Document:

Exhibit 4.1

 

 

 

GLOBAL EAGLE ENTERTAINMENT INC.

 

 

 

and

 

 

 

U.S.
BANK National Association

 

as Trustee

 

INDENTURE

 

Dated as of February 18, 2015

 

2.75% Convertible Senior Notes due 2035

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	Definitions
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	References to Interest	12
	 	 	 
	Article II
	Issue, Description, Execution, Registration and Exchange of Notes
	 	 	 
	Section 2.01	Designation and Amount	12
	Section 2.02	Form of Notes	12
	Section 2.03	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	13
	Section 2.04	Execution, Authentication and Delivery of Notes	15
	Section 2.05	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	15
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	21
	Section 2.07	Temporary Notes	22
	Section 2.08	Cancellation of Notes Paid, Converted, Etc.	23
	Section 2.09	CUSIP Numbers	23
	Section 2.10	Additional Notes; Repurchases	23
	 	 	 
	Article III
	Satisfaction and Discharge
	 	 	 
	Section 3.01	Satisfaction and Discharge	24
	 	 	 
	Article IV
	Particular Covenants of the Company
	 	 	 
	Section 4.01	Payment of Principal and Interest	24
	Section 4.02	Maintenance of Office or Agency	24
	Section 4.03	Appointments to Fill Vacancies in Trustee’s Office	25
	Section 4.04	Provisions as to Paying Agent	25
	Section 4.05	Existence	26
	Section 4.06	Rule 144A Information Requirement and Annual Reports	26
	Section 4.07	Stay, Extension and Usury Laws	28
	Section 4.08	Compliance Certificate; Statements as to Defaults	28
	Section 4.09	Further Instruments and Acts	28

 

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	Article V
	Lists of Holders and Reports by the Company and the Trustee
	 	 	 
	Section 5.01	Lists of Holders	29
	Section 5.02	Preservation and Disclosure of Lists	29
	 	 	 
	Article VI
	Defaults and Remedies
	 	 	 
	Section 6.01	Events of Default	29
	Section 6.02	Acceleration; Rescission and Annulment	31
	Section 6.03	Additional Interest in Lieu of Reporting Default	32
	Section 6.04	Payments of Notes on Default; Suit Therefor	32
	Section 6.05	Application of Monies Collected by Trustee	34
	Section 6.06	Proceedings by Holders	34
	Section 6.07	Proceedings by Trustee	35
	Section 6.08	Remedies Cumulative and Continuing	35
	Section 6.09	Direction of Proceedings and Waiver of Defaults by Majority of Holders	36
	Section 6.10	Notice of Defaults	36
	Section 6.11	Undertaking to Pay Costs	37
	 	 	 
	Article VII
	Concerning the Trustee
	 	 	 
	Section 7.01	Duties and Responsibilities of Trustee	37
	Section 7.02	Reliance on Documents, Opinions, Etc.	39
	Section 7.03	No Responsibility for Recitals, Etc.	40
	Section 7.04	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	40
	Section 7.05	Monies and Shares of Common Stock to Be Held in Trust	40
	Section 7.06	Compensation and Expenses of Trustee	41
	Section 7.07	Officer’s Certificate as Evidence	41
	Section 7.08	Eligibility of Trustee	41
	Section 7.09	Resignation or Removal of Trustee	42
	Section 7.10	Acceptance by Successor Trustee	43
	Section 7.11	Succession by Merger, Etc.	43
	Section 7.12	Trustee’s Application for Instructions from the Company	44
	 	 	 
	Article VIII
	Concerning the Holders
	 	 	 
	Section 8.01	Action by Holders	44
	Section 8.02	Proof of Execution by Holders	44
	Section 8.03	Who Are Deemed Absolute Owners	45
	Section 8.04	Company-Owned Notes Disregarded	45
	Section 8.05	Revocation of Consents; Future Holders Bound	45

 

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	Article IX
	Holders’ Meetings
	 	 	 
	Section 9.01	Purpose of Meetings	46
	Section 9.02	Call of Meetings by Trustee	46
	Section 9.03	Call of Meetings by Company or Holders	46
	Section 9.04	Qualifications for Voting	47
	Section 9.05	Regulations	47
	Section 9.06	Voting	47
	Section 9.07	No Delay of Rights by Meeting	48
	 	 	 
	Article X
	Supplemental Indentures
	 	 	 
	Section 10.01	Supplemental Indentures Without Consent of Holders	48
	Section 10.02	Supplemental Indentures with Consent of Holders	49
	Section 10.03	Effect of Supplemental Indentures	50
	Section 10.04	Notation on Notes	50
	Section 10.05	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	51
	 	 	 
	Article XI
	Consolidation, Merger, Sale, Conveyance and Lease
	 	 	 
	Section 11.01	Company May Consolidate, Etc. on Certain Terms	51
	Section 11.02	Successor Corporation to Be Substituted	51
	Section 11.03	Evidence to Be Given to Trustee	52
	 	 	 
	Article XII
	Immunity of Incorporators, Stockholders, Officers and Directors
	 	 	 
	Section 12.01	Indenture and Notes Solely Corporate Obligations	52
	 	 	 
	Article XIII
	Conversion of Notes
	 	 	 
	Section 13.01	Conversion Privilege	52
	Section 13.02	Conversion Procedure; Settlement Upon Conversion	55
	Section 13.03	Reserved	59
	Section 13.04	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Change or during a Redemption Period	59
	Section 13.05	Adjustment of Conversion Rate	62
	Section 13.06	Adjustments of Prices	72
	Section 13.07	Shares to Be Fully Paid	72
	Section 13.08	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	72
	Section 13.09	Certain Covenants	74
	Section 13.10	Responsibility of Trustee	75
	Section 13.11	Stockholder Rights Plans	75
	Section 13.12	Notice to Holders Prior to Certain Actions	75

 

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	Article XIV
	Repurchase of Notes at Option of Holders
	 	 	 
	Section 14.01	Repurchase at Option of Holders Upon a Fundamental Change	76
	Section 14.02	Repurchase at Option of Holders on Specified Repurchase Dates	77
	Section 14.03	Repurchase Procedures	78
	Section 14.04	Withdrawal of Fundamental Change Repurchase Notice or Specified Repurchase Date Notice	79
	Section 14.05	Deposit of Fundamental Change Repurchase Price and Specified Repurchase Date Price	80
	Section 14.06	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	81
	 	 	 
	Article XV
	Optional Redemption
	 	 	 
	Section 15.01	Optional Redemption	81
	Section 15.02	Notice of Optional Redemption; Selection of Notes	82
	Section 15.03	Payment of Notes Called for Redemption	83
	Section 15.04	Restrictions on Redemption	84
	 	 	 
	Article XVI
	Miscellaneous Provisions
	 	 	
	Section 16.01	Provisions Binding on Company’s Successors	84
	Section 16.02	Official Acts by Successor Corporation	84
	Section 16.03	Addresses for Notices, Etc.	84
	Section 16.04	Governing Law	85
	Section 16.05	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	85
	Section 16.06	Legal Holidays	86
	Section 16.07	No Security Interest Created	86
	Section 16.08	Benefits of Indenture	86
	Section 16.09	Table of Contents, Headings, Etc.	86
	Section 16.10	Authenticating Agent	86
	Section 16.11	Execution in Counterparts	87
	Section 16.12	Severability	88
	Section 16.13	Waiver of Jury Trial	88
	Section 16.14	Force Majeure	88
	Section 16.15	Calculations	88
	Section 16.16	USA PATRIOT Act	88
	 	 	
	EXHIBIT
	 	 	 
	Exhibit A	Form of Note	A-1
	Exhibit B	Free Transferability Certificate	B-1

 

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INDENTURE, dated as of February 18, 2015, between
GLOBAL EAGLE ENTERTAINMENT INC., a Delaware 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 2.75% Convertible Senior Notes due 2035 (the “Notes”), initially
in an aggregate principal amount not to exceed $82,500,000, and in order to provide the terms and conditions upon which the Notes
are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture.

 

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
I

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), Section 4.06(e) and Section 6.03, as applicable.

 

“Additional Shares” shall have the meaning specified
in Section 13.04(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.

 

“Bid Solicitation Agent” means the Person appointed
by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 13.01(b)(i). The Company shall initially
act as the Bid Solicitation Agent.

 

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

 

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

 

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

 

“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.

 

“Cash Settlement” shall have the meaning specified
in Section 13.02(a).

 

“Clause A Distribution” shall have the meaning
specified in Section 13.05(c).

 

“Clause B Distribution” shall have the meaning
specified in Section 13.05(c).

 

“Clause C Distribution” shall have the meaning
specified in Section 13.05(c).

 

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

 

“Combination Settlement” shall have the meaning
specified in Section 13.02(a).

 

“Commission” means the U.S. Securities and Exchange
Commission or any successor thereto.

 

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

 

“Common Stock” means the common stock of the
Company, par value $0.01 per share, at the date of this Indenture, subject to Section 13.08.

 

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

 

“Company Order” means a written order of the
Company, signed by the Company’s Chief Executive Officer, Chief Financial 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 delivered to the Trustee.

 

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

 

“Conversion Date” shall have the meaning specified
in Section 13.02(c).

 

    	PAGE 2

    	 

    

 

“Conversion Obligation” shall have the meaning
specified in Section 13.01(a).

 

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

 

“Conversion Rate” shall have the meaning specified
in Section 13.01(a).

 

“Corporate Trust Office” means the designated
office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof
is located at U.S. Bank National Association, 190 S. LaSalle Street, 10th Floor, MK-IL-SLTR, Chicago, Illinois 60603, Attention:
Global Corporate Trust, with respect to presentation of Notes for exchange or registration of transfer, U.S. Bank National Association,
60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Global Corporate Trust or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company, or the designated 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
DTC, with respect to the Global Notes, or any successor entity thereto.

 

“Daily Conversion Value” means, for each of the
50 consecutive Trading Days during the Observation Period, 1/50th of the product of (a) the Conversion Rate on such Trading Day
and (b) the Daily VWAP on such Trading Day.

 

“Daily Measurement Value” means the Specified
Dollar Amount (if any), divided by 50.

 

“Daily Settlement Amount,” for each of the 50
consecutive Trading Days during the Observation Period, shall consist of:

 

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

 

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

 

“Daily VWAP” means subject to Section 13.02(j)
and Section 13.08, for each of the 50 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “ENT <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the
scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable,
the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a
nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP”
shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

    	PAGE 3

    	 

    

 

“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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price, the Redemption
Price, principal and interest) that are payable but are not punctually paid or duly provided for.

 

“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 13.05(c).

 

“DTC” means The Depository Trust Company, a New
York corporation.

 

“Effective Date” shall have the meaning specified
in Section 13.04(c); provided that, solely for purposes of Section
13.05, “Effective Date” means the first date on which shares of Common Stock trade on the applicable
exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.

 

“Events 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.

 

“Free Trade Date” means the
date that is one year after the last date of original issuance of the Notes.

 

“Form of Assignment and Transfer” means the “Form
of Assignment and Transfer” in substantially the form attached as Attachment 4 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” shall mean the “Form of
Note” attached hereto as Exhibit A.

 

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

 

    	PAGE 4

    	 

    

 

“Form of Specified Repurchase Date Notice” means
the “Form of Specified Repurchase Date Notice” attached as Attachment 3 to the form of Note attached hereto as Exhibit
A.

 

“Free Transferability Certificate” shall mean
the “Free Transferability Certificate” attached hereto as Exhibit B.

 

“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, 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;

 

(b)          the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination or changes in par value) as a result of which the Common Stock would be converted into, or exchanged for, stock,
other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the
Common Stock will be converted into cash, securities or other property; or (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
holders of the Company’s Common Stock or, if no approval from the holders of the Company’s Common Stock is necessary,
the Company’s Board of Directors approves any plan or proposal for the liquidation or dissolution of the Company (other than
a transaction described in clause (b) of this definition of “Fundamental Change”); or

 

(d)          the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange,
The NASDAQ Capital Market, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

 

    	PAGE 5

    	 

    

 

provided, however, that a transaction or transactions
described in clause (a) or (b) of this definition of “Fundamental Change” 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 or pursuant to dissenters’ rights, in connection with such transaction or transactions consists of
shares of common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Capital Market, 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 or pursuant to dissenters’ rights in accordance
with Section 13.08 and subject to the provisions of ‎Section
13.02(a). For purposes of this definition of “Fundamental Change,” any transaction that constitutes a “Fundamental
Change” pursuant to both clause (a) and clause (b) of such definition shall be deemed a “Fundamental Change”
solely under clause (b) of such definition.

 

“Fundamental Change Company Notice” shall have
the meaning specified in Section 14.01(b).

 

“Fundamental Change Expiration Time” shall have
the meaning specified in Section 14.03(a)(i).

 

“Fundamental Change Repurchase Date” shall have
the meaning specified in Section 14.01(a).

 

“Fundamental Change Repurchase Notice” shall
have the meaning specified in Section 14.03(a)(i).

 

“Fundamental Change Repurchase Price” shall have
the meaning specified in Section 14.01(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,” “beneficial owner” or “owner of a beneficial interest”
or terms of similar import), 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.

 

“Interest Payment Date” means
each February 15 and August 15 of each year, beginning on August 15, 2015.

 

    	PAGE 6

    	 

    

 

“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 last bid and last
ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on such date
as reported in composite transactions for The NASDAQ Capital Market, or if the Common Stock is not then listed on The NASDAQ Capital
Market, 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 per share 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 per share 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. The Last Reported Sale Price shall be determined without regard to after-hours trading or any other trading outside
of regular trading session hours. On or after the occurrence of a Share Exchange Event, the “Last Reported Sale Price”
of a unit of Reference Property on any date shall be determined in accordance with the four immediately preceding sentences except
that (i) in the case of a Share Exchange Event in connection with which holders of Common Stock receive only cash as set forth
in ‎Section 13.08(a), the “Last Reported Sale Price” shall be equal to the per share amount of cash received by
holders of Common Stock in such Share Exchange Event, (ii) in the case of a Share Exchange Event in connection with which holders
of Common Stock receive a type of consideration other than cash or common stock as set forth in ‎Section 13.08(a), the “Last
Reported Sale Price” shall be the fair market value of such unit of Reference Property determined by a nationally recognized
independent investment banking firm retained for this purpose by the Company and (iii) in the case of a Share Exchange Event in
connection with which holders of Common Stock receive a combination of common stock, cash and/or a type of consideration of the
kind described in clause (ii), the “Last Reported Sale Price” shall be equal to the sum of values of each component
or portion of such unit of Reference Property determined in accordance with the four immediately preceding sentences, clause (i)
and/or clause (ii), as the case may be.

 

“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).

 

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

 

“Maturity Date” means February 15, 2035.

 

“Measurement Period” shall have the meaning specified
in Section 13.01(b)(i).

 

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

 

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

 

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

 

“Notice of Conversion” shall have the meaning
specified in Section 13.02(b).

 

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“Notice of Redemption” shall have the meaning
specified in Section 15.02(a).

 

“Observation Period,” with respect to any Note
surrendered for conversion, means: (i) subject to clause (iii) below if the relevant Conversion Date occurs prior to November 15,
2034, the 50 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion
Date; (ii) subject to clause (iii) below, if the relevant Conversion Date occurs on or after November 15, 2034, the 50 consecutive
Trading Days beginning on, and including, the 52nd Scheduled Trading Day immediately preceding the Maturity Date and (iii) notwithstanding
anything to the contrary in clauses (i) and (ii) above, if the relevant Conversion Date occurs during a Redemption Period and the
last Business Day of such Redemption Period is on or prior to the second Scheduled Trading Day immediately preceding the Maturity
Date, the 50 consecutive Trading Days beginning on, and including, the 52nd Scheduled Trading Day immediately preceding such Redemption
Date.

 

“Offering Memorandum” means the preliminary offering
memorandum dated February 9, 2015, as supplemented by the pricing term sheet dated February 12, 2015, relating to the offering
and sale of the Notes.

 

“Officer” means, with respect to the Company,
the Chief Executive Officer, the Chief Financial Officer, the President, the Treasurer, any Assistant Treasurer, the Secretary,
any Assistant 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”).

 

“Officer’s Certificate,” when used with
respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company. Each
such certificate shall include the statements provided for in Section 16.05 if and to the extent required by the provisions of
such Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be one of the principal executive,
financial or accounting officers 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 that is delivered to the Trustee, which opinion may
contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements
provided for in Section 16.05 if and to the extent required by the provisions of such Section 16.05.

 

“Optional Redemption” shall have the meaning
specified in Section 15.01.

 

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

 

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

 

    	PAGE 8

    	 

    

 

 

(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 reasonably satisfactory to the Trustee is presented
that any such Notes are held by protected purchasers in due course;

 

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

 

(e)          Notes
repurchased 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.

 

“Physical Settlement” shall have the meaning
specified in Section 13.02(a).

 

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

 

“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 15.02(a).

 

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

 

“Redemption Period” shall have the meaning specified
in Section 13.01(b)(v).

 

“Redemption Price” shall have the meaning specified
in Section 15.01.

 

    	PAGE 9

    	 

    

 

“Reference Property” shall have the meaning specified
in Section 13.08(a).

 

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

 

“Resale Restriction Termination Date,” (i) with
respect to the Notes, shall have the meaning specified in the legend set forth in Section 2.05(c), and (ii) with respect to the
Common Stock issued upon conversion of the Notes, shall have the meaning specified in the legend set forth in Section 2.05(d).

 

“Responsible Officer” means, when used with respect
to the Trustee, any officer within the corporate trust department of the Trustee who shall have direct responsibility for the administration
of this Indenture or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity
with the particular subject.

 

“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.

 

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

 

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

 

“Settlement Amount” has the meaning specified
in Section 13.02(a)(iv).

 

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

 

“Settlement Notice” has the meaning specified
in Section 13.02(a)(iii).

 

“Share Exchange Event” shall have the meaning
specified in Section 13.08(a).

 

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

 

“Specified Dollar Amount” means the maximum cash
amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice related to any
converted Notes.

 

“Specified Repurchase Date” shall have the meaning
specified in Section 14.02(a).

 

    	PAGE 10

    	 

    

 

“Specified Repurchase Date Company Notice”
shall have the meaning specified in Section 14.02(b).

 

“Specified Repurchase Date Expiration Time” shall
have the meaning specified in Section 14.03(a)(i).

 

“Specified Repurchase Date Notice” shall have
the meaning specified in Section 14.03(a)(i).

 

“Specified Repurchase Date Price” shall have
the meaning specified in Section 14.02(a).

 

“Spin-Off” shall have the meaning specified in
Section 13.05(c).

 

“Stock Price” shall have the meaning specified
in Section 13.04(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 NASDAQ Capital
Market or, if the Common Stock (or such other security) is not then listed on The NASDAQ Capital Market, on the principal other
U.S. national or regional securities exchange on which the Common Stock (or such other security) is then listed or, if the Common
Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market
on which the Common Stock (or such other security) is then listed or admitted for trading and (ii) a Last Reported Sale Price for
the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided
that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business
Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs
on The NASDAQ Capital Market or, if the Common Stock is not then listed on The NASDAQ Capital Market, on the principal other U.S.
national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on
a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted
for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a
Business Day.

 

    	PAGE 11

    	 

    

 

“Trading Price” per $1,000 principal amount
of the Notes on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation
Agent for $2,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from
three independent U.S. nationally recognized securities dealers the Company selects for this purpose; provided that if
three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of
such two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall
be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2,000,000 principal amount of Notes from
a nationally recognized securities dealer on any determination date, then the Trading Price per $1,000 principal amount of Notes
on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock
and the Conversion Rate.

 

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

 

“Trigger Event” shall have the meaning specified
in Section 13.05(c).

 

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

 

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

 

“unit of Reference Property” shall have the meaning
specified in Section 13.08(a).

 

“Valuation Period” shall have the meaning specified
in Section 13.05(c).

 

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

 

Article
II

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01         Designation
and Amount. The Notes shall be designated as the “2.75% Convertible Senior Notes due 2035.” The aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $82,500,000, 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 pursuant to Section 2.05, Section 2.06, Section 2.07, Section 10.04, Section 13.02,
Section 14.05 and Section 15.03(b).

 

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.

 

    	PAGE 12

    	 

    

 

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 repurchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding
Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon
instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Fundamental
Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 the form 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 actual days elapsed over
a 30-day month.

 

    	PAGE 13

    	 

    

 

(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. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes, which shall
initially be the Corporate Trust Office, or any other office or agency located in the United States of America so designated by
the Trustee. 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 such Holders or, upon written application by such a Holder to the Note Registrar not later than the relevant Regular
Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, 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 reasonably
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 in writing of such special record date and the Trustee, in the name and
at the expense of the Company, shall cause written notice of the proposed payment of such Defaulted Amounts and the special record
date therefor to be sent to each Holder at its address as it appears in the Note Register, not less than 10 days prior to such
special record date. Written notice of the proposed payment of such Defaulted Amounts and the special record date therefor having
been so sent, 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).

 

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

 

    	PAGE 14

    	 

    

 

 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 16.10), shall be
entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such
an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has
been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

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

 

Section 2.05         Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the
Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated
pursuant to Section 4.02, the “Note Register”)
in which, subject to such reasonable procedures 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 appointed the “Note Registrar” for the purpose of registering
Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section
4.02.

 

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

 

    	PAGE 15

    	 

    

 

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 any Paying Agent for any exchange or registration of transfer of Notes,
but the Company and the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or
transfer tax or other similar governmental charge required by law or permitted pursuant to Section 13.02(d) or Section 13.02(e).

 

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, selected for Optional Redemption in accordance with Article XV or (iii) any Notes, or a portion of any Note, surrendered
for repurchase (and not withdrawn) in accordance with Article XIV.

 

All Notes issued upon any registration of transfer
or exchange of Notes in accordance with this Indenture shall be the valid and binding 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 applicable 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 a 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.

 

    	PAGE 16

    	 

    

 

(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 and 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 those contained in the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise
waived by written consent of the Company with written notice to the Trustee as provided below. 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.

 

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

 

THIS SECURITY AND THE COMMON STOCK, IF ANY,
ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE
EXCEPT:

 

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

 

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

 

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

 

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

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (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.

 

THE “RESALE RESTRICTION TERMINATION DATE”
MEANS THE LATER OF: (A) THE DATE THAT IS ONE YEAR AFTER THE LAST ORIGINAL ISSUANCE DATE OF THE NOTES OR SUCH SHORTER PERIOD OF
TIME PERMITTED BY RULE 144 OR ANY SUCCESSOR PROVISION THERETO; AND (B) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE
LAW.

 

    	PAGE 17

    	 

    

 

No transfer of any Note prior to the Resale
Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer
has been checked.

 

Any Note (or security issued in exchange or
substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender
of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, 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. No later than the fifth day immediately following the Free Trade Date,
the Company shall use reasonable efforts to cause every beneficial interest in any Note represented by a Global Note that bears
the restricted legend specified in this Section 2.05(c) to be automatically exchanged for beneficial interests in a Global Note
that shall not bear such restrictive legend and shall not be assigned a restricted CUSIP number (other than any Notes held by Affiliates
of the Company). To effect such exchange, the Company (A) will deliver to the Depositary an instruction letter for the Depositary’s
mandatory exchange process at least 15 days immediately prior to the Free Trade Date and (B) will deliver to each of the Trustee
and the Note Registrar a duly completed free transferability certificate in the form set forth on Exhibit B (the “Free
Transferability Certificate”) promptly upon the occurrence of the Free Trade Date. Upon receipt of the Free Transferability
Certificate by the Trustee and the Note Registrar, the legend set forth above shall be deemed removed from each Global Note specified
in the Free Transferability Certificate and the restricted CUSIP number shall be deemed removed from each such Global Note and
deemed replaced with an unrestricted CUSIP number, with no further action required by the Company, the Trustee or, if applicable,
the Depositary. Prior to the Company’s delivery of the Free Transferability Certificate and afterwards, the Company and the
Trustee will comply with the rules and procedures of the Depositary and otherwise use reasonable efforts to cause each Global Note
to be identified by an unrestricted CUSIP number in the facilities of the Depositary by the Free Trade Date or as promptly as possible
thereafter. In addition, on the Free Trade Date or promptly thereafter, the Company will provide Bloomberg LLP with a copy of the
Free Transferability Certificate and will use reasonable efforts to cause Bloomberg LLP to adjust its screen page for the Notes
to indicate that the Notes are no longer Restricted Securities and are now identified by an unrestricted CUSIP number. Notwithstanding
anything to the contrary in this paragraph, the Company will not be required to deliver or provide the Free Transferability Certificate
if it reasonably believes that removal of the restrictive legend or the changes to the CUSIP number for the Notes could result
in or facilitate transfers of the Notes in violation of applicable law; provided that, this sentence does not limit the application
of Section 4.06(e).

 

The Company shall promptly notify the Trustee
and the Holders in writing after a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion
of the Notes has been declared effective under the Securities Act.

 

    	PAGE 18

    	 

    

 

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 transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in,
the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary
in accordance with customary procedures of the Depositary and in compliance with this Section 2.05(c).

 

The Depositary shall be a clearing agency registered
under the Exchange Act. The Company initially appoints DTC 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. Neither the Trustee nor any agent shall have any responsibility or liability
for any actions taken or not taken by the Depositary.

 

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 Officer’s Certificate and a Company Order for the authentication and delivery
of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal
amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in
the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and
upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Physical Notes issued in exchange for all or
a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, 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.

 

At such time as all interests in a Global Note
have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee
in accordance with standing procedures and 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 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 standing procedures and existing instructions between the Depositary
and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on the Schedule
of Exchanges of such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or
increase.

 

    	PAGE 19

    	 

    

 

None of the Company, the Trustee nor
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)          Until
the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of such Note shall
bear a legend in substantially the following form (unless the Note or such Common Stock 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 Notes that have been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or pursuant to the exemption from registration provided by Rule 144 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 PRIOR TO THE RESALE RESTRICTION TERMINATION DATE EXCEPT:

 

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

 

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

 

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

 

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

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (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.

 

    	PAGE 20

    	 

    

 

 THE “RESALE RESTRICTION TERMINATION
DATE” MEANS THE LATER OF: (A) THE DATE THAT IS ONE YEAR AFTER THE LAST ORIGINAL ISSUANCE DATE OF THE COMPANY’S 2.75%
CONVERTIBLE SENIOR NOTES DUE 2035 OR SUCH SHORTER PERIOD OF TIME PERMITTED BY RULE 144 OR ANY SUCCESSOR PROVISION THERETO; AND
(B) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW.

 

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

 

(e)          The
Company shall not, and shall not permit any of the “affiliates” (as defined in Rule 144) it controls to, resell any
of the Notes that constitute “restricted securities” under Rule 144 that have been reacquired by any of them.

 

(f)          The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among participants of the Depositary or beneficial owners of interests in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

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 by Company Order, 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.

 

    	PAGE 21

    	 

    

 

The Trustee or such authenticating agent may
authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the
Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company and the
Trustee 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 XIII or redeemed in accordance
with Article XV shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing
a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof
except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the
Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them
to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every
case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion
Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

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

 

Section 2.07         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 by Company Order, 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.

 

    	PAGE 22

    	 

    

 

Section 2.08         Cancellation
of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, redemption, repurchase,
registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including the Company
or 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 in accordance with its customary procedures, 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. If the Company or any of its Subsidiaries shall acquire any of the Notes,
such acquisition shall not operate as a redemption, repurchase or satisfaction of the indebtedness represented by such Notes unless
and until the same are delivered to the Trustee for cancellation. Any Notes surrendered for cancellation shall not be reissued
or resold and shall be promptly cancelled.

 

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 and the same CUSIP number as the Notes initially issued
hereunder (other than differences in the issue price, interest accrued prior to the issue date of such additional Notes, transfer
restrictions and other related matters) in an unlimited aggregate principal amount; provided that if any such additional
Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax or securities law purposes, such additional
Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such additional Notes, the Company shall deliver
to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and
Opinion of Counsel to cover such matters required by Section 16.05 and
that the form and terms of such Notes has been established in conformity with the provisions of this Indenture and that such Notes,
when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application
affecting the rights and remedies of creditors and to general principles of equity (including, without limitation, concepts of
materiality, reasonableness, good faith, fair dealing and unconscionability), regardless of whether considered in a proceeding
in equity or law. In addition, the Company may, to the extent permitted by applicable 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, in each case without prior notice to the Holders. Any Notes repurchased by the Company
may, at the Company’s option, be surrendered to the Trustee for cancellation in accordance with Section 2.08, but shall not
be reissued or resold by the Company.

 

    	PAGE 23

    	 

    

 

Article
III

Satisfaction and Discharge

 

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

 

Article
IV

Particular Covenants of the Company

 

Section 4.01         Payment
of Principal and Interest. The Company covenants and agrees that it will pay or cause to be paid the principal (including the
Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 continental 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 .

 

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 continental 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.

 

    	PAGE 24

    	 

    

 

The Company hereby initially designates the
Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency
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 (other than service of process) 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:

 

(i)          that
it will hold all sums held by it as such agent for the payment of the principal (including the Fundamental Change Repurchase Price,
the Specified Repurchase Date Price and the Redemption 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 written notice of any failure by the Company to make any payment of the principal (including the
Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption Price, if applicable)
or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing
of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received
by the Paying Agent by 10:00 a.m., New York City time, on such date.

 

    	PAGE 25

    	 

    

 

(b)          If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Fundamental
Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 Fundamental Change Repurchase
Price, the Specified Repurchase Date Price and the Redemption 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.

 

(d)          Subject
to applicable abandoned property laws, any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal (including the Fundamental Change Repurchase Price, the Specified
Repurchase Date Price and the Redemption 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 Fundamental Change Repurchase
Price, the Specified Repurchase Date Price and the Redemption Price, if applicable) or interest has become due and payable shall
be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and
shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Section 4.05         Existence.
Subject to Article XI, 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 shall, upon written request, provide to 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.

 

    	PAGE 26

    	 

    

 

(b)          The
Company shall file with the Trustee within 15 days after the same are required to be filed with the Commission (giving effect to
any grace period provided by Rule 12b-25 under the Exchange Act), 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 (excluding any such information, documents or reports,
or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report
that the Company files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to
be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any
successor thereto).

 

(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 Officer’s Certificate).

 

(d)          If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder
and other than current reports on Form 8-K), or the Notes are not otherwise freely tradable 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. In such circumstances, 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 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) without restrictions pursuant to U.S. securities
laws or the terms of this Indenture or the Notes; provided that such Additional Interest shall cease to accrue on the one year
anniversary of the last original issuance date of the Notes. As used in this Section 4.06(d), documents or reports that the Company
is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents
or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)          If,
and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed (or deemed removed pursuant
to this Indenture), the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable by Holders
other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months
preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 365th day
after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to
0.50% per annum of the principal amount of Notes outstanding until the restrictive legend on the Notes has been removed in accordance
with Section 2.05(c), the Notes are assigned an unrestricted CUSIP and the Notes are freely tradable by Holders other than the
Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months preceding).

 

    	PAGE 27

    	 

    

 

(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) or Section 4.06(e) shall be in addition to, and not in lieu
of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03.

 

(h)          If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the
Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii)
the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such 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 promptly deliver to the Trustee an Officer’s
Certificate setting forth the particulars of such payment.

 

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

 

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, 2015) an Officer’s Certificate stating whether
or not 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 Company becomes aware of the occurrence of any Event of
Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and
the action that the Company is taking or proposing to take in respect thereof.

 

Section 4.09         Further
Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

    	PAGE 28

    	 

    

 

Article
V

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01         
Lists of Holders. For so long as there are any Physical Notes, 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 February 1 and August 1 in each year beginning
with August 1, 2015, and at such other times as the Trustee may reasonably 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
VI

Defaults and Remedies

 

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

 

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

 

(b)          default
in the payment of principal of any Note when due and payable on the Maturity Date, any Fundamental Change Repurchase Date, any
Specified Repurchase Date, any Redemption Date, upon declaration of acceleration or otherwise;

 

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

 

(d)          failure
by the Company to (1) issue a Fundamental Change Company Notice in accordance with Section 14.01(b),
(2) issue a notice of a specified corporate event in accordance with Section 13.01(b)(ii) or Section 13.01(b)(iii), (3) issue a
notice of an Effective Date in accordance with Section 13.04(b), (4) comply with the notice obligations of Section 15.02(a) and
Section 15.02(b) or (5) issue a notice of a Specified Purchase Date in accordance with Section 14.02(b), in each case when due;

 

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

 

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(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 may
be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $10,000,000 (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 or interest of any such debt when due and payable at its stated maturity, upon required repurchase,
upon declaration of acceleration or otherwise;

 

(h)          a
final judgment for the payment of $10,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered by insurance)
rendered against the Company or any Subsidiary of the Company, which judgment is not discharged 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)          (i)
the Company or any then-current Significant Subsidiary (A) 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; (B) 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 (C) shall make a general assignment for the benefit of creditors, or (ii) the Company or any Significant
Subsidiary shall admit in writing of the inability of the Company or any Significant Subsidiary to pay its debts generally as they
become due; or

 

(j)          an
involuntary case or other proceeding shall be commenced against the Company or any then-current Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and
such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 consecutive days.

 

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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),
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 written notice
to the Company (and to the Trustee if given by Holders), may, and the Trustee, at the written request of such Holders, shall,
declare 100% of the principal of, and accrued and unpaid interest 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 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) 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 or Event of Default shall cease
to exist, and any Default or 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 of, or accrued
and unpaid interest on, any Notes, (ii) a failure to repurchase or redeem Notes when required, (iii) a failure to pay or deliver,
as the case may be, the consideration due upon conversion of the Notes or (iv) any other provision that requires the consent of
each affected Holder to amend.

 

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Section 6.03         Additional
Interest in Lieu of Reporting Default. 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 (i) 0.25% per annum of the principal amount of the Notes
outstanding for each day during the first 90 days after the occurrence of such Event of Default and (ii) 0.50% per annum of the
principal amount of the Notes outstanding from the 91st day until the 180th day following the occurrence of such Event
of Default, during 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) or Section 4.06(e); provided that in no event shall Additional Interest payable
pursuant to this Section 6.03, together with any Additional Interest that may be payable pursuant to Section 4.06(d) accrue at
a rate in excess of 0.50% per annum of the principal amount of Notes regardless of the number of events or circumstances giving
rise to the requirement to pay such Additional Interest. If the Company so elects, such Additional Interest shall be payable in
the same manner and on the same dates as regular interest on the Notes. On the 181st day after such Event of Default (if the Event
of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured
or waived prior to such 181st day), the Notes will be subject to acceleration as provided in Section 6.02. 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 subject to acceleration as provided
in Section 6.02.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify in writing all Holders of the Notes, the Trustee and the Paying Agent of such election on or
before the beginning of such 180-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, 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.

 

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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 compensation and reasonable 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 compensation and reasonable expenses, advances
and disbursements, including agents and counsel fees and expenses, and including any other amounts due to the Trustee under Section
7.06, incurred by it up to the date of such distribution. To the extent that such payment of compensation and reasonable 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 compensation and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Notes.

 

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

 

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

 

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Section 6.05         Application
of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article VI 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, 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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, 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 Fundamental Change Repurchase Price, the Specified
Repurchase Date Price and the Redemption 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 Fundamental Change
Repurchase Price, the Specified Repurchase Date Price and the Redemption Price and any cash due upon conversion) and accrued and
unpaid interest; and

 

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

 

Section 6.06         Proceedings
by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the Fundamental Change
Repurchase Price, the Specified Repurchase Date Price and the Redemption Price) or interest when due, or the right to receive
payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing
of any provision of this Indenture or any Note to institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or any Note, 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 requested the Trustee to pursue such remedy
hereunder;

 

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(c)          such
Holders shall have offered to the Trustee such security or indemnity 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 the request and offer of security or indemnity, shall not complied with such request;
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 (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not such actions or forbearances are unduly prejudicial to such Holders), 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption 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 impaired
or affected without the consent of such Holder.

 

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 applicable 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 VI to the Trustee or to the Holders shall, to the extent permitted by applicable 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 VI or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders.

 

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Section 6.09         Direction
of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount
of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the
Trustee with respect to Notes; provided, however, that such direction shall not be in conflict with any rule of
law or with this Indenture, and 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price
and the Redemption 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 X cannot be modified or amended without the consent of each Holder
of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted
by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have
been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon.

 

Section 6.10         Notice
of Defaults. The Trustee shall, within 90 days after it receives notice of the occurrence and continuance of a Default of
which a Responsible Officer of the Trustee has knowledge (as determined in accordance with Section 7.02), send to all Holders
as the names and addresses of such Holders appear upon the Note Register, notice of all such Defaults, 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 Fundamental Change Repurchase Price, the Specified Repurchase Date Price and the Redemption
Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration
due upon conversion, the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that
the withholding of such notice is in the interests of the Holders.

 

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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 applicable 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 Fundamental Change Repurchase Price, the
Specified Repurchase Date Price and the Redemption 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 in accordance with the provisions of Article XIII.

 

Article
VII

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 case 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 their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of
Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture
at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably
satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request
or direction.

 

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

 

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

 

(i)          the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and 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

 

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(ii)         in
the absence of bad faith 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;

 

(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, Bid Solicitation Agent,
transfer agent or any other capacity hereunder, the rights and protections afforded to the Trustee pursuant to this Article VII,
including without limitation the right to be indemnified, shall also be afforded to such Custodian, Note Registrar, Paying Agent,
Conversion Agent, Bid Solicitation Agent or transfer agent.

 

    	PAGE 38

    	 

    

 

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 Officer’s Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

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

 

(d)          the
Trustee shall 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;

 

(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;

 

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

 

(g)          the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(h)          the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture; and

 

(i)          the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, provided that the Trustee’s
conduct does not constitute gross negligence, willful misconduct or bad faith.

 

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In no event shall the Trustee be liable
for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action 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) in respect of any payment related
Default or Event of Default, a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) in respect
of any other Default or Event of Default, written notice of such Default or Event of Default shall have been given to a Responsible
Officer of the Trustee by the Company or by any Holder of the Notes at the Corporate Trust Office and such notice references the
Notes and this Indenture.

 

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

 

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

 

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

 

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Section 7.06         Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, 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 for all reasonable out-of-pocket 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 of the Trustee. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this
Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.

 

Without prejudice to any other rights
available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render
services after an Event of Default specified in Section 6.01(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         Officer’s
Certificate as Evidence. Subject to the provisions of 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 and bad faith on the part of the Trustee, be deemed to be conclusively proved and established
by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence,
willful misconduct 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 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.

 

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Section 7.09         Resignation
or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company
and by 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, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the
mailing of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company
and the Holders, and at the expense of the Company petition any court of competent jurisdiction at the expense of the Company
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 may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, at the
expense of the Company, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

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

 

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

 

then, in either case, the Company may by a Board Resolution
remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months 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
at the expense of the Company or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition
any court of competent jurisdiction at the expense of the Company for an appointment of a successor trustee.

 

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

 

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

 

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

 

Upon acceptance of appointment by a successor
trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense
of the Company shall 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.

 

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

 

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 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
VIII

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 IX, 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.

 

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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 under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion
Agent nor any Note Registrar shall be affected 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. Notwithstanding
anything to the contrary in this Indenture or the Notes during the continuance of an Event of Default, any Holder of a beneficial
interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or
any other action of the Depositary or any other Person, such Holder’s right to exchange such beneficial interest for a Note
in certificated form in accordance with the provisions of this Indenture.

 

Section 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 Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination;
provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes
so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee
shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the
pledgee is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled by or under direct
or indirect common control with 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 reasonable request of the Trustee,
the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known
by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01,
the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth
and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

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

 

    	PAGE 45

    	 

    

 

Article
IX

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
IX 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 VI;

 

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

 

(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 sent to Holders of such Notes at their addresses as they shall appear on
the Note Register. Such notice shall also be sent to the Company. Such notices shall be sent 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 in writing
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 sent 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 sending notice
thereof as provided in Section 9.02.

 

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

 

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

 

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

 

    	PAGE 47

    	 

    

 

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 IX 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
X

Supplemental Indentures

 

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

 

(a)          to
cure any ambiguity, omission, defect or inconsistency that does not adversely affect the Holders in any material respect;

 

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

 

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

 

(h)          to
provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture;

 

(i)          in
connection with any Share Exchange Event, provide that the Notes are convertible into Reference Property, subject to the provisions
of Section 13.02, and make such related changes to the terms of the Notes to the extent expressly required by Section 13.08;

 

    	PAGE 48

    	 

    

 

(j)          to
comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act;

 

(k)          to
provide for the acceptance of appointment by a successor trustee pursuant to Section 7.10 or to facilitate the administration of
the trusts by more than one trustee;

 

(l)          to
irrevocably elect one or more, or eliminate any of, the Settlement Methods or irrevocably select a Specified Dollar Amount; or

 

(m)          to
conform the provisions of this Indenture or the Notes to the “Description of Notes” in the Offering Memorandum, as
evidenced by an Officer’s Certificate.

 

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.

 

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

 

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

 

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

 

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

 

(d)          make
any change that adversely affects the conversion rights of any Notes other than as required by this Indenture;

 

(e)          reduce
the Fundamental Change Repurchase Price, the Specified Repurchase Date Price or the Redemption 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;

 

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

 

(g)          change
the ranking of the Notes in a manner adverse to the Holders;

 

(h)          impair
the right of any Holder to receive payment of principal and interest on such Holder’s Notes on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to such Holder’s Note; or

 

(i)          make
any change in this Article X 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.

 

Section 10.03         Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article X,
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 X 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 16.10) and delivered in exchange for the Notes then outstanding, upon
surrender of such Notes then outstanding.

 

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Section 10.05         Evidence
of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 16.05, the
Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence and each stating that any
supplemental indenture executed pursuant hereto complies with the requirements of this Article X and is permitted or authorized
by this Indenture. Such Opinion of Counsel will also state that such supplemental indenture is a 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 similar laws of general application affecting the rights and remedies of creditors and to
general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing
and unconscionability), regardless of whether considered in a proceeding in equity or law.

 

Article
XI

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 the properties and assets of the Company and its Subsidiaries, taken as a whole, 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.

 

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 the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due
and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if
not the Company) shall succeed to 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 XI 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 XI) 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.

 

    	PAGE 51

    	 

    

 

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         Evidence
to Be Given to Trustee. No consolidation, merger, sale, conveyance, transfer or lease, pursuant to which the Company is not
the surviving or transferee Person, shall be effective unless the Trustee shall receive an Officer’s 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 XI.

 

Article
XII

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.

 

Article
XIII

Conversion
of Notes

 

Section 13.01         Conversion
Privilege. (a) Subject to and upon compliance with the provisions of this Article XIII, each Holder of a Note shall have the
right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount
or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions described in Section 13.01(b), at
any time prior to the close of business on the Business Day immediately preceding November 15, 2034 under the circumstances and
during the periods set forth in Section 13.01(b), and (ii) regardless of the conditions described in Section 13.01(b), on or after
November 15, 2034 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date,
in each case, at an initial conversion rate of 53.9084 shares of Common Stock (subject to adjustment as provided in Section 13.05,
the “Conversion Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of Section
13.02, the “Conversion Obligation”).

 

    	PAGE 52

    	 

    

 

(b)          (i)          Prior
to the close of business on the Business Day immediately preceding November 15, 2034, a Holder may surrender all or any portion
of its Notes for conversion at any time during the five consecutive Business Day period immediately following any five consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes,
as determined following a request by a Holder of Notes in accordance with this Section 13.01(b)(i), for each Trading Day of the
Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate
on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i)
and the definition of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation
Agent of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading
Price, along with appropriate contact information for each. The Bid Solicitation Agent shall have no obligation to determine the
Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination in writing, and the Company
shall have no obligation to make such request unless a Holder provides the Company with reasonable evidence that the Trading Price
per $1,000 principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock
and the Conversion Rate, at which time the Company shall instruct the Bid Solicitation Agent in writing to determine, or if the
Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes
beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes
is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. Any
such determination shall be conclusive absent manifest error. If the Company does not instruct the Bid Solicitation Agent to determine
the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company
instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, then, in either
case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported
Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set
forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee)
in writing within one Business Day. If, at any time after the Trading Price condition set forth above has been met, the Trading
Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the
Common Stock and the Conversion Rate for such date, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion
Agent (if other than the Trustee) in writing within one Business Day.

 

(ii)         If,
prior to the close of business on the Business Day immediately preceding November 15, 2034, the Company elects to:

 

    	PAGE 53

    	 

    

 

(A)         issue
to all or substantially all holders of the Common Stock any rights, options or warrants 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; or

 

(B)         distribute
to all or substantially all holders of the Common Stock the Company’s assets, securities or rights to purchase securities
of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of
the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of announcement for such distribution,

 

then, in either case, the Company shall notify all Holders
of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 55 Scheduled Trading Days prior
to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, Holders may surrender all or
any portion of their Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately
preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or
distribution will not take place, even if the Notes are not otherwise convertible at such time.

 

(iii)        If
a transaction or event that (1) constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of
business on the Business Day immediately preceding November 15, 2034, regardless of whether a Holder has the right to require the
Company to repurchase the Notes pursuant to Section 14.01 or (2) if the Company is a party to a consolidation, merger, binding
share exchange, or transfer or lease of all or substantially all of the Company’s assets, in each case, pursuant to which
the Common Stock would be converted into cash, securities or other assets (other than any merger or binding share exchange, in
each case, solely for the purpose of changing the Company’s jurisdiction of organization that (x) does not constitute a Fundamental
Change or a Make-Whole Fundamental Change and (y) results in a reclassification, conversion or exchange of outstanding shares of
the Common Stock solely into shares of common stock of the surviving entity), all or any portion of a Holder’s Notes may
be surrendered for conversion at any time from or after the date that is 55 Scheduled Trading Days prior to the anticipated effective
date of the transaction (or, if later, the Business Day after the Company gives notice of such transaction) until 35 Trading Days
after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the close
of business on the second Business Day immediately preceding the related Fundamental Change Repurchase Date. The Company shall
notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing (i) as promptly as practicable following
the date the Company publicly announces such transaction, but in no event less than 55 Scheduled Trading Days prior to the anticipated
effective date of such transaction; or (ii) if the Company does not have knowledge of such transaction at least 55 Scheduled Trading
Days prior to the anticipated effective date of such transaction, within one Business Day after the first public announcement of
such transaction, or if no public announcement is made prior to the effective date of such transaction, the effective date of such
transaction.

 

    	PAGE 54

    	 

    

 

(iv)        Prior
to the close of business on the Business Day immediately preceding November 15, 2034, a Holder may surrender all or any portion
of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on March 31,
2015 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days
(whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately
preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. The Company
shall determine at the beginning of each calendar quarter commencing after March 31, 2015 whether the Notes may be surrendered
for conversion in accordance with this clause ‎(iv) and shall notify the Conversion Agent (if other than the Trustee) and the
Trustee as to whether or not the Notes become convertible in accordance with this clause (iv).

 

(v)         If
the Company issues a Notice of Redemption and the related Redemption Notice Date is prior to the close of business on the Business
Day immediately preceding November 15, 2034, then Holders may surrender Notes that have been so called for redemption at any time
from, and including, the applicable Redemption Notice Date until the close of business on the second Business Day immediately preceding
the related Redemption Date (a “Redemption Period”). After that time, the right to convert such Notes shall
expire, unless the Company defaults in the payment of the Redemption Price, in which case a Holder may convert its Notes until
the Redemption Price has been paid or duly provided for.

 

Section 13.02         Conversion
Procedure; Settlement Upon Conversion.

 

(a)          Subject
to this Section 13.02, Section 13.04(b) and Section 13.08(a), upon conversion of any Note, the Company shall pay or deliver, as
the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash
Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of
Common Stock in accordance with subsection (j) of this Section 13.02 (“Physical Settlement”) or a combination
of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock
in accordance with subsection (j) of this Section 13.02 (“Combination Settlement”), at its election, as set
forth in this Section 13.02.

 

(i)          All
conversions for which the relevant Conversion Date occurs on or after November 15, 2034 and all conversions for which the relevant
Conversion Date occurs during a Redemption Period shall be settled using the same Settlement Method

 

(ii)         Except
for any conversions for which the relevant Conversion Date occurs on or after November 15, 2034 or during a Redemption Period,
the Company shall use the same Settlement Method for all conversions occurring on the same Conversion Date, but the Company shall
not have any obligation to use the same Settlement Method with respect to conversions that occur on different Trading Days.

 

    	PAGE 55

    	 

    

 

(iii)        If,
in respect of any Conversion Date (or for conversions occurring on or after November 15, 2034 or during a Redemption Period, as
the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement
Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Conversion Agent and the
Trustee, shall deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day immediately
following the relevant Conversion Date (or, in the case of any conversions for which the relevant conversion date occurs (1) on
or after November 15, 2034, no later than the close of business on the Business Day immediately preceding November 15, 2034 or
(2) during a Redemption Period, the related Notice of Redemption). If the Company does not elect a Settlement Method prior to the
deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or
Physical Settlement and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation,
and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. Such Settlement Notice shall specify
the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate
the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement Notice electing Combination
Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount
of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.

 

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

 

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

 

(B)         if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay
to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum
of the Daily Conversion Values for each of the 50 consecutive Trading Days during the related Observation Period; and

 

(C)         if
the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination
Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted,
a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 50 consecutive Trading Days during the related
Observation Period.

 

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

 

(b)          Subject
to Section 13.02(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 (any instruction to convert transmitted
to the Depositary shall be irrevocable) 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 13.02(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, (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 13.02(h). The
Trustee (and, if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article XIII 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 or Specified Repurchase Date Notice to the Company in respect
of such Notes and not validly withdrawn such Fundamental Change Repurchase Notice or Specified Repurchase Date Notice in accordance
with Section 14.04.

 

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.

 

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(c)          A
Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”)
that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 13.04(b) and
Section 13.08(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation
on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement or on the
third Business Day immediately following the last Trading Day of the relevant Observation Period, in the case of any other Settlement
Method. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver
to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through
the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s
Conversion Obligation.

 

(d)          In
case any Physical 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 the Trustee, with payment of a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith
as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder
of the old Notes surrendered for such conversion.

 

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

 

(f)          Except
as provided in Section 13.05, 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 13.

 

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

 

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

 

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

 

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

 

Section 13.03         Reserved.

 

Section 13.04         Increased
Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Change or during a Redemption
Period. (a) If a Make-Whole Fundamental Change occurs or becomes effective prior to February 20, 2022 and a Holder elects
to convert its Notes in connection with such Make-Whole Fundamental Change or if the Company issues a Notice of Redemption and
the related Redemption Notice Date is prior to February 20, 2022 and a Holder elects to convert (and a Conversion Date occurs
with respect to) its Notes that are subject to the Notice of Redemption during the related Redemption Period, 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 close of business on the second 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). For the avoidance of doubt, the Conversion Rate will not be increased pursuant to the provisions of this Section 13.04
on account of an anticipated Make-Whole Fundamental Change that does not occur.

 

    	PAGE 59

    	 

    

 

 

 

(b)          Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 13.01(b)(iii) or during
a Redemption Period pursuant to Section 13.01(b)(v), the Company shall, at its option, satisfy the related Conversion Obligation
by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 13.02 based on the Conversion Rate
as increased to reflect the Additional Shares pursuant to the table below; 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. In such event, the Conversion Obligation
will be determined and shall be paid to Holders in cash on the third Business Day following the Conversion Date. The Company shall
notify the Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) of the Effective Date of any Make-Whole
Fundamental Change 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 (1)(i) the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) or (ii) the Redemption Notice Date, as the case may be, and (2) the price (the “Stock Price”)
paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or on the Redemption Notice Date,
as the case may be. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental
Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share.
Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental
Change or the Redemption Notice Date, as the case may be. 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 of the event occurs, during such five consecutive Trading
Day period. In the event that a conversion during a Redemption Period would also be deemed to be in connection with a Make-Whole
Fundamental Change, a Holder of the Notes to be converted will be entitled to a single increase to the Conversion Rate with respect
to the first to occur of the applicable Redemption Notice Date or the Effective Date of the applicable Make-Whole Fundamental Change,
and the later event will be deemed not to have occurred for purposes of this Section 13.04.

 

    	PAGE 60

    	 

    

 

(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 13.05.

 

(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 13.04 for each Stock Price and Effective Date set forth below:

 

	Effective Date /
 Redemption Notice	 	Stock Price	 
	Date	 	$13.25	 	 	$15.00	 	 	$20.00	 	 	$25.00	 	 	$30.00	 	 	$40.00	 	 	$50.00	 	 	$60.00	 	 	$70.00	 	 	$80.00	 
	February 18, 2015	 	 	21.5638	 	 	 	17.5593	 	 	 	10.5335	 	 	 	6.8060	 	 	 	4.6023	 	 	 	2.2643	 	 	 	1.1500	 	 	 	0.5660	 	 	 	0.2479	 	 	 	0.0783	 
	February 15, 2016	 	 	21.5638	 	 	 	17.0920	 	 	 	9.9560	 	 	 	6.2700	 	 	 	4.1437	 	 	 	1.9540	 	 	 	0.9490	 	 	 	0.4415	 	 	 	0.1791	 	 	 	0.0514	 
	February 15, 2017	 	 	21.5638	 	 	 	16.7447	 	 	 	9.4030	 	 	 	5.7340	 	 	 	3.6833	 	 	 	1.6505	 	 	 	0.7596	 	 	 	0.3283	 	 	 	0.1170	 	 	 	0.0239	 
	February 15, 2018	 	 	21.5638	 	 	 	16.4227	 	 	 	8.7805	 	 	 	5.1260	 	 	 	3.1700	 	 	 	1.3295	 	 	 	0.5708	 	 	 	0.2232	 	 	 	0.0647	 	 	 	0.0060	 
	February 15, 2019	 	 	21.5638	 	 	 	15.9847	 	 	 	7.9500	 	 	 	4.3476	 	 	 	2.5440	 	 	 	0.9738	 	 	 	0.3798	 	 	 	0.1270	 	 	 	0.0246	 	 	 	0.0000	 
	February 15, 2020	 	 	21.5638	 	 	 	15.2760	 	 	 	6.7185	 	 	 	3.2844	 	 	 	1.7583	 	 	 	0.5898	 	 	 	0.1994	 	 	 	0.0493	 	 	 	0.0023	 	 	 	0.0000	 
	February 15, 2021	 	 	21.5638	 	 	 	14.0860	 	 	 	4.6785	 	 	 	1.7832	 	 	 	0.8147	 	 	 	0.2303	 	 	 	0.0620	 	 	 	0.0063	 	 	 	0.0000	 	 	 	0.0000	 
	February 19, 2022	 	 	21.5638	 	 	 	12.7580	 	 	 	0.6220	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The exact Stock Prices and Effective
Dates or Redemption Notice 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 or Redemption Notice Date, as the case may
be, is between two Effective Dates or Redemption Notice Dates, as the case may be, in the table above, the number of Additional
Shares by which the Conversion Rate will be increased shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates or Redemption Notice
Dates, as applicable, based on a 365-day year;

 

(ii)         if
the Stock Price is greater than $80.00 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

 

    	PAGE 61

    	 

    

 

(iii)        if
the Stock Price is less than $13.25 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 75.4722 shares of Common Stock, subject to adjustment in the same manner as the
Conversion Rate pursuant to Section 13.05.

 

(f)          Nothing
in this Section 13.04 shall prevent an adjustment to the Conversion Rate pursuant to Section 13.05 in respect of a Make-Whole Fundamental
Change or during a Redemption Period.

 

Section 13.05         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 13.05, 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.

 

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

 

 

 

where,

 

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

 

    	PAGE 62

    	 

    

 

Any adjustment made under this Section 13.05(a) shall become
effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this Section 13.05(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 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:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	 	 	 
	X	=	the total number of shares of Common Stock 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 13.05(b) shall be made
successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open of
business on the Ex-Dividend 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 adjustment for such issuance had not occurred.

 

    	PAGE 63

    	 

    

 

For purposes of this Section 13.05(b)
and Section 13.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase
shares of the Common Stock at a price per share that is 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 as to which an adjustment was effected pursuant to Section 13.05(a)
or Section 13.05(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to
Section 13.05(d), (iii) distributions of Reference Property in a transaction described in Section 13.08(a), and (iv) Spin-Offs
as to which the provisions set forth below in this Section 13.05(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 of the Company,
the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:

 

 

where,

 

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

 

Any increase made under the portion of this Section 13.05(c)
above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If any distribution
of the type described in this portion of Section 13.05(c) is declared but 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.

 

    	PAGE 64

    	 

    

 

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, 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. If the Board of Directors
determines the “FMV” (as defined above) of any distribution for purposes of this Section 13.05(c) by reference to the
actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same
period used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

 

With respect to an adjustment pursuant
to this Section 13.05(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital
Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company,
that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such Spin-Off;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such Spin-Off;
	 	 	 
	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (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.

 

    	PAGE 65

    	 

    
 

The increase to the Conversion Rate under
the preceding paragraph shall be determined on the last Trading Day of the Valuation Period, but will be given effect at the open
of business on the Ex-Dividend Date for such Spin-Off. Notwithstanding the foregoing, in respect of any conversion of Notes during
the Valuation Period, references in the portion of this Section 13.05(c) related to Spin-Offs with respect to 10 consecutive Trading
Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from and including, the Ex-Dividend
Date of such Spin-Off to, but excluding, the Conversion Date in determining the Conversion Rate. If the Ex-Dividend Date for the
Spin-Off is less than 10 Trading Days prior to, and including, the end of the Observation Period in respect of any conversion of
Notes, references in the preceding paragraph to 10 consecutive Trading Days will be deemed to be replaced, solely in respect of
that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for
the Spin-Off to, and including, the last Trading Day of such Observation Period. If such Spin-Off does not occur, the Conversion
Rate shall be decreased to be the Conversion Rate that would then be in effect if such distribution had not been declared, effective
as of the date on which the Board of Directors determines not to consummate such Spin-Off.

 

For purposes of this Section 13.05(c) (and
subject in all respect to Section 13.11), rights, options or warrants distributed by the Company to all or substantially 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 13.05(c) (and no adjustment to the Conversion Rate under this Section 13.05(c) will be
required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants for which the Trigger
Event has occurred 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 13.05(c). If any such right, option or warrant, including any such existing rights, options
or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options
or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights,
options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire
on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution)
of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence)
with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion
Rate under this Section 13.05(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
(or deemed to have expired or been terminated pursuant to the immediately preceding sentence) without exercise by any holders thereof,
the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued (to the extent any adjustment
to the Conversion Rate was made in connection with such issuance).

 

    	PAGE 66

    	 

    

 

For purposes of Section 13.05(a), Section
13.05(b) and this Section 13.05(c), if any dividend or distribution to which this Section 13.05(c) is applicable also includes
one or both of:

 

(A) a dividend or distribution of shares
of Common Stock to which Section 13.05(a) is applicable (the “Clause A Distribution”); or

 

(B) a dividend or distribution of rights,
options or warrants to which Section 13.05(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 13.05(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment
required by this Section 13.05(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 13.05(a) and Section 13.05(b) with respect thereto shall then be made, except that, if determined by the Company (I)
the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend
Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution
shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date”
within the meaning of Section 13.05(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date”
within the meaning of Section 13.05(b).

 

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

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	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
	 	 	 

  

    	PAGE 67

    	 

    

 

	C	=	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

Any increase to the Conversion Rate pursuant to this Section
13.05(d) shall become effective immediately after the open of business
on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate
shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution,
to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 

Notwithstanding the foregoing, if “C” (as defined
above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder
of a Note shall receive, in respect of 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 Last Reported
Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant
to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on 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 open of business on the date such tender or exchange offer is consummated (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after the open of business on the date such tender or exchange offer is consummated (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

 

    	PAGE 68

    	 

    

 

	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 13.05(e)
shall be determined 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, but will be given effect at the open of business on the Trading Day
next succeeding the date such tender or exchange offer expires. Notwithstanding the foregoing, in respect of any conversion of
Notes within 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 13.05(e) with respect to 10 consecutive 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. In addition, if the Trading Day next succeeding the date such tender or exchange offer
expires is less than 10 Trading Days prior to, and including, the end of any Observation Period (if applicable) in respect of any
conversion of Notes, references in the preceding paragraph to 10 consecutive Trading Days shall be deemed to be replaced, solely
in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Trading
Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading Day of such Observation
Period. For the avoidance of doubt, not adjustment under this Section 13.05(e) shall be made if such adjustment would result in
a decrease in the Conversion Rate.

 

(f)          Notwithstanding
this Section 13.05 or any other provision of this Indenture or the Notes if a Conversion Rate adjustment becomes effective on any
Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date would be treated as the record holder
of the shares of Common Stock as of the related Conversion Date as described under Section 13.02(i) based on an adjusted Conversion
Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 13.05, the Conversion
Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated
as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend,
distribution or other event giving rise to such adjustment.

 

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

 

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(h)          In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 13.05, and to the extent permitted
by applicable law and subject to the applicable listing standards of The NASDAQ Capital Market and any exchange on which 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 the applicable rules of The NASDAQ Capital Market and any exchange on
which 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 (or rights to acquire shares) 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. Notwithstanding Section 13.04 and this Section
13.05, certain listing standards of The NASDAQ Capital Market may limit the amount by which the Company may increase the Conversion
Rate pursuant to Section 13.04 and the events described in clauses (b), (c), (d) and (e) of this Section 13.05. These standards
generally require the Company to obtain the approval of its stockholders before entering into certain transactions that could potentially
result in the issuance of 20% or more of the Common Stock outstanding at the time the Notes are initially issued unless the Company
obtains stockholder approval of issuances in excess of such limitations. In accordance with these listing standards, these restrictions
will apply at any time when the Notes are outstanding, regardless of whether the Company then has a class of securities listed
on The NASDAQ Capital Market. Accordingly, in the event of an increase in the Conversion Rate above that which would result in
the Notes, in the aggregate, becoming convertible into shares in excess of such limitations, the Company will, at its option, either
obtain stockholder approval of such issuances or pay cash in lieu of delivering any shares otherwise deliverable upon conversions
in excess of such limitations based on (1) the Daily VWAP for each Trading Day of the relevant Observation Period (in respect of
Combination Settlement) in respect of which, in lieu of delivering shares of Common Stock, the Company delivers cash pursuant to
this paragraph or (2) the Last Reported Sale Price of the Common Stock on the applicable Conversion Date (in respect of Physical
Settlement), as the case may be.

 

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

 

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

 

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

 

(iii)        upon
the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued;

 

    	PAGE 70

    	 

    

 

(iv)         upon
the repurchase of any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction
that is not a tender offer or exchange offer of the kind described under Section 13.05(e)

 

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

 

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

 

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

 

The Company shall not be required to make
an adjustment pursuant to clauses (a), (b), (c), (d) or (e) of this Section 13.05 unless such adjustment would result in a change
of at least 1% of the then effective Conversion Rate. However, the Company shall carry forward any adjustment to the Conversion
Rate that the Company would otherwise have to make and take that adjustment into account in any subsequent adjustment. Notwithstanding
the foregoing, all such carried-forward adjustments shall be made (i) in connection with any subsequent adjustment to the Conversion
Rate of at least 1% (when such carried-forward adjustments are taken into account), (ii) (x) on the Conversion Date for
any Notes (in the case of Physical Settlement) or (y) on each Trading Day of any Observation Period (in the case of Cash Settlement
or Combination Settlement), (iii) upon the occurrence of any Make-Whole Fundamental Change or Fundamental Change or (iv) upon the
Company’s issuance of any Notice of Redemption.

 

(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 Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and
may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery
of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion
Rate and the date on which each adjustment becomes effective and shall 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, within 20 calendar days after the execution
thereof. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

 

(k)          For
purposes of this Section 13.05, 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.

 

(l)          If
the application of Conversion Rate adjustments pursuant to clauses (a), (b), (c), (d) and (e) of this Section 13.05 would result
in a decrease in the Conversion Rate, no adjustment to the Conversion Rate will be made (other than as a result of a reverse share
split or share combination or the reversal of an increase to the Conversion Rate where the relevant event did not occur, as specified
in this Indenture).

 

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Section 13.06    Adjustments of Prices. Whenever any provision of this Indenture
requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement
Amounts over a span of multiple days (including an Observation Period and the period for determining the Stock Price for purposes
of a Make-Whole Fundamental Change or in connection with the issuance of a Notice of Redemption), the Board of Directors shall
make appropriate adjustments (to the extent no corresponding adjustment is otherwise made pursuant to Section 13.05) 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 of the event occurs, at any time during the period when such Last Reported Sale Prices, Daily VWAPs,
Daily Conversion Values or Daily Settlement Amounts are to be calculated.

 

Section 13.07    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 that at the time of computation of such number of shares, all such Notes would be converted
by a single Holder and that Physical Settlement is applicable).

 

Section 13.08    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
or change in par value),

 

(ii)         any
consolidation, merger or combination 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,

 

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in each case, as a result of which the Common Stock would be
converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Share Exchange Event”), then the Company or the successor or acquiring corporation, as the
case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(i) providing that, at and after
the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Notes shall be changed into
a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property
or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion
Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the “Reference Property,”
with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one
share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior to or at the effective time of such Share
Exchange Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental
indenture permitted under Section 10.01(f) providing for such change in the right to convert each $1,000 principal amount of Notes;
provided, however, that at and after the effective time of the Share Exchange Event (A) the Company shall continue
to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes
in accordance with Section 13.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section
13.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver
upon conversion of the Notes in accordance with Section 13.02 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 been entitled to receive in such Share Exchange Event
and (III) the Daily VWAP and the Last Reported Sale Price, to the extent possible, shall be calculated based on the value of a
unit of Reference Property.

 

If the Share Exchange Event causes the Common
Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in
part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be
deemed to be (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. If the holders
receive only cash in such Share Exchange Event, then for all conversions that occur after the effective date of such Share Exchange
Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal
to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 13.04),
multiplied by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion
Obligation by paying cash to converting Holders on the third Business Day immediately following the relevant Conversion Date. The
Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average
as soon as practicable after such determination is made.

 

Such supplemental indenture described in
the second immediately preceding paragraph shall provide for adjustments that shall be as nearly equivalent as is possible to the
adjustments provided for in this Article XIII. If, in the case of any Share Exchange 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 Share Exchange 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 XIV.

 

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(b)          In
the event the Company shall execute a supplemental indenture pursuant to subsection (a) of this Section 13.08, the Company shall
promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash,
securities or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment
to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof
to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be sent 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 Share Exchange Event unless its terms are consistent with this Section 13.08. None of the
foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, as applicable, as set forth in Section 13.01 and Section 13.02 prior to the effective date
of such Share Exchange Event.

 

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

 

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

 

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

 

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

 

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Section 13.10    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 13.08 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 13.08 or to any adjustment to be made with respect thereto, but, subject to the provisions of
Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions,
and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the
Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion
Agent shall be responsible for determining whether any event contemplated by Section 13.01(b) has occurred that makes the Notes
eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent
the notices referred to in Section 13.01(b) with respect to the commencement or termination of such conversion rights, on which
notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee
and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in
Section 13.01(b). The Conversion Agent (if other than the Company or an Affiliate of the Company) shall have the same protection
under this Section 13.10 as the Trustee.

 

Section 13.11    Stockholder Rights
Plans. If the Company has a stockholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if
any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing
the Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of
any such stockholder rights plan, as the same may be amended from time to time. However, if prior to any conversion of Notes,
the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights
plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon conversion
of the Notes, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially
all holders of the Common Stock Distributed Property as provided in Section 13.05(c), subject to readjustment in the event of
the expiration, termination or redemption of such rights.

 

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

 

(a)          action
of the Company that would require an adjustment in the Conversion Rate pursuant to Section 13.05 or 13.11;

 

(b)          Share
Exchange Event; or

 

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

 

    	PAGE 75

    	 

    

 

then, in each case (unless notice of such
event is otherwise required pursuant to another provision of this Indenture) and to the extent applicable, 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, a notice stating the date on which a record is to be taken for the purpose of such action by the
Company 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 no later than the earlier of the date notice of such date is required to be provided
under Rule 10b-17 of the Exchange Act or applicable rules of The NASDAQ Capital Market (or if the Common Stock is not then listed
on The NASDAQ Capital Market, the principal other U.S. national or regional securities exchange on which the Common Stock is then
listed or admitted for trading) and such date is publicly announced by the Company. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of such action by the Company, Share Exchange Event, dissolution, liquidation
or winding-up.

 

Article
XIV

Repurchase
of Notes at Option of Holders

 

Section 14.01    Repurchase at Option of Holders Upon a Fundamental Change. (a)
If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount
thereof 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 Business Days following the date of the Fundamental
Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest
thereon, if any, 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 XIV. 

 

(b)          On
or before the 20th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of Notes,
the Conversion Agent, the Trustee, the Paying Agent (in the case of a Paying Agent other than the Trustee) and to beneficial owners
of Notes as required by applicable law a written notice (the “Fundamental Change Company Notice”) of the occurrence
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. Each Fundamental Change Company Notice shall specify:

 

(i)          the
events causing the Fundamental Change;

 

(ii)         the
effective date of the Fundamental Change;

 

(iii)        the
last date on which a Holder may exercise the repurchase right pursuant to this Section 14.01;

 

(iv)         the
Fundamental Change Repurchase Price;

 

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(v)          the
Fundamental Change Repurchase Date;

 

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

 

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

 

(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 14.01.

 

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

 

Section 14.02    Repurchase at Option of Holders on Specified Repurchase Dates. (a)
On February 20, 2022, February 20, 2025 and February 20, 2030 (each a “Specified Repurchase Date”), 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 so long as the principal amount of such Holder’s Notes not submitted for repurchase equals $1,000
or an integral multiple of $1,000 in excess thereof, at a repurchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest thereon, if any, to but excluding, the Specified Repurchase Date (the “Specified Repurchase
Date Price”). 

 

(b)          On
or before the 25th Business Day prior to each Specified Repurchase Date, the Company shall provide to all Holders of Notes, the
Trustee, the Paying Agent (in the case of a Paying Agent other than the Trustee) and to beneficial owners of Notes as required
by applicable law, a written notice (the “Specified Repurchase Date Company Notice”) of the Specified Repurchase
Date 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. Each Specified Repurchase Date Company Notice shall specify:

 

(i)          the
applicable Specified Repurchase Date;

 

(ii)         the
last date on which a Holder may exercise the repurchase right pursuant to this Section 14.02;

 

(iii)        the
Specified Repurchase Date Price;

 

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

 

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

 

(vi)         that
the Notes with respect to which a Specified Repurchase Date Notice has been delivered by a holder may be converted only if the
holder withdraws the Specified Repurchase Date Notice in accordance with the terms of this Indenture; and

 

(vii)        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 14.02.

 

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

 

Section
14.03   Repurchase Procedures.

 

(a)          Repurchases
of Notes under Section 14.01 and 14.02, as applicable, shall be
made, at the option of the Holder thereof, upon:

 

(i)          delivery
to the Paying Agent by a Holder of (x) a duly completed notice substantially in the form of the Form of Fundamental Change Repurchase
Notice (the “Fundamental Change Repurchase Notice”) or (y) a duly completed notice substantially in the form
of the Form of Specified Repurchase Date Notice (the “Specified Repurchase Date Notice”), 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 second Business Day immediately preceding the (x) Fundamental Change
Repurchase Date (the “Fundamental Change Expiration Time”) or (y) the applicable Specified Repurchase Date (the
“Specified Repurchase Date Expiration Time,” as applicable; 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 by the Fundamental Change
Expiration Time or the Specified Purchase Date Expiration Time, as the case may be.

 

The Fundamental Change Repurchase Notice
or Specified Repurchase Date Notice, as applicable, in respect of any Notes to be repurchased shall state:

 

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

 

(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 or Specified Repurchase Date 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 or Specified Repurchase Date Notice shall have
the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice or Specified Repurchase Date Notice, as the
case may be, at any time prior to the Fundamental Change Expiration Time or Specified Repurchase Date Expiration Time, as applicable,
by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 14.04.

 

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

 

(c)          Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change or
on a Specified Repurchase Date, as applicable, 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 or Specified Repurchase Date Price, as the case may be, 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 or Specified Repurchase Date Price, as the case may be, 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 or Specified Repurchase
Date Notice with respect thereto shall be deemed to have been withdrawn.

 

Section
14.04    Withdrawal of Fundamental Change Repurchase Notice or Specified Repurchase Date Notice.
(a) A Fundamental Change Repurchase Notice or Specified Repurchase Date Notice may be withdrawn (in whole or in part) by means
of a written notice of withdrawal delivered to the Paying Agent in accordance with this Section 14.04 at any time prior to the
Fundamental Change Expiration Time or Specified Repurchase Date Expiration Time, as applicable, specifying:

 

    	PAGE 79

    	 

    

 

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

 

(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 or Specified Repurchase
Date Notice, as the case may be, which must be in principal amounts of $1,000 or an integral multiple thereof;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary. The Paying Agent will promptly return to the respective
Holders thereof any Physical Notes with respect to which a Fundamental Change Repurchase Notice or a Specified Repurchase Date
Notice, as applicable, has been withdrawn in compliance with the provisions of this Section 14.04.

 

Section 14.05    Deposit of Fundamental Change Repurchase Price and Specified Repurchase
Date 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 10:00 a.m.,
New York City time, on the Fundamental Change Repurchase Date or Specified Repurchase Date, as applicable, an amount of money sufficient
to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price or Specified Repurchase
Date, as applicable. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company),
payment for Notes surrendered for repurchase (and not withdrawn prior to the Fundamental Change Expiration Time or the Specified
Purchase Date Expiration Time, as applicable) will be made on the later of (i) the Fundamental Change Repurchase Date (provided
the Holder has satisfied the conditions in Section 14.01) or the Specified Repurchase Date (provided the Holder has satisfied
the conditions in Section 14.02), as applicable and (ii) the time of book-entry transfer or the delivery of such Notes to the Trustee
(or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 14.03 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 or Specified Repurchase Date Price, as applicable. 

 

(b)          If
by 10:00 a.m. New York City time, on the Fundamental Change Repurchase Date or Specified Repurchase Date, as applicable, 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 or Specified Repurchase Date, as applicable, then, with respect
to Notes that have been properly surrendered for repurchase and have not been validly withdrawn in accordance with the provisions
of this Indenture, (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 or
Specified Repurchase Date Price, as the case may be).

 

    	PAGE 80

    	 

    

 

(c)          Upon
surrender of a Physical Note that is to be repurchased in part pursuant to Section 14.01
or Section 14.02, 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 14.06    Covenant to Comply with Applicable Laws Upon Repurchase of Notes.
In connection with any repurchase offer pursuant to a Fundamental Change Company Notice or a Specified Repurchase Date Company
Notice, 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 that may be then applicable;

 

(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 XIV to be exercised in the time and in the manner specified in this Article XIV.

 

To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Indenture relating to the Company’s obligations to purchase
the notes upon a Fundamental Change or on a Specified Repurchase Date, the Company shall comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under Article XIV by virtue of such conflict.

 

Article
XV

Optional Redemption

 

Section 15.01    Optional Redemption. No sinking fund is provided for the Notes.
The Notes shall not be redeemable by the Company prior to February 20, 2019. The Company may at its option redeem (an “Optional
Redemption”) all or part of the Notes at any time on or after (i) February 20, 2019, if the Last Reported Sale Price
of the Common Stock has been at least 130% of the Conversion Price for at least 20 Trading Days (whether or not consecutive) during
any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Redemption Notice Date
and (ii) February 20, 2022, irrespective of the sale price condition described in clause (i), in each case, at a redemption price
in cash equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding,
the Redemption Date (the “Redemption Price”) (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 the Notes to be redeemed). 

 

    	PAGE 81

    	 

    

 

Section
15.02         Notice of Optional Redemption; Selection of Notes.

 

(a)          In
the case the Company elects to exercise its Optional Redemption pursuant to Section 15.01 and specifies, in the related notice
of such Optional Redemption (a “Notice of Redemption”), Cash Settlement or Combination Settlement for conversions
of Notes for which a Conversion Date occurs during the related Redemption Period, the Company shall fix a date for redemption (each,
a “Redemption Date”) and it or, at its written request received by the Trustee not less than 60 Scheduled Trading
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 Redemption not less than 55 nor more than 70
Scheduled Trading Days prior to the Redemption Date to the Trustee, the Conversion Agent, the Paying Agent and each Holder 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.

 

(b)          In
the case the Company elects to exercise its Optional Redemption pursuant to Section 15.01 and specifies, in the related Notice
of Redemption, Physical Settlement for conversions of Notes for which a Conversion Date occurs during the related Redemption Period,
the Company shall fix a Redemption Date and it or, at its written request received by the Trustee not less than 25 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 Redemption not less than 20 nor more than 60 calendar
days prior to the Redemption Date to the Trustee, the Conversion Agent, the Paying Agent and each Holder 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.

 

(c)          The
date on which a Notice of Redemption is mailed pursuant to Section 15.02(a) or 15.02(b) is referred to as a “Redemption
Notice Date.”

 

(d)          The
Notice of Redemption, 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 Notice of Redemption by mail or any defect in the Notice
of Redemption to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note.

 

(e)          Each
Redemption Notice shall specify:

 

(i)          the
Redemption Date;

 

(ii)         the
Redemption Price;

 

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

 

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

 

    	PAGE 82

    	 

    

 

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

 

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

 

(vii)        the
Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with Section 13.04;

 

(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.

 

(f)          A
Notice of Redemption must be irrevocable and may not be conditional.

 

(g)          A
Redemption Date must be a Business Day.

 

(h)          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 integral multiples thereof) by lot, on
a pro rata basis or by another method the Trustee considers to be fair and appropriate; provided that, to the extent the Notes
to be redeemed in part are represented by a Global Note, such method shall comply with the applicable procedures of the Depositary.
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. In the event of any redemption
in part, the Company shall not be required to register the transfer of or exchange any Notes so selected for redemption, in whole
or in part, except the unredeemed portion of any Notes being redeemed in part.

 

Section
15.03         Payment of Notes Called for Redemption.

 

(a)          If
any Notice of Redemption has been given in respect of the Notes in accordance with Section 15.02, the Notes shall become due and
payable on the Redemption Date at the place or places stated in the Notice of Redemption and at the applicable Redemption Price.
On presentation and surrender of the Notes at the place or places stated in the Notice of Redemption, the Notes shall be paid and
redeemed by the Company at the applicable Redemption Price.

 

(b)          Prior
to 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 promptly after the later of:

 

    	PAGE 83

    	 

    

 

(i)          the
Redemption Date for such Notes; and

 

(ii)         the
time of presentation of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the
manner required by this Section 15.03.

 

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. Upon surrender
of a Physical Note that is to be redeemed in part pursuant to Article XV, 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 unredeemed portion of the Note
surrendered.

 

Section
15.04    Restrictions on Redemption Notwithstanding the foregoing,
the Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated, 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). 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 Redemption 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.

 

Article
XVI

Miscellaneous
Provisions

 

Section 16.01    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 16.02    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 16.03    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 Global Eagle Entertainment Inc., 4553 Glencoe Avenue, Los Angeles, California
90292, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee or Responsible
Officer of the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if it is in writing and if
given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to
the Corporate Trust Office or sent electronically in PDF format.

 

    	PAGE 84

    	 

    

 

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. Any notice or communication to a Holder of a Global Note may
be made via electronic transmission (email or fax) or otherwise through the facilities 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.

 

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 16.04    Governing Law. 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 (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW). 

 

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 New York, 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 applicable 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 16.05    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 furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel
stating that such action is permitted by the terms of this Indenture. 

 

    	PAGE 85

    	 

    

 

Each Officer’s 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 Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the persons signing
such certificate are 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 each 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 each such person, such action is permitted by this Indenture.

 

Notwithstanding anything to the contrary
in this Section 16.05, 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 16.06    Legal
Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Specified 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 or be paid in respect
of the delay.

 

Section 16.07    No Security
Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security
interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 16.08    Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders,
the parties hereto, any Paying Agent, any Conversion Agent, Bid Solicitation 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 16.09    Table
of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

 

Section 16.10    Authenticating Agent. The Trustee may appoint an authenticating
agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in
connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section
2.05, Section 2.06, Section 2.07, Section 10.04, Section 14.05 and Section 15.03(b) 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.

 

    	PAGE 86

    	 

    

 

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, 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
other than the Trustee), if it determines such authenticating agent’s fees to be unreasonable.

 

The provisions of Section 7.02, Section
7.03, Section 7.04, Section 8.03 and this Section 16.10 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed
pursuant to this Section 16.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 

___________________________,

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

in the within-named Indenture.

 

	By:	 	 

Authorized Signatory

 

Section 16.11    Execution in Counterparts. This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument. The exchange of copies of this Indenture and of signature pages by facsimile 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. 

 

    	PAGE 87

    	 

    

 

Section 16.12    Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by applicable law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 16.13    Waiver of
Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section 16.14    Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, executive order, 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 16.15    Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes. These
calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the Daily VWAPs,
Daily Settlement Amounts, the Daily Conversion Values, 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. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion
Agent upon request, 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 upon the
request of that Holder at the sole cost and expense of the Company.

 

Section 16.16    USA PATRIOT Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

[Remainder of Page
Intentionally Left Blank]

 

    	PAGE 88

    	 

    

 

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

 

	 	
        GLOBAL EAGLE ENTERTAINMENT INC.

         

	 	By:	/s/ Michael Zemetra
	 	Name:  Michael Zemetra
	 	Title:    Chief Financial Officer

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Linda Garcia
	 	Name:  Linda E. Garcia
	 	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, IF ANY,
ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE
EXCEPT:

 

(A)         TO
GLOBAL EAGLE ENTERTAINMENT INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, OR

 

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

 

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

 

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

 

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

 

    	A-1

    	 

    

 

THE “RESALE RESTRICTION TERMINATION
DATE” MEANS THE LATER OF: (A) THE DATE THAT IS ONE YEAR AFTER THE LAST ORIGINAL ISSUANCE DATE OF THE NOTES OR SUCH SHORTER
PERIOD OF TIME PERMITTED BY RULE 144 OR ANY SUCCESSOR PROVISION THERETO; AND (B) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW.]1

 

 

 

1
This Restricted Security legend shall be deemed removed from the face of this Security without further action
of the Company, the Trustee, or the holders of this Security at such time as the Company instructs the Trustee to remove such
legend pursuant to Section 2.05(c) of the Indenture.

 

    	A-2

    	 

    

 

Global Eagle Entertainment Inc.

 

2.75% Convertible Senior Note due 2035

 

	No. _____	Initially $________

 

CUSIP No. 37951D AA02

 

Global Eagle Entertainment Inc., a
corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,”
which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for
value received hereby promises to pay to CEDE & CO., or registered assigns, the principal sum [as set forth in the
“Schedule of Exchanges of Notes” attached hereto]3[of
$_______ ( DOLLARS)]4, which amount, taken
together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed
$82,500,000 in aggregate at any time, in accordance with the rules and procedures of the Depositary, on the Maturity
Date, and interest thereon as set forth below.

 

This Note shall accrue interest at the rate
of 2.75% per year from February 18, 2015, or from the most recent date for which interest has been paid or provided for to, but
excluding, the next scheduled Interest Payment Date. Accrued interest on this Note 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 actual days elapsed over a 30-day month. Interest
is payable semi-annually in arrears on each February 15 and August 15, commencing on August 15, 2015, to Holders of record at the
close of business on the preceding February 1 and August 1 (whether or not such day is a Business Day), respectively. Additional
Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and
any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context,
Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03 and any
express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest
in those provisions thereof where such express mention is not made.

 

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

 

 

 

2 At such time
as the Company notifies the Trustee to remove the Restricted Security legend pursuant to Section 2.05(c) of the Indenture, the
CUSIP number for this Security shall be deemed to be CUSIP No. 37951D AB8.

 

3 Include
for a Global Note.

 

4 Include
for 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 in lawful money of the United
States at the time 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. Reference is made to the further provisions of this Note set forth
on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note
into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject
to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York (without regard to the conflicts of laws provisions thereof other than Section 5-1401 of the General Obligations Law).

 

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 or by facsimile 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.

 

	 	GLOBAL EAGLE ENTERTAINMENT INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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 Signatory

 

Dated:

 

    	A-5

    	 

    

 

[FORM OF REVERSE OF NOTE]

 

Global Eagle Entertainment Inc.

2.75% Convertible Senior Note due 2035

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 2.75% Convertible Senior Notes due 2035 (the “Notes”), initially
limited to the aggregate principal amount of $82,500,000, all issued or to be issued under and pursuant to an Indenture dated as
of February 18, 2015 (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 the event of certain Events of Default
(other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) of the Indenture with respect to the Company) 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 the Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date, the Specified Repurchase Date Price on the Specified 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 Fundamental Change Repurchase Price, the Specified Repurchase
Date Price and the Redemption 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 in accordance with the terms and 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.

 

On February 20, 2022, February 20, 2025
and February 20, 2030, 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 (in principal amount of $1,000 or integral multiples thereof) each
date at a repurchase price equal to the Specified Repurchase Date 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 second Scheduled Trading Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to
time as provided in the Indenture.

 

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-7

    	 

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES OF NOTES

Global Eagle Entertainment Inc.

2.75% Convertible Senior Notes due 2035

 

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

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	A-8

    	 

    

 

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: Global Eagle Entertainment Inc.

 

To: U.S. Bank National Association, 190 S. LaSalle Street, 10th
Floor, MK-IL-SLTR, Chicago, Illinois 60603, Attention: Global Corporate Trust

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable,
in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common
Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing
any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been
indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance
with Section 13.02(d) and Section 13.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest
accompanies this Note.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 

 

	 	 
	Signature Guarantee	 

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

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:

 

    	A-9

    	 

    

 

 

	 	 
	(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	 

 

    	A-10

    	 

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: Global Eagle Entertainment Inc.

 

To: U.S. Bank National Association, 190 S. LaSalle Street, 10th
Floor, MK-IL-SLTR, Chicago, Illinois 60603, Attention: Global Corporate Trust

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from Global Eagle Entertainment 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 the applicable provisions of the Indenture
referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount
or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the
period after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment
Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date.

 

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 repurchased by the Company (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.

 

    	A-11

    	 

    

 

ATTACHMENT 3

 

[FORM OF SPECIFIED REPURCHASE DATE NOTICE]

 

To: Global Eagle Entertainment Inc.

 

To: U.S. Bank National Association, 190 S. LaSalle Street, 10th
Floor, MK-IL-SLTR, Chicago, Illinois 60603, Attention: Global Corporate Trust

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a Specified Repurchase Date Company Notice from Global Eagle Entertainment Inc. (the “Company”)
and specifying the Specified Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance
with the applicable provisions of the Indenture referred to in this Note 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 accrued and unpaid interest, if
any, thereon to, but excluding, such Specified Repurchase Date.

 

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 repurchased by the Company (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.

 

    	A-12

    	 

    

 

ATTACHMENT 4

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

U.S. Bank National Association

as Trustee and Note Registrar

190 S. LaSalle Street, 10th Floor, MK-IL-SLTR,

Chicago, Illinois 60603

Attention: Global Corporate Trust

 

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

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

□ To Global Eagle Entertainment
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.

 

	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.

 

    	A-13

    	 

    

 

EXHIBIT B

 

[FORM OF FREE TRANSFERABILITY
CERTIFICATE]

 

U.S. Bank National Association

 

Dear Sir or Madam:

 

Whereas the 2.75% Convertible Senior Notes due 2035 (the “Notes”)
have become freely tradable without restriction by persons who are non-affiliates (and have been non-affiliates during the prior
three months) of Global Eagle Entertainment Inc. (the “Company”) pursuant to Rule 144(b)(1) under the Securities
Act of 1933, as amended, in accordance with Section 2.05(c) of the indenture, dated as of February 18, 2015 (the “Indenture”),
between the Company and U.S. Bank National Association, as trustee, pursuant to which the Notes were issued, the Company hereby
instructs you that:

 

		(i)	the restrictive legends described in Section 2.05(c) of the Indenture and set forth on the Notes and Common Stock issued or
issuable upon conversion of the Notes will be deemed removed from the global securities representing such securities, in accordance
with the terms and conditions of the Notes and as provided in the Indenture, without further action on the part of holders; and

 

		(ii)	the restricted CUSIP number for the Notes will be deemed removed from the Global Notes and replaced with the unrestricted CUSIP
number set forth therein, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further
action on the part of holders.

 

Capitalized terms used but not defined herein have the meanings
set forth in the Indenture.

 

Very truly yours,

 

	GLOBAL EAGLE ENTERTAINMENT INC.	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	B-1Exhibit 10.1 

 

GLOBAL EAGLE ENTERTAINMENT INC.

 

2.75% Convertible Senior Notes due 2035

 

PURCHASE AGREEMENT

 

February 12, 2015

 

Piper Jaffray & Co.

As Representative of the

Several Initial Purchasers

 

c/o Piper Jaffray & Co.

U.S. Bancorp Center

800 Nicollet Mall

Minneapolis, Minnesota 55402

 

Ladies and Gentlemen:

 

Global Eagle Entertainment
Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed
in Schedule I hereto (the “Initial Purchasers”), for whom you are acting as representative (the “Representative”),
$75,000,000 principal amount of its 2.75% Convertible Senior Notes due 2035 (the “Underwritten Securities”)
and, at the option of the Initial Purchasers, up to an additional $7,500,000 principal amount of its 2.75% Convertible Senior Notes
due 2035 (the “Option Securities”) if and to the extent that the Initial Purchasers shall have determined to
exercise the option to purchase such 2.75% Convertible Senior Notes due 2035 granted to the Initial Purchasers in Section 2(a)
hereof. The respective amounts of the Underwritten Securities to be so purchased by the several Initial Purchasers are set forth
opposite their names on Schedule I hereto.

 

As the Representative,
you have advised the Company (a) that you are authorized to enter into this Agreement on behalf of the several Initial Purchasers,
that the several Initial Purchasers are willing, acting severally and not jointly, to purchase the numbers of Underwritten Securities
set forth opposite their respective names on Schedule I hereto, plus their pro rata portion of the Option Securities if
you elect to exercise the option in whole or in part for the accounts of the several Initial Purchasers. The Underwritten Securities
and the Option Securities (to the extent the aforementioned option is exercised) are herein referred to as the “Securities”.
The Securities will be issued pursuant to an Indenture to be dated on or about February 18, 2015 (the “Indenture”)
between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Securities will be convertible
into shares (the “Underlying Securities”) of common stock of the Company, par value $0.0001 per share (the “Common
Stock”), cash or a combination thereof.

 

Concurrently with this offering of the Securities,
certain of our stockholders are offering 3,300,000 shares of our Common Stock (or up to 3,795,000 shares of our Common Stock if
the underwriters for that offering exercise their overallotment option in full) in an underwritten public offering (the “Concurrent
Equity Offering”). Neither offering is contingent upon the completion of the other.

 

    	 

    	 

    

 

In consideration of the
mutual agreements contained herein and of the interests of the parties in the transactions contemplated hereby, the parties hereto
agree as follows:

 

		1.	OFFERING BY THE INITIAL PURCHASERS.

 

The Securities will be
sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules and regulations (the “Rules and Regulations”) of the Securities and Exchange
Commission (the “Commission”) thereunder, in reliance upon an exemption therefrom. The Company has prepared
a preliminary offering memorandum, dated February 9, 2015 (the “Preliminary Offering Memorandum”), and will
prepare an offering memorandum, dated the date hereof (the “Offering Memorandum”), setting forth information
concerning the Company and the Securities. 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 other Time of Sale Information (as defined
below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the
manner contemplated by this Agreement. References herein to the Preliminary Offering Memorandum, the Time of Sale Information and
the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein.

 

At or prior to the time when sales of the Securities
were first made (the “Time of Sale”), the Company had prepared the following information (collectively, the
“Time of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written
communications listed on Schedule II hereto.

 

		2.	PURCHASE AND RESALE OF THE SECURITIES.

 

(a)          The
Company agrees to issue and sell the Underwritten Securities to the several Initial Purchasers as provided in this Agreement, and
each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions
set forth herein, agrees, severally and not jointly to purchase from the Company the respective principal amount of Underwritten
Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto at a price equal to 98.667% of the
principal amount thereof plus accrued interest, if any, from February 18, 2015 to the Closing Date (as defined below).

 

In addition, the Company agrees to issue and
sell the Option Securities to the several Initial Purchasers as provided in this Agreement, and the Initial Purchasers, on the
basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall
have the option to purchase, severally and not jointly, from the Company the Option Securities at a price equal to 100% of the
principal amount thereof plus accrued interest, if any, from the Closing Date to the date of payment and delivery.

 

    	2

    	 

    

 

If any Option Securities are to be purchased,
the amount of Option Securities to be purchased by each Initial Purchaser shall be the amount of Option Securities which bears
the same ratio to the aggregate amount of Option Securities being purchased as the amount of Underwritten Securities set forth
opposite the name of such Initial Purchaser in Schedule I hereto (or such amount increased as set forth in Section 8 hereof)
bears to the aggregate amount of Underwritten Securities being purchased from the Company by the several Initial Purchasers, subject,
however, to such adjustments to eliminate Securities in denominations other than $1,000 as the Representative in its sole discretion
shall make.

 

The Initial Purchasers may exercise the option
to purchase the Option Securities at any time in whole, or from time to time in part, on or before the thirtieth day following
the date of this Agreement, by written notice from the Representative to the Company. Such notice shall set forth the aggregate
amount of Option Securities as to which the option is being exercised and the date and time when the Option Securities are to be
delivered and paid for which may be the same date and time as the Closing Date but shall not be earlier than the Closing Date nor
later than the tenth full business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed
in accordance with Section 8 hereof). Any such notice shall be given at least two business days prior to the date and time of delivery
specified therein.

 

(b)          The
Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of
Sale Information. 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; and

 

(iii)        it
has not sold, and will not sell, the Securities as part of its 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.

 

(c)          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 6(b) and (c), counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon
the accuracy of the representations and warranties of each Initial Purchaser, and compliance by each Initial Purchaser with its
agreements, contained in paragraph (b) above, and each Initial Purchaser hereby consents to such reliance.

 

(d)          The
Company acknowledges and agrees that the Initial Purchasers may 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.

 

    	3

    	 

    

 

(e)          Payment for the Securities shall be made by wire transfer
in immediately available funds to the account specified by the Company to the Representative in the case of the Underwritten Securities,
at the offices of Goodwin Procter LLP, 620 8th Ave, New York, NY 10018 at 10:00 A.M. New York City time on February 18, 2015, or
at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative
and the Company may agree upon in writing or, in the case of the Option Securities, on the date and at the time and place specified
by the Representative in the written notice of the Initial Purchasers’ election to purchase such Option Securities. The time
and date of such payment for the Underwritten Securities is referred to herein as the “Closing Date” and the
time and date for any such payment for the Option Securities, if other than the Closing Date, is herein referred to as an “Additional
Closing Date”.

 

Payment for the Securities to be purchased on
the Closing Date or any Additional Closing Date, as the case may be, shall be made against delivery to the nominee of The Depository
Trust Company (“DTC”), for the respective accounts of the several Initial Purchasers of the Securities to be
purchased on such date of one or more global notes representing the Securities (collectively, the “Global Note”).
The Global Note will be made available for inspection by the Representative at the office of Piper Jaffray & Co. set forth
above not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or any Additional Closing Date,
as the case may be.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents
and warrants to each of the Initial Purchasers as follows:

 

(a)          The
Preliminary Offering Memorandum, as of its date, did 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 that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon
and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by any Initial Purchaser
through the Representative expressly for use in any Preliminary Offering Memorandum, it being understood and agreed that the only
such information furnished by any Initial Purchaser consists of the information described as such in Section 13 hereof.

 

(b)          The
Time of Sale Information, at the Time of Sale, did not, and at the Closing Date and as of any Additional Closing Date, 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 that the Company makes
no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information
relating to any Initial Purchaser furnished to the Company in writing by any Initial Purchaser through the Representative expressly
for use in such Time of Sale Information, it being understood and agreed that the only such information furnished by any Initial
Purchaser consists of the information described as such in Section 13 hereof. No statement of material fact included in the Offering
Memorandum has been omitted from the Time of Sale Information and no statement of material fact included in the Time of Sale Information
that is required to be included in the Offering Memorandum has been omitted therefrom.

 

    	4

    	 

    

 

(c)          The
Company (including its agents and representatives, other than any Initial Purchaser in its 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 II hereto, including a term sheet
substantially in the form of Schedule III hereto, which constitute part of the Time of Sale Information, and (iv) each electronic
road show and any other written communications approved in writing in advance by the Representative. Each such Issuer Written Communication,
when taken together with the Time of Sale Information, did not, and at the Closing Date and as of any Additional Closing Date,
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 that the
Company makes no representation and warranty with respect to any statements or omissions made in each such Issuer Written Communication
in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by any
Initial Purchaser through the Representative expressly for use in such Issuer Written Communication, it being understood and agreed
that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 13 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 Representative as described in Section
4(a)(vi), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Time of Sale Information or the Offering Memorandum, including any document incorporated by reference therein.

 

(d)          As
of the date of the Offering Memorandum and as of the Closing Date and as of any Additional Closing Date, as the case may be, the
Offering Memorandum does not and 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
that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in
conformity with information relating to any Initial Purchaser furnished to the Company in writing by any Initial Purchaser through
the Representative expressly for use in the Offering Memorandum, it being understood and agreed that the only such information
furnished by any Initial Purchaser consists of the information described as such in Section 13 hereof.

 

(e)          The
documents incorporated, or to be incorporated, by reference in the Offering Memorandum or the Time of Sale Information, at the
time filed with the Commission conformed, or will conform, in all material respects to the requirements of the Securities Act or
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the
“Exchange Act”), as applicable.

 

    	5

    	 

    

 

(f)          The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with requisite power and authority to own or lease its properties and conduct its business as described in the Time of Sale Information
and the Offering Memorandum. Each of the subsidiaries of the Company listed in Exhibit A hereto (collectively, the “Subsidiaries”)
has been duly organized and is validly existing as a corporation, limited liability company or similar entity in good standing
under the laws of the jurisdiction of its organization with requisite power and authority to own or lease its properties and conduct
its business as described in the Time of Sale Information and the Offering Memorandum. The Subsidiaries, including all subsidiaries
thereof, are the only subsidiaries, direct or indirect, of the Company. The Subsidiaries listed in Exhibit A hereto are
the only “significant subsidiaries” of the Company (as such term is defined in Rule 1-02 of Regulation S-X). The Company
and each of the Subsidiaries are duly qualified to transact business in all jurisdictions in which the conduct of their business
requires such qualification, except where the failure to be so qualified would not (A) have, individually or in the aggregate,
a material adverse effect on the earnings, business, management, properties, assets, rights, operations, condition (financial or
otherwise) or prospects of the Company and of the Subsidiaries taken as a whole or (B) prevent or burden or impair in any material
respect the consummation of the transactions contemplated by and the performance by the Company of its obligations under, the Transaction
Documents (the occurrence of any such effect or any such prevention described in the foregoing clauses (A) and (B) being referred
to as a “Material Adverse Effect”). The outstanding shares of capital stock of each of the Subsidiaries have
been duly authorized and validly issued, are fully paid and non-assessable are owned by the Company or another Subsidiary free
and clear of all liens, encumbrances and equities and claims; and no options, warrants or other rights to purchase, agreements
or other obligations to issue or other rights to convert any obligations into shares of capital stock or ownership interests in
the Subsidiaries are outstanding.

 

(g)          The
outstanding shares of Common Stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable,
have been issued in compliance with all federal and state securities laws, were not issued in violation of or subject to any preemptive
rights or other rights to subscribe for or purchase or acquire any securities of the Company that have not been waived in writing.
The offering or sale of the Securities as contemplated by this Agreement does not give rise to any rights, other than those which
have been waived or satisfied, for or relating to the registration of any shares of Common Stock.

 

(h)          The
authorized, issued and outstanding capital stock of the Company is as set forth in the Time of Sale Information and the Offering
Memorandum. All of the Securities conform in all material respects to the description thereof contained in the Time of Sale Information
and the Offering Memorandum. Subsequent to the respective dates as of which information is given in the Time of Sale Information
and the Offering Memorandum, except as otherwise specifically stated therein or in this Agreement, the Company has not: (i) issued
any securities, except for shares of Common Stock issued pursuant to the exercise of currently outstanding options or warrants
or other stock-based awards under the Company’s equity incentive plans; (ii) incurred any material liability or material
obligation, direct or contingent, for borrowed money, other than pursuant existing lines of credit of the Company or its Subsidiaries
in the ordinary course of business; or (iii) declared or paid any dividend or made any other distribution on or in respect to its
capital stock.

 

    	6

    	 

    

 

(i)          The
Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the offering
and sale of the Securities other than any Preliminary Offering Memorandum, Time of Sale Information, Offering Memorandum and other
materials, if any, permitted under the Securities Act and consistent with Section 4(a)(i) hereof.

 

(j)          The
consolidated financial statements of the Company and its consolidated subsidiaries, together with related notes and schedules as
set forth or incorporated by reference in the Time of Sale Information and the Offering Memorandum., comply in all material respects
with the applicable requirements of the Securities Act and the Exchange Act and present fairly, in all material respects, the financial
position and the results of operations and cash flows of the Company and its consolidated subsidiaries, at the indicated dates
and for the indicated periods. Such financial statements and related schedules have been prepared, in all material respects, in
accordance with United States generally accepted principles of accounting (“GAAP”) or International Financial
Reporting Standards as adopted by the European Union (“IFRS”), as applicable, consistently applied throughout
the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation of results for such periods
have been made. The summary and selected consolidated financial and statistical data included or incorporated by reference in the
Time of Sale Information and the Offering Memorandum present fairly, in all material respects, the information shown therein and
such data has been compiled on a basis consistent with the financial statements presented therein and the books and records of
the Company and the consolidated subsidiaries. The pro forma financial statements and other pro forma financial information included
in the Time of Sale Information and the Offering Memorandum present fairly, in all material respects, the information shown therein,
have been prepared, in all material respects, in accordance with the Commission’s rules and guidelines with respect to pro
forma financial statements, have been properly compiled on the pro forma bases described therein, and the, in the opinion of the
Company, assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect
to the transactions or circumstances referred to therein. All disclosures contained in the Time of Sale Information and the Offering
Memorandum regarding “non-GAAP” or “non-IFRS” financial measures (as such term is defined by the Rules
and Regulations) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent
applicable. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including
any off-balance sheet obligations or any “variable interest entities” within the meaning of Financial Accounting Standards
Board Interpretation No. 46), not disclosed in the Time of Sale Information and the Offering Memorandum. There are no financial
statements (historical or pro forma) that would be required to be included in the Time of Sale Information or Offering Memorandum,
if each of the Time of Sale Information and Offering Memorandum were a prospectus on Form S-3 under the Securities Act, that are
not included or incorporated by reference. The interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Time of Sale Information and the Offering Memorandum fairly presents, in all material respects, the information
called for and has been prepared in all material respects in accordance with the Commission’s rules and guidelines applicable
thereto.

 

    	7

    	 

    

 

(k)          (1)
Ernst & Young LLP who have certified certain of the financial statements filed with the Commission as part of, or incorporated
by reference in, the Time of Sale Information and the Offering Memorandum, is an independent registered public accounting firm
with respect to the Company and the Subsidiaries within the meaning of the Securities Act and the applicable Rules and Regulations
and the Public Company Accounting Oversight Board (United States) (the “PCAOB”) as required by the Securities
Act, (2) Rose, Snyder & Jacobs LLP who have certified certain of the financial statements filed with the Commission as part
of, or incorporated by reference in, the Time of Sale Information and the Offering Memorandum, has advised the Company that it
was an independent registered public accounting firm with respect to Row 44, Inc. during the period covered by such financial statements
within the meaning of the Securities Act and the applicable Rules and Regulations and the PCAOB as required by the Securities Act
and (3) Ernst & Young GmbH Wirtschaftsprufungsgesellschaft who have certified certain of the financial statements filed with
the Commission as part of, or incorporated by reference in, the Time of Sale Information and the Offering Memorandum, has advised
the Company that it was an independent auditor with respect to Advanced Inflight Alliance AG and its subsidiaries during the period
covered by such financial statements within the meaning of the Securities Act and the applicable Rules and Regulations and the
PCAOB as required by the Securities Act.

 

(l)          The
Company is in material compliance with all applicable effective provisions of the Sarbanes-Oxley Act of 2002, as amended, and the
rules and regulations promulgated by the Commission and the NASDAQ Capital Market thereunder (collectively, the “Sarbanes-Oxley
Act”). The Company has taken all reasonably necessary actions to ensure that it is in compliance with all provisions
of the Sarbanes-Oxley Act that are in effect and with which the Company is required to comply (including Section 402 related to
loans) and is actively taking steps to ensure that it will be in compliance with other provisions of the Sarbanes-Oxley Act not
currently in effect or which will become applicable to the Company.

 

(m)          Except
as disclosed in the Time of Sale Information and the Offering Memorandum, there is no legal, governmental, administrative or regulatory
investigation, action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened against the Company or
any of the Subsidiaries, or to which any property of the Company or the Subsidiaries is, or to the knowledge of the Company, would
reasonably be expected to be, subject, before any court or regulatory or administrative agency or otherwise which would reasonably
be expected to, individually or in the aggregate, have a Material Adverse Effect. There are no current or pending legal, governmental,
administrative or regulatory investigations, actions, suits, claims or proceedings that are required under the Securities Act to
be described in the Time of Sale Information and the Offering Memorandum that are not so described in the Time of Sale Information
and the Offering Memorandum. There are no statutes, regulations or contracts or other documents that are required under the Securities
Act to be filed as exhibits to the Time of Sale Information and the Offering Memorandum or described in the Time of Sale Information
and the Offering Memorandum that are not so filed as exhibits to the Offering Memorandum or described in the Time of Sale Information
and the Offering Memorandum. Each description of a contract, document or other agreement in the Time of Sale Information and the
Offering Memorandum accurately reflects in all material respects the terms of the underlying contract, document or other agreement
to the extent required under the Securities Act to be described therein.

 

    	8

    	 

    

 

(n)          The
Company and the Subsidiaries have good and marketable title to all of the properties and assets reflected in the consolidated financial
statements hereinabove described or described in the Time of Sale Information and the Offering Memorandum, subject to no lien,
mortgage, pledge, charge or encumbrance of any kind except those reflected in such financial statements or described in the Time
of Sale Information and the Offering Memorandum or which are not material in amount or would not materially interfere with the
use made and proposed to be made of such properties or assets by the Company and the Subsidiaries. The Company and the Subsidiaries
occupy their leased properties under valid and binding leases conforming in all material respects to the description thereof set
forth in the Time of Sale Information and the Offering Memorandum.

 

(o)          The
Company and the Subsidiaries have filed all U.S. federal, state, local and foreign tax returns which have been required to be filed
and have paid all taxes indicated by such returns and all assessments received by them or any of them to the extent that such taxes
have become due and are not being contested in good faith and for which an adequate reserve for accrual has been established in
accordance with GAAP, except where the failure to file such returns or pay such taxes would not reasonably be expected to have
a Material Adverse Effect. All tax liabilities have been adequately provided for in the financial statements of the Company included
or incorporated by reference in the Time of Sale Information and the Offering Memorandum, and the Company does not know of any
actual or proposed additional material tax assessments. To the Company’s knowledge, there is no tax lien, whether imposed
by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of the Company
or any Subsidiary.

 

(p)          Since
the respective dates as of which information is given in the Time of Sale Information and the Offering Memorandum, as each may
be amended or supplemented, (A) there has not been any material adverse change or any development involving a prospective material
adverse change in or affecting the earnings, business, management, properties, assets, rights, operations, condition (financial
or otherwise), or prospects of the Company taken as a whole, whether or not occurring in the ordinary course of business, (B) there
has not been any material transaction entered into or any material transaction that is probable of being entered into by the Company
or the Subsidiaries, other than transactions in the ordinary course of business and (C) neither the Company nor any of the Subsidiaries
has sustained any loss or interference with its business that is material to the Company and the Subsidiaries taken as a whole
and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance
or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority.

 

(q)          The
Company has full right, power and authority to execute and deliver this Agreement, the Indenture and the Securities (collectively,
the “Transaction Documents”) and to perform its obligations hereunder and thereunder; and all action required
to be taken for the due and proper authorization, execution and delivery by it of each of the Transaction Documents and the consummation
by it of the transactions contemplated thereby or by the Time of Sale Information and the Offering Memorandum has been duly and
validly taken.

 

(r)          Neither
the Company nor any of the Subsidiaries is or with the giving of notice or lapse of time or both, will be, (A) in violation of
its certificate or articles of incorporation, charter, by-laws, certificate of formation, limited liability company agreement,
partnership agreement or other organizational documents, as applicable, (B) in violation of or in default under any agreement,
lease, contract, indenture or other instrument or obligation to which it is a party or by which it, or any of its properties, is
bound or (C) in violation of any law, order, rule or regulation judgment, order, writ or decree applicable to the Company or any
Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having jurisdiction
over the Company or the Subsidiaries, or any of their properties or assets, except in the case of clauses (B) and (C), for such
violations or defaults as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

    	9

    	 

    

 

The execution, delivery
and performance of the Transaction Documents and the consummation of the transactions contemplated by the Transaction Documents,
including the issuance and sale of the Securities (and the issuance of the Underlying Securities upon conversion thereof) and the
fulfillment of the terms hereof and thereof do not and will not conflict with or result in a breach of any of the terms or provisions
of, or constitute a default under, (i) any indenture, mortgage, deed of trust or other agreement or instrument to which the Company
or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties is bound, (ii) the
certificate of incorporation or formation, articles of incorporation or association, charter, by-laws or other organizational documents,
as applicable, of the Company or (iii) any law, order, rule or regulation judgment, order, writ or decree applicable to the Company
or any Subsidiary of any court or of any government, regulatory body or administrative agency or other governmental body having
jurisdiction over the Company or any Subsidiary, or any of their properties or assets except, in the case of (i) and (iii), as
would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(s)          The
execution and delivery of, and the performance by the Company of its obligations under, this Agreement has been duly and validly
authorized by all necessary corporate, limited liability company or similar applicable action on the part of the Company, and this
Agreement has been duly executed and delivered by the Company.

 

(t)          The
Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance with its terms by each of
the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’
rights generally and subject to general principles of equity (collectively, the “Enforceability Exceptions”).

 

(u)          The
Securities to be issued and sold by the Company hereunder have been duly authorized by the Company and, when duly executed, authenticated,
issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding
and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their
terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

 

(v)         Upon
issuance and delivery of the Securities in accordance with this Agreement and the Indenture, the Securities will be convertible
at the option of the holder thereof into shares of the Underlying Securities in accordance the terms of the Securities; the Underlying
Securities reserved for issuance upon conversion of the Securities have been duly authorized and reserved and, when issued upon
conversion of the Securities in accordance with the terms of the Securities, will be validly issued, fully paid and non-assessable,
and the issuance of the Underlying Securities will not be subject to any preemptive or similar rights.

 

    	10

    	 

    

 

(w)         The
Securities and the Indenture will conform in all material respects to the respective statements relating thereto contained in the
Time of Sale Information and the Offering Memorandum.

 

(x)          Each
approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other
governmental body necessary in connection with the execution, delivery and performance by the Company of the Transaction Documents
and for the consummation of the transactions contemplated by the Transaction Documents, including the issuance or sale of Securities
by the Company (and the issuance of the Underlying Securities upon conversion thereof) has been obtained or made and is in full
force and effect (except such additional steps as may be required by the Commission or such additional steps as may be necessary
to qualify the Securities for offering by the Initial Purchasers under state securities or Blue Sky laws).

 

(y)          Except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the Company and the Subsidiaries
(A) hold all licenses, registrations, certificates and permits from federal, state, local, foreign and international governmental
and regulatory authorities (collectively, “Governmental Licenses”) which are necessary to the conduct of their
business, (B) are in compliance with the terms and conditions of all Governmental Licenses, and all Governmental Licenses are valid
and in full force and effect, and (C) have not received any written or other notice of proceedings relating to the revocation or
modification of any Governmental License.

 

(z)          The
Company and the Subsidiaries own or possess the right to use all patents, inventions, trademarks, trade names, service marks, logos,
trade dress, designs, data, database rights, Internet domain names, rights of privacy, rights of publicity, copyrights, works of
authorship, license rights, trade secrets, know-how and proprietary information (including unpatented and unpatentable proprietary
or confidential information, inventions, systems or procedures) and other industrial property and intellectual property rights,
as well as related rights, such as moral rights and the right to sue for all past, present and future infringements or misappropriations
of any of the foregoing, and registrations and applications for registration of any of the foregoing (collectively, “Intellectual
Property”) necessary to conduct their business as presently conducted and currently contemplated to be conducted in the
future as described in the Time of Sale Information and the Offering Memorandum, except where the failure to own or possess such
Intellectual Property would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither
the Company nor any of the Subsidiaries, whether through their respective products and services or the conduct of their respective
businesses, has infringed, misappropriated, conflicted with or otherwise violated, or is currently infringing, misappropriating,
conflicting with or otherwise violating, and none of the Company or the Subsidiaries have received any communication or notice
of infringement of, misappropriation of, conflict with or violation of, any Intellectual Property of any other person or entity,
except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither the Company
nor any of the Subsidiaries has received any communication or notice alleging that by conducting their business as set forth in
the Time of Sale Information and the Offering Memorandum, such parties would infringe, misappropriate, conflict with, or violate,
any of the Intellectual Property of any other person or entity, except as would not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect. The Company knows of no infringement, misappropriation or violation by others
of Intellectual Property owned by or licensed to the Company or the Subsidiaries, except as would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. The Company and its Subsidiaries have taken all reasonable steps necessary
to secure their interests in such Intellectual Property from their employees and contractors and to protect the confidentiality
of all of their confidential information and trade secrets.

 

    	11

    	 

    

 

(aa)         To
the Company’s knowledge, none of the Intellectual Property or technology (including information technology and outsourced
arrangements) employed by the Company or the Subsidiaries has been obtained or is being used by the Company or the Subsidiaries
in violation of any contractual obligation binding on the Company or any of the Subsidiaries or any of their respective officers,
directors or employees or otherwise in violation of the rights of any persons. The Company and the Subsidiaries own or have a valid
right to access and use all computer systems, networks, hardware, software, databases, websites, and equipment used to process,
store, maintain and operate data, information, and functions used in connection with the business of the Company and the Subsidiaries
(the “Company IT Systems”), except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. The Company IT Systems are adequate for, and operate and perform in all material respects as required
in connection with, the operation of the business of the Company and the Subsidiaries as currently conducted, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have
implemented commercially reasonable backup, security and disaster recovery technology consistent in all material respects with
applicable regulatory standards and customary industry practices.

 

(bb)         Except
as described in the Time of Sale Information and the Offering Memorandum, the Company and the Subsidiaries: (A) are and at all
times have been in material compliance with all statutes, rules, regulations, or written guidance applicable to the Company and
the Subsidiaries for the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed or service provided
by the Company (“Applicable Laws”), except as would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect; (B) have not received any notice of adverse finding, warning letter, untitled letter or other
correspondence or notice from any government, regulatory body or administrative agency or other governmental body having authority
over the Company or the Subsidiaries (“Governmental Authority”) alleging or asserting material noncompliance
with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments
thereto required by any such Applicable Laws (“Authorizations”); (C) possess all material Authorizations and
such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations;
(D) have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or
other action from any Governmental Authority or third party alleging that any product operation or activity is in violation of
any Applicable Laws or Authorizations and have no knowledge that any such Governmental Authority or third party is considering
any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) have not received written notice that any
Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and
the Company has no knowledge that any such Governmental Authority is considering such action; and (F) have filed, obtained, maintained
or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments
as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were
corrected or supplemented by a subsequent submission).

 

    	12

    	 

    

 

(cc)         Neither
the Company nor, to the Company’s knowledge, any of its affiliates, has taken or may take, directly or indirectly, any action
designed to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization
or manipulation of the price of the Securities or the Common Stock to facilitate the sale or resale of the Securities. The Company
acknowledges that the Initial Purchasers may engage in passive market making transactions in the Securities and the Common Stock
on the NASDAQ Capital Market in accordance with Regulation M under the Exchange Act.

 

(dd)         Neither
the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Securities contemplated hereunder and
the application of the net proceeds from such sale as described in the Time of Sale Information and the Offering Memorandum, will
be, required to register as an “investment company” within the meaning of the Investment Company Act of 1940, as amended,
and the rules and regulations of the Commission thereunder (collectively, the “1940 Act”).

 

(ee)         Except
as described in the Time of Sale Information and the Offering Memorandum, including the documents incorporated by reference therein,
the Company and the Subsidiaries maintain systems of “internal control over financial reporting” (as defined in Rule
13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision
of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP or IFRS, as applicable, including, but not limited to, internal accounting controls sufficient
to provide reasonable assurance that: (A) transactions are executed in accordance with management’s general or specific authorization;
(B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP or IFRS, as applicable,
and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general
or specific authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. Except as described in the Time of Sale Information and the Offering
Memorandum, there are no material weaknesses in the Company’s internal control over financial reporting, and there has been
no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting since the respective dates as of which information is given in the
Time of Sale Information and the Offering Memorandum. The Company’s auditors and the Audit Committee of the Board of Directors
of the Company have been advised of: (A) all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company’s
ability to record, process, summarize and report financial information; and (B) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s internal controls over financial reporting.

 

    	13

    	 

    

 

(ff)         The
Company has established and maintains “disclosure controls and procedures” (as defined in Rules 13a-14(c) and 15d-14(c)
under the Exchange Act); the Company’s “disclosure controls and procedures” are reasonably designed to ensure
that all information (both financial and non-financial) required to be disclosed by the Company in the reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and
regulations under the Exchange Act, and that all such information is accumulated and communicated to the Company’s management
as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the Chief Executive Officer
and Chief Financial Officer of the Company required under the Exchange Act with respect to such reports.

 

(gg)        
The statistical, industry-related and market-related data included in the Time of Sale Information and the Offering Memorandum
are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such
data agree with the sources from which they are derived.

 

(hh)         The
operations of the Company and the Subsidiaries are and have been conducted at all times in compliance in all material respects
with applicable financial record-keeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title
III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (USA PATRIOT Act), the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering
statutes of jurisdictions where the Company and the Subsidiaries conduct business, the applicable rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any or the Subsidiaries with respect to the Money Laundering Laws
is pending or, to the Company’s knowledge, threatened.

 

(ii)           Neither
the Company nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any of
the Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”) or any similar sanctions imposed by any other body, governmental or other, to which the
Company or any of its Subsidiaries is subject (collectively, “other economic sanctions”); and the Company will not
knowingly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person or entity, for the purpose of financing the activities of any Person currently subject to any U.S.
sanctions administered by OFAC or other economic sanctions.

 

    	14

    	 

    

 

(jj)          Neither
the Company nor any of the Subsidiaries nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate
of the Company or any of the Subsidiaries: (A) has used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity: (B) has made any direct or indirect unlawful contribution or payment
to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds; (C) has made
any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) is aware of or has taken
any action, directly or indirectly, that would result in a violation by such Persons of the OECD Convention on Bribery of Foreign
Public Officials in International Business Transactions (“OECD Convention”), the Foreign Corrupt Practices Act
of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or any similar law
or regulation to which the Company, any of its Subsidiaries, any director, officer, agent, employee, affiliate or other person
associated with or acting on behalf of the Company or any of the Subsidiaries is subject. The Company, the Subsidiaries and their
affiliates have each conducted their businesses in compliance in all material respects with the FCPA and any applicable similar
law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

 

(kk)         The
Company and each of the Subsidiaries carry, or are covered by, insurance, from insurers of recognized financial responsibility,
in such amounts and covering such risks as is commercially reasonable for the conduct of their respective businesses and the value
of their respective properties and as is customary for companies engaged in similar businesses; and the Company and the Subsidiaries
have no reason to believe that they will not be able to renew their existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue their respective businesses at a cost that
would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(ll)         
(A) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”)) for which
the Company or any member of its “Controlled Group” (defined as any organization that is a member of a controlled group
of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”))
would have liability (each a “Plan”) is in compliance in all material respects with all presently applicable
statutes, rules and regulations, including ERISA and the Code; (B) with respect to each Plan subject to Title IV of ERISA (I) no
“reportable event” (as defined in Section 4043 of ERISA) has occurred for which the Company or any member of its Controlled
Group would have any material liability; and (II) neither the Company nor any member of its Controlled Group has incurred or expects
to incur material liability under Title IV of ERISA (other than for contributions to the Plan or premiums payable to the Pension
Benefit Guaranty Corporation, in each case in the ordinary course and without default); (C) no Plan which is subject to Section
412 of the Code or Section 302 of ERISA has failed to satisfy the minimum funding standard within the meaning of such sections
of the Code or ERISA; and (D) each Plan that is intended to be qualified in all material respects under Section 401(a) of
the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.

 

    	15

    	 

    

 

(mm)      (A)
The Company and each Subsidiary have complied and are in compliance with all applicable federal, state, local, foreign and international
laws (including the common law), statutes, rules, regulations, orders, judgments, decrees or other legally binding requirements
of any court, administrative agency or other governmental authority relating to pollution or to the protection of the environment,
natural resources or human health or safety, or to the manufacture, use, generation, treatment, storage, disposal, release or threatened
release of hazardous or toxic substances, pollutants, contaminants or wastes, or the arrangement for such activities (“Environmental
Laws”) except where the failure to comply would not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect; (B) the Company and each Subsidiary have obtained and are in compliance, in all material respects, with
all permits, licenses, authorizations or other approvals required of them under Environmental Laws to conduct their respective
businesses and are not subject to any action to revoke, terminate, cancel, limit, amend or appeal any such permits, licenses, authorizations
or approvals; (C) neither the Company nor any Subsidiary is a party to any judicial or administrative proceeding (including a notice
of violation) under any Environmental Laws (I) to which a governmental authority is also a party and which involves potential monetary
sanctions, unless it could reasonably be expected that such proceeding will result in monetary sanctions of less than $100,000,
or (II) which is otherwise material; and no such proceeding has been threatened in writing or is known to be contemplated; (D)
neither the Company nor any Subsidiary has received notice or is otherwise aware of any pending or threatened material claim or
potential liability under Environmental Laws in respect of its past or present business, operations (including the disposal of
hazardous substances at any off-site location), facilities or real property (whether owned, leased or operated) or on account of
any predecessor or any person whose liability under any Environmental Laws it has agreed to assume; and neither the Company nor
any Subsidiary is aware of any facts or conditions that could reasonably be expected to give rise to any such claim or liability;
and (E) neither the Company nor any Subsidiary is aware of any matters regarding compliance with existing or reasonably anticipated
Environmental Laws, or with any liabilities or other obligations under Environmental Laws (including asset retirement obligations),
that could reasonably be expected to have a Material Adverse Effect.

 

(nn)         The
Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act or the listing of the Common Stock on the NASDAQ Capital Market, nor has the Company received any notification
that the Commission or the NASDAQ Capital Market is contemplating terminating such registration or listing.

 

(oo)         There
are no relationships, direct or indirect, or related-party transactions involving the Company or any of the Subsidiaries or any
other person that would be required to be described in the Time of Sale Information and the Offering Memorandum if the Time of
Sale Information and the Offering Memorandum were a prospectus on Form S-3 under the Securities Act, which have not been described
in such documents.

 

(pp)         No
Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary
from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other Subsidiary
of the Company.

 

    	16

    	 

    

 

(qq)        No
labor disturbance by or dispute with employees of the Company or any of the Subsidiaries exists or, to the knowledge of the Company,
is contemplated or threatened. The Company is not aware that any key employee or significant group of employees of the Company
plans to terminate employment with the Company.

 

(rr)         Neither
the Company nor any of the Subsidiaries is a party to any contract, agreement or understanding with any person (other than this
Agreement) that would give rise to a valid claim against the Company or any of the Subsidiaries or any Initial Purchaser for a
brokerage commission, finder’s fee or like payment in connection with the execution and delivery of this Agreement or the
consummation of the transactions contemplated hereby.

 

(ss)         On
the Closing Date or any Additional Closing Date, the Securities will not be of the same class 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 Time of Sale Information, as of the Time of Sale, 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.

 

(tt)          None
of the Company or any of its affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act (“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.

 

(uu)         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(2) of the Securities Act.

 

(vv)         Assuming
the accuracy of the representations and warranties of the Initial Purchasers contained in Section 2(b) 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 Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the
Indenture under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).

 

(ww)       No
approval of the shareholders of the Company under the Exchange Rules is required for the Company to issue and deliver to the Initial
Purchasers the Securities.

 

(xx)         There
are no securities or preferred stock of or guaranteed by the Company, any Subsidiary that are rated by a “nationally recognized
statistical rating organization,” as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities
Act.         

 

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

 

    	17

    	 

    

 

		4.	COVENANTS OF THE COMPANY.

 

(a)          The
Company covenants and agrees with the several Initial Purchasers that:

 

(i)          The
Company will (A) not distribute any proposed Time of Sale Information, Offering Memorandum or such amendment or supplement or document
to be incorporated by reference therein of which the Representative shall not previously have been advised and furnished with a
copy or to which the Representative shall have reasonably objected in writing or which is not in compliance in all material respects
with the Rules and Regulations and (B) file on a timely basis all reports and any definitive proxy or information statements required
to be filed by the Company with the Commission subsequent to the date of the Time of Sale Information and prior to the completion
of the initial distribution of the Securities pursuant to this Agreement by the Initial Purchasers (the “Offering Memorandum
Delivery Period”).

 

(ii)         Before
making, preparing, using, authorizing, approving or referring to any Issuer Written Communication, the Company will furnish to
the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare,
use, authorize, approve or refer to any such written communication to which the Representative reasonably objects.

 

(iii)        During
the Offering Memorandum Delivery Period, the Company will advise the Representative promptly (i) of the issuance by any governmental
or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written
Communication or the Offering Memorandum or the institution of any proceeding for that purpose; (ii) the occurrence of any event
as a result of which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended
or supplemented would include 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 existing when such Time of Sale Information, Issuer Written Communication
or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with
respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or, to
the knowledge of the Company, threatening of any proceeding for such purpose. The Company will use its best efforts to prevent
the issuance of any such order referred to in clause (i) and (iii) of this paragraph and to obtain as soon as possible the lifting
thereof, if issued.

 

(iv)        The
Company will cooperate with the Representative in endeavoring to qualify the Securities for sale under the securities laws of such
jurisdictions as the Representative may reasonably have designated in writing and will make such applications, file such documents,
and furnish such information as may be reasonably required for that purpose; provided that the Company shall not be required to
(A) qualify as a foreign corporation, (B) file a general consent to service of process in any jurisdiction where it is not now
so qualified or required to file such a consent, or (C) subject itself to taxation in any such jurisdiction if it is not otherwise
so subject. The Company will, from time to time, prepare and file such statements, reports, and other documents, as are or may
be required to continue such qualifications in effect for so long a period as the Representative may reasonably request for distribution
of the Securities.

 

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(v)         The
Company will deliver to, or upon the order of, the Representative, from time to time, as many copies of any Preliminary Offering
Memorandum, any other Time of Sale Information and any Issuer Written Communication as the Representative may reasonably request.
The Company will deliver to the Initial Purchasers such number of copies of the Offering Memorandum, including documents incorporated
by reference therein, and all amendments thereto, as the Representative may reasonably request.

 

(vi)        The
Company will comply with the Securities Act and the Rules and Regulations, and the Exchange Act, and the rules and regulations
of the Commission thereunder, so as to permit the completion of the distribution of the Securities as contemplated in this Agreement
and the Offering Memorandum so long as the offering and this Agreement are not terminated. If at any time during the Offering Memorandum
Delivery Period any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the
Representative, it becomes necessary to amend or supplement the Offering Memorandum in order to make the statements therein, in
the light of the circumstances existing at the time the Offering Memorandum is delivered to a purchaser, not misleading or if it
is necessary at any time to amend or supplement the Offering Memorandum to comply with any law, the Company will promptly either
(A), prepare and furnish to the Initial Purchasers an appropriate amendment or supplement to the Offering Memorandum or (B) prepare
and file with the Commission an appropriate filing under the Exchange Act which shall be incorporated by reference in the Offering
Memorandum so that the Offering Memorandum as so amended or supplemented will not, in the light of the circumstances existing when
the Offering Memorandum is delivered to a purchaser, be misleading, or so that the Offering Memorandum will comply with applicable
law.

 

(vii)       If
the Time of Sale Information is being used to solicit offers to buy the Securities at a time when the Offering Memorandum is not
yet available to prospective purchasers and any event shall occur or condition shall exist as a result of which, in the judgment
of the Company or in the reasonable opinion of the Representative, it becomes necessary to amend or supplement the Time of Sale
Information in order to make the statements therein, in the light of the circumstances, not misleading, or to make the statements
therein not conflict with the information contained in the Preliminary Offering Memorandum, or if it is necessary at any time to
amend or supplement the Time of Sale Information to comply with any law, the Company promptly will either
(A) prepare and furnish to the Initial Purchasers and any dealers an appropriate amendment or supplement to the Time of Sale Information
or (B) prepare and file with the Commission an appropriate filing under the Exchange Act which shall be incorporated by reference
in the Time of Sale Information so that the Time of Sale Information as
so amended or supplemented will not, in the light of the circumstances, be misleading or conflict with the Preliminary Offering
Memorandum, or so that the Time of Sale Information will comply with applicable law. 

 

    	19

    	 

    

 

(viii)       The
Company will make generally available to its security holders, as soon as it is practicable to do so, but in any event not later
than 15 months from the date of the Offering Memorandum, an earnings statement (which need not be audited) in reasonable detail,
covering a period of at least 12 consecutive months beginning after the date of the Offering Memorandum, which earnings statement
shall satisfy the requirements of Section 11(a) of the Securities Act and Rule 158 under the Securities Act and will advise you
in writing when such statement has been so made available.

 

(ix)        
Prior to the Closing Date, the Company will furnish to the Initial Purchasers, as soon as they have been prepared by or are available
to the Company, a copy of any unaudited interim financial statements of the Company for any period subsequent to the period covered
by the most recent financial statements appearing in the Preliminary Offering Memorandum, Time of Sale Information and the Offering
Memorandum; provided that, such financial statements described in this subsection (ix) shall only be provided the Initial Purchaser
if such financial statements are not otherwise publicly available.

 

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

 

(xi)          No
offering, pledge, sale, contract to sell, short sale or other disposition of any shares of Common Stock of the Company or other
securities convertible into or exchangeable or exercisable for shares of Common Stock or derivative of Common Stock (or agreement
for such) other than (i) pursuant to equity incentive plans as in existence on the date of this Agreement, (ii) pursuant to the
exchange, exercise or conversion of warrants or convertible securities outstanding as of the date of this Agreement, (iii) pursuant
to the filing of one or more registration statements on Form S-8 with the Commission, (iv) the offer and sale of the Common Stock
pursuant to the Concurrent Equity Offering, (v) the Securities to be sold hereunder and any shares
of Common Stock of the Company issued in connection with conversions pursuant to the Indenture, (vi) the
issuance of up to an aggregate of 2.0 million shares of Common Stock of the Company or other securities convertible into or exchangeable
or exercisable for an aggregate of no more than 2.0 million shares of Common Stock or derivative of up to 2.0 million shares of
Common Stock in connection with the Company’s acquisition of one or more businesses, products or technologies, joint ventures,
commercial relationships or other strategic corporate transactions, including, without limitation, the issuance of shares of Common
Stock of the Company or other securities convertible into or exchangeable or exercisable for shares of Common Stock or derivative
of Common Stock to finance any such acquisition or other strategic corporate transaction, provided that each recipient
of shares of Common Stock of the Company or other securities convertible into or exchangeable or exercisable for shares of Common
Stock or derivative of Common Stock pursuant to this clause or (vi) shall execute and deliver to the Representative a letter
substantially in the form attached hereto as Exhibit B, will be made for a period of 90 days after the date of the
Offering Memorandum, directly or indirectly, by the Company otherwise than contemplated hereunder or with the prior written consent
of the Representative, provided that the foregoing restrictions will not restrict the Company from, during such 90-day restricted
period, making an offer or entering into an agreement, understanding, contract, commitment or arrangement to sell shares of Common
Stock of the Company or other securities convertible into or exchangeable or exercisable for shares of Common Stock or derivative
of Common Stock after such 90-day period in connection with the Company’s acquisition
of one or more businesses, products or technologies, joint ventures, commercial relationships or other strategic corporate transactions,
including, without limitation, the issuance of shares of Common Stock of the Company or other securities convertible into or exchangeable
or exercisable for shares of Common Stock or derivative of Common Stock to finance any such acquisition or other strategic corporate
transaction.

 

    	20

    	 

    

 

(xii)       The
Company will reserve and keep available at all times, free of pre-emptive rights, shares of Common Stock for the purpose of enabling
the Company to satisfy all obligations to issue the Underlying Securities upon the conversion of the Securities. For so long as
the Company’s Common Stock is then listed on the NASDAQ Capital Market, the Company will use its best efforts to list the
Underlying Securities, subject to notice of issuance, on the NASDAQ Capital Market.

 

(xiii)       The
Company has caused each officer, director and stockholder of the Company listed on Schedule IV to execute and deliver to
the Representative, on or prior to the date of this Agreement, a letter or letters, substantially in the form attached hereto as
Exhibit B (the “Lockup Agreement”).

 

(xiv)       The
Company will assist the Representative in arranging for the Securities to be eligible for clearance and settlement through DTC.

 

(xv)         During
the period from the Closing Date until one year after the Closing Date or any Additional Closing Date, the Company will not, and
will not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have
been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and resold in a transaction
registered under the Securities Act.

 

(xvi)       None
of the Company or any of its affiliates (as defined in Rule 501(b) of Regulation D) will, 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.

 

(xvii)       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 covenant is given) will 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 or in any manner involving a public offering within the
meaning of Section 4(a)(2) of the Securities Act.

 

(xviii)      The
Company shall not conduct its business in such a manner as would require the Company or any of the Subsidiaries to register as
an investment company under the 1940 Act.

 

    	21

    	 

    

 

(xix)       The
Company will maintain a transfer agent and, if necessary under the jurisdiction of incorporation of the Company, a registrar for
the Common Stock.

 

(xx)        The
Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably
be expected to constitute, the stabilization or manipulation of the price of any security of the Company.

 

(xxi)      
Prior to the Closing Date, the Company will not issue any press release or other communication directly or indirectly or hold any
press conference with respect to the Company, its condition, financial or otherwise, or its earnings, business, operations or prospects,
or the offering of the Securities, without the prior written consent of the Representative, unless in the reasonable judgment of
the Company and its counsel, and after notification to the Representative, such press release or communication is required by law
or by NASDAQ Capital Market rules, in which case the Company shall use its reasonable best efforts to allow the Initial Purchasers
reasonable time to comment on such release or other communication in advance of such issuance.

 

(b)       Each
Initial Purchaser will not use any written communication that constitutes an offer to sell or the solicitation of an offer to buy
the Securities other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that
contains no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including
through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum, (iii) any written communication
listed on Schedule II or prepared pursuant to Section 4(c) above (including any electronic road show), (iv) any written
communication prepared by such Initial Purchaser and approved by the Company in advance in writing or (v) any written communication
relating to or that contains the terms of the Securities and/or other information that was included (including through incorporation
by reference) in the Preliminary Offering Memorandum or the Offering Memorandum.

 

    	22

    	 

    

 

		5.	COSTS AND EXPENSES.

 

The Company, whether
or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or reimburse if paid by
the Initial Purchasers, all costs, expenses and fees incident to the performance of the obligations of the Company under this Agreement,
including, without limiting the generality of the foregoing, the following: (i) accounting fees of the Company and fees and
disbursements of the Company’s auditors incurred in delivering the letters described in Section 6(e) and (f); (ii) the fees
and disbursements of counsel for the Company; (iii) all costs and expenses related to the transfer and delivery of the Securities
to the Initial Purchasers, including any transfer or other taxes payable thereon; (iv) any reasonable roadshow expenses; (v) the
cost of printing and delivering to, or as requested by, the Initial Purchasers copies of the Preliminary Offering Memorandum, Time
of Sale Information, Offering Memorandum, any Issuer Written Communication, this Agreement, the Transaction Documents, any Blue
Sky survey, in each case, any supplements or amendments thereto; (vi) the filing fees of the Commission; (vii) all expenses and
application fees related to the listing of the Underlying Securities on the NASDAQ Capital Market, if any; (viii) the costs and
charges of any transfer agent, registrar, depositary, trustee and any of their respective counsels; (ix) all
expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC;
(x) $250,000 to the Initial Purchasers for certain out-of-pocket expenses incurred in connection with the offering of the Securities;
(xi) all other costs and expenses of the Company incident to the performance of its obligations hereunder and the other Transaction
Documents that are not otherwise specifically provided for herein; and (xii) the costs and expenses (including without limitation
any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts
for sale of the Securities made by the Initial Purchasers caused by a breach of the representation in Section 3(e) hereof). If
this Agreement shall not be consummated because the conditions in Section 6 hereof are not satisfied, or because this Agreement
is terminated by the Representative pursuant to Section 11 hereof, or by reason of any failure, refusal or inability on the part
of the Company to perform any undertaking or satisfy any condition of this Agreement
or to comply with any of the terms hereof on their part to be performed, unless such failure, refusal or inability is due primarily
to the default or omission of any Initial Purchaser, the Company shall reimburse the several Initial Purchasers for reasonable
out-of-pocket expenses, including fees and disbursements of counsel, reasonably incurred in connection with investigating, marketing
and proposing to market the Securities or in contemplation of performing their obligations hereunder; but the Company shall not
in any event be liable to any of the several Initial Purchasers for damages on account of loss of anticipated profits from the
sale by them of the Securities.

 

		6.	CONDITIONS OF OBLIGATIONS OF THE INITIAL PURCHASERS.

 

The several obligations
of the Initial Purchasers to purchase the Underwritten Securities on the Closing Date and the Option Securities, if any, on any
Additional Closing Date are subject to the accuracy, as of the Time of Sale, on the Closing Date, or the applicable Additional
Closing Date, as the case may be, of the representations and warranties of the Company contained herein, and to the performance
by the Company of its covenants and other obligation hereunder and to the following additional conditions:

 

(a)          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, as of the Closing Date or any Additional Closing Date, as the
case may be, prevent the issuance or sale of the Securities; and no injunction or order of any nature by a federal or state court
of competent jurisdiction shall have been issued, as of the Closing Date or any Additional Closing Date, as the case may be, which
would prevent the sale of the Securities.

 

(b)          The
Representative shall have received on the Closing Date or any Additional Closing Date, as the case may be, the opinion and 10b-5
statement of McDermott Will & Emery LLP, counsel for the Company dated the Closing Date or any Additional Closing Date, as
the case may be, addressed to the Initial Purchasers (and stating that it may be relied upon by counsel to the Initial Purchasers),
in form and substance as previously agreed with the Representative.

 

(c)          The
Representative shall have received from Goodwin Procter LLP, counsel for the Initial Purchasers, an opinion and 10b-5 statement,
dated the Closing Date or any Additional Closing Date, as the case may be, with respect to such matters as the Representative may
reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable
them to pass upon such matters.

 

    	23

    	 

    

 

(d)          The
Representative shall have received on the Closing Date or any Additional Closing Date, as the case may be, the opinion of the Senior
Vice President and General Counsel of the Company dated the Closing Date or any Additional Closing Date, as the case may be, addressed
to the Initial Purchasers, in form and substance as previously agreed with the Representative.

 

(e)          You
shall have received, on the date hereof, the Closing Date and, if applicable, any Additional Closing Date, a letter dated the date
hereof, the Closing Date or any Additional Closing Date, as the case may be, in form and substance satisfactory to the Representative,
of Ernst & Young LLP confirming that it is an independent registered public accounting firm with respect to the Company and
the Subsidiaries within the meaning of the Securities Act and the applicable Rules and Regulations and the PCAOB and stating that
in their opinion the financial statements and schedules examined by them and included or incorporated by reference in the Time
of Sale Information and the Offering Memorandum comply in form in all material respects with the applicable accounting requirements
of the Securities Act and the related Rules and Regulations; and containing such other statements and information as is ordinarily
included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial and statistical information contained in the Time of Sale Information and the Offering Memorandum.

 

(f)          You
shall have received, on the date hereof, the Closing Date and, if applicable, any Additional Closing Date, a letter dated the date
hereof, the Closing Date or any Additional Closing Date, as the case may be, in form and substance satisfactory to the Representative,
of Rose, Snyder & Jacobs LLP confirming that it was an independent registered public accounting firm with respect to Row 44,
Inc. during the period covered by such financial statements within the meaning of the Securities Act and the applicable Rules and
Regulations and the PCAOB and stating that in their opinion the financial statements and schedules examined by them and included
or incorporated by reference in the Time of Sale Information and the Offering Memorandum comply in form in all material respects
with the applicable accounting requirements of the Securities Act and the related Rules and Regulations; and containing such other
statements and information as is ordinarily included in accountants’ “comfort letters” to underwriters with respect
to the financial statements and certain financial and statistical information contained in the Time of Sale Information and the
Offering Memorandum.

 

(g)          You
shall have received, on the date hereof, the Closing Date and, if applicable, any Additional Closing Date, a letter dated the date
hereof, the Closing Date or any Additional Closing Date, as the case may be, in form and substance satisfactory to the Representative,
of Ernst & Young GmbH Wirtschaftsprufungsgesellschaft confirming that it was an independent auditor with respect to Advanced
Inflight Alliance AG and its subsidiaries during the period covered by such financial statements within the meaning of the Securities
Act and the applicable Rules and Regulations and the PCAOB and stating that in their opinion the financial statements and schedules
examined by them and included or incorporated by reference in the Time of Sale Information and the Offering Memorandum comply as
to form in all material respects with the applicable accounting requirements of the Securities Act and the related Rules and Regulations;
and containing such other statements and information as is ordinarily included in accountants’ “comfort letters”
to underwriters with respect to the financial statements and certain financial and statistical information contained in the Time
of Sale Information and the Offering Memorandum.

 

    	24

    	 

    

 

(h)           You
shall have received, on the date hereof, a copy of the receipt of a letter or other evidence of the consent under the Loan and
Security Agreement dated December 22, 2014, among Citibank, N.A., the Company and the guarantors set forth therein, as further
described in the Time of Sale Document and the Offering Memorandum, allowing for the offering and sale and for the Company to make
payment in respect of, the Securities.

 

(i)           The
Representative shall have received on the Closing Date and, if applicable, any Additional Closing Date, as the case may be, a certificate
or certificates of the Chief Executive Officer and the Chief Financial Officer of the Company to the effect that, as of the Closing
Date or any Additional Closing Date, as the case may be, each of them severally represents as follows:

 

(i)         The
representations and warranties of the Company contained in Section 3 hereof are true and correct as of the Closing Date or any
Additional Closing Date, as the case may be;

 

(ii)       Such
officer has carefully examined the Time of Sale Information and, in his or her opinion, as of the Time of Sale, the statements
contained in the Time of Sale Information did not contain any untrue statement of a material fact, and such Time of Sale Information
did not 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 such officer makes no representations or warranties as to information
contained in or omitted from the Time of Sale Information, in reliance upon, and in conformity with, written information furnished
to the Company by or on behalf of any Initial Purchaser through the Representative, specifically for use therein, it being understood
and agreed that the only such information is that described in Section 13 hereof;

 

(iii)      Such
officer has carefully examined the Offering Memorandum and, in his or her opinion, as of its date and the Closing Date or the applicable
Additional Closing Date, as the case may be, the Offering Memorandum and any amendments and supplements thereto did not contain
any untrue statement of a material fact and did not 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 such officer makes no representations or warranties as to information contained in or omitted from the Offering Memorandum,
in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Initial Purchaser
through the Representative, specifically for use therein, it being understood and agreed that the only such information is that
described in Section 13 hereof; and

 

(iv)      Since
the respective dates as of which information is given in the Time of Sale Information and the Offering Memorandum, there has not
been any material adverse change or any development involving a prospective material adverse change in or affecting the business,
properties, assets, rights, operations, or financial condition of the Company and its Subsidiaries taken as a whole, whether or
not arising in the ordinary course of business.

 

    	25

    	 

    

 

(j)          The
Representative shall have received on each of the date hereof, the Closing Date and, if applicable, any Additional Closing Date,
as the case may be, a certificate of the Chief Financial Officer of the Company substantially in the form attached hereto as Exhibit
C.

 

(k)          The
Company shall have furnished to the Representative such further certificates and documents confirming the representations and warranties,
covenants and conditions contained herein and related matters as the Representative may reasonably have requested.

 

(l)          The
Securities shall be eligible for clearance and settlement through DTC.

 

(m)        The
Lockup Agreements described in Section 4(a)(xiii) hereof have been received by the Representative and are in full force and effect.

 

All such opinions, certificates, letters
and other documents mentioned in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are
satisfactory in the reasonable judgment of the Representative and counsel for the Initial Purchasers.

 

If any of the conditions
hereinabove provided for in this Section 6 shall not have been fulfilled when and as required by this Agreement to be fulfilled,
the obligations of the Initial Purchasers hereunder may be terminated by the Representative by notifying the Company of such termination
in writing or by telegram at or prior to the Closing Date or any Additional Closing Date, as the case may be. In such event, the
Company and the Initial Purchasers shall not be under any obligation to each other (except to the extent provided in Sections 5
and 7 hereof).

 

		7.	INDEMNIFICATION.

 

(a)          The
Company agrees:

 

(i)          to
indemnify and hold harmless each Initial Purchaser, the affiliates, directors and officers of each Initial Purchaser and each person,
if any, who controls any Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act (each an “Indemnified Party”), against any losses, claims, damages or liabilities to which such Indemnified
Party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
or proceedings in respect thereof) arise out of or are based upon (A) any untrue statement or alleged untrue statement of any material
fact contained in the Offering Memorandum, any Preliminary Offering Memorandum, any of the other Time of Sale Information, any
Issuer Written Communication, or any amendment or supplement thereto, or in any materials or information provided to investors
by, at the instruction of, the Company in connection with the marketing of the offering of the Securities (“Marketing
Materials”), or (B) with respect to the Offering Memorandum or any amendment or supplement thereto, the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
or (C) with respect to any Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication,
or any amendment or supplement thereto or the Marketing Materials, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that the Company will not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement, or omission
or alleged omission made in the Offering Memorandum, any Preliminary Offering Memorandum, any of the other Time of Sale Information,
any Issuer Written Communication, or any amendment or supplement thereto, or Marketing Materials, in reliance upon and in conformity
with written information furnished to the Company by or through the Representative specifically for use therein, it being understood
and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section
13 hereof; and

 

    	26

    	 

    

 

(ii)         to
reimburse each Indemnified Party upon demand for any reasonable legal or other out-of-pocket expenses reasonably incurred by it
in connection with investigating or defending any such loss, claim, damage or liability, action or proceeding or in responding
to a subpoena or governmental inquiry related to the offering of the Securities, whether or not such Indemnified Party is a party
to any action or proceeding. In the event that it is finally judicially determined that the Initial Purchasers were not entitled
to receive payments for legal and other expenses pursuant to this subparagraph, the Initial Purchasers will promptly return all
sums that had been advanced pursuant hereto.

 

(b)           Each
Initial Purchaser severally and not jointly will indemnify and hold harmless the Company, its affiliates, directors, officers and
each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act (each an “Initial Purchaser Indemnified Party”), against any losses, claims, damages or liabilities to which
the Initial Purchaser Indemnified Party may become subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (A) any untrue statement or
alleged untrue statement of any material fact contained in the Offering Memorandum, any Preliminary Offering Memorandum, any of
the other Time of Sale Information, any Issuer Written Communication, or any amendment or supplement thereto, or in any Marketing
Materials, or (B) with respect to the Offering Memorandum or any amendment or supplement thereto, the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (C)
with respect to any Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication,
or any amendment or supplement thereto, or in any Marketing Materials, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
under which they were made; and will reimburse any legal or other expenses reasonably incurred by the Initial Purchaser Indemnified
Party in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however,
that each Initial Purchaser will be liable in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission has been made in the Offering Memorandum, any Preliminary Offering Memorandum,
any of the other Time of Sale Information, any Issuer Written Communication, or any amendment or supplement thereto, in reliance
upon and in conformity with written information furnished to the Company by or through the Representative specifically for use
therein, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information
described as such in Section 13 hereof. This indemnity agreement will be in addition to any liability which such Initial Purchaser
may otherwise have.

 

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(c)          In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to this Section 7, such person (the “indemnified party”) shall promptly notify the person
against whom such indemnity may be sought (the “indemnifying party”) in writing of the commencement thereof.
No indemnification provided for in Section 7(a), (b), (d) or (e) hereof shall be available to any party who shall fail to give
notice as provided in this Section 7(c) if the party to whom notice was not given was unaware of the proceeding to which such notice
would have related and was materially prejudiced by the failure to give such notice, but the failure to give such notice shall
not relieve the indemnifying party or parties from any liability which it or they may have to the indemnified party for contribution
or otherwise than on account of the provisions of Section 7(a), (b), (d) or (e) hereof. In case any such proceeding shall be brought
against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall
be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel satisfactory to such indemnified party and shall pay as incurred the reasonable fees
and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right
to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall pay as incurred (or within
30 days of presentation) the reasonable fees and expenses of the counsel retained by the indemnified party in the event (i) the
indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the named parties
to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii)
the indemnifying party shall have failed to assume the defense and employ counsel acceptable to the indemnified party within a
reasonable period of time after notice of commencement of the action. The indemnifying party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate
firm for all such indemnified parties. Such firm shall be designated in writing by you in the case of parties indemnified pursuant
to Section 7(a) or (e) (in the case where any Initial Purchaser is an Indemnified Party) hereof and by the Company in the case
of parties indemnified pursuant to Section 7(b) or (e) (in the case where the Company is an Indemnified Party) hereof. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against
any loss or liability by reason of such settlement or judgment. In addition, the indemnifying party will not, without the prior
written consent of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding of which indemnification may be sought hereunder (whether or not any indemnified party is an actual
or potential party to such claim, action or proceeding) unless such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such claim, action or proceeding and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. If at any
time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such 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 45 days after receipt by such indemnifying party of the aforesaid request,
(ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement
being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.

 

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(d)          To
the extent the indemnification provided for in this Section 7 is unavailable to or insufficient to hold harmless an indemnified
party under Section 7(a) or (b) hereof in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect
thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) 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
from the offering of the Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted
by applicable law then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits 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, claims, damages
or liabilities (or actions or proceedings in respect thereof), 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 proportion
as the net proceeds from the offering (before deducting expenses) received by the Company bear to the total initial purchasers’
discounts and commissions received by the Initial Purchasers, as provided in this Agreement. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company on the one hand or the Initial Purchasers on the
other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

The Company and the Initial
Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 7(d) 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
which does not take account of the equitable considerations referred to above in this Section 7(d). The amount paid or payable
by an indemnified party as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof)
referred to above in this Section 7(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7(d),
(i) no Initial Purchaser shall be required to contribute any amount in excess of the initial purchaser discounts and commissions
applicable to the Securities purchased by such Initial Purchaser and (ii) no person guilty of fraudulent misrepresentation (within
the meaning of Section 10(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 in this Section 7(d) to contribute are several in proportion
to their respective underwriting obligations and not joint.

 

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(e)          In
any proceeding relating to the Offering Memorandum, any Preliminary Offering Memorandum, any of the other Time of Sale Information,
any Issuer Written Communication, or any such amendment or supplement thereto, or any Marketing Materials each party against whom
contribution may be sought under this Section 7 hereby consents to the exclusive jurisdiction of (i) the federal courts of the
United States of America located in the City and County of New York, Borough of Manhattan and (ii) the courts of the State of New
York located in the City and County of New York, Borough of Manhattan (collectively, the “Specified Courts”),
agrees that process issuing from such courts may be served upon it by any other contributing party and consents to the service
of such process and agrees that any other contributing party may join it as an additional defendant in any such proceeding in which
such other contributing party is a party. The Company irrevocably appoints the Company’s General Counsel as their agent to
receive service of process or other legal summons for purposes of any such suit, action or proceeding that may be instituted in
any state or federal court in the City and County of New York.

 

(f)          Any
losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution
under this Section 7 shall be paid by the indemnifying party to the indemnified party as such losses, claims, damages, liabilities
or expenses are incurred. The indemnity and contribution agreements contained in this Section 7 and the representations and warranties
of the Company set forth in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation
made by or on behalf of any Initial Purchaser, its affiliates, directors or officers or any person controlling any Initial Purchaser,
the Company, its affiliates, directors or officers or any persons controlling the Company, (ii) acceptance of any Securities and
payment therefor hereunder, and (iii) any termination of this Agreement. A successor to any Initial Purchaser, its affiliates directors
or officers or any person controlling any Initial Purchaser, or to the Company, its affiliates, directors or officers, or any person
controlling the Company, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained
in this Section 7.

 

		8.	DEFAULT BY INITIAL PURCHASERS.

 

If on the Closing Date or any Additional Closing
Date, as the case may be, any Initial Purchaser shall fail to purchase and pay for the portion of the aggregate principal amount
of Securities which such Initial Purchaser has agreed to purchase and pay for on such date (otherwise than by reason of any default
on the part of the Company), you, as Representative of the Initial Purchasers, shall use your reasonable efforts to procure within
36 hours thereafter one or more of the other Initial Purchasers, or any others, to purchase from the Company, the Securities which
the defaulting Initial Purchaser or Initial Purchasers failed to purchase. If during such 36 hours you, as such Representative,
shall not have procured such other Initial Purchasers, or any others, to purchase the aggregate principal amount of Securities
agreed to be purchased by the defaulting Initial Purchaser or Initial Purchasers, then (a) if the aggregate principal amount of
Securities with respect to which such default shall occur does not exceed 10% of the aggregate principal amount of Securities to
be purchased on the Closing Date or any Additional Closing date, as the case may be, the other Initial Purchasers shall be obligated,
severally, in proportion to the respective numbers of Securities which they are obligated to purchase hereunder, to purchase the
aggregate principal amount of Securities which such defaulting Initial Purchaser or Initial Purchasers failed to purchase, or (b)
if the aggregate principal amount of Securities with respect to which such default shall occur exceeds 10% of the aggregate principal
amount of Securities to be purchased on the Closing Date or any Additional Closing Date, as the case may be, the Company or you
as the Representative of the Initial Purchasers will have the right, by written notice given within the next 36-hour period to
the parties to this Agreement, to terminate this Agreement without liability on the part of the non-defaulting Initial Purchasers
and the Company, except to the extent provided in Sections 5 and 7 hereof. In the event of a default by any Initial Purchaser or
Initial Purchasers, as set forth in this Section 8, the Closing Date or any Additional Closing Date, as the case may be, may be
postponed for such period, not exceeding seven days, as you, as Representative, may determine in order that the required changes
in the Time of Sale Information or the Offering Memorandum or in any other documents or arrangements may be effected. The term
“Initial Purchaser” includes any person substituted for a defaulting Initial Purchaser. Any action taken under
this Section 8 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such Initial Purchaser
under this Agreement.

 

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		9.	NOTICES.

 

All communications hereunder
shall be in writing and, except as otherwise provided herein, will be mailed, delivered, telecopies or telegraphed and confirmed
as follows: (a) if to the Initial Purchasers, to the Representative c/o Piper Jaffray & Co., 345 Park Avenue, New York, New
York 10154, Attention: TMT Equity Capital Markets, fax: (646) 607-4168 , with a copy to: (i) Piper Jaffray & Co., U.S.
Bancorp Center, 800 Nicollet Avenue, Minneapolis, Minnesota 55402, Attention: General Counsel, fax: (612) 303-8199 and (ii) (which
shall not constitute notice), Goodwin Procter LLP, The New York Times Building, 620 Eighth Avenue, New York, New York 10018, Attention:
James P. Barri, fax: (617) 523-1231; (b) if to the Company, to Global Eagle Entertainment Inc., 4553 Glencoe Avenue, Los Angeles,
California 90292, Attention: General Counsel, with a copy to: McDermott Will & Emery LLP, 340 Madison Avenue, New York, New
York 10173, Attention: Joel L. Rubinstein, Esq., fax: (212) 547-5444.

 

10.          EFFECTIVENESS.
This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

 

11.          TERMINATION.
This Agreement may be terminated by the Representative by notice to the Company (a) at any time prior to the Closing Date or any
Additional Closing Date (if different from the Closing Date and then only as to Option Securities) if any of the following has
occurred: (i) since the respective dates as of which information is given in the Time of Sale Information or the Offering Memorandum,
any material adverse change or any development involving a prospective material adverse change in or affecting the earnings, business,
management, properties, assets, rights, operations, condition (financial or otherwise) or prospects of the Company and the Subsidiaries
taken as a whole, whether or not arising in the ordinary course of business; (ii) any outbreak or escalation of hostilities or
declaration of war or national emergency or other national or international calamity or crisis (including, without limitation,
an act of terrorism) or change in economic or political conditions if the effect of such outbreak, escalation, declaration, emergency,
calamity, crisis or change on the financial markets of the United States would, in your judgment, materially impair the investment
quality of the Shares; (iii) suspension of trading in securities generally on the New York Stock Exchange, the NYSE MKT or the
NASDAQ Capital Market or limitation on prices (other than limitations on hours or numbers of days of trading) for securities on
any such exchange; (iv) the enactment, publication, decree or other promulgation of any statute, regulation, rule or order of any
court or other governmental authority which in your opinion materially and adversely affects or may materially and adversely affect
the business or operations of the Company; (v) the declaration of a banking moratorium by the United States or New York State authorities;
(vi) the suspension of trading of the Company’s common stock by the NASDAQ Capital Market, the Commission or any other governmental
authority; or (vii) the taking of any action by any governmental body or agency in respect of its monetary or fiscal affairs which
in your opinion has a material adverse effect on the securities markets in the United States; or (b) as provided in Sections 6
and 8 of this Agreement.

 

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12.         SUCCESSORS.
This Agreement has been and is made solely for the benefit of the Initial Purchasers and the Company and their respective successors,
executors, administrators, heirs and assigns, and the officers, directors and controlling persons referred to herein, and no other
person will have any right or obligation hereunder. No purchaser of any of the Securities from any Initial Purchaser shall be deemed
a successor or assign merely because of such purchase.

 

13.         INFORMATION
PROVIDED BY INITIAL PURCHASERS. The Company and the Initial Purchasers acknowledge and agree
that the only information furnished or to be furnished by any Initial Purchaser to the Company for inclusion in the Preliminary
Offering Memorandum, Time of Sale Information and Offering Memorandum consists of the information set forth in the sixth paragraph,
the fourth sentence of the seventh paragraph, and paragraphs eleven and twelve under the caption “Plan of Distribution”
in the Offering Memorandum.

 

14.         MISCELLANEOUS.

 

(a)         The
reimbursement, indemnification and contribution agreements contained in this Agreement and the representations, warranties and
covenants in this Agreement shall remain in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of an Indemnified Party, or by or on behalf of an Initial Purchaser Indemnified Party and (iii)
delivery of and payment for the Securities under this Agreement.

 

(b)         The
Company acknowledges and agrees that each Initial Purchaser in providing investment banking services to the Company in connection
with the offering, including in acting pursuant to the terms of this Agreement, has acted and is acting as an independent contractor
and not as a fiduciary and the Company do not intend such Initial Purchaser to act in any capacity other than as an independent
contractor, including as a fiduciary or in any other position of higher trust. Additionally, neither the Representative nor any
other Initial Purchaser is advising the Company or any other person as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for
making their own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall
have no responsibility or liability to the Company with respect thereto. Any review by the Initial Purchasers of the Company, the
transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the
Initial Purchasers and shall not be on behalf of the Company.

 

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(c)          This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

(d)          This
Agreement shall be governed by, and construed in accordance with, the law of the State of New York, including, without limitation,
Section 5-1401 of the New York General Obligations Law.

 

(e)          Any
legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related
Proceedings”) shall be instituted in the Specified Courts, and each party irrevocably submits to the exclusive jurisdiction
(except for proceedings instituted in regard to the enforcement of a judgment of any such court (a “Related Judgment”),
as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any
suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to
the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and
agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been
brought in an inconvenient forum. With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent
permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process,
attachment (both before and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and
with respect to any Related Judgment, each party waives any such immunity in the Specified Courts or any other court of competent
jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such Related Proceeding
or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act
of 1976, as amended.

 

(f)          In
respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the “Judgment
Currency”) other than United States dollars, the Company will indemnify each Initial Purchaser against any loss incurred
by such Initial Purchaser as a result of any variation as between (i) the rate of exchange at which the United States dollar amount
is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the rate of exchange at which an Initial
Purchaser is able to purchase United States dollars with the amount of the Judgment Currency actually received by such Initial
Purchaser. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in
full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include
any premiums and costs of exchange payable in connection with the purchase of or conversion into United States dollars.

 

(g)          The
Initial Purchasers, on the one hand, and the Company (on its own behalf and, to the extent permitted by law, on behalf of its stockholders)
on the other hand, waive any right to trial by jury in any action, claim, suit or proceeding with respect to your engagement as
underwriter or your role in connection herewith.

 

    	33

    	 

    

 

(h)          This
Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous
oral agreements, understandings and negotiations with respect to the subject matter hereof. Neither this Agreement nor any terms
hereof may be amended except pursuant to a written instrument executed by the Company and the Representative on behalf of the Initial
Purchasers. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect
and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

If the foregoing is in
accordance with your understanding of our agreement, please sign and return to us the enclosed duplicates hereof, whereupon it
will become a binding agreement among the Company and the several Initial Purchasers
in accordance with its terms.

 

    	34

    	 

    

 

	 	Very truly yours,
	 	 
	 	GLOBAL EAGLE ENTERTAINMENT INC.
	 	 	 
	 	By:	/s/ Jay Itzkowitz
	 	Name:	Jay Itzkowitz
	 	Title:	Senior Vice President and General Counsel

 

	The foregoing Purchase Agreement	 
	is hereby confirmed and accepted as	 
	of the date first above written.	 
	 	 
	INITIAL PURCHASERS	 
	 	 
	As Representative of the several	 
	Initial Purchasers listed on Schedule I hereto	 
	 	 
	PIPER JAFFRAY & CO.	 

	 	 	 
	By:	/s/ Martin C. Alvarez	 
	Name:	Martin C. Alvarez	 
	Title:	Managing Director	 

 

[Signature Page to Note Purchase Agreement]

 

    	 

    	 

    

 

SCHEDULE I

 

SCHEDULE OF INITIAL PURCHASERS

 

	Initial Purchaser	 	Principal Amount of

Securities	 
	 	 	 	 
	Piper Jaffray & Co.	 	$	60,000,000	 
	Macquarie Capital (USA) Inc.	 	$	15,000,000	 
	Total:	 	$	75,000,000	 

 

    	 

    	 

    

 

SCHEDULE II

 

WRITTEN COMMUNICATIONS

 

None.

 

    	 

    	 

    

 

SCHEDULE III

 

PRICING TERM SHEET

 

    	 

    	 

    

 

	PRICING TERM SHEET	 	STRICTLY CONFIDENTIAL

 

DATED February 12, 2015

 

 

GLOBAL EAGLE ENTERTAINMENT INC.

 

$75,000,000 PRINCIPAL AMOUNT OF

 

2.75% CONVERTIBLE SENIOR NOTES DUE 2035

 

The information in this pricing term sheet
supplements Global Eagle Entertainment Inc.’s preliminary offering memorandum, dated February 9, 2015 (the “Preliminary
Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with
the information in the Preliminary Offering Memorandum. In all other respects, this term sheet is qualified in its entirety by
reference to the Preliminary Offering Memorandum, including the documents incorporated by reference therein. References to “Global
Eagle,” “Global Eagle Entertainment,” “the Company,” “we,” “us,” “our”
and similar terms refer to Global Eagle Entertainment Inc. and not to any of its subsidiaries. Terms used herein but not defined
herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. All references to dollar amounts
are references to U.S. dollars.

 

	Issuer:	 	Global Eagle Entertainment Inc., a Delaware corporation. 
	 	 	 
	Trading of Our Common Stock	 	Our common stock is listed on The Nasdaq Capital Market under the symbol “ENT”.
	 	 	 
	Securities:	 	2.75% Convertible Senior Notes due 2035 (the “notes”).
	 	 	 
	Principal Amount:	 	$75.0 million (or $82.5 million aggregate principal amount if the initial purchasers’ exercise their option to purchase up to an additional $7.5 million principal amount of notes in full).
	 	 	 
	Issue Price:	 	100% of principal, plus accrued interest, if any from February 18, 2015.
	 	 	 
	Denominations:	 	$1,000 and  integral multiples of $1,000 in excess thereof.
	 	 	 
	Maturity:	 	February 15, 2035, unless earlier converted, redeemed or repurchased.
	 	 	 
	Optional Redemption:	 	We may not redeem the notes prior to February 20, 2019. We may at our option redeem all or part of the notes at any time (1) on or after February 20, 2019 if the last reported sales price per share of our common stock has been  at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide written notice of redemption and (2) on or after February 20, 2022 regardless of the sale price condition described in clause (1), in each case, at a redemption price in cash equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

 

    	 

    	 

    

 

	Repurchase of Notes at Your Option on Specified Dates:	 	On February 20, 2022, February 20, 2025 and February 20, 2030, holders may require us to repurchase all or a portion of their notes in integral multiples of $1,000 at a repurchase price in cash equal to 100% of the principal amount of the notes being repurchased, plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date. To exercise such right, a holder must deliver notes and a written repurchase notice to the paying agent no later than the second business day immediately preceding the relevant repurchase date.
	 	 	 
	Fundamental Change Permits Holders to Require Us to Repurchase Notes:	 	If a “fundamental change” (as defined in the Preliminary Offering Memorandum under the caption “Description of Notes—Repurchase at the Option of the Holders—Fundamental Change Permits Holders to Require Us to Repurchase Notes”) occurs at any time prior to the maturity date, you will have the right, at your option, to require us to repurchase for cash all or a portion of your notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. To exercise such right, a holder must deliver notes and a written repurchase notice to the paying agent no later than the second business day immediately preceding the relevant fundamental change repurchase date.
	 	 	 
	Interest and Interest Payment Dates:	 	2.75% per year. Interest will accrue from February 18, 2015 and will be payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2015.
	 	 	 
	Regular Record Dates:	 	February 1 and August 1 of each year, as the case may be, immediately preceding each interest payment date.
	 	 	 
	Lasted Reported Sale Price on February 11, 2015:	 	$12.95 per share.
	 	 	 
	Initial Conversion Rate:	 	53.9084 shares of common stock per $1,000 principal amount of notes, subject to adjustment in some events, but will not be adjusted for accrued interest.
	 	 	 
	Initial Conversion Price:	 	Approximately $18.55 per share of common stock, subject to adjustment  in some events, but will not be adjusted for accrued interest.
	 	 	 
	Conversion Premium:	 	Approximately 40% above the public offering price of our common stock in the concurrent offering of our common stock by certain of our stockholders described below.
	 	 	 
	Settlement Method for Conversions:	 	Cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.
	 	 	 
	Joint Book-Running Managers:	 	
        Piper Jaffray & Co.

        Macquarie Capital (USA) Inc.

	 	 	 
	Pricing Date:	 	February 12, 2015.
	 	 	 
	Trade Date:	 	February 12, 2015.

 

    	 

    	 

    

 

	Expected Settlement Date:	 	February 18, 2015.
	 	 	 
	CUSIP Number (144A):	 	37951D AA0
	 	 	 
	ISIN (144A):	 	US37951DAA00 
	 	 	 
	Listing:	 	None.
	 	 	 
	Use of Proceeds:	 	
        We estimate that the net proceeds from the offering of notes will
        be approximately $72.3 million (or $79.6 million if the initial purchasers exercise their option to purchase additional notes in
        full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by us.

         

        We intend to use the net proceeds from the offering of notes for
        working capital and general corporate purposes, including possible acquisitions, ongoing and future capital investments in new
        product development and technologies, and costs associated with expanding our customer base in new and emerging markets. However,
        we have no current commitments or obligations with respect to any acquisitions.

	 	 	 
	Concurrent Offering of Common Stock:	 	Concurrently with the offering of the notes, certain of our stockholders are offering 3,300,000 shares of our common stock (3,795,000 shares if the underwriters in the concurrent offering exercise in full their option to purchase additional shares to cover over-allotments) at a public offering price of $13.25 per share of common stock pursuant to a prospectus supplement in an underwritten public offering.  This number of shares is reduced by 5,000,000 shares from the number of shares we previously announced were being sold in this offering because PAR Investment Partners, L.P. elected not to sell any of its shares in this offering based on the price at which the shares are being offered. Neither offering is contingent upon the completion of the other. We cannot assure you that the concurrent selling stockholder common stock offering will be completed or, if completed, on what terms it will be completed. We will not receive any proceeds from the sale of the shares of our common stock by the selling stockholders in the concurrent offering.  As part of the underwriting procedures, PAR Investment Partners, L.P., all selling stockholders and all of our executive officers and directors have agreed to lock-up agreements for a period of 90 days following the offering.

 

    	 

    	 

    

 

Description of Notes—Conversion Rights—Increase
in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change or during a Redemption Period

 

If the effective date of a make-whole fundamental change (as defined
in the Preliminary Offering Memorandum) occurs prior to February 20, 2022, and a holder elects to convert its notes in connection
with such make-whole fundamental change or if we issue a notice of redemption prior to February 20, 2022, and a holder elects to
convert notes during the related redemption period, we will, under certain circumstances, increase the conversion rate for the
notes so surrendered for conversion by a number of additional shares of common stock.

 

The following table sets forth the number of additional shares by
which the conversion rate will be increased per $1,000 principal amount of notes:

 

	Effective Date /
 Redemption Notice	 	Stock Price	 
	Date	 	$13.25	 	 	$15.00	 	 	$20.00	 	 	$25.00	 	 	$30.00	 	 	$40.00	 	 	$50.00	 	 	$60.00	 	 	$70.00	 	 	$80.00	 
	February 18, 2015	 	 	21.5638	 	 	 	17.5593	 	 	 	10.5335	 	 	 	6.8060	 	 	 	4.6023	 	 	 	2.2643	 	 	 	1.1500	 	 	 	0.5660	 	 	 	0.2479	 	 	 	0.0783	 
	February 15, 2016	 	 	21.5638	 	 	 	17.0920	 	 	 	9.9560	 	 	 	6.2700	 	 	 	4.1437	 	 	 	1.9540	 	 	 	0.9490	 	 	 	0.4415	 	 	 	0.1791	 	 	 	0.0514	 
	February 15, 2017	 	 	21.5638	 	 	 	16.7447	 	 	 	9.4030	 	 	 	5.7340	 	 	 	3.6833	 	 	 	1.6505	 	 	 	0.7596	 	 	 	0.3283	 	 	 	0.1170	 	 	 	0.0239	 
	February 15, 2018	 	 	21.5638	 	 	 	16.4227	 	 	 	8.7805	 	 	 	5.1260	 	 	 	3.1700	 	 	 	1.3295	 	 	 	0.5708	 	 	 	0.2232	 	 	 	0.0647	 	 	 	0.0060	 
	February 15, 2019	 	 	21.5638	 	 	 	15.9847	 	 	 	7.9500	 	 	 	4.3476	 	 	 	2.5440	 	 	 	0.9738	 	 	 	0.3798	 	 	 	0.1270	 	 	 	0.0246	 	 	 	0.0000	 
	February 15, 2020	 	 	21.5638	 	 	 	15.2760	 	 	 	6.7185	 	 	 	3.2844	 	 	 	1.7583	 	 	 	0.5898	 	 	 	0.1994	 	 	 	0.0493	 	 	 	0.0023	 	 	 	0.0000	 
	February 15, 2021	 	 	21.5638	 	 	 	14.0860	 	 	 	4.6785	 	 	 	1.7832	 	 	 	0.8147	 	 	 	0.2303	 	 	 	0.0620	 	 	 	0.0063	 	 	 	0.0000	 	 	 	0.0000	 
	February 19, 2022	 	 	21.5638	 	 	 	12.7580	 	 	 	0.6220	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The exact stock prices and effective dates or redemption notice
dates may not be set forth in the table above, in which case

 

		·	If the stock price is between two stock prices in the table or the
effective date or redemption notice date, as the case may be, is between two effective dates or redemption dates, as the case may
be, in the table, the number of additional shares by which the conversion rate will be increased will 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 or redemption notice dates, as applicable, based on a 365-day year. 

 

		·	If the stock price is greater than $80.00 per share (subject to adjustment
in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added
to the conversion rate. 

 

		·	If the stock price is less than $13.25 per share (subject to adjustment
in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added
to the conversion rate.

 

Notwithstanding the foregoing, in no event will the conversion rate
per $1,000 principal amount of notes exceed 75.4722 shares of common stock, subject to adjustment in the same manner as the conversion
rate as set forth in the Preliminary Offering Memorandum under the caption “Description of Notes—Conversion Rights—Conversion
Rate Adjustments.”

 

Our obligation to increase
the conversion rate for notes converted in connection with a make-whole fundamental change or during a redemption period could
be considered a penalty, in which case the enforceability thereof would be subject to general principles of reasonableness and
equitable remedies.

 

    	 

    	 

    

 

 

 

This communication is intended for the sole use of the person
to whom it is provided by the sender. This material is confidential and is for your information only and is not intended to be
used by anyone other than you. This information does not purport to be a complete description of the notes or the offering. This
communication does not constitute an offer to sell or the solicitation of an offer to buy any notes in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

 

The notes and any shares of common stock issuable upon conversion
of the notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any other securities laws, and may not be offered or sold within the United States or any other jurisdiction, except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any
other applicable securities laws. The initial purchasers are initially offering the notes only to qualified institutional buyers
as defined in, and in reliance on, Rule 144A under the Securities Act. 

 

The notes and any shares of common stock issuable upon conversion
of the notes are not transferable except in accordance with the restrictions described under “Notice to Investors”
and “Transfer Restrictions” in the Preliminary Offering Memorandum.

 

A copy of the Preliminary Offering Memorandum for the offering
of the notes may be obtained by contacting Piper Jaffray & Co. at 800-747-3924.

 

Any legends, disclaimers or other notices that may appear below
are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically
generated as a result of this communication having been sent via Bloomberg or another system.

 

    	 

    	 

    

 

SCHEDULE IV

 

PERSONS TO DELIVER LOCKUP AGREEMENTS

 

David M. Davis

Michael Zemetra

Edward L. Shapiro

Louis Belanger-Martin

Harry E. Sloan

Jeff Sagansky

Jeffrey A. Leddy

Jeffrey E. Epstein

Robert W. Reding

 

    	 

    	 

    

 

EXHIBIT A

 

SUBSIDIARIES

 

		1)	Global Eagle Entertainment Inc.

		2)	Global Eagle Entertainment Luxembourg I S.à r.l.

		3)	Global Eagle Entertainment Luxembourg II S.à r.l.

		4)	Global Eagle Entertainment GmbH

		5)	Global Entertainment GmbH

		6)	Entertainment in Motion, Inc.

		7)	Emphasis Video Entertainment Ltd.

		8)	DTI Software Inc.

		9)	Inflight Production Ltd.

		10)	Inflight Production, Inc.

		11)	Post Modern Edit, Inc.

		12)	Row 44, Inc.

		13)	IFES Acquisition Corp. Limited

		14)	Travel Entertainment Group Equity Ltd

		15)	Travel Entertainment Group Acquisitions Ltd

		16)	Travel Entertainment Group Ltd

		17)	IFE Holdings Ltd

		18)	IFE Services Ltd (UK)

 

    	 

    	 

    

 

EXHIBIT B

 

LOCK-UP AGREEMENT

 

February
___, 2015

 

Piper
Jaffray & Co.

As Representative
of the

Several
Initial Purchasers

 

c/o Piper
Jaffray & Co.

U.S.
Bancorp Center

800 Nicollet
Mall

Minneapolis,
Minnesota 55402

 

Ladies
and Gentlemen:

 

The
undersigned understands that Piper Jaffray & Co., as representative (the “Representative”) of the several
initial purchasers (the “Initial Purchasers”), proposes to enter into a Purchase Agreement with Global Eagle
Entertainment Inc. (the “Company”), providing for the private offering (the “Private Offering”)
by the Initial Purchasers, including the Representative, of Convertible Senior Notes (the “Notes”) of the Company
that are convertible into shares of the Company’s common stock, par value $0.0001 (the “Common Stock”).

 

To induce the Initial Purchasers
to continue their efforts in connection with the Private Offering, the undersigned agrees that, without the prior written consent
of the Representative, the undersigned will not, directly or indirectly, offer, sell, pledge, contract to sell (including any short
sale), grant any option to purchase or otherwise dispose of any shares of Common Stock (including, without limitation, shares of
Common Stock which may be deemed to be beneficially owned by the undersigned currently or hereafter in accordance with the rules
and regulations of the Securities and Exchange Commission (the “Commission”), shares of Common Stock which may
be issued upon exercise of a stock option or warrant and any other security convertible into or exchangeable for Common Stock)
or enter into any Hedging Transaction (as defined below) relating to the Common Stock (each of the foregoing referred to as a “Disposition”)
during the period specified in the following paragraph (the “Lock-Up Period”). The foregoing restriction is
expressly intended to preclude the undersigned from engaging in any Hedging Transaction or other transaction which is designed
to or reasonably expected to lead to or result in a Disposition during the Lock-Up Period even if the securities would be disposed
of by someone other than the undersigned. “Hedging Transaction” means any short sale (whether or not against
the box) or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any
security that includes, relates to or derives any significant part of its value from the Common Stock (other than a broad-based
market basket or index).

 

    	 

    	 

    

 

The initial Lock-Up Period
will commence on the date hereof and continue until, and include, the date that is 90 days after the date of the final offering
memorandum relating to the Private Offering (the “Lock-Up Period”).

 

Notwithstanding the foregoing,
the undersigned may transfer any or all of the shares of Common Stock or other Company securities if the transfer does not trigger
any public filing or reporting requirement or obligation or result in any other voluntary or mandatory public disclosure reporting
a reduction in beneficial ownership of Common Stock, including but not limited to Form 4 of Section 16 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is by (i) gift, will or intestacy, (ii) to a trust, the beneficiary
of which is the undersigned or an immediate family member of the undersigned or (iii) distribution to partners, members or shareholders
of the undersigned or to any partnership, corporation or limited liability company controlled by the undersigned or by a member
of the immediate family of the undersigned; provided, however, it shall be a condition to the transfer (other than
by will or intestacy) that the transferee execute an agreement stating that the transferee is receiving and holding the securities
subject to the provisions of this Lock-Up Agreement.

 

Furthermore, notwithstanding
the foregoing, the transfer restrictions on the undersigned’s shares referenced above shall not apply to (i) transfers of
shares of Common Stock in the public offering by Piper Jaffray & Co., as representative of several underwriters, of the Company’s
Common Stock, contemplated by the preliminary prospectus supplement dated February 9, 2015, (ii) the establishment of any contract,
instruction or plan that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) (a “10b5-1 Plan”) of the
Exchange Act, provided that no sales of Common Stock or securities convertible into, or exchangeable or exercisable for Common
Stock, shall be made pursuant to such 10b5-1 Plan prior to the expiration of the Lock-Up Period, (iii) sales pursuant to any 10b5-1
Plan existing on the date hereof in an amount not to exceed 15,000 shares in the aggregate, (iv) the exercise of stock options
pursuant to the Company’s equity incentive plans in effect on the date hereof or warrants effected by means of net share
settlement, cashless exercise, or by the delivery or sale of shares held by the undersigned or (v) transfers to the Company to
satisfy tax withholding obligations upon vesting of restricted stock awards or restricted stock units or exercise of stock options;
provided, however, that any public filing or public disclosure required to disclose any transactions pursuant to clause
(iv) and (v) of this paragraph, including but not limited to Form 4 of Section 16 of the Exchange Act, shall contain the appropriate
codes and disclosures indicating that such shares are being transferred to the Company.

 

If the undersigned is an
officer or director of the Company, the Representative agrees that, at least three business days before the effective date of any
release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, it will notify the Company
of the impending release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely
to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described
in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

The
undersigned agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the shares of Common Stock subject to the restrictions set forth in this Lock-Up Agreement except in compliance
with the foregoing restrictions. 

 

    	 

    	 

    

 

In
addition, the undersigned hereby waives any and all notice requirements and rights with respect to registration of securities pursuant
to any agreement, understanding or otherwise setting forth the terms of any security of the Company held by the undersigned, including
any registration rights agreement to which the undersigned and the Company may be party; provided that such waiver shall
apply only to the proposed Private Offering, and any other action taken by the Company in connection with the proposed Private
Offering.

 

The
undersigned hereby agrees that, to the extent that the terms of this Lock-Up Agreement conflict with or are in any way inconsistent
with any registration rights agreement to which the undersigned and the Company may be a party, this Lock-Up Agreement supersedes
such registration rights agreement.

 

The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement.
All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and any obligations
of the undersigned shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

 

This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the
conflict of laws principles thereof.

 

Notwithstanding
anything herein to the contrary, if the closing of the Private Offering has not occurred prior to February 28, 2015, this agreement
shall be of no further force or effect.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

	 	Signature:	 

	 	 	 
	 	Print Name:	 

	 	 	 
	 	Title (if applicable):

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