remainder of page intentionally left
blank]

 

    A-4

     

    

 

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

 

	 	GRAN TIERRA ENERGY INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 
	 	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 	 	 
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee, certifies that this is one of the Notes described
	in the within-named Indenture.	 
	 	 	 
	By:	 	 
	 	Authorized Officer	 

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

GRAN TIERRA ENERGY INC.

5.00% Convertible Senior Note due 2021

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2021 (the “Notes”), limited to
the aggregate principal amount of $100,000,000 (as increased by an amount equal to the aggregate principal amount of any additional
Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in
the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of April 6, 2016 (the “Indenture”),
between the Company and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note
shall have the respective meanings set forth in the Indenture.

 

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

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to
a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States
that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay or deliver, as the case may be, the principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the
respective times, at the rate and in the lawful money herein prescribed.

 

    A-6

     

    

 

The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes shall be redeemable at the Company’s
option (i) in certain circumstances following a Fundamental Change and (ii) on or after April 5, 2019, in each case in accordance
with the terms and subject to the conditions specified in the Indenture.

 

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

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock at the Conversion Rate specified
in the Indenture, as adjusted from time to time as provided in the Indenture.

 

    A-7

     

    

 

ABBREVIATIONS

 

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

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

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

 

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

 

    A-8

     

    

 

SCHEDULE A 6

 

SCHEDULE OF EXCHANGES OF NOTES

 

GRAN TIERRA ENERGY INC.

5.00% Convertible Senior Notes due 2021

 

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

 

	Date of exchange	 	Amount of

decrease in

principal amount

of this Global Note	 	Amount of

increase in

principal amount

of this Global Note	 	Principal amount

of this Global Note

following such

decrease or

increase	 	Signature of

authorized

signatory of

Trustee or

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

6 Include if a global
note.

 

    A-9

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

		To:	U.S. BANK NATIONAL ASSOCIATION

5555 San Felipe, Suite 1150

Houston, Texas 77056

Attention: Steve Finklea

 

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

 

	Dated:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Signature(s)	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Signature Guarantee	 	 	 	 

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

    1

     

    

 

	Fill in for registration of shares if	 
	to be issued, and Notes if to	 
	be delivered, other than to and in the	 
	name of the registered holder:	 
	 	 
	 	 
	(Name)	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	(City, State and Zip Code)	 
	Please print name and address	 

 

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

 

    2

     

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

		To:	U.S. BANK NATIONAL ASSOCIATION

5555 San Felipe, Suite 1150

Houston, Texas 77056

Attention: Steve Finklea

 

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

 

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

 

	Dated:	 	 

 

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

 

    1

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note, the undersigned
confirms that such Note is being transferred:

 

 ̈          To
Gran Tierra Energy Inc. or a subsidiary thereof; or

 

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

 

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

 

 ̈          Pursuant
to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration
requirements of the Securities Act of 1933, as amended.

 

    1

     

    

 

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

 

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

 

    2Exhibit 10.1

 

EXECUTION VERSION

 

GRAN TIERRA ENERGY INC.

 

$100,000,000

 

5.00% Convertible Senior Notes due 2021

 

PURCHASE AGREEMENT

 

March 31, 2016

 

     

     

    

 

Purchase
Agreement

 

March 31, 2016

 

Nomura Securities International, Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

as Representatives of the several Initial
Purchasers

 

Ladies and Gentlemen:

 

Gran Tierra Energy Inc.,
a Nevada corporation (the “Company”), proposes to issue and sell to the initial purchasers named in Schedule
A annexed hereto (collectively, the “Initial Purchasers”), for whom Nomura Securities International Inc.,
Dundee Securities Inc. and RBC Dominion Securities Inc. are acting as representatives (in such capacity, the “Representatives”),
$100,000,000 in aggregate principal amount of its 5.00% Convertible Senior Notes due 2021 (the “Firm Securities”).
In addition, the Company proposes to grant the Initial Purchasers the option to purchase up to an additional $15,000,000 in aggregate
principal amount of its 5.00% Convertible Senior Notes due 2021 (the “Additional Securities”). The Firm Securities
and the Additional Securities are collectively referred to herein as the “Securities.” The Securities will be
issued pursuant to an indenture (the “Indenture”), to be dated as of April 6, 2016 by and between the Company
and U.S. Bank, National Association, as trustee (the “Trustee”). The Securities will be convertible into shares
of the Company’s common stock, par value $0.001 per share (the “Underlying Securities”), subject to the
terms and conditions set forth in the Indenture.

 

The Securities will be
sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended, and the rules and regulations
of the Securities and Exchange Commission (the “Commission”) thereunder (collectively, the “Securities
Act”), in reliance upon an exemption therefrom and to persons in Canada pursuant to available exemptions from the prospectus
requirement under applicable securities laws in each of the provinces of Canada emanating from governmental authorities, including
the respective rules and regulations made thereunder together with applicable published national and local instruments, policy
statements, notices, blanket rulings and orders of the securities commissions or other securities regulatory authorities in each
of the provinces of Canada (together, the “Canadian Securities Commissions”), and all discretionary rulings
and orders applicable to the Company, if any, of the Canadian Securities Commissions (the “Canadian Securities Laws”).
The Company has prepared a preliminary offering memorandum, dated March 30, 2016 (the “Preliminary Offering Memorandum”),
(ii) a pricing term sheet, dated the date hereof, attached hereto as Schedule C, which includes pricing terms and other information
with respect to the Securities and the Underlying Securities (the “Pricing Term Sheet”), and will prepare (iii)
the final offering memorandum (the “Offering Memorandum”), in each case, relating to the offer and sale of the
Securities (the “Offering”). Copies of the Preliminary Offering Memorandum have been, and copies of the Offering
Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this Agreement. The Company hereby
confirms that it has authorized the use of the Preliminary Offering Memorandum, the Disclosure Package (as defined below) and the
Offering Memorandum in connection with the offering and initial resale of the Securities by the Initial Purchasers in the manner
contemplated by this Agreement.

 

     

     

    

 

As used in this Agreement:

 

“Applicable
Time” means 8:30 PM, New York City time, on March 31, 2016, or such other time as agreed by the Company and the
Representatives.

 

“Disclosure
Package” means the Preliminary Offering Memorandum together with each Additional Written Offering Communication or other
information, if any, each identified in Schedule B.

 

Any reference herein
to the Preliminary Offering Memorandum, the Disclosure Package, the Offering Memorandum and any Additional Written Offering Communication
shall be deemed to refer to and include the documents, if any and as applicable, incorporated by reference, or deemed to be incorporated
by reference, therein (the “Incorporated Documents”), including the documents, if any, filed as exhibits to
such Incorporated Documents. Any reference herein to the terms “amend,” “amendment” or “supplement”
with respect to the Preliminary Offering Memorandum, the Disclosure Package or the Offering Memorandum shall be deemed to refer
to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission thereunder (collectively, the “Exchange Act”) or, for the purposes of persons in Canada the
filing of any document under applicable Canadian Securities Laws, on or after the Applicable Time, or the date of the Preliminary
Offering Memorandum, the Disclosure Package or the Offering Memorandum, as the case may be, and deemed to be incorporated therein
by reference.

 

As used in this Agreement,
“business day” shall mean a day on which the NYSE MKT LLC (the “NYSE MKT”) and the Toronto
Stock Exchange (the “TSX”) are open for trading. The terms “herein,” “hereof,”
“hereto,” “hereinafter” and similar terms, as used in this Agreement, shall in each case
refer to this Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of this Agreement.
The term “or,” as used herein, is not exclusive.

 

The Company and the Initial
Purchasers agree as follows:

 

1.            Agreements
to Purchase and Sell. (a) Upon the basis of the representations and warranties and subject to the terms and conditions herein
set forth, the Company agrees to issue and sell to the respective Initial Purchasers, and each of the Initial Purchasers, severally
and not jointly, agrees to purchase from the Company the respective number of Firm Securities set forth opposite the name of such
Initial Purchaser in Schedule A attached hereto, subject to adjustment in accordance with Section 9 hereof, in each case
at a purchase price of 96% of the aggregate principal amount thereof (the “Purchase Price”) plus accrued interest,
if any, from April 6, 2016 to the date of payment and delivery.

    - 2 -

     

    

 

(b)          In
addition, the Company hereby grants to the several Initial Purchasers the option (the “Additional Securities Option”)
to purchase, and upon the basis of the representations and warranties and subject to the terms and conditions herein set forth,
the Initial Purchasers shall have the right to purchase, severally and not jointly, from the Company, ratably in accordance with
the respective number of Firm Securities to be purchased by each of them, all or a portion of the Additional Securities, at the
Purchase Price plus accrued interest, if any, from April 6, 2016 to the date of payment and delivery. The Additional Securities
Option may be exercised by the Representatives at any time and from time to time on or before the thirtieth day following the date
of the Preliminary Offering Memorandum, by written notice to the Company. Such notice shall set forth the number of Additional
Securities as to which the Additional Securities Option is being exercised and the date and time when the Additional Securities
are to be delivered (any such date and time being herein referred to as an “Additional Time of Purchase”); provided,
however, that no Additional Time of Purchase shall be earlier than the “Time of Purchase” (as defined below)
nor earlier than the second business day after the date on which the Additional Securities Option shall have been exercised nor
later than the tenth business day after the date on which the Additional Securities Option shall have been exercised. The number
of Additional Securities to be sold to each Initial Purchaser shall be the number which bears the same proportion to the aggregate
number of Additional Securities being purchased as the number of Firm Securities set forth opposite the name of such Initial Purchaser
on Schedule A hereto bears to the total number of Firm Securities (subject, in each case, to such adjustment as the Representatives
may determine to eliminate fractional shares of Additional Securities), subject to adjustment in accordance with Section 9 hereof.

 

2.            Payment
and Delivery. Payment of the purchase price for the Firm Securities shall be made to the Company by Federal Funds wire transfer
against delivery of the certificates for the Firm Securities to the Representatives through the facilities of The Depository Trust
Company (“DTC”) for the respective accounts of the Initial Purchasers. Such payment and delivery shall be made
at 10:00 A.M., New York City time, on April 6, 2016 (unless another time shall be agreed to by the Representatives and the
Company or unless postponed in accordance with the provisions of Section 9 hereof). The time at which such payment and delivery
are to be made is hereinafter sometimes called the “Time of Purchase.” Electronic transfer of the Firm Securities
shall be made to the Representatives at the Time of Purchase in such names and in such denominations as the Representatives shall
specify in writing to the Company.

 

Payment of the purchase
price for the Additional Securities shall be made at the Additional Time of Purchase in the same manner and at the same office
and time of day as the payment for the Firm Securities. Electronic transfer of the Additional Securities shall be made to the Representatives
at the Additional Time of Purchase in such names and in such denominations as the Representatives shall specify in writing to the
Company.

 

    - 3 -

     

    

 

Nomura Securities International,
Inc., individually and not as representative of the Initial Purchasers, may (but shall not be obligated to) make payment of the
purchase price for the Firm Securities or the Additional Securities, if any, to be purchased by any Initial Purchaser whose funds
have not been received by the Time of Purchase or any applicable Additional Time of Purchase, as the case may be, but such payment
shall not relieve such Initial Purchaser from its obligations hereunder.

 

Deliveries of the documents
described in Section 7 hereof with respect to the purchase of the Securities shall be made at the offices of Davis Polk & Wardwell
LLP at 450 Lexington Avenue, New York, NY 10017, at 9:00 A.M., New York City time, on the date of the closing of the purchase of
the Firm Securities or the Additional Securities, as the case may be.

 

3.            Representations
and Warranties of the Initial Purchasers.

 

(a)          The
Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Disclosure
Package. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

 

(i)          it
is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an
accredited investor within the meaning of Rule 501(a) under the Securities Act;

 

(ii)         without
the Representatives’ prior consent, it has not solicited offers for, or offered or sold, and will not solicit offers for,
or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D under the Securities Act (“Regulation D”) or in any manner involving a public offering
within the meaning of Section 4(a)(2) of the Securities Act;

 

(iii)        it
has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of
their initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the
Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps
to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; and

 

(iv)        it
has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of
their initial offering to persons unless it has provided a copy of the Preliminary Offering Memorandum and the Offering Memorandum
to such persons and except to persons:

 

(A)         which
are not individuals;

 

    - 4 -

     

    

 

(B)         whom
it reasonably believes are “accredited investors” as defined in Section 1.1 of National Instrument 45-106 Prospectus
Exemptions (“NI 45-106”) or subsection 73.3(1) of the Securities Act (Ontario) (the “OSA”),
as applicable, and (1) whom are either purchasing the Securities as principal for their own account, or are deemed to be purchasing
the Securities as principal for their own account in accordance with Canadian Securities Laws and not as agent for the benefit
of another person; (2) if they are an “accredited investors” in reliance on paragraph (m) of the definition of “accredited
investor” in section 1.1 of NI 45-106, such person was not created or used solely to purchase or hold the Securities as an
“accredited investor” as described under that paragraph (m); and (3) whom are not purchasing the Securities pursuant
to any of (i) subsections (e), (e.1), (j), (j.1), (k) or (l) of the definition of “accredited investor” in Section
1.1 of NI 45-106, subsections (d), (q) or (v) of the definition of “accredited investor” in Section 1.1 of NI 45-106,
as an “individual” or, subsections (d), (i) or (j) of the definition of “accredited investor” in Section
73.3(1) of the OSA as a “person”;

 

(C)         from
whom the Initial Purchasers have received or will receive an acknowledgement that: (1) no securities commission or similar regulatory
authority has reviewed or passed on the merits of the Securities or Underlying Securities; (2) there is no government or other
insurance covering the Securities or Underlying Securities; (3) there are risks associated with the purchase of the Securities;
(4) there are restrictions on such persons ability to resell the Securities and the Underlying Securities and it is the responsibility
of such person to find out what those restrictions are and to comply with them before selling the Securities or Underlying Securities;
and, (5) such person has been advised that the Company is relying on an exemption from the requirements to provide such person
with a prospectus and to sell securities through a person or company registered under the Securities Act (Alberta) and,
as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies provided by the Securities
Act (Alberta), including statutory rights of rescission or damages will not be available to such person.

 

(b)          Each
Initial Purchaser acknowledges and agrees that the Company and, for purposes of the opinions to be delivered to the Initial Purchasers
pursuant to Sections 7(b) and 7(c) hereof, counsel for the Company and counsel for the Initial Purchasers, respectively, may rely
upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with
their agreements, contained in paragraph (b) above, and each Initial Purchaser hereby consents to such reliance.

 

(c)          The
Company acknowledges and agrees that the Initial Purchasers may, in accordance with the Securities Act and if applicable Canadian
Securities Laws, offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may
offer and sell Securities purchased by it to or through any Initial Purchaser.

 

4.          Representations
and Warranties of the Company. (a) The Company represents and warrants to each of the Initial Purchasers that on the date of
this Agreement, at the Applicable Time, at the Time of Purchase and at each Additional Time of Purchase, if any (collectively a
“Representation Date”), and agrees with each of the Initial Purchasers, as follows:

    - 5 -

     

    

 

(i)          At
the Applicable Time, neither (A) the Disclosure Package, or (B) any Additional Written Offering Communication prepared, used
or referred to by the Company, when considered together with the Disclosure Package, at the time of its use, included, includes
or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, that the Company makes no representation and warranty with respect to any statements made in the Disclosure Package
or any Additional Written Offering Communication in reliance upon and in conformity with information relating to any Initial Purchaser
furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in the Disclosure Package
or any Additional Written Offering Communication, it being understood that the only such information furnished by any Initial Purchaser
consists of the information described as such in Section 11 hereof. Neither the Preliminary Memorandum, as of its date, nor the
Offering Memorandum, in the form used by the Initial Purchasers to confirm sales, at the Time of Purchase and any additional Time
of Purchase, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that the Company makes no representation and warranty with respect to any statements
made in the Preliminary Offering Memorandum or the Offering Memorandum in reliance upon and in conformity with information relating
to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for
use in the Preliminary Offering Memorandum or the Offering Memorandum, it being understood that the only such information furnished
by any Initial Purchaser consists of the information described as such in Section 11 hereof.

 

(ii)         The
Company (including its agents and representatives, other than the Initial Purchasers in their capacity as such) has not made, used,
prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any “written
communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an
offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication
referred to in clauses (i), (ii) and (iii) below) an “Issuer Written Communication”) other than (i) the Preliminary
Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Schedule B hereto (each an “Additional
Written Offering Communication”), including the Pricing Term Sheet substantially in the form of Schedule C hereto,
which constitute part of the Disclosure Package, and (iv) each electronic road show and any other written communications approved
by the Representatives. Each such Issuer Written Communication, when taken together with the Disclosure Package, did not, and at
the Time of Purchase and as of the Additional Time of Purchase, as the case may be, will not, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading provided, however, that the Company makes no representation and warranty with
respect to any statements made in the Issuer Written Communication in reliance upon and in conformity with information relating
to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for
use in the Issuer Written Communication, it being understood that the only such information furnished by any Initial Purchaser
consists of the information described as such in Section 11 hereof. Each such Issuer Written Communication, as of its issue date
and at all subsequent times through the completion of the offer and sale of the Securities or until any earlier date that the Company
notified or notifies the Representatives, did not, does not and will not include any information that conflicted, conflicts or
will conflict with the information contained in the Disclosure Package or the Offering Memorandum, including any document incorporated
by reference therein.

    - 6 -

     

    

 

(iii)        The
documents incorporated by reference in the Offering Memorandum or the Disclosure Package, when filed with the Commission or, where
applicable, such documents are filed with the Canadian Securities Commissions, conformed or will conform, as the case may be, in
all material respects to the requirements of the Exchange Act and Canadian Securities Laws, respectively, and none of the incorporated
documents contained, contain or will contain any untrue statement of a material fact or omitted, omit or will omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(iv)        The
Company has an authorized, issued and outstanding capitalization as set forth in the sections of the Disclosure Package and the
Offering Memorandum entitled “Capitalization” under the column entitled “Actual” and, as of the Time of
Purchase and any Additional Time of Purchase, as the case may be, the Company shall have an authorized, issued and outstanding
capitalization as set forth in the sections of the Disclosure Package and the Offering Memorandum entitled “Capitalization”
under the column entitled “As Adjusted” (in each case, except for subsequent issuances, if any, pursuant to this Agreement,
pursuant to reservations, agreements or employee benefit plans referred to in the Disclosure Package and the Offering Memorandum
or pursuant to the exercise of convertible securities or options referred to in the Disclosure Package or the Offering Memorandum).
None of the outstanding shares of Common Stock was issued in violation of any preemptive rights, rights of first refusal or other
similar rights to subscribe for or purchase securities of the Company. Except for grants of awards pursuant to employee benefit
plans, described in the Disclosure Package and the Offering Memorandum, or those which have been granted subsequent to December
31, 2015 in the ordinary course of the Company’s business, there are no authorized or outstanding options, warrants, preemptive
rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable
for, any capital stock of the Company or any of its subsidiaries other than those described in the Disclosure Package and the Offering
Memorandum. The descriptions of the Company’s stock option, stock bonus and other stock plans or arrangements, and the options
or other rights granted thereunder, set forth in the Disclosure Package and the Offering Memorandum accurately and fairly presents,
in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights.

    - 7 -

     

    

  

(v)         At
the Time of Purchase, the Securities will not be of the same class, within the meaning of Rule 144A(d)(3) under the Securities
Act, as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated
inter-dealer quotation system; and each of the Disclosure Package, as of the Applicable Time, and the Offering Memorandum, as of
its date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be
required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act and, to the extent applicable
in respect of prospective purchasers resident in Canada.

 

(vi)        Neither
the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered
for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that
is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the
Securities Act or qualification of the Securities by way of a prospectus under applicable Canadian Securities Laws.

 

(vii)       Without
the Representatives’ prior consent, none of the Company or any of its affiliates or any other person acting on its or their
behalf (other than the Initial Purchasers, as to which no representation is made) has solicited offers for, or offered or sold,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or in any manner which
would require the qualification of the Securities for distribution by prospectus under applicable Canadian Securities Laws.

 

(viii)      Assuming
the accuracy of the representations and warranties of the Initial Purchasers contained in Section 3 and their compliance with their
agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers
and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the
Disclosure Package and the Offering Memorandum, to register the Securities under the Securities Act.

 

    - 8 -

     

    

 

(ix)         Assuming
the accuracy of the representations and warranties of the Initial Purchasers contained in Section 3 and their compliance with their
agreements set forth therein, the offer and sale of the Securities to purchasers in Canada in the manner contemplated by this Agreement
is exempt from the prospectus requirements of Canadian Securities Laws, and the only documents, proceedings, approvals, permits,
consents or authorizations required to be filed, made, taken or obtained by the Company under Canadian Securities Laws in connection
with such offer and sale are the delivery or filing, as applicable, to the applicable Canadian Securities Commissions of the Disclosure
Package, the Offering Memorandum and any Additional Written Offering Communication delivered or provided to residents of Canada
and the filing of reports on Form 45-106F1 or on Form 45-106F6 as prescribed by National Instrument 45-106 – Prospectus
Exemptions, prepared and executed in accordance with Canadian Securities Laws, together with the payment of any requisite filing
fees related thereto, with the applicable Canadian Securities Commissions, in each case within ten days of the date of the distribution.

 

(x)          The
Company’s outstanding Common Stock is listed for trading on NYSE MKT and the TSX under the symbol “GTE”. The
Company is in compliance with the by-laws, rules and regulations of NYSE MKT and the TSX in all material respects and has not received
any notice from NYSE MKT or the TSX regarding the delisting of the Common Stock from NYSE MKT or the TSX, as applicable.

 

(xi)         The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Nevada,
with full corporate power and authority to own, lease and operate its properties and assets and conduct its business as described
in the Disclosure Package and Offering Memorandum, to execute and deliver this Agreement and to issue, sell and deliver the Securities
as contemplated herein.

 

(xii)        The
Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the ownership
or leasing of its properties and assets or the conduct of its business requires such qualification, except where the failure to
be so qualified and in good standing would not, individually or in the aggregate, either (i) have a material adverse effect on
the business, properties, condition (financial or otherwise), results of operations or prospects of the Company and its subsidiaries
(as defined below) taken as a whole, (ii) prevent or materially interfere with consummation of the transactions contemplated hereby
or (iii) result in the delisting of the shares of Common Stock from NYSE MKT or the TSX (the occurrence of any such effect or any
such prevention or interference or any such result described in the foregoing clauses (i), (ii) and (iii) being herein referred
to as a “Material Adverse Effect”).

 

    - 9 -

     

    

 

(xiii)       The
Company has no subsidiaries (as defined under the Securities Act) other than those set forth on Schedule D hereto (collectively,
the “Subsidiaries”). Other than as set forth on Schedule D, the Company owns, directly or indirectly, all of
the issued and outstanding capital stock of, or other equity interests in, each of the Subsidiaries. Except as described in the
Disclosure Package and the Offering Memorandum, other than the capital stock of, or other equity interests in, the Subsidiaries,
the Company does not own, directly or indirectly, any shares of stock or any other equity interests or long-term debt securities
of any corporation, firm, partnership, joint venture, association or other entity. Each Subsidiary has been duly organized and
is validly existing in good standing under the laws of the jurisdiction of its organization, with full power and authority to own,
lease and operate its properties and assets and to conduct its business as described in the Disclosure Package and the Offering
Memorandum. Each Subsidiary is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where
the ownership or leasing of its properties and assets or the conduct of its business requires such qualification, except where
the failure to be so qualified and in good standing would not, individually or in the aggregate, have a Material Adverse Effect.
Except as disclosed in the Disclosure Package and the Offering Memorandum, all of the outstanding shares of capital stock of, or
other equity interests in, each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable,
have been issued in compliance with all applicable securities laws, were not issued in violation of any preemptive right, resale
right, right of first refusal or similar right and are owned by the Company subject to no security interest, other encumbrance
or adverse claims. Except as otherwise disclosed in the Disclosure Package and the Offering Memorandum, no options, warrants or
other rights to purchase, agreements or other obligations to issue or other rights to convert any obligation into shares of capital
stock of, or equity interests in, the Subsidiaries are outstanding. The Company has no Subsidiary that individually accounted for
in excess of 7% of the Company’s aggregate production for the year ended December 31, 2015, other than those Subsidiaries
designated on Schedule D with a cross (†) each a “Significant Subsidiary.” Excluding the Significant
Subsidiaries, the other Subsidiaries collectively accounted for less than 15% of the Company’s aggregate production for the
year ended December 31, 2015. Complete and correct copies of the charters and the bylaws of the Company and its Significant Subsidiaries,
as in effect as of the date hereof, and all amendments thereto have been delivered to the Representatives, and no changes therein
will be made on or after the date hereof through and including the Time of Purchase or, if later, any Additional Time of Purchase.

 

(xiv)      The
Securities have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company
against payment therefor pursuant to this Agreement, will be validly and duly executed, authenticated, issued and delivered and
will constitute legal, valid and binding obligations of the Company, entitled to the benefit of the Indenture, and enforceable
against the Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or
equity) and the discretion of the court before which any proceeding therefor may be brought.

    - 10 -

     

    

 

(xv)       When
executed and delivered, the Securities will conform in all material respects to the descriptions thereof in the Disclosure Package
and the Offering Memorandum and will be substantially in the form contemplated by the Indenture.

 

(xvi)      This
Agreement has been duly authorized, executed and delivered by the Company. The Indenture has been duly and validly authorized by
the Company and, at the Time of Purchase, will have been duly executed and delivered by the Company and will constitute a legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that the enforcement
thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent
transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles
of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may
be brought. When executed and delivered, this Agreement and the Indenture will conform in all material respects to the descriptions
thereof in the Disclosure Package and the Offering Memorandum.

 

(xvii)     A
number of shares of Common Stock equal to the maximum number of shares of Common Stock deliverable upon conversion of the Securities
(including the maximum number of shares of Common Stock to be delivered upon conversion of the Securities in connection with a
“make-whole fundamental change,” and assuming for such purposes that (x) the Initial Purchasers exercise in full their
option to purchase Additional Securities and (y) the Company delivers solely shares of Common Stock upon conversion of all Securities,
the “Maximum Number of Underlying Securities”) have been duly authorized and reserved for issuance upon conversion
of the Securities by all necessary corporate action, and, when issued upon such conversion in accordance with the terms of the
Securities, will be validly issued, fully paid and non-assessable; no holder of the Underlying Securities will be subject to personal
liability solely by reason of being such a holder; and the issuance of the Underlying Securities upon such conversion will not
be subject to the preemptive or other similar rights of any security holder of the Company.

 

(xviii)    The
Amended and Restated Credit Agreement dated as of March 31, 2016, by and among the Company, Gran Tierra Energy International Holdings
Ltd., the Bank of Nova Scotia, Societe Generale and the lenders party thereto (the “Credit Agreement”) has been
duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company,
and, to the knowledge of the Company, has been duly executed by the other parties thereto.

 

    - 11 -

     

    

 

(xix)       Neither
the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred which, with
notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any
indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of
all or a part of such indebtedness under) (A) its charter or bylaws or similar organizational documents, or (B)(i) the Credit Agreement,
or (ii) any other indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license,
lease, contract or other agreement or instrument to which it is a party or by which it or any of its properties or assets may be
bound or affected, or (C) any U.S. federal, state, local or foreign law, or (D) any rule or regulation of any U.S. federal, state,
local or foreign governmental or regulatory commission, board, body, authority or agency, or any self-regulatory organization or
other non-governmental regulatory authority (collectively, a “Regulatory Authority”) or (E) any decree, judgment
or order applicable to it or any of its properties or assets, except, in the case of clauses (B)(ii), (C), (D) and (E) above, for
such breaches, violations or defaults as would not, individually or in the aggregate, (x) have a Material Adverse Effect, or (y)
result in any material liability for any Initial Purchaser.

 

(xx)        The
execution, delivery and performance of this Agreement and the Indenture, the issuance and sale of the Securities and the consummation
of the transactions contemplated hereby do not and will not conflict with, result in any breach or violation of or constitute a
default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of,
constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right
to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition
of a lien, charge or encumbrance on any property or asset of the Company or any Subsidiary pursuant to) (A) the charter or bylaws
or similar organizational document of the Company or any of the Subsidiaries, or (B)(i) the Credit Agreement, or (ii) any other
indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract
or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of them or any of their
respective properties or assets may be bound or affected, or (C) any U.S. federal, state, local or foreign law, or (D) any rule
or regulation of any Regulatory Authority or (E) any decree, judgment or order applicable to the Company or any of the Subsidiaries
or any of their respective properties or assets, except, in the case of clauses (B)(ii), (C), (D)and (E) above, for such breaches,
violations or defaults as would not, individually or in the aggregate, (x) have a Material Adverse Effect, or (y) result in any
material liability for any Initial Purchaser.

 

(xxi)       Other
than the approval of the TSX, no approval, authorization, license, registration, qualification, decree, consent or order of or
filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of
or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, NYSE MKT
and the TSX), or approval of the stockholders of the Company, is necessary or required in connection with the issuance and sale
of the Securities or the consummation by the Company of the transactions contemplated hereby, except for such approvals, authorizations,
licenses, registrations, qualifications, decrees, consents or orders of or filings, the failure of which to obtain would not, individually
or in the aggregate, have a Material Adverse Effect.

    - 12 -

     

    

 

(xxii)      Except
as described in the Disclosure Package and the Offering Memorandum, (i) no person has the right, contractual or otherwise, to cause
the Company to issue or sell to it any shares of Common Stock or shares of any other capital stock or other equity interests of
the Company, (ii) no person has any pre-emptive rights, resale rights, rights of first refusal or other rights to purchase any
shares of Common Stock or shares of any other capital stock of or other equity interests in the Company and (iii) no person has
the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Securities;
no person has the right, contractual or otherwise, to cause the Company to register under the Securities Act any shares of Common
Stock or shares of any other capital stock of or other equity interests in the Company, or to include any such shares or interests
in offering contemplated thereby;

 

(xxiii)     Each
of the Company and the Subsidiaries has all necessary permits, licenses, authorizations, consents and approvals issued by the appropriate
Regulatory Authorities and has made all necessary filings required under any applicable law, regulation or rule, and has obtained
all necessary permits, licenses, authorizations, consents and approvals from other persons, in order to conduct their respective
businesses as described in the Disclosure Package and the Offering Memorandum, except as would not, individually or in the aggregate,
to have a Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in violation of, or in default under, or
has received notice of any proceedings relating to revocation or modification of, any such permit, license, authorization, consent
or approval or any U.S. federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to
the Company or any of the Subsidiaries, except where such violation, default, revocation or modification would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(xxiv)    Except
as otherwise set forth in the Disclosure Package and the Offering Memorandum under the section entitled “Item 3. Legal Proceedings,”
there are no actions, suits, proceedings, claims, investigations or inquiries pending or, to the Company’s knowledge, threatened
or contemplated to which the Company or any of the Subsidiaries or any of their respective directors or officers is or would be
a party or of which any of their respective properties or assets is or would be subject at law or in equity, before or by any Regulatory
Authority, except any such action, suit, proceeding, claim, investigation or inquiry which, if resolved adversely to the Company
or any Subsidiary, would not, individually or in the aggregate, have a Material Adverse Effect.

 

(xxv)     McDaniel
& Associates Consultants Ltd. (“McDaniel”), which has evaluated the Company’s reserves data as at
December 31, 2015, has represented to the Company that it is, and to the knowledge of the Company is, an independent petroleum
engineering firm with respect to the Company in accordance with guidelines established by the Commission.

 

    - 13 -

     

    

  

(xxvi)    The
oil and gas reserve estimates of the Company included or incorporated by reference in the Disclosure Package and the Offering Memorandum
have been prepared by independent reserve engineers in accordance with Commission guidelines or, in the case of the Form 51-101F1
in accordance with applicable Canadian Securities Laws, in all material respects applied on a consistent basis throughout the periods
involved, and the Company has no reason to believe that such estimates do not fairly reflect the oil and gas reserves of the Company
as of the dates indicated. Other than production of the reserves in the ordinary course of business, intervening product price
fluctuations and as described in the Disclosure Package and the Offering Memorandum, the Company is not aware of any facts or circumstances
that would have a Material Adverse Effect on the reserves or the present value of future net cash flows therefrom as described
in the Disclosure Package and the Offering Memorandum.

 

(xxvii)   Any
and all operations of the Company and each of the Subsidiaries, and to the best of the Company’s knowledge, any and all operations
by third parties on or in respect of the assets and properties of the Company and each of the Subsidiaries, have in all material
respects been conducted in accordance with good oil and gas industry practice and in material compliance with applicable laws,
rules, regulations, orders and directions of government and other competent authorities, except where the failure to so conduct
operations would not have a Material Adverse Effect.

 

(xxviii)    Deloitte
LLP, whose report on the consolidated financial statements of the Company is included or incorporated by reference in the Disclosure
Package and the Offering Memorandum, are independent registered public accountants as required by the Securities Act and by the
rules of the Public Company Accounting Oversight Board.

 

(xxix)      The
financial statements included or incorporated by reference in the Disclosure Package and the Offering Memorandum, together with
the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and
the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’
equity of the Company and its Subsidiaries for the periods specified and have been prepared in compliance with the requirements
of the Securities Act and in conformity with U.S. generally accepted accounting principles (“GAAP”) applied
on a consistent basis during the periods involved. The other financial and statistical data included in the Disclosure Package
and the Offering Memorandum are accurately and fairly presented and prepared on a basis consistent with the financial statements
and books and records of the Company. The Company and the Subsidiaries do not have any material liabilities or obligations, direct
or contingent (including any off-balance sheet obligations), not described in the Disclosure Package and the Offering Memorandum.
All disclosures included in the Disclosure Package and the Offering Memorandum regarding “non-GAAP financial measures”
(as such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item
10 of Regulation S K under the Securities Act, to the extent applicable.

 

    - 14 -

     

    

 

(xxx)        Except
as disclosed in the Disclosure Package and the Offering Memorandum, each stock option granted under any stock option plan of the
Company or any Subsidiary (each, a “Stock Plan”) was granted with a per share exercise price no less than the
fair market value per share of Common Stock on the grant date of such option, and no such grant involved any “back-dating,”
“forward-dating” or similar practice with respect to the effective date of such grant. Each such stock option (i) was
granted in compliance with applicable law and with the applicable Stock Plan(s), (ii) was duly approved by the Board of Directors
(or a duly authorized committee thereof) of the Company or such Subsidiary, as applicable, and (iii) has been properly accounted
for in the Company’s consolidated financial statements in accordance with GAAP and disclosed in the Disclosure Package and
the Offering Memorandum.

 

(xxxi)      Except
as disclosed in the Disclosure Package and the Offering Memorandum, subsequent to the respective dates as of which information
is given in the Disclosure Package and the Offering Memorandum, there has not been, whether or not arising in the ordinary course
of business, (i) any material adverse change, or any development involving a prospective material adverse change, in the business,
properties, management, condition (financial or otherwise), liquidity or results of operations of the Company and the Subsidiaries
taken as a whole (a “Material Adverse Change”), (ii) any transaction which is material to the Company and the
Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations)
incurred by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken as a whole, (iv) any change
in the capital stock of, or other equity interests in, or outstanding indebtedness of, the Company or any Subsidiaries or (v) any
dividend or distribution of any kind declared, paid or made on the capital stock of, or other equity interests in, the Company
or any Subsidiary.

 

(xxxii)     The
Company has obtained for the benefit of the Initial Purchasers the agreement (a “Lock-Up Agreement”), in the
form set forth as Exhibit A hereto, of each of its directors and “officers” (within the meaning of Rule 16a-1(f)
under the Exchange Act) named in Exhibit A-1 hereto, with the exception of the two individuals whose names are marked with
an asterisk in Exhibit A-1.

 

(xxxiii)    Neither
the Company nor any Subsidiary is, in connection with any sale of Securities or at the Time of Purchase or any Additional Time
of Purchase will any of them be, and, after giving effect to the offer and sale of the Securities and the application of the proceeds
thereof, none of them will be, an “investment company”, as defined in the Investment Company Act of 1940, as
amended (the “Investment Company Act”).

    - 15 -

     

    

 

(xxxiv)     Except
as otherwise set forth in the Disclosure Package and the Offering Memorandum or such as in the aggregate does not now cause or
will in the future cause a Material Adverse Effect, the Company or one of its subsidiaries has title to or the irrevocable right
to produce and sell its hydrocarbons (for the purposes of this clause, the foregoing are referred to as the “Company Interests”).
Except as otherwise set forth in the Disclosure Package and the Offering Memorandum, the Company represents and warrants that the
Company Interests: (i) with respect to oil and gas properties underlying the Company’s estimates of its net proved oil and
natural gas reserves contained or incorporated by reference in the Disclosure Package and the Offering Memorandum, (A) such title,
if any, is legal, good and defensible title in conformity with customary industry standards, free and clear of all liens, security
interests, pledges, charges, encumbrances, mortgages and restrictions, except for liens, security interests, pledges, charges,
encumbrances, mortgages and restrictions under operating agreements, unitization and pooling agreements, production sales contracts,
farmout agreements and other oil and gas exploration participation and production agreements, in each case that secure payment
of amounts not yet due and payable or other unmatured obligations and are of a scope and nature customary for the oil and gas industry
or arise in connection with drilling and production operations, or (B) such rights, if any, are free and clear of encumbrances,
adverse claims and any royalties, production payments, working interest reductions or other similar encumbrances, in each case
that are not accurately reflected in the Summary Reserves Assessment and Evaluation Report included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2015, or the underlying Reserves Assessment and Evaluation of Oil and Gas Properties
of the Company (the “Reserves Assessement”) provided to the Initial Purchasers, created by, through, or under
the Company or any of its Subsidiaries, except arising out of (x) the Credit Agreement, or (y) those arising in the ordinary course
of business of the Company, and the Company and its Subsidiaries hold the Company Interests under valid, subsisting, binding and
enforceable leases, authorizations, concessions, concession agreements, contracts, subleases, reservations or other agreements,
except where the failure to so hold would not have, individually or in the aggregate, a Material Adverse Effect and (ii) with respect
to real and personal property other than that annexed to oil and gas interests, such title is free and clear of all material liens,
security interests, pledges, charges, encumbrances, mortgages and restrictions. No real property owned, leased, licensed, or used
by the Company lies in an area that is, or to the knowledge of the Company will be, subject to restrictions that would prohibit
the continued effective ownership, leasing, licensing, exploration, development or production or use of such real property in the
business of the Company as presently conducted or as the Disclosure Package and the Offering Memorandum indicates the Company contemplates
conducting, except as may be properly described in the Disclosure Package and the Offering Memorandum or such as in the aggregate
would not reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the Disclosure Package and the
Offering Memorandum, there are no defects, failures or impairments in the Company Interests to its oil and gas assets, whether
or not an action, suit, proceeding or inquiry is pending or threatened and whether or not discovered by any third party, which
individually or in the aggregate would have (A) a Material Adverse Effect or (B) a material adverse effect on: (x) the quantity
and pre-tax present worth values of the oil and natural gas reserves of the Company shown in the Reserves Assessment, (y) the current
production of the Company and its subsidiaries taken as a whole, or (z) the current cash flow of the Company and its subsidiaries
taken as a whole.

    - 16 -

     

    

 

(xxxv)      
Each of the Company and the Subsidiaries owns, licenses or otherwise has the right to use all inventions, patent applications,
patents, trademarks (both registered and unregistered), trade names, service names, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures), copyrights, service marks and other
intellectual property as described in the Disclosure Package and the Offering Memorandum or which is necessary for the conduct
of, or material to, its business (collectively, the “Intellectual Property”), and the Company is unaware of
any claim to the contrary or any challenge by any other person to the rights of the Company or any of the Subsidiaries with respect
to the Intellectual Property, except in each case as would not, individually or in the aggregate, have a Material Adverse Effect.
Neither the Company nor any of the Subsidiaries has infringed or is infringing the intellectual property of a third party, and
neither the Company nor any Subsidiary is subject to any pending claim, or aware of any threatened or contemplated claim, by a
third party to the contrary, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(xxxvi)     Except
for matters which would not, individually or in the aggregate, have a Material Adverse Effect, (i) there is (A) no unfair labor
practice complaint pending or, to the Company’s knowledge, threatened or contemplated against the Company or any of the Subsidiaries
before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining
agreements is pending or, to the Company’s knowledge, threatened or contemplated, (B) no strike, labor dispute, slowdown
or stoppage pending or, to the Company’s knowledge, threatened or contemplated against the Company or any of the Subsidiaries
and (C) no union representation dispute currently existing concerning the employees of the Company or any of the Subsidiaries,
(ii) to the Company’s knowledge, no union organizing activities are currently taking place concerning the employees of the
Company or any of the Subsidiaries and (iii) there has been no violation of any federal, state, local or foreign law relating to
discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee
Retirement Income Security Act of 1974, as amended, or the rules and regulations promulgated thereunder concerning the employees
of the Company or any of the Subsidiaries.

 

    - 17 -

     

    

 

(xxxvii)    Except
as would not, individually or in the aggregate, have a Material Adverse Effect: (i) the Company and its Subsidiaries and their
respective properties, assets and operations are in compliance with, and the Company and each of its Subsidiaries hold and are
in compliance with the requirements of all permits, authorizations and approvals required under any applicable federal, state,
local or foreign law, statute, ordinance, rule, regulation, order, decree, judgment, or injunction, as well as common law, relating
to the protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata) or wildlife, including, without limitation, those relating to the distribution, processing, generation,
treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials (as defined
below) (“Environmental Law”); and (ii) neither the Company nor any of its Subsidiaries (a) has agreed to assume,
undertake or provide indemnification for any liability of any other person, (b) is conducting or paying for, in whole or part,
any investigation, remediation or corrective action at any location, or (c) incurred any costs or liabilities, in each case relating
to any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of any flammable explosives,
radioactive materials, toxic chemicals, pollutants, contaminants, hazardous or toxic substances or wastes, petroleum or petroleum
products, asbestos-containing materials or mold or any other hazardous materials as defined or regulated by or which may give rise
to liability under any applicable law (“Hazardous Materials”). Except as would not result in monetary sanctions
over $100,000, neither the Company nor any of its Subsidiaries: (a) is the subject of any pending or, to the Company’s knowledge,
threatened investigation, (b) has received any notice or claim, (c) is a party to or affected by any pending or, to the Company’s
knowledge, threatened action, suit or proceeding, or (d) is bound by any judgment, decree or order, in each case relating to any
Environmental Law or release or threatened release of any Hazardous Materials. The Company and each of the Subsidiaries hold all
material licenses, permits and approvals required under any Environmental Laws in connection with the operation of their businesses
and the ownership and use of their assets, all such licenses, permits and approvals are in full force and effect, and except for
notifications in the ordinary course of business and conditions of general application to assets of reclamation obligations under
environmental protection legislation in any other jurisdiction in which they conduct their business, neither the Company nor any
of the Subsidiaries has received any notification pursuant to any Environmental Law that any work, repairs, constructions or capital
expenditures are required to be made by it as a condition of continued compliance with any Environmental Law, or any license, permit
or approval issued pursuant thereto, or that any license, permit or approval referred to above is about to be reviewed, made subject
to limitations or conditions, revoked, withdrawn or terminated, except as would not, individually or in the aggregate, have a Material
Adverse Effect. There are no past, present or, to the Company’s or Subsidiaries’ knowledge, reasonably anticipated
future events, conditions, circumstances, activities, practices, actions, omissions or plans that would reasonably be expected
to have a material effect on capital expenditures, earnings or competitive position of the Company or any of its Subsidiaries under,
or to interfere with or prevent compliance by the Company or any of its Subsidiaries with, any Environmental Law. In the ordinary
course of their business, the Company and each of the Subsidiaries conduct periodic reviews of the effect of the Environmental
Laws on their respective properties, assets and operations, in the course of which they identify and evaluate associated costs
and liabilities (including, without limitation, any capital or operating expenditures required for cleanup, closure of properties
or compliance with the Environmental Laws or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties).

    - 18 -

     

    

 

(xxxviii)    All
tax returns required to be filed by the Company or any of the Subsidiaries have been timely filed, and all taxes and other assessments
of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable
thereto due or claimed to be due from such entities, have been timely paid, other than those being contested in good faith or those
that would not, individually or in the aggregate, have a Material Adverse Effect.

 

(xxxix)     As
at the date hereof the Company is not aware of any material contingent tax liability that is not properly accounted for in accordance
with GAAP of the Company or any of the Subsidiaries and the Company is not aware of any grounds which will prompt a reassessment.

 

(xl)         Except
as disclosed in the Disclosure Package or the Offering Memorandum, neither the Company nor any of the Subsidiaries is a party to
or bound by any agreement of guarantee, indemnification (other than an indemnification of directors and officers in accordance
with the by-laws of the Company or any of the Subsidiaries and applicable law and other rights of indemnification or guarantees
granted under registrar and transfer agency agreements, agency or underwriting agreements, financial and strategic advisory agreements,
confidentiality agreements, to the Company’s bankers or pursuant to operating or similar agreements in the ordinary course
of business) or any other like commitment of the obligations, liabilities (contingent or otherwise) or indebtedness of any other
person.

 

(xli)        The
Company and each of the Subsidiaries maintain insurance covering their respective properties, assets, operations, personnel and
businesses as the Company reasonably deems adequate. Such insurance insures against such losses and risks to an extent which is
adequate in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective properties,
assets, operations, personnel and businesses in all material respects. All such insurance is, to the Company’s knowledge,
fully in force. Neither the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance
as and when such insurance expires.

 

    - 19 -

     

    

 

(xlii)      Except
as otherwise set forth in the Disclosure Package and the Offering Memorandum under the section entitled “Item 3. Legal Proceedings,”
neither the Company nor any Subsidiary has sent or received any communication regarding termination of, or intent not to renew,
any of the contracts or other documents referred to or described in the Disclosure Package or the Offering Memorandum, or referred
to or filed as an exhibit to any Incorporated Document, and no such termination or non-renewal has been threatened by the Company
or any Subsidiary or, to the Company’s knowledge, any other party to any such contract or other document.

 

(xliii)     The
Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined in Rules 13a-15 and
15d-15 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange
Act”), and a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to
assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences;
and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Disclosure
Package and the Offering Memorandum, if any, fairly presents the information called for in all material respects and is prepared
in accordance with the Commission’s rules and guidelines applicable thereto. The Company’s independent registered public
accountants and the Audit Committee of the Board of Directors of the Company have been advised of (i) all significant deficiencies
and material weaknesses, if any, in the design or operation of the Company’s internal control over financial reporting (whether
or not remediated) and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a
role in the Company’s internal control over financial reporting. All material weaknesses and unremediated significant deficiencies,
if any, in the Company’s internal control over financial reporting are disclosed in the Disclosure Package and the Offering
Memorandum. Since the end of the Company’s most recent audited fiscal year, except as disclosed in the Disclosure Package
and the Offering Memorandum, there have not been any changes in the Company’s internal control over financial reporting that
have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting

 

(xliv)      The
Company and each of the Subsidiaries maintain effective disclosure controls and procedures (as defined in Rules 13a 15 and 15d
15 under the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the Commission’s
rules and forms, and is accumulated and communicated to management of the Company, including its principal executive officer and
its principal financial officer, as appropriate, to allow timely decisions regarding disclosure.

    - 20 -

     

    

 

 

(xlv)        Except
as disclosed in the Disclosure Package and the Offering Memorandum, neither the Company nor any of the Subsidiaries has any loans
or other indebtedness outstanding which have been made to or from any of its shareholders, officers, directors or employees or
any other person not dealing at arm’s length with the Company or any of the Subsidiaries that are currently outstanding in
amounts exceeding $500,000, other than any loans of other indebtedness between the Company and any of its Subsidiaries or between
any such Subsidiaries.

 

(xlvi)      No
officer, director, employee or any other individual (other than the Company or any of its Subsidiaries or as disclosed in the Disclosure
Package and the Offering Memorandum) not dealing at arm’s length with the Company or any of the Subsidiaries or, to the knowledge
of the Company, any “associate” or “affiliate” (as such terms are defined in the Securities Act (Alberta))
of any such individual, owns, has or is entitled to any royalty, net profits interest, carried interest or any other encumbrances
or claims of any nature whatsoever which are based on production from the properties or assets of the Company and the Subsidiaries
(taken as a whole) or any revenue or rights attributed thereto.

 

(xlvii)     The
Company, the Subsidiaries and the Company’s directors and officers are each in compliance in all material respects with all
applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and NYSE MKT promulgated
thereunder and with all applicable Canadian Securities Laws and the rules and regulations of the TSX.

 

(xlviii)    The
Company is a “reporting issuer” in each of the provinces of Canada, other than Québec, within the meaning of
applicable Canadian Securities Laws, and is not in material default of any requirement in relation thereto.

 

(xlix)      Neither
the Company nor, to its knowledge, having conducted no inquiry, any of its shareholders is a party to any unanimous shareholders
agreement, pooling agreement, and, voting trust (with respect to any voting trust, other than as disclosed in the Disclosure Package
and the Offering Memorandum) or other similar type of arrangements in respect of outstanding securities of the Company.

 

(l)          None
of the Canadian Securities Commissions has issued any order: (A) requiring trading in any of the Company’s securities to
cease, (B) preventing or suspending the use of the Disclosure Package or the Offering Memorandum, or (C) preventing the distribution
of the Securities or shares of Common Stock underlying the Securities in any province or territory of Canada. The Company has not
been informed that any such proceedings have been instituted for that purpose and, to the knowledge of the Company, no such proceedings
are pending or contemplated.

    - 21 -

     

    

  

(li)         Each
forward-looking statement contained in the Disclosure Package and the Offering Memorandum has been made or reaffirmed by the Company
with a reasonable basis and in good faith.

 

(lii)        All
statistical or market-related data included in the Disclosure Package and the Offering Memorandum are based on or derived from
sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the
use of such data from such sources to the extent required.

 

(liii)      None
of the Company, any of the Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or other person acting on behalf of the Company or any of the Subsidiaries is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “FCPA”) or the Corruption of Foreign Public Officials Act (Canada), as amended (the “CFPOA”).
The Company, the Subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance
with the FCPA and the CFPOA and have instituted and maintain policies and procedures designed to ensure, and reasonably expected
to ensure, continued compliance therewith.

 

(liv)        The
operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Proceeds
of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any Regulatory Authority (collectively, the “Money Laundering Laws”). No action, suit or proceeding by or
before any court or Regulatory Authority involving the Company or any of the Subsidiaries with respect to the Money Laundering
Laws is pending or, to the Company’s knowledge, threatened or contemplated.

 

(lv)         None
of the Company, any of the Subsidiaries, or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or other person acting on behalf of the Company or any of the Subsidiaries is currently subject to or the target of any sanctions
administered or enforced by the United States Government, including, without limitation, the Office of Foreign Assets Control of
the U.S. Treasury Department (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s
Treasury or any other relevant sanctions authority (collectively, “Sanctions”), nor is the Company located,
organized or resident in a country or territory that is the subject of Sanctions. The Company will not directly or indirectly use
the proceeds from its sale of Securities contemplated hereby, or lend, contribute or otherwise make available such proceeds to
any Subsidiary, joint venture partner or other person or entity, to fund any activities of or business with any person or entity,
or in any country or territory, that is then the subject of Sanctions or in any other manner that will result in a violation of
Sanctions by any person or entity.

    - 22 -

     

    

 

(lvi)        No
Subsidiary is currently prohibited, directly or indirectly, from paying any dividends or making other distributions to the Company,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s
properties or assets to the Company or any other Subsidiary of the Company, except, in each case, as described in the Disclosure
Package and the Offering Memorandum.

 

(lvii)      The
issuance and sale of the Securities will not cause any holder of any shares of capital stock, securities convertible into or exchangeable
or exercisable for capital stock or options, warrants or other rights to purchase capital stock or any other securities of the
Company to have any right to acquire any shares of capital stock of the Company.

 

(lviii)     Except
pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s or
broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby or by the Offering Memorandum.

 

(lix)        Neither
the Company nor any of its Subsidiaries nor any of their respective directors, officers, affiliates or controlling persons has
taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.

 

(lx)         The
Securities, and when converted, the Underlying Securities, will be eligible for sale under Rule 144(b)(1) under the Securities
Act by any non-affiliate (within the meaning of Rule 144) of the Company six months after the later of the closing of the purchase
of the Firm Securities and the closing of the purchase of the Additional Securities under this Agreement, unless the conditions
of Rule 144(c)(1) shall not then be met, in which case the Securities, and when converted, the Underlying Securities, will be eligible
for sale under Rule 144(b)(1) under the Securities Act by any non-affiliate of the Company no later than one year after the later
of the closing of the purchase of the Firm Securities and the closing of the purchase of the Additional Securities under the Purchase
Agreement so long as the Company has filed all required reports under Section 13 and 15(d) of the Exchange Act.

 

In addition, any certificate
signed by any officer of the Company or any of its Subsidiaries and delivered to any Initial Purchaser or counsel for the Initial
Purchasers in connection with the offering of the Securities shall be deemed to be a representation and warranty by the Company,
as to matters covered thereby, to each Initial Purchaser.

 

    - 23 -

     

    

 

5.            Certain
Covenants of the Company. The Company hereby agrees:

 

(a)          To
advise the Initial Purchasers promptly of the happening of any event (i) at any time prior to the completion of the initial
offering of the Securities, which event would reasonably be likely to require the making of any change in the Offering Memorandum
then being used so that the Offering Memorandum would not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading,
and to advise the Initial Purchasers promptly if, during such period, it shall become necessary to amend or supplement the Offering
Memorandum to comply with law, the Company will immediately notify the Initial Purchasers thereof and, subject to Section 5(c)
hereof, to prepare and furnish, at the Company’s expense, to the Initial Purchasers promptly such amendments or supplements
to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary
to reflect any such change or to effect such compliance, and (ii) at any time prior to the Time of Purchase or any Additional Time
of Purchase, which event would reasonably be likely to require the making of any change in the Disclosure Package then being used
so that the Disclosure Package would not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they are made, not misleading, and to advise
the Initial Purchasers promptly if, during such period, it shall become necessary to amend or supplement the Disclosure Package
to comply with law, the Company will immediately notify the Initial Purchasers thereof and, subject to Section 5(c) hereof, to
prepare and furnish, at the Company’s expense, to the Initial Purchasers promptly such amendments or supplements to the Disclosure
Package (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary to reflect
any such change or to effect such compliance;

 

(b)          To
furnish such information as may be reasonably required and otherwise to cooperate in qualifying the Securities for offering and
sale under the securities or blue sky laws of such states or other jurisdictions as the Representatives may designate and to maintain
such qualifications in effect so long as the Representatives may reasonably request for the offering and resale of the Securities;
provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the
service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of
the Securities); and to promptly advise the Representatives of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Securities for offer or sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose;

 

(c)          To
make available to the Initial Purchasers, as soon as practicable after this Agreement becomes effective, as many copies of the
Preliminary Offering Memorandum, any other Disclosure Package, any Issuer Written Communication and the Offering Memorandum (including
all amendments and supplements thereto) as the Initial Purchasers may reasonably request;

 

(d)          Before
finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Disclosure Package or the
Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Company will
furnish to the Representatives and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment
or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering
Memorandum, amendment or supplement or file any such document with the Commission to which the Representatives reasonably object;

    - 24 -

     

    

 

(e)          Before
making, using, authorizing use of, or referring to any Issuer Written Communication, the Company will furnish to the Representatives
and counsel for the Initial Purchasers a copy of such written communication for review and will not use, authorize use of, or refer
to any such written communication to which the Representatives reasonably object;

 

(f)          Until
the completion of the initial resale of the Securities by the Initial Purchasers as contemplated herein, to file promptly all reports
and documents and any preliminary or definitive proxy or information statement required to be filed by the Company with the Commission
in order to comply with the Exchange Act and applicable Canadian Securities Laws and applicable Canadian Securities Laws;

 

(g)          To
apply the net proceeds from the sale of the Securities in the manner set forth under the caption “Use of Proceeds”
in the Disclosure Package and the Offering Memorandum;

 

(h)          Beginning
on the date hereof and ending on, and including, the date that is 90 days after the date of the Offering Memorandum (the “Lock-Up
Period”), without the prior written consent of the Representatives, not to (i) issue, sell, offer to sell, contract or
agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section
16 of the Exchange Act and the rules and regulations of the Commission promulgated thereunder, with respect to, any Common Stock
or any other securities of the Company that are substantially similar to Common Stock, or any securities convertible into or exchangeable
or exercisable for, or any warrants or other rights to purchase, the foregoing, ((ii) file or cause to become effective a registration
statement under the Securities Act (other than on Form S-8 with respect to the issuance of employee stock options or other equity
awards not exercisable or vesting during the Lock-Up Period pursuant to stock option plans described in the Preliminary Offering
Memorandum, the Disclosure Package and the Offering Memorandum) or a prospectus under applicable Canadian Securities Laws relating
to the offer and sale of any Common Stock or any other securities of the Company that are substantially similar to Common Stock,
or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing,
(iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of Common Stock or any other securities of the Company that are substantially similar to Common Stock, or any securities
convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such
transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (iv) publicly announce
an intention to effect any transaction specified in clause (i), (ii) or (iii), except, in each case, for (A) the offer and resale
of the Securities as contemplated by this Agreement and any issuance of Underlying Securities upon conversion thereof, (B) issuances
of Common Stock upon the exercise of options or warrants disclosed as outstanding in the Preliminary Offering Memorandum, the Disclosure
Package and the Offering Memorandum, or (C) the issuance of employee stock options or other equity awards not exercisable or vesting
during the Lock-Up Period pursuant to stock option plans described in the Preliminary Offering Memorandum, the Disclosure Package
and the Offering Memorandum, or (D) the issuance, or the entry into an agreement to issue, shares of Common Stock or securities
convertible into or exchangeable for shares of Common Stock as consideration for any merger or acquisition made by the Company
or any of its subsidiaries;

    - 25 -

     

    

 

(i)          Not
to, and to cause its affiliates not to, take, directly or indirectly, any action designed, or which will constitute, or has constituted,
or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Securities;

 

(j)          While
the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, to furnish to holders of the Securities and prospective purchasers of the Securities designated by such holders,
in each case upon request, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d)
of the Exchange Act, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act;

 

(k)          To
assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and settlement through DTC;

 

(l)          Not
to, to cause its subsidiaries not to, and to use its commercially reasonable efforts to cause any of its “affiliates”
(as defined in Rule 144) that are not its subsidiaries not to, (i) prior to the first anniversary of the last date of original
issuance of the Securities, acquire any beneficial interest in any Securities that are in global form or (ii) at any time, resell
any Securities that (x) are in global form, (y) upon such resale would constitute “restricted securities” under
Rule 144 and (z) have been acquired by any of them;

 

(m)          Not
to, and to cause its affiliates (as defined in Rule 501(b) of Regulation D) not to, directly or through any agent, sell, offer
for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is
or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities
Act;

 

(n)          Without
the Representatives’ prior consent, not to, and to cause its affiliates or any other person acting on its or their behalf
(other than the Initial Purchasers, as to which no covenant is given) not to, solicit offers for, or offer or sell, the Securities
or the Underlying Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c)
of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 

(o)          To
reserve and keep available at all times, free of pre-emptive rights, a number of shares of Underlying Securities equal to the aggregate
Maximum Number of Underlying Securities. The Company will use its commercially reasonable efforts to cause and maintain the listing
of such Shares of Common Stock on NYSE MKT and the TSX.

 

    - 26 -

     

    

 

6.          Covenant
to Pay Costs. The Company agrees to pay or cause to be paid all costs, expenses, fees and taxes in connection with (a) the
preparation of the Preliminary Offering Memorandum, any other Disclosure Package, any Issuer Written Communication and the Offering
Memorandum and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Initial
Purchasers and to dealers (including costs of mailing and shipment), (b) the issue, sale and delivery of the Securities including
any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance or delivery of the Securities to the Initial
Purchasers, (c) the qualification of the Securities for offering and sale under state or foreign laws and the determination of
their eligibility for investment under state or foreign law (including the legal fees and filing fees and other disbursements of
counsel for the Initial Purchasers (not to exceed $10,000), the furnishing of copies of any blue sky surveys or legal investment
surveys to the Initial Purchasers, and any reports of exempt distributions or in Canada under applicable Canadian Securities Laws
and any applicable fee in connection therewith), (d) all expenses and application fees incurred in connection with the approval
of the Securities for book-entry transfer by DTC, (e) the costs and expenses of the Company relating to presentations or meetings
undertaken in connection with the marketing of the offering and sale of the Securities to prospective investors and the Initial
Purchasers’ sales forces, including, without limitation, expenses associated with the production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show presentations, and travel, lodging and
other expenses incurred by the officers of the Company and any such consultants, (f) the fees and expenses of any paying agent
(including related fees and expenses of any counsel to such parties), (g) the fees and expenses of the Company’s counsel
and independent accountants, (h) the performance of the Company’s other obligations hereunder, and (i) all expenses and fees
related to the listing of a number of shares of Underlying Securities equal to the Maximum Number of Underlying Securities.

 

If this Agreement is
terminated by the Representatives in accordance with the provisions of Sections 7, 8(b)(1) or 8(b)(2)(B), 8(b)(3) or 9 hereof,
the Company shall reimburse the Initial Purchasers for all of their out-of-pocket expenses, including the fees and disbursements
of counsel to the Initial Purchasers.

 

7.          Conditions
of the Initial Purchasers’ Obligations. The respective obligations of the Initial Purchasers hereunder are subject to
the accuracy of the representations and warranties on the part of the Company contained herein or in certificates of any officer
or other representative of the Company or any of the Subsidiaries and delivered pursuant to the provisions hereof, to the performance
by the Company of its obligations hereunder and to the following additional conditions precedent:

 

(a)          No
event or condition of a type described in Section ‎4(a)(xxxi) hereof shall have
occurred or shall exist, which event or condition is not described in the Disclosure Package (excluding any amendment or supplement
thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) and the effect of which in the judgment of
the Initial Purchasers makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities at
the Time of Purchase or, if applicable, at the Additional Time of Purchase, on the terms and in the manner contemplated by this
Agreement, the Disclosure Package and the Offering Memorandum.

 

    - 27 -

     

    

 

(b)          At
the Time of Purchase, the Initial Purchasers shall have received the favorable written opinion or opinions of Vinson & Elkins
LLP, counsel to the Company, dated such date, to the effect set forth in Exhibit B hereto and to such further effect as
the Initial Purchasers may reasonably request.

 

(c)          At
the Time of Purchase, the Initial Purchasers shall have received the favorable written opinion or opinions of Greenberg Traurig
LLP, Nevada counsel to the Company, dated such date, to the effect set forth in Exhibit C hereto and to such further effect
as the Initial Purchasers may reasonably request.

 

(d)          At
the Time of Purchase, the Initial Purchasers shall have received the favorable written opinion or opinions of Blake, Cassels &
Graydon LLP, Canadian counsel to the Company, dated such date, to the effect set forth in Exhibit D hereto and to such further
effect as the Initial Purchasers may reasonably request.

 

(e)          At
the Time of Purchase, the Initial Purchasers shall have received the favorable written opinion or opinions of David Hardy, general
counsel to the Company, dated such date, to the effect set forth in Exhibit E hereto and to such further effect as the Initial
Purchasers may reasonably request.

 

(f)          At
the Time of Purchase, the Initial Purchasers shall have received the favorable written opinion and negative assurances letter of
Davis Polk & Wardwell LLP, counsel to the Initial Purchasers, dated such date, with respect to such matters as the Initial
Purchasers may reasonably request. In giving such opinion or opinions, such counsel may rely, as to all matters governed by the
laws of jurisdictions other than the laws of the State of New York, the Delaware General Corporation Law and the federal securities
laws of the United States, upon the opinions of counsel satisfactory to the Initial Purchasers. Such counsel may also state that,
insofar as such opinion involves factual matters, they have relied, to the extent they deem proper, upon certificates of officers
and other representatives of the Company and the Subsidiaries and certificates of public officials.

 

(g)          On
the date of this Agreement, the Initial Purchasers shall have received a letter from Deloitte LLP, independent registered public
accountants for the Company, dated such date, in form and substance satisfactory to the Initial Purchasers, containing statements
and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect
to the financial statements and other financial information included or incorporated by reference in the Disclosure Package and
the Offering Memorandum or any amendment or supplement thereto.

 

(h)          At
the Time of Purchase, the Initial Purchasers shall have received from Deloitte LLP a letter, dated such date, to the effect that
they reaffirm the statements made in the letter furnished pursuant to Section 7(g) hereof, except that the specified date referred
to shall be a date not more than three business days prior to the Time of Purchase.

 

(i)          On
the date of this Agreement, the Initial Purchasers shall have received a letter from McDaniel, dated such date, in form and substance
satisfactory to the Initial Purchasers, containing statements and information of the type ordinarily included in reserve engineers
“comfort letters” to underwriters with respect to reserve information included or incorporated by reference in the
Disclosure Package and the Offering Memorandum or any amendment or supplement thereto.

    - 28 -

     

    

 

(j)          At
the Time of Purchase, the Initial Purchasers shall have received from McDaniel a letter, dated such date, to the effect that they
reaffirm the statements made in the letter furnished pursuant to Section 7(i) hereof, except that the specified date referred to
shall be a date not more than three business days prior to the Time of Purchase.

 

(k)          At
the Time of Purchase, there shall not have been, since the date of the latest audited financial statements included in the Disclosure
Package and the Offering Memorandum or since the respective dates as of which information is given in the Disclosure Package and
the Offering Memorandum, any Material Adverse Change, and the Initial Purchasers shall have received a certificate of the Chief
Executive Officer or President of the Company and of the Chief Financial Officer or Chief Accounting Officer of the Company, dated
such date, to the effect set forth in Exhibit F hereto.

 

(l)          
The Company will deliver to the Initial Purchasers a certificate of its Chief Financial Officer dated, respectively, the date of
this Agreement and the Time of Purchase, as the case may be, in the form attached as Exhibit G hereto.

 

(m)          On
the date of this Agreement, the Initial Purchasers shall have received a lock-up agreement substantially in the form of Exhibit
A hereto signed by the persons listed on Exhibit A-1 hereto, with the exception of the two individuals whose names are
marked with an asterisk in Exhibit A-1, and each such agreement shall be in full force and effect at the Time of Purchase. Prior
to the Time of Purchase the Initial Purchasers shall have received a lock-up agreement substantially in the form of Exhibit A hereto
signed by the two individuals whose names are marked with an asterisk in Exhibit A-1, and each such agreement shall be in full
force and effect at the Time of Purchase.

 

(n)          The
Initial Purchasers shall have received on and as of the Time of Purchase or, upon the Representatives’ request, the Additional
Time of Purchase, as the case may be, satisfactory evidence of the good standing of the Company and those Subsidiaries designated
with an asterisk (*) on Schedule D in their respective jurisdictions of organization in writing or any standard form of
telecommunication from the appropriate governmental authorities of such jurisdictions.

 

(o)          No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal,
state or foreign governmental or regulatory authority that would, at the Time of Purchase and, if applicable, at the Additional
Time of Purchase, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court
shall have been issued that would, at the Time of Purchase and, if applicable, at the Additional Time of Purchase, prevent the
issuance or sale of the Securities.

 

(p)          The
Securities shall have been made eligible for clearance and settlement through DTC.

 

    - 29 -

     

    

 

(q)          At
the Time of Purchase, the Maximum Number of Underlying Securities shall have been duly listed, and admitted and authorized for
trading, on NYSE MKT, subject only to official notice of issuance, and the Company shall have applied for conditional approval
for listing and trading of the Underlying Securities on the TSX, subject to satisfaction by the Company of the conditions imposed
by the TSX.

 

(r)          In
the event that the Initial Purchasers exercise their option provided in Section 1(b) hereof to purchase all or any portion of the
Additional Securities, the representations and warranties of the Company contained herein and the statements in any certificates
furnished by the Company or any of its Subsidiaries pursuant to the provisions hereof shall be true and correct as of each Additional
Time of Purchase and, at the relevant Additional Time of Purchase, the Representatives shall have received:

 

(i)          The
favorable written opinion or opinions of Vinson & Elkins LLP, counsel to the Company, dated such Additional Time of Purchase,
relating to the Additional Securities to be purchased on such Additional Time of Purchase and otherwise to the same effect as the
opinion required by Section 7(b) hereof.

 

(ii)         The
favorable written opinion or opinions of Greenberg Traurig LLP, Nevada counsel to the Company, dated such Additional Time of Purchase,
relating to the Additional Securities to be purchased on such Additional Time of Purchase and otherwise to the same effect as the
opinion required by Section 7(c) hereof.

 

(iii)        The
favorable written opinion or opinions of Blake, Cassels & Graydon LLP, Canadian counsel to the Company, dated such Additional
Time of Purchase, relating to the Additional Securities to be purchased on such Additional Time of Purchase and otherwise to the
same effect as the opinion required by Section 7(d) hereof.

 

(iv)        The
favorable written opinion or opinions of David Hardy, general counsel to the Company, dated such Additional Time of Purchase, relating
to the Additional Securities to be purchased on such Additional Time of Purchase and otherwise to the same effect as the opinion
required by Section 7(e) hereof.

 

(v)         The
favorable written opinion and negative assurances letter of Davis Polk & Wardwell LLP, counsel to the Initial Purchasers, dated
such Additional Time of Purchase, relating to the Additional Securities to be purchased on such Additional Time of Purchase and
otherwise to the same effect as the opinion required by Section 7(f) hereof.

 

(vi)        A
letter from Deloitte LLP, in form and substance satisfactory to the Initial Purchasers and dated such Additional Time of Purchase,
substantially in the same form and substance as the letter furnished to the Initial Purchasers pursuant to Section 7(g) hereof,
except that the “specified date” in the letter furnished pursuant to this paragraph shall be a date not more than three
business days prior to such Additional Time of Purchase.

 

    - 30 -

     

    

 

(vii)       A
letter from McDaniel, in form and substance satisfactory to the Initial Purchasers and dated such Additional Time of Purchase,
substantially in the same form and substance as the letter furnished to the Initial Purchasers pursuant to Section 7(i) hereof,
except that the “specified date” in the letter furnished pursuant to this paragraph shall be a date not more than three
business days prior to such Additional Time of Purchase.

 

(viii)      A
certificate, dated such Additional Time of Purchase, of the Chief Executive Officer or President of the Company and of the Chief
Financial Officer or Chief Accounting Officer of the Company confirming that the certificate delivered at the Time of Purchase
pursuant to Section 7(k) hereof remains true and correct as of such Additional Time of Purchase.

 

(ix)         A
certificate, dated such Additional Time of Purchase, of the Chief Financial Officer of the Company confirming that the certificate
delivered at the Time of Purchase pursuant to Section 7(l) hereof remains true and correct as of such Additional Time of Purchase.

 

(s)          At
the Time of Purchase and each Additional Time of Purchase, counsel for the Initial Purchasers shall have been furnished with such
documents and opinions as they may require for the purpose of enabling them to render the opinions or make the statements requested
by the Initial Purchasers, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the covenants, obligations or conditions, contained herein.

 

(t)          If
any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement or,
in the case of any condition to the purchase of Additional Securities on an Additional Time of Purchase subsequent to the Time
of Purchase, the obligations of the several Initial Purchasers to purchase such Additional Securities may be terminated by the
Representatives by notice to the Company at any time at or prior to the Time of Purchase or such Additional Time of Purchase, as
the case may be, and any such termination shall be without liability of any party to any other party except the provisions of Sections
4, 6, 10, 13, 14 and 15 hereof shall remain in full force and effect notwithstanding such termination.

 

8.            Effective
Date of Agreement; Termination. (a) This Agreement shall become effective when the parties hereto have executed and delivered
this Agreement.

 

    - 31 -

     

    

 

(b)          The
Representatives, on behalf of the Initial Purchasers, may terminate this Agreement at any time at or prior to the Time of Purchase,
by notice to the Company, if (1) since the time of execution of this Agreement or the earlier respective dates as of which information
is given in the Preliminary Offering Memorandum, there shall have been any material adverse change in the business, properties,
condition (financial or otherwise), liquidity, results of operations or prospects of the Company and the Subsidiaries taken as
a whole the effect of which change or development is, in the sole judgment of the Representatives, so material and adverse as to
make it impractical or inadvisable to proceed with the completion of the offering of Securities contemplated by this Agreement
or to enforce contracts for the sale of such Securities, (2) the Company shall be in breach of, default under or non-compliance
with any covenant, term or condition of this Agreement, in any material respect, or any representation or warranty given by the
Company in this Agreement becomes or are false in any material respect, or (3) since the time of execution of this Agreement, there
shall have occurred: (A) a suspension or material limitation in trading in securities generally on the New York Stock Exchange,
the NYSE MKT, NASDAQ or the TSX, (B) a suspension or material limitation in trading in the Company’s securities on NYSE MKT
or the TSX, (C) a general moratorium on commercial banking activities declared by either federal or New York State authorities
or a material disruption in commercial banking or securities settlement or clearance services in the United States or Canada, or
(D) an outbreak or escalation of hostilities or acts of terrorism involving the United States or a declaration by the United States
of a national emergency or war or any other calamity or crisis or any change in financial, political or economic conditions in
the United States or elsewhere if the effect of any such event specified in this clause (D), in the sole judgment of the Representatives,
makes it impractical or inadvisable to proceed with the completion of the offering of Securities contemplated by this Agreement
or to enforce contracts for the sale of such Securities or (4) since the time of execution of this Agreement, there shall have
occurred any downgrading in or withdrawal of, or any notice or announcement shall have been given or made of any intended or potential
downgrading in or withdrawal of, or any watch, review or possible change that does not indicate an affirmation of, or improvement
in, any rating accorded any securities of or guaranteed by the Company or any Subsidiary by any “nationally recognized
statistical rating organization,” as that term is defined in Section 3(a)(62) of the Exchange Act.

 

(c)          In
the event of any termination under Section 8(b) hereof, neither party will have any liability to the other party hereto, except
as set forth in Section 6 hereof, and provided further that the provisions of Sections 4, 6, 10, 13, 14 and 15 hereof shall remain
in effect.

 

9.           Default.
If one or more Initial Purchasers shall fail at the Time of Purchase or any Additional Time of Purchase to purchase the Securities
which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), then the Representatives
shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the Initial Purchasers or any other
initial purchasers to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and
upon the terms herein set forth; provided, however, that if such arrangements shall not have been completed within
such 24-hour period, then:

 

(a)          if
the number of Defaulted Securities does not exceed 10% of the number of Securities to be so purchased by all of the Initial Purchasers
on such date, the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full amount
thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting
Initial Purchasers; or

 

(b)          if
the number of Defaulted Securities exceeds 10% of the number of Securities to be so purchased by all of the Initial Purchasers
on such date, this Agreement or, with respect to any Additional Time of Purchase subsequent to the Time of Purchase, the obligation
of the several Initial Purchasers to purchase, and the Company to sell, such Additional Securities shall terminate without liability
on the part of any non-defaulting Initial Purchasers.

 

    - 32 -

     

    

 

No action taken pursuant
to this Section 9 shall relieve any defaulting Initial Purchaser from liability in respect of its default. In the event of any
such default which does not result in a termination of this Agreement or, with respect to Additional Securities, the obligation
of the several Initial Purchasers to purchase, and the Company to sell, such Additional Securities, either the Representatives
or the Company shall have the right to postpone the Time of Purchase or applicable Additional Time of Purchase, as the case may
be, for a period not exceeding seven days in order to effect any required changes in the Disclosure Package or the Offering Memorandum
or in any other documents or arrangements. As used herein, the term “Initial Purchaser” includes any person
substituted for an Initial Purchaser under this Section 9.

 

10.          Indemnity
and Contribution. 

 

(a)          The
Company agrees to indemnify, defend and hold harmless each Initial Purchaser, its partners, directors, officers and members, any
person who controls any Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, and any “affiliate” (within the meaning of Rule 405 under the Securities Act) of such Initial Purchaser,
and the successors and assigns of all of the foregoing persons, from and against any and all loss, damage, expense, liability or
claim (including the reasonable cost of investigation) whatsoever, as incurred, which, jointly or severally, any Initial Purchaser
or any such person may incur insofar as such loss, damage, expense, liability or claim arises out of, relates to or is based on
(i) any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of
the Disclosure Package, any Issuer Written Communication or the Offering Memorandum, or arises out of, relates to or is based on
any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as any such loss, damage, expense, liability or claim primarily and directly arises out of, relates
to or is based on any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information
concerning the Initial Purchasers furnished in writing by the Representatives to the Company expressly for use in, the Disclosure
Package or the Offering Memorandum or primarily and directly arises out of, relates to or is based on any omission or alleged omission
to state a material fact in the Disclosure Package or the Offering Memorandum in connection with such information, which material
fact was not contained in such information and which material fact was required to be stated in the Disclosure Package or the Offering
Memorandum or was necessary to make such information not misleading; (ii) any untrue statement or alleged untrue statement of a
material fact included in or in any information provided to investors by, or with the approval of, the Company (the “Marketing
Information”), including, without limitation, any investor presentations, or arises out of, relates to or is based on
any omission or alleged omission to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

    - 33 -

     

    

 

(b)          Each
Initial Purchaser, severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its directors and officers,
and any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
and the successors and assigns of all of the foregoing persons, from and against any and all loss, damage, expense, liability or
claim (including the reasonable cost of investigation) whatsoever, as incurred, which, jointly or severally, the Company or any
such person may incur insofar as such loss, damage, expense, liability or claim primarily and directly arises out of, relates to
or is based on (i) any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information
concerning such Initial Purchaser furnished in writing by such Initial Purchaser to the Representatives for delivery to the Company
expressly for use in, the Preliminary Offering Memorandum, any of the Disclosure Package, any Issuer Written Communication or the
Offering Memorandum or primarily and directly arises out of, relates to or is based on any omission or alleged omission to state
a material fact in the Preliminary Offering Memorandum, the Disclosure Package, any Issuer Written Communication or the Offering
Memorandum in connection with such information, which material fact was not contained in such information and which material fact
was required to be stated in the Preliminary Offering Memorandum, the Disclosure Package, any Issuer Written Communication or the
Offering Memorandum or was necessary to make such information not misleading.

 

(c)          If
any action, suit or proceeding (each, a “Proceeding”) is brought against a person (an “indemnified
party”) in respect of which indemnity may be sought against any party required to provide indemnification under this
Agreement (as applicable, the “indemnifying party”), such indemnified party shall promptly notify such indemnifying
party in writing of the institution of such Proceeding and such indemnifying party shall be permitted to assume the defense of
such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees
and expenses; provided, however, that the omission or failure to so notify such indemnifying party shall not relieve
such indemnifying party from any liability which such indemnifying party may have to any indemnified party otherwise than under
this Section 10. The indemnified party or parties shall have the right to employ its or their own counsel in any such case, but
the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless the employment of such
counsel shall have been authorized in writing by the indemnifying party in connection with the defense of such Proceeding or the
indemnifying party shall not have, within a reasonable period of time in light of the circumstances, employed counsel to defend
such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it
or them which are different from, additional to or in conflict with those available to such indemnifying party (in which case such
indemnifying party shall not have the right to assume the defense of such Proceeding on behalf of the indemnified party or parties),
in any of which events such fees and expenses shall be borne by such indemnifying party and paid as incurred. In no event shall
any indemnifying party shall be liable for the expenses of more than one separate counsel (in addition to any local counsel) in
any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties
to such Proceeding or Proceedings. The indemnifying party shall not be liable for any settlement of any Proceeding effected without
its written consent but, if settled with its written consent, such indemnifying party agrees to indemnify and hold harmless the
indemnified party or parties from and against any and all loss, damage, expense, liability or claim by reason of such settlement.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this Section 10(c), then the indemnifying
party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such
settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying
party shall not have fully reimbursed the indemnified party in accordance with such request prior to the date of such settlement
and (iii) such indemnified party shall have given the indemnifying party at least 30 days’ prior notice of its intention
to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened Proceeding in respect of which such indemnified party is or could have been a party and indemnity could have
been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party
from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or culpability
or a failure to act by or on behalf of such indemnified party.

    - 34 -

     

    

 

(d)          If
the indemnification provided for in this Section 10 is unavailable to an indemnified party under the applicable subsections above
or insufficient to hold an indemnified party harmless in respect of any and all losses, damages, expenses, liabilities or claims
referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Initial Purchasers on the other hand from the offering of
the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and the Initial Purchasers on the other in connection with the statements or omissions which resulted in
such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions
as the total proceeds from the offering of the Securities (net of related total Initial Purchaser’s discounts but before
deducting expenses) received by the Company and the Initial Purchaser’s discounts received by the Initial Purchasers bear
to the aggregate offering price of the Securities. The relative fault of the Company on the one hand and the Initial Purchasers
on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement
of a material fact or omission or alleged omission relates to information supplied by the Company or by the Initial Purchasers
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission hereof. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred
to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection
with investigating, preparing to defend or defending any Proceeding.

 

(e)          Each
of the Company and the Initial Purchasers agrees that it would not be just and equitable if contribution pursuant to this Section
10 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable considerations referred to in Section 10(d) hereof. Notwithstanding
the provisions of this Section 10, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which
the total price at which the Securities initially purchased by such Initial Purchaser for resale exceeds the amount of any damage
which such Initial Purchaser has otherwise been required to pay by reason of such untrue statement or alleged untrue statement
or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’
obligations to contribute pursuant to this Section 10 are several in proportion to their respective number of Securities they have
agreed to purchaser hereunder and not joint.

    - 35 -

     

    

 

(f)          The
provisions contained in this Section 10, as well as the representations, warranties and covenants of the Company contained in this
Agreement, shall remain in full force and effect regardless of any investigation made by or on behalf of any Initial Purchaser,
its partners, directors, officers members or affiliates or any person (including each partner, officer, director or member of such
person) who controls any Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, or by or on behalf of the Company, the Company’s directors or officers or any person who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement
or the offer and resale of the Securities. The Company agrees promptly to notify the Initial Purchasers of the commencement of
any Proceeding against it and, in the case of the Company, against any of the Company’s directors or officers, in connection
with the transactions contemplated in this Agreement or in connection with the Preliminary Offering Memorandum, any of the Time
of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto).

 

11.          Information
Furnished by the Initial Purchasers. The statements set forth in the Plan of Distribution under the caption “Stabilization”
in the Offering Memorandum, only insofar as such statements relate to stabilization activities that may be undertaken by the Initial
Purchasers, constitute the only information furnished by or on behalf of the Initial Purchasers, as such information is referred
to in Sections 4 and 10 hereof.

 

12.          Relationship
with TMX Group Limited. Each of Scotia Capital Inc., TD Securities Inc. and CIBC World Markets Inc., or an affiliate thereof,
owns or control an equity interest in TMX Group Limited (the “TMX Group”) and has a nominee director serving
on the TMX Group’s board of directors. As such, each such investment dealer may be considered to have an economic interest
in the listing of securities on any exchange owned or operated by the TMX Group, including the TSX, the TSX Venture Exchange and
the Alpha Exchange. No person or company is required to obtain products or services from the TMX Group or its affiliates as a condition
of any such dealer supplying or continuing to supply a product or service.

 

13.          Notices.
Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing or by telegram or facsimile
and, if to the Initial Purchasers, shall be sufficient in all respects if delivered or sent to Nomura Securities International,
Inc., Worldwide Plaza, 309 West 49th Street, New York, NY 10019, (facsimile: 646-587-9334), Attention: Head of Equity Capital Markets,
with copies to General Counsel (facsimile: 646-587-1897); if to Dundee Securities Inc., 350 -7th Avenue S.W., Suite
3600, Calgary, AB T2P 3N9, (facsimile: 403-264-6331), Attention: Tony P. Loria; if to RBC Dominion Securities Inc., 888 3rd
Street S.W., Suite 3900, Calgary, Alberta, T2P 5C5, (facsimile: 403-299-6900), Attention: Darrell Law, with copies to Davis Polk
& Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, Attention: Joseph A. Hall and McCarthy Tetrault, LLP, 421 -7th
Avenue #4000, Calgary, Alberta T2P 4K9, Attention: Sony Gill; and if to the Company, shall be sufficient in all respects if delivered
or sent to the Company at the offices of the Company at 200, 150 13 Avenue S.W. Calgary, Alberta (facsimile: 403-265-3242), Attention:
General Counsel.

    - 36 -

     

    

  

14.         Governing
Law; Construction. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or
in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed
in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of
convenience of reference and are not a part of this Agreement.

 

15.         Submission
to Jurisdiction. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the
courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern
District of New York, which courts shall have exclusive jurisdiction over the adjudication of such matters, and the Company consents
to the jurisdiction of such courts and personal service with respect thereto. The Company hereby consents to personal jurisdiction,
service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third
party against any Initial Purchaser or any indemnified party. Each Initial Purchaser and the Company (on its behalf and, to the
extent permitted by applicable law, on behalf of its stockholders and affiliates) waive all right to trial by jury in any action,
proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.
The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive
and binding upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject,
by suit upon such judgment.

 

16.         Parties
at Interest. The Agreement herein set forth has been and is made solely for the benefit of the Initial Purchasers and the Company
and, to the extent provided in Section 10 hereof, the controlling persons, partners, directors, officers, members and affiliates
referred to in such Section, and their respective successors, assigns, heirs, personal representatives and executors and administrators.
No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Initial Purchasers)
shall acquire or have any right under or by virtue of this Agreement.

 

17.         No
Fiduciary Relationship. The Company hereby acknowledges that the Initial Purchasers are acting solely as initial purchasers
in connection with the purchase and sale of the Company’s securities. The Company further acknowledges that the Initial Purchasers
are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm’s length basis,
and in no event do the parties intend that the Initial Purchasers act or be responsible as a fiduciary to the Company, its management,
stockholders or creditors or any other person in connection with any activity that the Initial Purchasers may undertake or have
undertaken in furtherance of the purchase and sale of the Company’s securities, either before or after the date hereof. The
Initial Purchasers hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the
transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its
understanding and agreement to that effect. The Company and the Initial Purchasers agree that they are each responsible for making
their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Initial Purchasers
to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market
for the Company’s securities, do not constitute advice or recommendations to the Company. The Company and the Initial Purchasers
agree that the Initial Purchasers are acting as principal and not the agent or fiduciary of the Company and no Initial Purchaser
has assumed, and none of them will assume, any advisory responsibility in favor of the Company with respect to the transactions
contemplated hereby or the process leading thereto (irrespective of whether any Initial Purchaser has advised or is currently advising
the Company on other matters). The Company hereby waives and releases, to the fullest extent permitted by law, any claims that
the Company may have against the Initial Purchasers with respect to any breach or alleged breach of any fiduciary, advisory or
similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such
transactions.

    - 37 -

     

    

 

18.         Counterparts.
This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement
among the parties.

 

19.         Successors
and Assigns. This Agreement shall be binding upon the Initial Purchasers and the Company and their successors and assigns and
any successor or assign of any substantial portion of the Company’s and any of the Initial Purchasers’ respective businesses
and/or assets.

 

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

 

    - 38 -

     

    

If the foregoing correctly
sets forth the understanding between the Company and the several Initial Purchasers, please so indicate in the space provided below
for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Company and the
Initial Purchasers, severally.

 

Very truly yours,

 

	 	GRAN TIERRA ENERGY INC.
	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Purchase Agreement]

 

    - 39 -

     

    

 

Accepted and agreed to as of the date
first above written 

	
         

        Nomura
        Securities International, Inc.
	 
	 	 
	By:	/s/ Michael Hill	 
	 	Name:	Michael Hill	 
	 	Title:	Managing Director	 

 

	Dundee Securities Inc.	 
	 	 
	By:	/s/ Tony P. Loria	 
	 	Name:	Tony P. Loria	 
	 	Title:	Managing Director	 

 

	RBC Dominion Securities Inc.	 
	 	 
	By:	/s/ Darrell Law	 
	 	Name:	Darrell Law	 
	 	Title:	Managing Director	 

 

On behalf of themselves and

as representatives of the

several Initial Purchasers

 

[Signature Page to Purchase Agreement]

 

    - 40 -

     

    

 

SCHEDULE A

 

	Initial Purchaser	 	Principal
 Aggregate
 Amount of
 Firm Securities
 to be
 Purchased	 
	NOMURA SECURITIES INTERNATIONAL, INC.	 	$	19,000,000	 
	DUNDEE SECURITIES INC.	 	$	19,000,000	 
	RBC DOMINION SECURITIES INC.	 	$	19,000,000	 
	SCOTIA CAPITAL (USA) INC.	 	$	11,000,000	 
	FIRSTENERGY CAPITAL CORP.	 	$	6,000,000	 
	PETERS & CO. LIMITED	 	$	6,000,000	 
	TD SECURITIES (USA) LLC	 	$	6,000,000	 
	CANACCORD GENUITY INC.	 	$	3,000,000	 
	CIBC WORLD MARKETS INC.	 	$	3,000,000	 
	HSBC SECURITIES (USA) INC.	 	$	3,000,000	 
	SG AMERICAS SECURITIES, LLC	 	$	3,000,000	 
	PARADIGM CAPITAL INC.	 	$	2,000,000	 
	Total	 	$	100,000,000	 

  

    A-1

     

    

 

SCHEDULE B

 

a. Disclosure Package

 

Term sheet containing
the terms of the Securities, substantially in the form of Schedule C.

 

    B-1

     

    

 

SCHEDULE C

 

PRICING TERM SHEET

 

    C-1

     

    

 

SCHEDULE D

 

	ENTITY NAME	 	
        Jurisdiction

        of
        Organization

	 	 	 
	*Gran Tierra Energy Inc.	 	Nevada
	 	 	 
	*Gran Tierra Callco ULC	 	Alberta
	 	 	 
	*1203647 Alberta Inc.	 	Alberta
	 	 	 
	*Gran Tierra Exchangeco Inc.	 	Alberta
	 	 	 
	*Gran Tierra Goldstrike Inc.	 	Alberta
	 	 	 
	*Solana Resources Limited	 	Alberta
	 	 	 
	*Gran Tierra Energy International Holdings Ltd.	 	Cayman
	 	 	 
	Gran Tierra (PUT-7) Limited	 	Guernsey
	 	 	 
	*†Petrolifera Petroleum (Colombia) Limited	 	Cayman
	 	 	 
	PCESA	 	Ecuador
	 	 	 
	*Gran Tierra Energy Cayman Islands Inc.	 	Cayman
	 	 	 
	*Argosy Energy LLC	 	Delaware
	 	 	 
	*†Gran Tierra Energy Colombia, Ltd.	 	Utah
	 	 	 
	*Gran Tierra Energy Canada ULC	 	Alberta
	 	 	 
	Gran Tierra Energy International (Peru) Holdings B.V.	 	Curaçao
	 	 	 
	Gran Tierra Energy Peru B.V.	 	Curaçao
	 	 	 
	Petrolífera Petroleum Del Perú S.R.L.	 	Peru
	 	 	 
	Gran Tierra Energy Peru S.R.L.	 	Peru
	 	 	 
	Gran Tierra Luxembourg Holdings Sárl	 	Luxembourg
	 	 	 
	Gran Tierra Finance (Luxembourg) Sárl	 	Luxembourg
	 	 	 
	Gran Tierra Energy Brasil Ltda.	 	Brazil
	 	 	 
	Gran Tierra Brazco (Luxembourg) Sárl	 	Luxembourg
	 	 	 
	*†PETROAMERICA OIL CORP.	 	Alberta

 

 

† Significant
Subsidiary.

 

    D-1

     

    

 

	ENTITY NAME	 	
        Jurisdiction

        of
        Organization

	 	 	 
	Petroamerica (Barbados) Oil Corp.	 	Barbados
	 	 	 
	Petroamerica (Colombia) Oil Corp.	 	Barbados
	 	 	 
	*Gran Tierra International Inc.	 	Cayman
	 	 	 
	*Gran Tierra Colombia Inc.	 	Cayman
	 	 	 
	Petroamerica International (Colombia) Corp.	 	Barbados
	 	 	 
	Petroamerica Energy Corp.	 	Barbados
	 	 	 
	Suroco Energy Venezuela	 	Venezuela
	 	 	 
	Petroamerica P&G Corp.	 	Barbados
	 	 	 
	Vetra Petroamerica P&G Corp.1	 	Barbados
	 	 	 
	Southeast Investment Corporation2	 	Panama
	 	 	 
	Free Traders Group Inc.	 	Panama

 

 

1 72.5%
ownership by Petroamerica P&G Corp. The remaining 27.5% is owned by Vetra Southeast S.L. (not a member of the Gran Tierra group).

 

2 Direct
Ownership: Vetra Petroamerica P&G Corp. 67.67%; Vetra Southeast S.L. (not a member of the Gran Tierra group) 32.33%

 

Indirect Ownership:
Gran Tierra 49.06% through interest in Vetra Petroamerica P&G Corp.; Vetra Southeast S.L. (not a member of the Gran Tierra
Group) 50.94% through a 32.33% direct ownership and an 18.61% indirect interest through Vetra Petroamerica P&G Corp.

 

    D-2

     

    

 

EXHIBIT A

 

Lock-Up Agreement

 

March 31, 2016

 

Nomura Securities International, Inc.

Dundee Securities Inc.

RBC Dominion Securities Inc.,

together with the other Initial Purchasers

named in Schedule A to the Purchase Agreement

referred to herein

 

c/o Nomura Securities International,
Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

c/o Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

c/o RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

Ladies and Gentlemen:

 

This Lock-Up Agreement
is being delivered to you in connection with the proposed Purchase Agreement (the “Purchase Agreement”) to be
entered into by Gran Tierra Energy Inc., a Nevada corporation (the “Company”), and you and the other initial
purchasers to be named in Schedule A to the Purchase Agreement, with respect to the purchase and resale (the “Offering”)
of the Company’s convertible senior notes (the “Securities”). The Securities will be convertible into
shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”).

 

In order to induce you
to enter into the Purchase Agreement, the undersigned agrees that, for a period (the “Lock-Up Period”) beginning
on the date hereof and ending on, and including, the date that is 90 days after the date of the final offering memorandum relating
to the Offering, the undersigned will not, without the prior written consent of Nomura Securities International, Inc., Dundee Securities
Inc. and RBC Dominion Securities Inc., (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option
to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file (or participate in the filing of) a
registration statement with the Securities and Exchange Commission (the “Commission”) in respect of, or establish
or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Exchange
Act”) with respect to, any Common Stock or any other securities of the Company that are substantially similar to Common
Stock, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the
foregoing, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of Common Stock or any other securities of the Company that are substantially similar to Common Stock, or any securities
convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such
transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (iii) publicly announce
an intention to effect any transaction specified in clause (i) or (ii). The foregoing sentence shall not apply to:

 

    Ex. A-1

     

    

 

(a) bona fide gifts,
provided the recipient thereof agrees in writing with the Initial Purchasers to be bound by the terms of this Lock-Up Agreement
and the restrictions in place for the undersigned pursuant hereto;

 

(b) dispositions to any
trust for the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned, provided that such
trust agrees in writing with the Initial Purchasers to be bound by the terms of this Lock-Up Agreement. For purposes of this paragraph,
“immediate family” shall mean the undersigned and the spouse, any lineal descendent, father, mother, brother
or sister of the undersigned;

 

(c) transfers of shares
of Common Stock or any security, directly or indirectly, convertible into Common Stock in connection with estate planning or by
intestacy or distributions of shares of Common Stock or any security, directly or indirectly, convertible into Common Stock to
limited partners, members, stockholders or affiliates of the undersigned; provided that (i) each donee or distributee shall
sign and deliver a lock up letter substantially in the form of this Lock-Up Agreement and (ii) no public announcement and no filing
under Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock, shall be required
or shall be voluntarily made during the Lock-Up Period.

 

The undersigned further
agrees that, for the Lock-Up Period, the undersigned will not, without the prior written consent of Nomura Securities International,
Inc., Dundee Securities Inc. and RBC Dominion Securities Inc., make any demand for, or exercise any right with respect to, the
registration of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or warrants or
other rights to purchase Common Stock or any such securities.

 

The undersigned hereby
confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly
or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
the Securities.

 

The undersigned hereby
authorizes the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of or to note stop transfer restrictions
on the stock register and other records relating to shares of Common Stock or other securities subject to this Lock-Up Agreement
of which the undersigned is the record holder, and, with respect to shares of Common Stock or other securities subject to this
Lock-Up Agreement of which the undersigned is the beneficial owner but not the record holder, the undersigned hereby agrees to
cause such record holder to authorize the Company and its transfer agent, during the Lock-Up Period, to decline the transfer of
or to note stop transfer restrictions on the stock register and other records relating to such shares or other securities.

 

    Ex. A-2

     

    

 

If (i) the Company notifies
you in writing that it does not intend to proceed with the Offering, or (ii) for any reason the Purchase Agreement shall be terminated
prior to the Time of Purchase (as defined in the Purchase Agreement), this Lock-Up Agreement shall be terminated and the undersigned
shall be released from its obligations hereunder.

 

Yours very truly,

	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

  

    Ex. A-3

     

    

 

EXHIBIT A-1

 

LIST OF PARTIES TO EXECUTE LOCK-UP AGREEMENTS

 

	Name	 	Position(s)
	 	 	 
	Gary S. Guidry	 	President, Chief Executive Officer, Director
	 	 	 
	Robert Hodgins	 	Chairman of the Board
	 	 	 
	Peter Dey	 	Director
	 	 	 
	Evan Hazell	 	Director
	 	 	 
	J. Scott Price	 	Director
	 	 	 
	Ronald Royal	 	Director
	 	 	 
	David Smith	 	Director
	 	 	 
	Brooke Wade*	 	Director
	 	 	 
	Ryan Ellson	 	Chief Financial Officer
	 	 	 
	Adrian Coral	 	President—Gran Tierra Energy Colombia
	 	 	 
	Jim Evans	 	Vice President—Corporate Services
	 	 	 
	David Hardy	 	Vice President—Legal and General Counsel
	 	 	 
	Alan Johnson	 	Vice President—Asset Management
	 	 	 
	Lawrence West*	 	Vice President—Exploration

 

    Ex. A-1-1

     

    

 

EXHIBIT B

 

OPINION OF COUNSEL TO THE COMPANY

 

[date]

 

Nomura Securities International, Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

as Representatives of the several Initial
Purchasers

 

Ladies and Gentlemen:

 

		1.	Assuming the Indenture has been duly authorized, executed
and delivered by each of the parties thereto, the Indenture will constitute the valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other laws of general applicability relating to or affecting creditors' rights and to general equity principles.

 

		2.	Assuming the Securities have been duly authorized, executed
and delivered by the Company, the Securities will constitute the valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other laws of general applicability relating to or affecting creditors' rights and to general equity principles, and will
be entitled to the benefits of the Indenture.

 

		3.	The terms of the Securities conform in all material respects
to the descriptions thereof contained in the Disclosure Package and the Offering Memorandum.

 

		4.	No approval, authorization, license, registration, qualification,
decree, consent or order under any federal law, the laws of the State of New York or approval, authorization, license, registration,
qualification, decree, consent or order of or filing with any U.S. Federal or New York governmental or regulatory commission,
board, body, authority or agency, or approval of the stockholders of the Company, is necessary or required in connection with
the issuance and sale of the Securities or with the consummation by the Company of the transactions contemplated by the Offering
Memorandum, the Purchase Agreement, the Indenture and the Securities except, for the registration under the Securities Act and
the Exchange Act of the Securities, and such consents, approvals, authorizations, registrations or qualifications as may be required
under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Initial Purchasers
(as to which we express no opinion).

 

    Ex. B-1

     

    

 

		5.	The execution, delivery and performance of the Purchase
Agreement, the Indenture and the Securities by the Company, the issuance and sale of the Securities and the consummation of the
transactions contemplated by the Purchase Agreement do not and will not result in any breach or violation of or constitute a default
under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of or constitute
a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require
the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition
of a lien, charge or encumbrance on any property or assets of the Company or any Subsidiary pursuant to) (i) any agreement or
instrument filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 incorporated
by reference in the Disclosure Package and the Offering Memorandum (collectively, “Agreements and Instruments”),
or (ii) the federal laws, the laws of the State of New York, in each case, of a kind typically applicable to such transactions,
or (iii) any decree, judgment or order applicable to the Company or any of its respective properties, which decree, judgment or
order is known by us. With respect to clause (ii) above, counsel need not state any opinion as to any federal or state securities
or Blue Sky laws or federal or state antifraud laws, rules or regulations.

 

		6.	Assuming that the representations and warranties of the
Company and the Initial Purchasers contained in the Purchase Agreement are true, correct and complete and that the Initial Purchasers
comply with their covenants in the Purchase Agreement, it is not necessary in connection with the offer, sale and delivery of
the Securities to the Initial Purchasers under the Purchase Agreement or in connection with the initial resale of such Securities
by the Initial Purchasers in the manner contemplated by the Purchase Agreement and the Offering Memorandum to register the Securities
under the Securities Act of 1933, as amended, it being understood that no opinion is expressed as to any subsequent offer or resale
of any Security.

 

		7.	The statements in the Preliminary Offering Memorandum
and Offering Memorandum under the captions “Description of Notes” and “Certain U.S. Federal Income Tax Consequences”,
insofar as such statements constitute legal conclusions or summaries of the laws, regulations, legal matters, agreements or other
legal documents (including the Indenture and Securities) referred to therein, are accurate in all material respects and fairly
summarize the matters referred to therein.

 

		8.	The Company is not and, after giving effect to the offering
and sale of the Securities and the application of the proceeds thereof as described in the Preliminary Offering Memorandum and
the Offering Memorandum, will not be required to register as an “investment company” as defined in the Investment
Company Act of 1940, as amended.

 

    Ex. B-2

     

    

 

		9.	In the course of our acting as counsel to the Company
in connection with the preparation of the Preliminary Offering Memorandum and the Offering Memorandum, we have participated in
conferences with officers and other representatives of the Company, representatives of the independent public accountants of the
Company and representatives of the Initial Purchasers at which the contents of the Preliminary Offering Memorandum and the Offering
Memorandum were discussed and, although we are not passing upon and do not assume responsibility for the accuracy, completeness
or fairness of the statements contained in the Preliminary Offering Memorandum and the Offering Memorandum (except as and to the
extent stated in subparagraph [7] above), on the basis of the foregoing (relying upon the statements of officers and other representatives
of the Company in the determination of factual matters), nothing has come to our attention that causes us to believe that (i)
the Disclosure Package, as of the Applicable Time, contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein not misleading, or (ii) the Offering Memorandum, as of its date or as of the date
hereof, included or includes an untrue statement of a material fact or omitted or omits to state a material fact necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood
that we express no opinion with respect to the financial statements and schedules, and other financial data derived therefrom
or the oil and natural gas reserve and production information, included in the Preliminary Offering Memorandum or the Offering
Memorandum). As used herein, “Applicable Time” means [ ] [A.M.][P.M.], New York City time, on March 31, 2016.

 

Capitalized terms used
herein without definition shall have the respective meanings ascribed to them in the Purchase Agreement.

 

    Ex. B-3

     

    

 

EXHIBIT C

 

OPINION OF NEVADA COUNSEL TO THE COMPANY

 

[date]

 

Nomura Securities International, Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

as Representatives of the several Initial
Purchasers

 

Ladies and Gentlemen:

 

		1.	The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the State of Nevada, with full corporate power and authority to own,
lease and operate its properties and conduct its business as described in the Disclosure Package and the Offering Memorandum,
to execute and deliver the Purchase Agreement, the Indenture, the Securities and to perform its obligations thereunder, including,
without limitation, to issue, sell and deliver the Securities as contemplated by the Purchase Agreement.

 

		2.	The Purchase Agreement has been duly authorized, executed
and delivered by the Company.

 

		3.	The Indenture has been duly authorized, executed and
delivered by the Company.

 

		4.	The Securities have been have been duly authorized, executed
and delivered by the Company and, when issued and authenticated in accordance with the Indenture against payment therefore as
provided in the Purchase Agreement, will be duly and validly issued.

 

		5.	The Company has an issued and outstanding capitalization
as of December 31, 2015 as set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Capitalization”
and the Underlying Securities and the authorized capital stock of the Company conforms in all material respects as to legal matters
to the description thereof contained under the heading “Description of Capital Stock” in the Preliminary Offering
Memorandum and the Offering Memorandum.

 

    Ex. C-1

     

    

 

		6.	The Securities are free of statutory pre-emptive rights.

 

		7.	The Company has duly authorized and reserved for issuance
a number of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), equal to
or in excess of the maximum number of shares of Common Stock initially deliverable upon conversion of the Securities (including
the maximum number of shares of Common Stock initially deliverable upon conversion of the Securities in connection with a “make-whole
fundamental change” (as defined in the Indenture) and assuming for such purposes that (x) the Initial Purchasers exercise
in full their option to purchase additional Securities and (y) the Company delivers solely shares of Common Stock upon conversion
of all Securities) (the “Conversion Shares”). Upon issuance, sale and delivery of any Conversion Shares in accordance
with the terms of the Indenture and Securities and receipt by the Company of the consideration specified therein, such Conversion
Shares will be validly issued, fully paid and non-assessable

 

		8.	The execution, delivery and performance of the Purchase
Agreement, the Indenture and the Securities by the Company, the issuance and sale of the Securities, the consummation of the transactions
contemplated by the Purchase Agreement, and compliance by the Company with the terms and provisions of the Purchase Agreement,
the Indenture and the Securities do not and will not result in any breach or violation of (i) the charter or bylaws of the Company,
or (ii) any law or regulation of the State of Nevada known to us to be generally applicable to transactions of this type (other
than federal and state securities or “Blue Sky” laws or federal and state antifraud laws, rules or regulations, as
to which, we express no opinion in this paragraph), or any order or decree of any court, arbitrator or governmental agency of
the State of Nevada that is binding upon the Company or its properties and is known to such counsel.

 

		9.	Other than federal and state securities or “Blue
Sky” laws and federal and state antifraud laws, rules and regulations, as to which, we express no opinion, no approval,
authorization, license, registration, qualification, decree, consent or order under the laws of the State of Nevada or approval,
authorization, license, registration, qualification, decree, consent or order of or filing with any Nevada state governmental
or regulatory commission, board, body, authority or agency, or approval of the stockholders of the Company, is necessary or required
in connection with the issuance and sale of the Securities or with the consummation by the Company of the transactions contemplated
by the Offering Memorandum, the Purchase Agreement, the Indenture and the Securities.

 

		10.	The statements under the heading “Description of
Capital Stock” in the Preliminary Offering Memorandum and Offering Memorandum, insofar as such statements constitute summaries
of provisions of the Articles of Incorporation and by-laws, or summaries of the laws or regulations of Nevada, conform in all
material respects and present fairly the information purported to be shown.

 

    Ex. C-2

     

    

  

EXHIBIT D

 

OPINION OF CANADIAN COUNSEL TO THE COMPANY

 

[date]

 

Nomura Securities International, Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

as Representatives of the several Initial
Purchasers

 

Ladies and Gentlemen:

 

		1.	Each of the Canadian Subsidiaries has been duly incorporated
and is validly existing as a corporation and has the corporate power and authority to carry on its business and to own, lease
and operate its properties, as such business and properties are described in the Disclosure Package and the Offering Memorandum,
and all of the outstanding shares of capital stock of each of the Canadian Subsidiaries have been duly authorized, are validly
issued, fully paid and non-assessable and are owned of record by Gran Tierra Energy Inc. (the “Company”), directly.

 

		2.	The Company is a reporting issuer in each of the provinces
of Canada, except Quebec, (the “Reporting Jurisdictions”) and is not included in a list of defaulting reporting
issuers maintained in any of the Reporting Jurisdictions.

 

		3.	The offering, sale, issuance and delivery of the Securities
by the Company to purchasers resident in the Reporting Jurisdictions in accordance with the Offering Memorandum and the Purchase
Agreement are exempt from the prospectus requirements of the applicable Canadian Securities Laws and no prospectus or filings,
proceedings, approvals, consents or authorizations are required to be made, taken or obtained by the Company with or from the
Canadian Securities Commissions to permit the offering, sale, issuance and delivery of the Securities by the Company to purchasers
resident in the Reporting Jurisdictions through any person or company that is duly registered in a category of registration that
permits the trade under such laws and that has complied with the relevant provisions of such laws and the terms and conditions
of its registration.

 

    Ex. D-1

     

    

 

		4.	The statements under the heading “[____________]”
in the Disclosure Package and Offering Memorandum, insofar as they purport to describe provisions of Canadian income tax laws
or legal conclusions with respect thereto, in our opinion fairly and accurately summarize the matters referred to therein in all
material respects.

 

		5.	The first trade by a purchaser of the Securities or shares
of common stock of the Company issuable upon conversion of the Securities (“Conversion Shares”), as applicable,
will not be subject to the prospectus requirements under applicable Canadian Securities Laws provided the required pre-conditions
set out in National Instrument 45-102 – Resale of Securities (“NI 45-102”) are satisfied.

 

    Ex. D-2

     

    

 

EXHIBIT E

 

OPINION OF GENERAL COUNSEL TO THE COMPANY

 

[date]

 

Nomura Securities International, Inc.

Worldwide Plaza

309 West 49th Street

New York, New York 10019

 

Dundee Securities Inc.

350-7th Avenue S.W., Suite 3600

Calgary, Alberta T2P 3N9

 

RBC Dominion Securities Inc.

888 3rd Street SW, Suite 3900

Calgary, Alberta T2P 5C5

 

as Representatives
of the several Initial Purchasers

 

Ladies and Gentlemen:

 

		1.	The statements under the heading “Item 3. Legal
Proceedings” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 incorporated
by reference in the Disclosure Package and the Offering Memorandum, insofar as such statements constitute summaries of documents
or legal proceedings or refer to matters of law or legal conclusions, are accurate and complete in all material respects and present
fairly the information purported to be shown.1

 

 

1 [To add
descriptions of regulatory disclosures.]

 

    Ex. E-1

     

    

 

EXHIBIT F

 

OFFICERS’ CERTIFICATE

 

Each of the undersigned,
[·], [·] of Gran Tierra Energy
Inc., a Nevada corporation (the “Company”), and [·], [·]
of the Company, and in such capacity and on behalf of the Company, does hereby certify pursuant to Section 7(k) of that certain
Purchase Agreement dated March 31, 2016 (the “Purchase Agreement”) among the Company and, on behalf of the several
Initial Purchasers named therein, Nomura Securities International, Inc., Dundee Securities Inc. and RBC Dominion Securities Inc.,
that as of [date]:

 

		1.	    He has reviewed the Disclosure Package and the Offering
Memorandum.

 

		2.	The representations and warranties of the Company as set
forth in the Purchase Agreement are true and correct as of the date hereof and as if made on the date hereof.

 

		3.	The Company has performed all of its obligations under
the Purchase Agreement as are to be performed at or before the date hereof.

 

Capitalized terms used
herein without definition shall have the respective meanings ascribed to them in the Purchase Agreement.

 

In
Witness Whereof, we have signed this certificate.

 

Dated: [date]

	 	 	 
	 	By:	 	 
	 	 	Name:	[·]
	 	 	Title:	[·]

	 	 	 
	 	By:	 	 
	 	 	Name:	[·]
	 	 	Title:	[·]

 

    Ex. F-1

     

    

 

EXHIBIT G

 

CHIEF FINANCIAL OFFICER’S CERTIFICATE

 

I, [·],
[·] of Gran Tierra Energy Inc., a Nevada corporation (the “Company”),
hereby certify that I have read or caused to be read the items marked on the copies of certain pages of each of the Preliminary
Offering Memorandum dated March 30, 2016 and the Offering Memorandum dated March 31, 2016 (or of such documents as may
be incorporated by reference therein), attached hereto as Schedule A, and have performed the following procedures, which
were applied as indicated by the letters set forth below:

 

A.           Compared
the amount or number to the Company’s accounting records for the applicable period and noted agreement.

 

B.           Compared
the amount or number to the Company’s operational records for the applicable period and noted agreement

 

C.           Mathematically
proved the accuracy of the addition, subtraction, multiplication or division performed on numbers derived from the Company’s
accounting records or operational records, as the case may be, for the applicable period, compared to the total, product or quotient
identified in the attached pages, and noted agreement.

 

I am sufficiently familiar
with the financial affairs of the Company by reason of my present position with the Company to make the statements contained in
this certificate, which are based upon the audited consolidated financial statements of the Company as of and for the year ended
December 31, 2015 and other written statements, summaries, tabulations and computations, which I believe to be accurate, complete
and reliable, made and furnished to me by employees of the Company in the regular course of their duty. I am also sufficiently
familiar with the present financial condition and operating results of the Company and its Subsidiaries that any material changes
in the facts underlying the data relied upon by me in making this certificate occurring since the respective dates of such data
would have come to my attention prior to the date hereof in the regular course of business.

 

Capitalized terms used
herein without definition shall have the respective meanings ascribed to them in the Purchase Agreement.

 

In
Witness Whereof, I have hereunto set my hand on this [date].

	 	 	 
	 	By:	 	 
	 	 	Name:	[·]
	 	 	Title:	[·]

    Ex. G-1

     

    

 

Schedule A

 

Pages from the Preliminary
Offering Memorandum dated March 30, 2016[, the Offering Memorandum dated March 31, 2016]4
and incorporated by reference in Disclosure Package and the Offering Memorandum containing figures from (i) the Company’s
Definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, filed on May 15, 2015 and (ii) the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2015.

 

 

4 To be
included in the Chief Financial Officer’s Certificate delivered at the time of purchase and, as applicable, the additional
time of purchase only.

 

    Sch A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]