Document:

Exhibit 4.9

 

 

TH INTERNATIONAL LIMITED

 

and

 

WILMINGTON SAVINGS FUND SOCIETY, FSB

 

as Trustee

 

 

 

INDENTURE

 

Dated as of December 30, 2021

 

 

 

Variable Rate Convertible Senior Notes due 2026

 

 

    	 		 

     

    

 

TABLE OF CONTENTS

 

	Article 1. DEFINITIONS; RULES OF CONSTRUCTION	1
	Section 1.01.	Definitions.	1
	Section 1.02.	Other Definitions.	21
	Section 1.03.	Rules of Construction.	21
	Article 2. THE NOTES	22
	Section 2.01.	Form, Dating and Denominations.	22
	Section 2.02.	Execution, Authentication and Delivery.	22
	Section 2.03.	Initial Notes and Additional Notes.	23
	Section 2.04.	Method of Payment.	23
	Section 2.05.	Accrual of Interest; When Payment Date Is Not a Business Day.	24
	Section 2.06.	Registrar, Paying Agent, Transfer Agent and Conversion Agent.	25
	Section 2.07.	Paying Agent and Conversion Agent to Hold Property in Trust.	26
	Section 2.08.	Holder Lists.	26
	Section 2.09.	Legends.	27
	Section 2.10.	Transfer and Exchanges; Certain Transfer Restrictions.	27
	Section 2.11.	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase or Redemption.	32
	Section 2.12.	Replacement Notes.	32
	Section 2.13.	Registered Holders; Certain Rights with Respect to Global Notes.	33
	Section 2.14.	Cancellation.	33
	Section 2.15.	Notes Held by the Company or its Affiliates.	33
	Section 2.16.	Temporary Notes.	33
	Section 2.17.	Outstanding Notes.	34
	Section 2.18.	CUSIP and ISIN Numbers.	34
	Section 2.19.	Special Transfer Provisions.	35
	Section 2.20.	Issuance of PIK Interest; PIK Payments.	35

 

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	Article 3. COVENANTS	36
	Section 3.01.	Payment on Notes.	36
	Section 3.02.	Compliance and Default Certificates.	36
	Section 3.03.	Stay, Extension and Usury Laws.	36
	Section 3.04.	Acquisition of Notes by the Company and its Affiliates.	37
	Section 3.05.	Indebtedness and Preferred Stock.	37
	Section 3.06.	Restricted Payments.	37
	Section 3.07.	Negative Pledge.	37
	Section 3.08.	Asset Sales.	37
	Section 3.09.	Listing of the Notes.	37
	Section 3.10.	SEC Filings; Disclosures; Financial Statements and Reports.	38
	Section 3.11.	Corporate Existence.	39
	Section 3.12.	Compliance with Laws.	39
	Section 3.13.	Master Franchise Agreements.	39
	Section 3.14.	Maintenance of Assets; Insurance.	40
	Section 3.15.	Payment of Taxes.	40
	Section 3.16.	Conversion Shares.	40
	Section 3.17.	Books, Records and Internal Controls.	40
	Section 3.18.	Engage Qualified Auditing Firm.	41
	Section 3.19.	Charter Documents.	41
	Section 3.20.	Scope of Business.	41
	Section 3.21.	Removal of Restrictive Legends.	42
	Section 3.22.	Additional Amounts.	42
	Article 4. REPURCHASE AND REDEMPTION	44
	Section 4.01.	No Sinking Fund.	44
	Section 4.02.	Right of Holders to Require the Company to Repurchase Notes.	44
	Section 4.03.	Right of the Company to Redeem the Notes.	46
	Section 4.04.	Optional Redemption for Changes in the Tax Laws.	48
	Section 4.05.	Repurchases at the Option of the Company	49
	Article 5. CONVERSION	49
	Section 5.01.	Right to Convert.	49
	Section 5.02.	Conversion Procedures.	50
	Section 5.03.	Settlement upon Conversion.	52
	Section 5.04.	Shares to Be Fully Paid.	54
	Section 5.05.	Adjustments to the Conversion Price.	54
	Section 5.06.	Voluntary Adjustments.	65
	Section 5.07.	Reservation of Authorized Shares	66
	Section 5.08.	Effect of Share Change Event.	67
	Section 5.09.	Responsibility of Trustee and Conversion Agent	67

 

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	Article 6. SUCCESSORS	68
	Section 6.01.	When the Company May Merge, Etc.	68
	Section 6.02.	Successor Corporation Substituted.	68
	Article 7. DEFAULTS AND REMEDIES	68
	Section 7.01.	Events of Default.	68
	Section 7.02.	Acceleration.	71
	Section 7.03.	Other Remedies.	71
	Section 7.04.	Waiver of Past Defaults.	72
	Section 7.05.	Control by Majority.	72
	Section 7.06.	Limitation on Suits.	72
	Section 7.07.	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.	73
	Section 7.08.	Collection Suit by Trustee.	73
	Section 7.09.	Trustee May File Proofs of Claim.	73
	Section 7.10.	Undertaking for Costs.	74
	Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS	75
	Section 8.01.	Without the Consent of Holders.	75
	Section 8.02.	With the Consent of Holders.	75
	Section 8.03.	Notice of Amendments, Supplements and Waivers.	76
	Section 8.04.	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	77
	Section 8.05.	Notations and Exchanges.	77
	Section 8.06.	Trustee to Execute Supplemental Indentures.	77
	Article 9. SATISFACTION AND DISCHARGE	78
	Section 9.01.	Termination of Company’s Obligations.	78
	Section 9.02.	Repayment to Company.	78
	Section 9.03.	Reinstatement.	79
	Article 10. TRUSTEE	79
	Section 10.01.	Duties of the Trustee.	79
	Section 10.02.	Rights of the Trustee.	80
	Section 10.03.	Individual Rights of the Trustee.	82
	Section 10.04.	Trustee’s Disclaimer.	82
	Section 10.05.	Notice of Defaults.	82
	Section 10.06.	Compensation and Indemnity.	82
	Section 10.07.	Replacement of the Trustee.	83
	Section 10.08.	Successor Trustee by Merger, Etc.	84
	Section 10.09.	Eligibility; Disqualification.	84

 

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	Article 11. MISCELLANEOUS	85
	Section 11.01.	Notices.	85
	Section 11.02.	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.	87
	Section 11.03.	Statements Required in Officer’s Certificate and Opinion of Counsel.	87
	Section 11.04.	Rules by the Trustee, the Registrar and the Paying Agent.	87
	Section 11.05.	No Personal Liability of Directors, Officers, Employees and Stockholders.	87
	Section 11.06.	Governing Law; Waiver of Jury Trial.	88
	Section 11.07.	Submission to Jurisdiction.	88
	Section 11.08.	No Adverse Interpretation of Other Agreements.	88
	Section 11.09.	Successors.	88
	Section 11.10.	Force Majeure.	88
	Section 11.11.	U.S.A. Patriot Act.	89
	Section 11.12.	Calculations.	89
	Section 11.13.	Severability; Entire Agreement.	89
	Section 11.14.	Counterparts.	89
	Section 11.15.	Table of Contents, Headings, Etc.	89

 

Exhibits

 

	Exhibit A: Form of Note	A-1
	Exhibit B-1: Form of Restricted Note Legend	B-1
	Exhibit B-2: Form of Global Note Legend	B-2
	Exhibit C: Form of Mandatory Conversion Notice	C-1

 

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INDENTURE, dated as
of December 30, 2021, between TH International Limited, an exempted company with limited liability incorporated under the laws of
the Cayman Islands with registration number 336092, as issuer (the “Company”), and Wilmington Savings Fund Society,
FSB, as trustee (the “Trustee”).

 

Each party to this Indenture
(as defined below) agrees as follows for the benefit of the other party and for the equal and rateable benefit of the Holders (as defined
below) of the Company’s $50,000,000 Variable Rate Convertible Senior Notes due 2026 (and any Notes issued in exchange therefor or
in substitution thereof, the “Initial Notes”) and additional securities that may be issued on any later issue date
subject to the conditions and in compliance with the covenants set forth herein (the “Additional Notes” and, together
with the Initial Notes, the “Notes”). Unless the context otherwise requires, in this Indenture references to the “Notes”
include any Additional Notes that are actually issued, including any Additional Notes that are issued as PIK Interest (as defined below).
The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture.

 

Article 1. DEFINITIONS;
RULES OF CONSTRUCTION

 

Section 1.01.     Definitions.

 

“Affiliate”
means, with respect to any Person, any other Person (1) directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person; (2) who is a director or officer of such Person or any Subsidiary of such Person or of any Person
referred to in clause (1) of this definition; or (3) who is a spouse or any person cohabiting as a spouse, child or step-child,
parent or step-parent, brother, sister, step-brother or step-sister, parent-in-law, grandchild, grandparent, uncle, aunt, nephew or niece
of a person described in clause (1) or (2). For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Alternative Stock
Exchange” means at any time, in the case of the Shares, if they are not at that time listed and traded on the Principal Market,
the principal stock exchange or securities market on which the Shares are then listed or quoted or dealt in.

 

“Anti-Corruption
Laws” means the PRC Anti-Unfair Competition Law, the anti-bribery provisions of the PRC Criminal Law, the U.S. Foreign Corrupt
Practices Act of 1977 (as amended), the United Kingdom Bribery Act 2010 and any other applicable anti-bribery or anti-corruption laws.

 

“Authorized Denomination”
means, with respect to a Note, a principal amount minimum denomination equal to $1,000,000 or any integral multiple of $500,000 in excess
thereof; provided that any Additional Notes that are issued as PIK Interest may be issued with a principal amount minimum denomination
equal to $1,000 or any integral multiple of $1 in excess thereof.

 

“Authorized Share
Failure” shall have the meaning set forth in Section 5.07(B).

 

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“Average Daily Trading
Volume” means, in relation to the Shares on any Trading Day, the average daily trading volume of the Shares on the Principal
Market or any Alternative Stock Exchange, measured over a period of sixty (60) consecutive Trading Days ending on the immediately preceding
Trading Day as determined by the Company by reference to the relevant Bloomberg page or any successor page, or if such information
is not available for whatever reason or is manifestly incorrect, as determined by the Company acting in a commercially reasonable manner.

 

“Bankruptcy Law”
means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board.

 

“Business Combination”
means the business combination involving the Company, Target and Silver Crest pursuant to the Merger Agreement, whereby (i) Target
will merge with and into Silver Crest (such merger, the “First Merger”), with Silver Crest surviving the First Merger
as a wholly owned subsidiary of the Company (Silver Crest as the surviving entity of the First Merger, the “Surviving Entity”),
and (ii) immediately following consummation of the First Merger and as part of the same overall transaction, the Surviving Entity
will merge with and into the Company (such merger, the “Second Merger”), with the Company surviving the Second Merger.

 

“Business Combination
Closing Date” means the date of closing of the Business Combination.

 

“Business Combination
Reset” means, if the Business Combination Closing Date occurs prior to the Outside Date, the Initial Conversion Price will be
reset on the Business Combination Closing Date to the lower of: (I) a price per Share calculated by dividing $1,941,000,000 by the
number of Shares on a fully diluted basis (for the avoidance of doubt, after giving effect to the Business Combination); and (II) the
Initial Conversion Price (as adjusted).

 

“Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York, Hong Kong and London or the
city in which the Corporate Trust Office of the Trustee is located are authorized or required by law to remain closed.

 

“Capital Lease Obligation”
means an obligation that is required to be classified and accounted for as a capitalized lease (and, for the avoidance of doubt, not a
straight-line or operating lease) for financial reporting purposes in accordance with U.S. GAAP.

 

“Capital Stock”
means (1) in the case of a corporation, corporate stock; (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; (3) in the case of a partnership
or limited liability company, partnership interests (whether general or limited) or membership interests; and (4) any other interest
or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the
issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock.

 

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“Change of Control”
means the occurrence of one or more of the following events:

 

(1)            at
any time:

 

(A)            prior
to the consummation of the Business Combination, the Permitted Holder (A) fails to beneficially own, in the aggregate, directly or
indirectly, more than 50% on a fully diluted basis of the aggregate voting and/or economic interest in the issued share capital of the
Company or (B) fails to have the power to elect a majority of the members of the Board of Directors; or

 

(B)            after
the Business Combination Closing Date:

 

(i)            any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes
the “beneficial owner” (as such term is used in Rule 13d-3 of the Exchange Act), directly or indirectly, of total voting
power of the voting shares of the Company (I) greater than such total voting power beneficially owned by the Permitted Holder, or
(II) greater than or equal to 35% on a fully diluted basis of total voting power of the Company;

 

(ii)            Pangaea
XXIIB fails to beneficially own, in the aggregate, directly or indirectly, more than 50% on a fully diluted basis of total voting power
of the Company solely as a result of either of the following:

 

		(I)	the sale, transfer or other disposal of any Shares, in a single transaction or a series of transactions (whether related or not) and
whether voluntary or involuntary, in the aggregate, representing more than 20% of the shares or voting power in Pangaea XXIIB (“XXIIB
Shares”) owned by Pangaea XXIIA as of the Interest Accrual Date, whether such Shares were acquired by Pangaea XXIIA by way
of a redemption of XXIIB Shares in exchange for Shares or in any other manner; or

 

		(II)	both the acquisition of Shares from Pangaea XXIIB by any shareholder of Pangaea XXIIB as of the Interest Accrual Date other than Pangaea
XXIIA, whether by way of a redemption of XXIIB Shares in exchange for Shares or in any other manner, and Pangaea XXIIA beneficially owning,
in the aggregate, directly or indirectly, less than 35% on a fully diluted basis of total voting power of the Company,

 

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provided, however, that none of the events in clause (A) or (B) above
shall be a Change of Control if, (a) such event is the result of the conversion of any Note into Shares, or (b) at such time
the Permitted Holder has the power, individually or together with one or more other direct or indirect shareholders of the Company as
of the Interest Accrual Date (or any Affiliate of such shareholders) through a voting or similar agreement, to elect a majority of the
members of the Board of Directors;

 

(2)            the
Company’s consolidation with, or merger with or into, any Person (other than the Permitted Holder), or any Person (other than the
Permitted Holder) consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of
the outstanding voting shares of the Company or such other Person is converted into or exchanged for cash, securities or other property,
other than (A) the transactions contemplated under the Merger Agreement, and (B) any such transaction where the voting shares
of the Company outstanding immediately prior to such transaction is converted into or exchanged for (or continues as) voting stock of
the surviving or transferee Person constituting a majority of the outstanding shares of voting stock of such surviving or transferee Person
(immediately after giving effect to such issuance) and in substantially the same proportion as before the transaction;

 

(3)            the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole,
to any “person” (within the meaning of Section 13(d) of the Exchange Act) other than the Permitted Holder; or

 

(4)            the
adoption of a plan relating to the liquidation or dissolution of the Company.

 

“Charter Documents”
means the memorandum and articles of association or other constitutional documents of the Company, each as amended from time to time.

 

“Close of Business”
means 5:00 p.m., New York City time.

 

“Company”
means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns.

 

“Company Order”
means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee.

 

“Conversion Date”
means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert
such Note are satisfied, subject to Section 5.03(C).

 

“Conversion Price”
means the Initial Conversion Price, subject to a Business Combination Reset or an Outside Date Reset, as applicable, and as adjusted pursuant
to Section 5.05.

 

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“Conversion Share”
means any Share issued or issuable upon conversion of any Note.

 

“Corporate Trust
Office” means, with respect to:

 

(1)            the
Trustee, the designated corporate trust office of the Trustee at which at any particular time this Indenture shall be principally administered,
which office at the date hereof is located at 500 Delaware Avenue, Wilmington, DE 19801, Attn: WSFS Institutional Services, 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);

 

(2)            the
Paying Agent, 500 Delaware Avenue, Wilmington, DE 19801, Attn: WSFS Institutional Services, or such other address as the Paying Agent
may designate from time to time by notice to the Holders and the Company;

 

(3)            the
Registrar, 500 Delaware Avenue, Wilmington, DE 19801, Attn: WSFS Institutional Services, or such other address as the Registrar may designate
from time to time by notice to the Holders and the Company;

 

(4)            the
Conversion Agent, 500 Delaware Avenue, Wilmington, DE 19801, Attn: WSFS Institutional Services, or such other address as the Conversion
Agent may designate from time to time by notice to the Holders and the Company; and

 

(5)            the
Transfer Agent, 500 Delaware Avenue, Wilmington, DE 19801, Attn: WSFS Institutional Services, or such other address as the Transfer Agent
may designate from time to time by notice to the Holders and the Company.

 

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

 

A “Delisting”
occurs when, after the Business Combination Closing Date, the Shares (i) cease to be quoted, listed or admitted to trading on the
Principal Market or any Alternative Stock Exchange, or (ii) are suspended from trading on the Principal Market or any Alternative
Stock Exchange (as the case may be) for a period of more than 30 consecutive days on which the Principal Market or such Alternative Stock
Exchange (as the case may be) is open for business and on which no general suspension of trading on the Principal Market or such Alternative
Stock Exchange (as the case may be) has occurred.

 

“Depositary”
means The Depository Trust Company or its successor.

 

“Depositary Participant”
means any member of, or participant in, the Depositary.

 

“Depositary Procedures”
means, with respect to any conversion, transfer, exchange or transaction involving a Global Note or any beneficial interest therein, the
rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction.

 

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“Equity Securities”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock). Unless the context otherwise requires, any reference to “Equity Securities” refers
to the Equity Securities of the Company.

 

“Ex-Date”
means, with respect to a share or stock dividend, subdivision, consolidation, issuance, dividend (including, without limitation, any Spin-Off),
distribution, capitalization, grant, offer or other entitlement (“Entitlement”) on the Shares, the first date on which
Shares trade on the applicable exchange or in the applicable market, regular way, without the right to such Entitlement (including pursuant
to due bills or similar arrangements required by the relevant stock exchange).

 

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

 

“Fair Market Value”
means the price that would be paid in an arm’s length transaction between an informed and willing seller under no compulsion to
sell and an informed and willing buyer under no compulsion to buy, as determined either (i) in good faith by the Board of Directors,
whose determination shall be conclusive if evidenced by a written resolution or minutes of meeting of the Board of Directors, or (ii) by
an accounting, appraisal or investment banking firm of recognized international standing appointed by the Company.

 

“First Call Date”
means December 10, 2024.

 

“Global Note”
means a Note that is represented by a certificate in registered form substantially in the form set forth in Exhibit A, registered
in the name of the Depositary or Cede & Co., as its nominee, duly executed by the Company and authenticated by an authorized
signatory of the Trustee, and deposited with the Trustee, as custodian for the Depositary.

 

“Global Note Legend”
means a legend substantially in the form set forth in Exhibit B-2.

 

“Government Official”
means any officer or employee of a Governmental Authority or any department, agency or instrumentality thereof, including state-owned
entities, or of a public organization or any individual acting in an official capacity for or on behalf of any such Governmental Authority,
department, agency, or instrumentality or on behalf of any such public organization.

 

“Governmental Authority”
means any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory or administrative agency,
governmental commission, department, board, bureau, agency or instrumentality, court, arbitral body (public or private) or tribunal.

 

“Holder”
means a Person in whose name a Note is registered on the Registrar’s books.

 

“Hong Kong”
means the Hong Kong Special Administrative Region of the PRC.

 

“Incur”
means, with respect to any Indebtedness to incur, create, issue, assume, guarantee or otherwise become liable for or with respect to,
or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (i) any Indebtedness
of a Person existing at the time such Person becomes a Subsidiary will be deemed to be incurred by such Subsidiary at the time it becomes
a Subsidiary and (ii) the accrual of interest or preferred stock dividends, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms (including, for the avoidance of
doubt, PIK Interest), the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment
of dividends on preferred stock in the form of additional shares of the same class of preferred stock shall not be considered an Incurrence
of Indebtedness. The terms “Incurrence” and “Incurred” have meanings correlative with the foregoing.

 

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“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses), whether or not contingent:

 

(1)            in
respect of borrowed money;

 

(2)            evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

 

(3)            in
respect of banker’s acceptances; or

 

(4)            representing
Capital Lease Obligations,

 

if and to the extent any of the preceding items
(other than letters of credit) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with U.S.
GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified
Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee
by the specified Person of any Indebtedness of any other Person.

 

The amount of Indebtedness
of any Person at any time shall be the outstanding balance at such time of all unconditional obligations as described above and, with
respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided
that:

 

		(i)	the amount outstanding at any time of any Indebtedness issued with original issue discount is the face
amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as
determined in conformity with U.S. GAAP; and

 

		(ii)	money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the
payment of the interest on such Indebtedness shall not be deemed to be “Indebtedness” so long as such money is held to secure
the payment of such interest.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

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“Initial Conversion
Price” means $11.50 per Share, subject to adjustment as provided herein.

 

“Interest Accrual
Date” means December 10, 2021.

 

“Interest Payment
Date” means, with respect to a Note, each June 10th and December 10th of each year, commencing
on June 10, 2022 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt,
the Maturity Date is an Interest Payment Date.

 

“Interest Rate”
means:

 

(1)            subject
to paragraph (2):

 

(A)            7.00%
per annum if paid entirely in cash pursuant to the Company’s election pursuant to Section 2.05(C); or

 

(B)            9.00%
per annum in the form of PIK Interest; and

 

(2)            if
the Business Combination is not consummated prior to the Outside Date, on or after the Outside Date:

 

(A)            10.0%
per annum if paid entirely in cash pursuant to the Company’s election pursuant to Section 2.05(C); or

 

(B)            12.0%
per annum in the form of PIK Interest.

 

“Issue Date”
means December 30, 2021.

 

“Last Reported Sale
Price” of the Shares for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the
average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid
prices and the average last ask prices per share) of the Shares on such Trading Day as reported in composite transactions for the Principal
Market or Alternative Stock Exchange, as applicable. If the Shares are not listed on the Principal Market or an Alternative Stock Exchange
on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per Share on such Trading Day in the over-the-counter
market as reported by OTC Markets Group Inc. or a similar organization. If the Shares are not so quoted on such Trading Day, then the
Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per Share on such Trading Day
from each of at least three (3) nationally recognized independent investment banking firms selected by the Company. Neither the Trustee
nor the Conversion Agent will have any duty to determine the Last Reported Sale Price. The Last Reported Sale Price will be determined
without regard to after-hours trading or any other trading outside of regular trading session hours.

 

“Lien”
means (a) any mortgage, pledge, assignment, hypothec, deed of trust, security interest, collateral assignment, charge, encumbrance
or other lien or restriction of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention
agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of
any of the foregoing, whether based on common law, constitutional provision, statute or contract, and shall include reservations, exceptions,
encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other title exceptions, and (b) in the case
of securities or Capital Stock, any purchase option, call or similar right of a third party with respect to such securities or Capital
Stock.

 

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“Make-Whole Amount”
means an amount equal to:

 

(1)            the
principal amount of such Note then outstanding; plus

 

(2)            an
amount equal to the higher of:

 

(A)            zero;
and

 

(B)            the
sum of the present values of each remaining scheduled payment of interest (assuming such interest payments are paid in cash) that would
be due on such Notes from (and including) the Redemption Date to the First Call Date (exclusive of interest accrued and unpaid to the
Redemption Date), each such nominal amount being discounted from its respective scheduled or deemed due date to the Redemption Date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Relevant Rate plus 50 basis points.

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the Principal Market or Alternative Stock Exchange, as applicable, of any material suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Shares or
in any options contracts or futures contracts relating to the Shares.

 

“Master Franchise
Agreements” means that (1) certain Company Franchise Agreement, dated as of June 12, 2018, by and between Tim Hortons
Restaurants International GmbH and TH Hong Kong International Limited, (2) certain Amended and Restated Company Franchise Agreement,
dated as of June 12, 2018, by and among Tim Hortons Restaurants International GmbH, TH Hong Kong International Limited and Tim Hortons
(Shanghai) Food and Beverage Management Co., Ltd. (including any joinder agreements entered into from time to time pursuant to the
terms and conditions thereof), and (3) certain Master Development Agreement, dated as of June 11, 2018, by and between Tim Hortons
Restaurants International GmbH and TH Hong Kong International Limited, each as supplemented, amended, restated or modified in accordance
with the terms and conditions thereof from time to time.

 

“Material Adverse
Effect” means any change, development, occurrence or event that would or would reasonably be expected to (a) be materially
adverse to the business, continuing results of operations or financial condition of the Company and its Subsidiaries, taken as a whole
or (b) prevent or materially delay the performance by the Company of its obligations under this Indenture and the Notes.

 

    - 9 -

     

    

 

“Material Subsidiary”
means a Subsidiary of the Company:

 

(1)            whose
gross revenue (consolidated in the case of a Subsidiary which itself has Subsidiaries) attributable to the Company, as shown by its latest
income statement, are at least 10.0% of the consolidated gross revenue of the Company and its Subsidiaries as shown by the latest published
audited consolidated income statement of the Company and its consolidated Subsidiaries, including, for the avoidance of doubt, the Company
and its consolidated Subsidiaries’ share of revenue of Subsidiaries not consolidated and of associated entities and after adjustments
for minority interests; or

 

(2)            whose
gross assets (consolidated in the case of a Subsidiary which itself has Subsidiaries) attributable to the Company, as shown by its latest
audited balance sheet, are at least 10.0% of the consolidated gross assets of the Company and its Subsidiaries as shown by the latest
published audited consolidated balance sheet of the Company and its consolidated Subsidiaries, including the investment of the Company
and its consolidated Subsidiaries in each Subsidiary whose accounts are not consolidated with the consolidated audited accounts of the
Company and of associated companies and after adjustment for minority interests; or

 

(3)            whose
net assets (consolidated in the case of a Subsidiary which itself has Subsidiaries) attributable to the Company, as shown by its latest
audited balance sheet, are at least 10.0% of the consolidated net assets of the Company and its Subsidiaries as shown by the latest published
audited consolidated balance sheet of the Company and its consolidated Subsidiaries, including the investment of the Company and its consolidated
Subsidiaries in each Subsidiary whose accounts are not consolidated with the consolidated audited accounts of the Company and of associated
companies and after adjustment for minority interests,

 

provided that, in relation to paragraphs (1) and (2) above
of this definition:

 

(A)            in
the case of a corporation or other business entity becoming a Subsidiary after the end of the financial period to which the latest consolidated
audited accounts of the Company relate, the reference to the then latest consolidated audited accounts of the Company and its consolidated
Subsidiaries for the purposes of the calculation above shall, until consolidated audited accounts of the Company for the financial period
in which the relevant corporation or other business entity becomes a Subsidiary are published be deemed to be a reference to the then
latest consolidated audited accounts of the Company and its Subsidiaries adjusted to consolidate the latest audited accounts (consolidated
in the case of a Subsidiary which itself has Subsidiaries) of such Subsidiary in such accounts;

 

(B)            if
at any relevant time in relation to the Company or any Subsidiary which itself has Subsidiaries no consolidated accounts are prepared
and audited, gross revenue or gross assets of the Company and/or any such Subsidiary shall be determined on the basis of pro forma consolidated
accounts prepared for this purpose by the Company; and

 

(C)            if
the accounts of any Subsidiary (not being a Subsidiary referred to in proviso (A) above to this definition) are not consolidated
with those of the Company, then the determination of whether or not such Subsidiary is a Material Subsidiary shall be based on a pro forma
consolidation of its accounts (consolidated, if appropriate) with the consolidated accounts (determined on the basis of the foregoing)
of the Company; or

 

    - 10 -

     

    

 

(4)            to
which is transferred all or substantially all of the business, undertaking and assets of another Subsidiary which immediately prior to
such transfer is a Material Subsidiary, whereupon:

 

(A)            the
transferor Material Subsidiary shall immediately cease to be a Material Subsidiary; and

 

(B)            the
transferee Subsidiary shall immediately become a Material Subsidiary, provided that on or after the date on which the relevant financial
statements for the financial period current at the date of such transfer are published, whether such transferor Subsidiary or such transferee
Subsidiary is or is not a Material Subsidiary shall be determined pursuant to the provisions of the paragraphs above of this definition.

 

An Officer’s Certificate
stating that in the signing Officer’s opinion, a Subsidiary is or is not, or was or was not, a Material Subsidiary shall, in the
absence of manifest error, be conclusive and binding on all parties.

 

“Maturity Date”
means December 10, 2026.

 

“Merger Agreement”
means that certain Agreement and Plan of Merger, dated as of August 13, 2021, by and among the Company, Target and Silver Crest,
as amended from time to time.

 

“Note Agent”
means any Registrar, Paying Agent, Transfer Agent or Conversion Agent.

 

“Officer”
means any member of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company.

 

“Officer’s
Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the
requirements of Section 11.03.

 

“Open of Business”
means 9:00 a.m., New York City time.

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries)
reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and
exclusions.

 

“Order”
means any judgment, decree, verdict, order, consent order, consent decree, writ, declaration or injunction.

 

    - 11 -

     

    

 

 

“Outside Date”
means September 30, 2022 or, such later date as may be consented to in writing by the Trustee (acting on the instructions of, or
with the consent of, the Holders of a majority in aggregate principal amount of the Notes then outstanding).

 

“Outside Date Reset”
means, if the Business Combination has not closed prior to the Outside Date, the Initial Conversion Price shall be reset on the Outside
Date to a price per Share calculated by dividing $1,688,000,000 by the number of Shares on a fully diluted basis.

 

“Pangaea XXIIA”
means Pangaea Two Acquisition Holdings XXIIA Ltd.

 

“Pangaea XXIIB”
means Pangaea Two Acquisition Holdings XXIIB Limited.

 

“Paying Agent”
has the meaning ascribed to it in Section 2.06.

 

“Permitted Asset
Sale” means:

 

(1)            any
sale, lease, transfer or other disposal on arm’s length terms of an asset or assets of the Company or its Subsidiary with a Fair
Market Value not exceeding, in the aggregate, 10% of the consolidated total revenues of the Company, as shown by the latest published
audited consolidated financial statements of the Company and its consolidated Subsidiaries;

 

(2)            (subject
to the Company providing no less than 15 days’ prior written notice to the Trustee, together with an Officer’s Certificate
confirming compliance with this paragraph) any sale, lease, transfer or other disposal on arm’s length terms of an asset or assets
of the Company or its Subsidiary with a Fair Market Value exceeding, in the aggregate, 10% but not more than 25% of the consolidated total
revenues of the Company, as shown by the latest published audited consolidated financial statements of the Company and its consolidated
Subsidiaries;

 

(3)            any
sale, lease, transfer or other disposal of an asset or assets between or among the Company and its Subsidiaries; or

 

(4)            any
sale, lease, transfer or other disposal permitted by Article 3.

 

“Permitted Holder”
means (i) Pangaea XXIIA, (ii) Pangaea XXIIB , (iii) other investment fund(s) or vehicle(s) managed or advised
by Cartesian Capital Group LLC, (iv) any Affiliate of any of the Persons referred to in clauses (i), (ii) and (iii), and (v) any
Person the Capital Stock of which (or in the case of a trust, the beneficial interests in which) are more than 50% owned by one or more
of the Persons referred to in clauses (i), (ii), (iii) or (iv).

 

    - 12 -

     

    

 

“Permitted Indebtedness”
means:

 

(1)            Indebtedness
existing as of the Interest Accrual Date and disclosed in a document filed with the SEC by or on behalf of the Company and any Indebtedness
constituting an extension or renewal of, replacement of, or substitution for, or issued in exchange for, or the net proceeds of which
are used to repay, redeem, repurchase, refinance or refund, including by way of defeasance (collectively, “refinance”),
then outstanding Indebtedness, in an amount not to exceed the principal amount or liquidation value of the Indebtedness so refinanced,
plus premiums, fees and expenses, provided that:

 

(A)           if
the Notes are refinanced in part or the Indebtedness to be refinanced is pari passu with the Notes, the new Indebtedness, by its terms
or by the terms of any agreement or instrument pursuant to which it is outstanding, is expressly made pari passu with, or subordinated
in right of payment to, the remaining Notes;

 

(B)            if
the Indebtedness to be refinanced is contractually subordinated or secured on a junior Lien basis to the Notes (excluding any intercompany
Indebtedness between or among the Company and any of its Subsidiaries), the new Indebtedness, by its terms or by the terms of any agreement
or instrument pursuant to which it is outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent
that the Indebtedness to be refinanced is subordinated to the Notes;

 

(C)            the
new Indebtedness does not have a Stated Maturity prior to the Stated Maturity of the Indebtedness to be refinanced, and the Weighted Average
Life to Maturity of the new Indebtedness is at least equal to the remaining Weighted Average Life to Maturity of the Indebtedness being
refinanced;

 

(D)            if
the Indebtedness being refinanced is unsecured Indebtedness, such Permitted Indebtedness is unsecured Indebtedness;

 

(E)            in
no event may Indebtedness of the Company be refinanced pursuant to this clause by means of any Indebtedness of any of its Subsidiaries.

 

(2)            Permitted
Intercompany Loans;

 

(3)            guarantees
by Company or any Subsidiary in respect of Indebtedness otherwise permitted hereunder;

 

(4)            Indebtedness
constituting letters of credit or reimbursement obligations with respect to letters of credit, in each case issued in the ordinary course
of business to the extent that such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no
later than the 60 days following receipt by the Company or any of its Subsidiaries, as applicable, of a demand for reimbursement;

 

(5)            Capital
Lease Obligations Incurred in the ordinary course of business;

 

(6)            Indebtedness
in respect of bankers’ acceptances issued or created in the ordinary course of business; and

 

(7)            Indebtedness
Incurred in the ordinary course of business under any agreement between any of the Subsidiaries of the Company and any commercial bank
or other financial institution relating to Treasury Management Arrangements.

 

    - 13 -

     

    

 

“Permitted Intercompany
Loans” means intercompany Indebtedness between or among the Company or any of its Subsidiaries or Indebtedness Incurred by the
Company from its direct or indirect shareholders by way of shareholder’s loan to the Company, provided that:

 

(1)            if
the Company is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash
of all amounts due with respect to this Indenture and the Notes; and

 

(2)            (I) any
subsequent issuance or transfer of Equity Securities that results in any such Indebtedness being held by a Person other than the Company
or a Subsidiary of the Company and (II) any sale or other transfer of any such Indebtedness to a Person that is not either the Company
or a Subsidiary of the Company, will be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such
Subsidiary, as the case may be, that was not permitted by these provisions.

 

“Permitted Liens”
means:

 

(1)            Liens
granted pursuant to or securing any Permitted Indebtedness;

 

(2)            Liens
on property of a Person existing at the time such Person becomes a Subsidiary of the Company or is merged with or into or consolidated
with the Company or any Subsidiary; provided, that such Liens were in existence prior to the contemplation of such Person becoming
a Subsidiary of the Company or such merger or consolidation and do not extend to any assets other than those of the Person that becomes
a Subsidiary of the Company or is merged into or consolidated with the Company or any Subsidiary of the Company (plus improvements and
accessions to such property or proceeds or distributions thereof);

 

(3)            Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the Company
(plus improvements and accessions to such property or proceeds or distributions thereof); provided, that such Liens were in existence
prior to such acquisition and not incurred in contemplation of such acquisition;

 

(4)            Liens
in favor of the Company;

 

(5)            Liens
securing Capital Lease Obligations;

 

(6)            Liens
(other than Liens imposed by the Employee Retirement Income Security Act of 1974, as amended) in the ordinary course of business to secure
the performance of tenders, statutory obligations (other than excise taxes), insurance, surety, bid, performance, stay, customs and appeal
bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance bonds and other similar obligations (in each
case, exclusive of obligations for the payment of Indebtedness); provided, that, such Liens are for amounts not yet due and payable
or delinquent or, to the extent such amounts are so due and payable, such amounts are being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with U.S. GAAP, which proceedings (or any Order entered in connection
with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

(7)            Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate
proceedings; provided, that any reserve or other appropriate provision as is required in conformity with U.S. GAAP has been made
therefor;

 

    - 14 -

     

    

 

(8)            Liens
incurred or pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security and employee health and disability benefits, or casualty-liability insurance or self-insurance; provided,
that, such Liens are for amounts not yet due and payable or delinquent or, to the extent such amounts are so due and payable, such amounts
are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with U.S.
GAAP, which proceedings (or any Order entered in connection with such proceedings) have the effect of preventing the forfeiture or sale
of the property subject to any such Lien;

 

(9)            judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made in conformity with U.S. GAAP;

 

(10)          Liens
in favor of any collecting or payor bank having a right of setoff, revocation, refund or chargeback with respect to money or instruments
of the Company or any Subsidiary thereof on deposit with or in possession of such bank;

 

(11)          Liens
on any amounts held by a trustee in the funds and accounts under an indenture securing any bonds issued for the benefit of the Company
or any of its Subsidiaries;

 

(12)          any
netting or set-off arrangements entered into by the Company or any of its Subsidiaries in the ordinary course of its banking arrangements
(including, for the avoidance of doubt, cash pooling arrangements) for the purposes of netting debit and credit balances of the Company
or any of its Subsidiaries; and

 

(13)          Liens
imposed by law, which were or are incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such
as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s
and mechanics’ Liens and other similar Liens arising in the ordinary course of business (including customary contractual landlords’
liens under operating leases entered into in the ordinary course of business); and (i) which do not in the aggregate materially detract
from the value of the property of the Company and its Subsidiaries, taken as a whole, and do not materially impair the use thereof in
the operation of the business of the Company and its Subsidiaries, taken as a whole, and (ii) which, if they secure obligations that
are then due and unpaid, are being contested in good faith by appropriate proceedings timely initiated and for which adequate reserves
have been established in accordance with U.S. GAAP, which proceedings (or Orders entered in connection with such proceedings) have the
effect of preventing the forfeiture or sale of the property subject to any such Lien.

 

“Person”
or “person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity or any government or any department or agency thereof.

 

“Physical Note”
means a certificated Note (other than a Global Note) registered in the name of the Holder thereof and issued in accordance with Article 2,
substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have
the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

    - 15 -

     

    

 

“PRC” means
the People’s Republic of China and for the purpose of this Indenture shall exclude Hong Kong, Taiwan and the Special Administrative
Region of Macau.

 

“Preferred Stock”
as applied to the Capital Stock of any Person means Capital Stock of any class or classes that by its terms is preferred as to the payment
of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares
of Capital Stock of any other class of such Person.

 

“Principal Market”
means, with respect to the Company, Nasdaq.

 

“Recognized Accounting
Firm” means Deloitte Touche Tohmatsu, Ernst & Young, KPMG, PricewaterhouseCoopers, Grant Thornton or another internationally
recognized accounting firm.

 

“Redemption”
means the redemption of any Note by the Company pursuant to Section 4.03.

 

“Redemption Date”
means the date fixed, pursuant to Section 4.03(B), for the settlement of the redemption of any Notes by the Company pursuant
to a Redemption.

 

“Redemption Notice
Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant
to Section 4.03(D).

 

“Redemption Price”
means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(C).

 

“Registrar”
has the meaning ascribed to it in Section 2.06.

 

“Registration Statement”
means a shelf registration statement filed by the Company with the SEC registering the resale of the Conversion Shares within forty-five
(45) calendar days after the earlier of the completion of the Business Combination and the date on which the Company is or becomes subject
to the reporting obligations under Section 13 or Section 15(d) of the Exchange Act.

 

“Regular Record Date”
with respect to any Interest Payment Date, means May 26 or November 25 (whether or not such day is a Business Day) immediately
preceding the applicable June 10 or December 10 Interest Payment Date, respectively.

 

“Relevant Rate”
means a rate per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) equal to the rate reasonably determined
by the Company on the date falling three (3) Business Days prior to the Redemption Date, equal to the USD LIBOR mid-swap rate for
securities having a term equivalent in duration to the term of the Notes, or if such rate is not available, the USD SOFR ICE Swap Rate
or other rate generally accepted by the market and selected by the Company, acting reasonably.

 

“Repurchase”
means the repurchase of any Note by the Company pursuant to Section 4.02.

 

    - 16 -

     

    

 

“Repurchase Date”
has the meaning ascribed to it in Section 4.02(B).

 

“Repurchase Notice”
means a notice (including a notice substantially in the form of the “Repurchase Notice” set forth in Exhibit A)
containing the information, or otherwise complying with the requirements, set forth in Section 4.02(E)(i)  and Section 4.02(E)(ii).

 

“Repurchase Price”
means the cash price payable by the Company to repurchase the Notes upon its Repurchase, calculated pursuant to Section 4.02(C).

 

“Repurchase Right”
has the meaning ascribed to it in Section 4.02(A).

 

“Responsible Officer”
means (A) any officer of the Trustee assigned by the Trustee having direct responsibility for the administration of this Indenture;
and (B) with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or
her knowledge of, and familiarity with, the particular subject.

 

“Resale Restriction
Termination Date” means the date which is one year after the later of the Issue Date and the last date on which the Company
or any Affiliate of the Company was the owner of the Notes (or any predecessor of the Notes).

 

“Restricted Note
Legend” means a legend substantially in the form set forth in Exhibit B-1.

 

“Restricted Payment”
means:

 

(1)            the
declaration or payment of any dividend or the making of any distribution on or with respect to the Company’s Capital Stock (other
than dividends or distributions payable or paid solely in shares of the Company’s or any of its Subsidiaries’ Capital Stock
(other than Preferred Stock) or in options, warrants or other rights to acquire shares of such Capital Stock) held by Persons other than
the Company or any of its Subsidiaries; and

 

(2)            the
purchase, call for redemption or redemption, retirement or other acquisition for value of any Equity Securities of the Company or any
direct or indirect parent of the Company held by any Persons other than the Company or any of its Subsidiaries,

 

but does not include:

 

(A)            the
repurchase, redemption or other acquisition or retirement for value of any Equity Securities of the Company held by any current or former
officer, director or employee of the Company pursuant to any equity subscription agreement, stock option agreement, shareholders’
agreement or similar agreement, provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity
Securities may not exceed $3.0 million in any twelve-month period, provided, further, that the Company may carry over and make in any
subsequent twelve-month period, in addition to the amount permitted for such twelve-month period, unutilized capacity under this clause
(A) attributable to the immediately preceding twelve-month period;

 

    - 17 -

     

    

 

(B)            the
repurchase of Equity Securities of the Company deemed to occur upon the exercise of stock options to the extent such Equity Securities
represent a portion of the exercise price of those stock options; or

 

(C)            cash
payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible
into or exchangeable for Capital Stock of the Company (including, for the avoidance of doubt, pursuant to Section 5.03(B)(iii));
provided, however, that any such cash payment shall not be for the purpose of evading the limitation hereunder.

 

“Restricted Stock
Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion
Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except
pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements
of the Securities Act.

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“Rule 144A”
means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“Sanctions”
means all applicable provisions of any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of Treasury,
the U.S. Department of Commerce, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s
Treasury, or other relevant sanctions authority, including sanctions issued under the authority of the U.S. Trading with the Enemy Act,
the U.S. International Emergency Economic Powers Act, the U.S. United Nations Participation Act, the U.S. Syrian Accountability and Lebanese
Sovereignty Restoration Act and the Iran Threat Reduction and Syria Human Rights Act of 2012 and Executive Order 13622 of July 30,
2012.

 

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

 

“Second Call Date”
means December 10, 2025.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended.

 

“Security”
means any Note or Conversion Share.

 

“SGX-ST”
means the Singapore Exchange Securities Trading Limited.

 

“Shares”
means the ordinary shares of the Company.

 

“Silver Crest”
means Silver Crest Acquisition Corporation, an exempted company with limited liability incorporated under the laws of the Cayman Islands
with registration number 365811.

 

    - 18 -

     

    

 

“Stated Maturity”
means, (1) with respect to any Indebtedness, the date specified in such debt security as the fixed date on which the final installment
of principal of such Indebtedness is due and payable as set forth in the documentation governing or evidencing such Indebtedness and (2) with
respect to any scheduled installment of principal of or interest on any Indebtedness, the date specified as the fixed date on which such
installment is due and payable as set forth in the documentation governing or evidencing such Indebtedness.

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company, trust or other form of legal entity of which
(or in which) (a) more than 50% of (i) the issued and outstanding Capital Stock having ordinary voting power to elect a majority
of the board of directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such
corporation shall or might have voting power upon the occurrence of any contingency), (ii) the interest in the capital or profits
of such partnership, joint venture or limited liability company or (iii) the beneficial interest in such trust is at the time directly
or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s
other Subsidiaries, or (b) such Person has the power to direct the management or policies, whether through ownership or voting proxy
of the voting power of such legal entity, through the power to appoint a majority of the members of the board of directors or similar
governing body of such legal entity, through contractual arrangements or otherwise. Unless the context otherwise requires, any reference
to “Subsidiary” refers to a Subsidiary of the Company.

 

“Target”
means Miami Swan Ltd, an exempted company with limited liability incorporated under the laws of the Cayman Islands with registration number
376960 and a wholly owned subsidiary of the Company.

 

“Tax Redemption”
has the meaning ascribed to it in Section 4.04(B).

 

“Tax Redemption Date”
has the meaning ascribed to it in Section 4.04(B).

 

“Tax Redemption Price”
has the meaning ascribed to it in Section 4.04(A).

 

“Trading Commencement
Date” means the first day on which Shares are traded on the Principal Market or any Alternative Stock Exchange.

 

“Trading Day”
means any day on which (i) the Shares are traded on the Principal Market, or, as the case may be, the Alternative Stock Exchange,
and (ii) there is no Market Disruption Event; provided that “Trading Day” shall not include any day on which the Shares
are scheduled to trade on such exchange or market for less than four hours or any day that the Shares are suspended from trading during
the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of
trading on such exchange or market, then during the hour ending at 4:00 p.m., The City of New York time, or such other time as such exchange
or market publicly announces shall be the closing time of trading).

 

“Transfer Agent”
has the meaning ascribed to it in Section 2.06.

 

    - 19 -

     

    

 

“Transfer-Restricted
Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided,
however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events:

 

(A)            such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration
statement that was effective under the Securities Act at the time of such sale or transfer;

 

(B)            such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available
exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to,
the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security”
(as defined in Rule 144); and

 

(C)            such
Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner
of sale, availability of current public information or notice.

 

The Trustee is under no obligation
to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect
thereto.

 

“Treasury Management
Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management services, including,
without limitation, deposit accounts, overdraft, overnight draft, credit cards, debit cards, p-cards (including purchasing cards, employee
credit card programs and commercial cards), funds transfer, automated clearinghouse, direct debit, zero balance accounts, returned check
concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services, netting services, cash
pooling arrangements, credit and debit card acceptance or merchant services and other treasury or cash management services.

 

“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended.

 

“Trustee”
means the Person named as such in the first paragraph of this Indenture in its capacity as such until a successor replaces it in accordance
with the provisions of this Indenture and, thereafter, means such successor.

 

“U.S. GAAP”
means generally accepted accounting principles as applied in the United States.

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)            the
sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of such Indebtedness, by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(2)            the
then-outstanding principal amount of such Indebtedness.

 

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Section 1.02.     Other
Definitions.

 

	Term	 	Defined
 in Section
	“Business Combination Event”	 	6.01
	“Conversion Agent”	 	2.06(A)
	“Conversion Consideration”	 	5.03(B)
	“Event of Default”	 	7.01(A)
	“Expiration Date”	 	5.05(A)(vi)
	“Expiration Time”	 	5.05(A)(vi)
	“Mandatory Conversion Notice Date”	 	5.01(B)
	“Notice of Conversion”	 	5.02(A)(ii)
	“PIK Interest”	 	2.05(C)
	“Redemption Notice”	 	4.03(D)
	“Reference Property”	 	5.08(A)1
	“Reference Property Unit”	 	5.08(A)1
	“Register”	 	2.06(B)
	“Relevant Taxing Jurisdiction”	 	3.23(A)
	“Share Change Event”	 	5.08(A)1
	“Specified Courts”	 	11.07
	“Spin-Off”	 	5.05(A)(iv)(2)
	“Spin-Off Valuation Period”	 	5.05(A)(iv)(2)
	“Stated Interest”	 	2.05(A)
	“Successor Corporation”	 	6.01(A)
	“Successor Person”	 	5.08(A)
	“Tender/Exchange Offer Valuation Period”	 	5.05(A)(vi)

 

Section 1.03.        Rules of
Construction.

 

For purposes of this Indenture:

 

(A)          “or”
is not exclusive;

 

(B)           “including”
means “including without limitation”;

 

(C)           “will”
expresses a command;

 

(D)           the
 “average” of a set of numerical values refers to the arithmetic average of such numerical values;

 

(E)           a
merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding
of any such division or allocation;

 

 

1 Cross reference is correct as is.

 

    - 21 -

     

    

 

(F)            words
in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 

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

 

(H)           references
to currency mean the lawful currency of the United States of America, unless the context requires otherwise; and

 

(I)            the
exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture.

 

Article 2. THE
NOTES

 

Section 2.01.        Form,
Dating and Denominations.

 

The Notes and the Trustee’s
certificate of authentication will be substantially in the respective form set forth in Exhibit A. The Notes will bear the
legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or
usage of the Depositary. Each Note will be dated as of the date of its authentication.

 

The Notes will be issued initially
in the form of one or more Global Notes. The Global Notes may be exchanged for Physical Notes and Physical Notes may be exchanged for
Global Notes, only as provided in Section 2.10.

 

The Notes will be issuable
only in registered form without interest coupons and only in Authorized Denominations.

 

Each certificate representing
a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note.

 

The terms contained in the
Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of
this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of
any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture
and such Note.

 

Section 2.02.        Execution,
Authentication and Delivery.

 

(A)          Due
Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic
(e.g., “.pdf”) or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature
is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company.

 

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(B)          Authentication
by the Trustee and Delivery.

 

(i)            No
Note will be valid until it is authenticated by an authorized signatory of the Trustee. A Note will be deemed to be duly authenticated
only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually or electronically signs the certificate
of authentication of such Note.

 

(ii)           The
Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually or electronically sign
the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed
by the Company in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests
the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note
is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then
the Trustee will promptly deliver such Note in accordance with such Company Order.

 

(iii)           The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may
authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such
an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent
will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication
agent was validly appointed to undertake.

 

Section 2.03.        Initial
Notes and Additional Notes.

 

(A)          Initial
Notes. On the Issue Date, there will be originally issued fifty million dollars ($50,000,000) aggregate principal amount of Notes,
subject to the provisions of this Indenture (including Section 2.02).

 

(B)          Additional
Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02),
issue Additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which
interest begins to accrue on such Additional Notes and the first Interest Payment Date of such additional Notes), which Additional Notes
will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued
under this Indenture; provided, however, that if any such Additional Notes are not fungible with other Notes issued under
this Indenture for U.S. federal income tax or U.S. federal securities laws purposes, then such Additional Notes will be identified by
a separate CUSIP or ISIN number or by no CUSIP or ISIN number. Unless the context otherwise requires, in this Indenture references to
 “Notes” include the Initial Notes and any Additional Notes that are actually issued, including any Additional Notes that are
issued as PIK Interest.

 

Section 2.04.        Method
of Payment.

 

(A)            Global
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date, Tax Redemption on Tax Redemption Date or Repurchase on a Repurchase Date or otherwise) of, and interest on, any
Global Note to the Depositary or its nominee as the registered Holder of such Global Note, by wire transfer of immediately available funds
no later than the time the same is due as provided in this Indenture.

 

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(B)          Physical
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or Repurchase on a Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration due upon
conversion of, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal
amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole
and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee,
no later than the time set forth in the immediately following sentence, a written request that the Company (or the Paying Agent) make
such payment by wire transfer to an account of such Holder, by wire transfer of immediately available funds to such account; and (ii) in
all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register.
To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect
to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; and (y) with respect
to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due.

 

Section 2.05.        Accrual
of Interest; When Payment Date Is Not a Business Day.

 

(A)          Accrual
of Interest. Each Note will accrue interest at a rate per annum equal to the Interest Rate (the “Stated Interest”).
Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or
duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, December 10, 2021) to, but excluding,
the date of payment of such Stated Interest; and (ii) be, subject to Section 4.02(C), Section 4.03(C) and
Section 5.02(E) (but without duplication of any payment of interest), payable semi-annually in arrears on each Interest
Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such
Note as of the Close of Business on the immediately preceding Regular Record Date. Stated Interest on the Notes will be computed on the
basis of a 360-day year comprised of twelve 30-day months.

 

(B)          Delay
of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a
Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately
following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately
preceding sentence, a day on which commercial banks in the applicable place of payment are authorized or obligated by law, regulation
or executive order to close or be closed will be deemed not to be a “Business Day.”

 

    - 24 -

     

    

 

(C)          PIK
Interest. On each Interest Payment Date accrued and unpaid interest shall be paid, at the election of the Company, (i) entirely
in cash or (ii) by capitalizing on the applicable Interest Payment Date any accrued and unpaid interest (all such accrued and unpaid
interest capitalized from time to time is referred to herein as “PIK Interest”) and by the issuance of PIK Notes in
accordance with Section 2.20. For each Interest Payment Date, the Company shall be deemed to have elected to pay accrued and
unpaid interest entirely as PIK Interest, unless at least five Business Days prior to the applicable Interest Payment Date, Company has
provided written notice to the Holders of its election to pay the entirety of the accrued and unpaid interest in cash (a “Cash
Pay Election”). At the expense of the Company, the Trustee shall promptly deliver the same notice to the Holders. Following
the provision of a Cash Pay Election with respect to any Interest Payment Date, accrued and unpaid interest shall be paid on such Interest
Payment Date entirely in cash. On the Maturity Date, all accrued and unpaid interest shall be paid in cash. If the Company has not delivered
a Cash Pay Election with respect to an Interest Payment Date on or before five Business Days immediately prior to the applicable Interest
Payment Date, the Company shall issue PIK Notes in accordance with Section 2.20. PIK Notes issued shall bear interest in accordance
with this Section 2.05 and shall otherwise be treated as principal of such Notes for purposes of this Indenture, including
being payable in cash in full on the Maturity Date and with respect to the accrual of interest on the PIK Interest amounts.

 

Section 2.06.        Registrar,
Paying Agent, Transfer Agent and Conversion Agent.

 

(A)          Generally.
The Company will maintain (i) an office or agency in the United States where Notes may be presented for registration of transfer
or for exchange (the “Registrar”); (ii) an office or agency in the United States where Notes may be presented
for payment (the “Paying Agent”); (iii) an office or agency in the United States where Notes may be presented
for conversion (the “Conversion Agent”); and (iv) an office or agency in the United States to act as transfer
agent (the “Transfer Agent”). If the Company fails to maintain a Registrar, Paying Agent, Conversion Agent or Transfer
Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying
Agent or Conversion Agent.

 

(B)          Duties
of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders,
the Notes held by each Holder and the transfer, exchange, Repurchase, Redemption and conversion of Notes. Absent manifest error, the entries
in the Register will be conclusive and the Company and the Trustee may conclusively treat each Person whose name is recorded as a Holder
in the Register as a Holder and the absolute owner for all purposes. The Register will be in written form or in any form capable of being
converted into written form reasonably promptly.

 

(C)          Co-Agents;
Company’s Right to Appoint Successor Registrars, Paying Agents, Transfer Agents and Conversion Agents. The Company may appoint
one or more co-Registrars, co-Paying Agents, co-Transfer Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar,
Paying Agent, Transfer Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company
may change any Registrar, Paying Agent, Transfer Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to
act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and
address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note
Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent.

 

(D)            Initial
Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar, the initial Transfer Agent and
the initial Conversion Agent, and the Trustee accepts such appointments. In acting in such capacities under this Indenture and in connection
with the Notes, the Trustee in such capacities will act solely as an agent of the Company and will not thereby assume any obligations
towards, or relationship of agency or trust for or with, any Holder.

 

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Section 2.07.        Paying
Agent and Conversion Agent to Hold Property in Trust.

 

The Notes may be presented
or surrendered for payment and notices and demands in respect of such Notes and this Indenture may be served at the designated corporate
trust office of the Paying Agent. If Physical Notes are issued, (a) the Physical Notes may be presented or surrendered for registration
of transfer or for exchange, (b) the Physical Notes may be presented or surrendered for payment and (c) notices and demands
in respect of the Physical Notes and this Indenture may be served at the Corporate Trust Office of the Paying Agent in the United States
or the designated corporate trust office of the Registrar in the United States.

 

The satisfaction by the Company
of any obligation or requirement hereunder to, or with respect to, the Paying Agent (including, without limitation, the obligation to
deposit moneys) shall be deemed to constitute satisfaction of such obligation or requirement with respect to all Paying Agents hereunder.

 

The Company will require each
Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the
benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify
the Trustee in writing of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee,
while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property
held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries)
will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion
Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other
property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or
Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent,
in each case for payment or delivery to any Holder or the Trustee or with respect to the Notes, will be deemed to refer to cash or other
property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon
the occurrence of any event pursuant to clause (xi) or (xiii) of Section 7.01(A) with respect
to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as
the Paying Agent or Conversion Agent, as applicable, for the Notes.

 

Section 2.08.        Holder
Lists.

 

The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders. If the
Trustee is not the Registrar, the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest
Payment Date and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably
require, of the names and addresses of the Holders.

 

    - 26 -

     

    

 

Section 2.09.        Legends.

 

(A)            Global
Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required
by the Depositary for such Global Note).

 

(B)            Restricted
Note Legend.

 

(i)            Each
Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and

 

(ii)            if
a Note is issued in exchange for, in substitution of, another Note (such other Note being referred to as the “old Note” for
purposes of this Section 2.09(B)(ii)), including pursuant to Section 2.10(B), Section 2.10(C), Section 2.11
or Section 2.12, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend
at the time of such exchange or substitution, as applicable; provided, however, that such Note need not bear the Restricted
Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, as applicable.

 

(C)            Other
Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by
any securities exchange or automated quotation system on which such Note is traded or quoted.

 

(D)            Acknowledgment
and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09
will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend.

 

Section 2.10.        Transfer
and Exchanges; Certain Transfer Restrictions.

 

(A)          Provisions
Applicable to All Transfers and Exchanges.

 

(i)            Subject
to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to
time. The Registrar will record each such transfer or exchange of Physical Notes in the Register.

 

(ii)            Each
Note issued upon transfer or exchange of any other Note (such other Note being referred to as the “old Note” for purposes
of this Section 2.10(A)(ii) or portion thereof in accordance with this Indenture will be the valid obligation of the
Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof,
as applicable.

 

(iii)            The
Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of
Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges
pursuant to Section 2.11, Section 4.05 or Section 8.05 not involving any transfer.

 

    - 27 -

     

    

 

 

(iv)           Notwithstanding
anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so
transferred or exchanged is in an Authorized Denomination.

 

(v)           The
Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under
this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation
or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements
of this Indenture.

 

(vi)           The
Trustee will have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, the Depositary
or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other
Person (other than the Depositary) of any notice (including any notice of Redemption or Repurchase) or the payment of any amount or delivery
of any Notes (or other security or property) under or with respect to such Notes. All payments to be made to Holders in respect of the
Notes will be given or made only to or upon the order of the registered Holders (which is the Depositary or its nominee in the case of
a Global Note). The rights of beneficial owners in any Global Note will be exercised only through the Depositary subject to the applicable
Depositary Procedures. The Trustee may rely and will be fully protected in relying upon information furnished by the Depositary with respect
to its members, participants and any beneficial owners.

 

(vii)          Each
Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09.

 

(viii)         Upon
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer
or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of
such satisfaction.

 

(ix)           For
the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange”
of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend
affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted”
CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted”
CUSIP number.

 

(B)          Transfer
and Exchange of Global Notes.

 

(i)           Subject
to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a
nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 

    - 28 -

     

    

 

No Global Note (or any portion thereof)
may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant
to customary procedures, for one or more Physical Notes if:

 

(1)            (x) the
Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note
or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in
each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation;

 

(2)            an
Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the
Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable,
for one or more Physical Notes; or

 

(3)            the
Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at
the request of the owner of such beneficial interest.

 

(ii)            Upon
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof):

 

(1)            the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal
amount of zero, the Company may (but is not required to) instruct the Trustee in writing to cancel such Global Note pursuant to Section 2.14);

 

(2)            if
required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other
Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note;

 

(3)           if
required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09;
and

 

(4)           if
such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then
the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise
determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09.

 

    - 29 -

     

    

 

(iii)            Each
transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures.

 

(C)          Transfers
and Exchanges of Physical Notes

 

(i)           Subject
to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized
Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination)
for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal
amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer
such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global
Notes; provided, however, that, to effect any such transfer or exchange, such Holder must:

 

(1)            surrender
such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments
reasonably required by the Company, the Trustee or the Registrar; and

 

(2)            deliver
such certificates, documentation or evidence as may be required pursuant to Section 2.10(D).

 

(ii)            Upon
the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being
referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of
such old Physical Note in an Authorized Denomination):

 

(1)            such
old Physical Note will be promptly cancelled pursuant toSection 2.14;

 

(2)           if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized
Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred
or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09;

 

    - 30 -

     

    

 

(3)            in
the case of a transfer:

 

(a)           to
the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred
in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes
by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are
in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend,
if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation
on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09
then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate
principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate,
in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have
an aggregate principal amount equal to the principal amount to be so transferred; and (y) bear each legend, if any, required by Section 2.09;
and

 

(b)            to
a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or
more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by
Section 2.09; and

 

(4)            in
the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with
Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was
registered; and (z) bear each legend, if any, required by Section 2.09.

 

(D)          Requirement
to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted” CUSIP number
or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to:

 

(i)            cause
such Note to be identified by an “unrestricted” CUSIP number;

 

(ii)           remove
such Restricted Note Legend; or

 

(iii)         register
the transfer of such Note to the name of another Person, then the Company, the Trustee and the Registrar may refuse to effect such identification,
removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other
documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification,
removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws.

 

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(E)          Transfers
of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes,
the Company, the Trustee and the Registrar may refuse to register the transfer of or exchange any Note that (i) has been surrendered
for conversion; or (ii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that the Company fails
to pay the applicable Redemption Price when due.

 

Section 2.11.        Exchange
and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase or Redemption.

 

(A)          Cancellation
of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase or Redemption.

 

(i)            Physical
Notes. If a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase
or Redemption, then, promptly after the later of the time such Physical Note is deemed to cease to be outstanding pursuant to Section 2.17
and the time such Physical Note is surrendered for such conversion, Repurchase or Redemption, as applicable, (1) such Physical Note
will be cancelled pursuant to Section 2.14.

 

(ii)           Global
Notes. If a Global Note is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase or Redemption,
then, promptly after the time such Note is deemed to cease to be outstanding pursuant to Section 2.17, the Trustee will reflect
a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted
or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of
such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to
Section 2.14).

 

Section 2.12.        Replacement
Notes.

 

If a Holder of any Note claims
that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such
mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the
Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder
thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee
from any loss that any of them may suffer if such Note is replaced. The Company may charge for its and the Trustee’s expenses in
replacing a Note.

 

Every replacement Note issued
pursuant to this Section 2.12 will be an additional obligation of the Company and will be entitled to all of the benefits
of this Indenture equally and ratably with all other Notes issued under this Indenture.

 

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Section 2.13.        Registered
Holders; Certain Rights with Respect to Global Notes.

 

Only the Holder of a Note
will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants
and Persons that hold interests in Notes through Depositary Participants will have no rights as such under this Indenture with respect
to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee
and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes
whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any
Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action
that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and
the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the
Depositary.

 

Section 2.14.        Cancellation.

 

The Company may at any time
deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent, the Transfer Agent and the Conversion Agent will forward
to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all
Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B),
the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange,
payment or conversion.

 

Section 2.15.        Notes
Held by the Company or its Affiliates.

 

Without limiting the generality
of Section 2.17, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in
any direction, waiver or consent, Notes (if any) owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided,
however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent,
only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded.

 

Section 2.16.        Temporary
Notes.

 

Until definitive Notes are
ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary
Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes.

 

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Section 2.17.        Outstanding
Notes.

 

(A)           Generally.
The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated,
excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for
cancellation in accordance with Section 2.14; (ii) assigned a principal amount of zero by notation on the “Schedule
of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
(including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in,
and subject to, clause (B), (C) or (D) of this Section 2.17.

 

(B)            Replaced
Notes. If a Note is replaced pursuant to Section 2.12, then such Note will cease to be outstanding at the time of its
replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona
fide purchaser” under applicable law.

 

(C)          Maturing
Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Repurchase Date, a Tax Redemption Date
or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Repurchase Price or principal amount,
respectively, together, in each case, with the aggregate interest in each case due on such date, then (unless there occurs a Default in
the payment of any such amount) (i) the Notes to be redeemed or repurchased, or that mature, on such date will be deemed, as of such
date, to cease to be outstanding, except to the extent provided in Section 4.02(C), Section 4.03(C) or Section 5.02(E);
and (ii) the rights of the Holders of such Notes, as such, will terminate with respect to such Notes, other than the right to receive
the Redemption Price, Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes, in each
case as provided in this Indenture.

 

(D)          Notes
to Be Converted. At the Close of Business on the Conversion Date or Mandatory Conversion Notice Date for any Note to be converted,
such Note will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(C) or
Section 5.02(E), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(E).

 

(E)            Cessation
of Accrual of Interest. Except as provided in Section 4.02(C), Section 4.03(C) or Section 5.02(E),
interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.17,
to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note.

 

Section 2.18.        CUSIP
and ISIN Numbers.

 

The Company may use one or
more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in
notices to Holders as applicable; provided, however, that (i) the Trustee makes no representation as to the correctness
or accuracy of any such CUSIP or ISIN number; (ii) the effectiveness of any such notice will not be affected by any defect in, or
omission of, any such CUSIP or ISIN number; and (iii) the Trustee shall have no liability for any defect in the CUSIP or ISIN numbers
as they appear on any Note, notice or elsewhere. The Company will promptly notify the Trustee, in writing, of any change in the CUSIP
or ISIN number(s) identifying any Notes.

 

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Section 2.19.        Special
Transfer Provisions.

 

(A)            Restricted
Note Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Note Legend, the Registrar shall deliver
Notes that do not bear the Restricted Note Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Note Legend,
the Registrar shall deliver only Notes that bear the Restricted Note Legend unless such Note does not constitute a Transfer-Restricted
Security immediately after such transfer, exchange or replacement, including to the extent the requested transfer is after the Resale
Restriction Termination Date, or if such Note has been sold pursuant to an effective registration statement under the Securities Act.
The Trustee or the Company may reasonably require the delivery of an opinion of counsel reasonably satisfactory to the Company and to
the Trustee and addressed to the Company and to the Trustee to the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the Securities Act.

 

(B)            General.
By its acceptance of any Note bearing the Restricted Note Legend, each Holder of such a Note acknowledges the restrictions on transfer
of such Note set forth in this Indenture and in the Restricted Note Legend and agrees that it will transfer such Note only as provided
in this Indenture and as permitted by applicable law.

 

(C)          The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.19.
The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable
time upon the giving of reasonable written notice to the Registrar.

 

(D)            Transfers
of Notes Held by Affiliates. Any certificate (i) evidencing a Note that has been transferred to an Affiliate within two (2) years
after the Issue Date, as evidenced by a notation on the assignment form for such transfer or in the representation letter delivered in
respect thereof or (ii) evidencing a Note that has been acquired from an Affiliate (other than by an Affiliate) in a transaction
or a chain of transactions not involving any public offering, shall, until two (2) years after the last date on which the Company
or any Affiliate was an owner of such Note (or such longer period of time as may be required under the Securities Act or applicable state
securities laws), in each case, bear the Restricted Note Legend, unless otherwise agreed by the Company (with written notice thereof to
the Trustee).

 

Section 2.20.        Issuance
of PIK Interest; PIK Payments.

 

In connection with the payment
of PIK Interest on the Notes, the Company is entitled, without the consent of the Holders, to issue Additional Notes having the same terms
and conditions as the Notes (the “PIK Notes”). PIK Interest on the Global Notes will be payable by the Company delivering
an order to issue additional PIK Notes by increasing the principal amount of any such Global Note by the relevant amount (rounded up to
the nearest whole dollar) or, if necessary, by issuing a new Global Note executed by the Company and an order to the Trustee (or its authenticating
agent) to authenticate such new Global Note and in accordance with Section 2.02 of this Indenture. PIK Interest on any Physical
Notes will be payable by the Company delivering to the Trustee and Paying Agent such PIK Notes in the relevant amount (rounded up to the
nearest whole dollar) as Physical Notes and an order to the Trustee (or its authenticating agent) to authenticate, in accordance with
Section 2.02, and deliver such PIK Notes to the Holders on the relevant record date. Following an increase in the principal
amount of the outstanding Global Notes as a result of a payment as PIK Interest, the Notes will bear interest on such increased principal
amount from and after the date of such payment. Any PIK Notes issued as Physical Notes will be dated as of the applicable Interest Payment
Date and will bear interest from and after such date.

 

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Article 3. COVENANTS

 

Section 3.01.        Payment
on Notes.

 

(A)            Generally.
The Company will pay or cause to be paid all the principal of, the Repurchase Price and Redemption Price for, interest on, and other amounts
due with respect to, the Notes on the dates and in the manner set forth in this Indenture.

 

(B)            Deposit
of Funds. Before 10:00 A.M., New York City time, on each Redemption Date, Tax Redemption Date, Repurchase Date or Interest Payment
Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause
there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due
on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for
such purpose.

 

Section 3.02.        Compliance
and Default Certificates.

 

(A)            Annual
Compliance Certificate. Within 120 days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company
will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the
activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of
Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred and is continuing
(and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect
thereto).

 

(B)            Default
Certificate. If a Default or Event of Default occurs, then the Company will promptly deliver an Officer’s Certificate to the
Trustee describing the same and what action the Company is taking or proposes to take with respect thereto; provided, however,
that the Company will not be required to deliver such notice if such Default or Event of Default, as applicable, has been cured within
the applicable grace period, if any, provided herein.

 

Section 3.03.        Stay,
Extension and Usury Laws.

 

To the extent that it may
lawfully do so, the Company (A) agrees that it will 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 (wherever or whenever enacted or in force) that may affect the covenants
or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will
not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will
suffer and permit the execution of every such power as though no such law has been enacted.

 

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Section 3.04.        Acquisition
of Notes by the Company and its Affiliates.

 

Without limiting the generality
of Section 2.17, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to
remain outstanding (except to the extent provided in Section 2.15) until such time as such Notes are delivered to the Trustee
for cancellation.

 

Section 3.05.        Indebtedness
and Preferred Stock.

 

(A)          The
Company shall not, and shall not permit any of its Subsidiaries to, Incur any Indebtedness, other than the Incurrence by the Company
of Indebtedness represented by the Notes, and the Company shall not permit any of its Subsidiaries to issue Preferred Stock.

 

(B)          Notwithstanding
the foregoing, the Company may Incur Permitted Indebtedness under clauses (1), (2) and (3) of the definition thereof, provided
that such Permitted Indebtedness is unsecured, and any Subsidiary of the Company may Incur Permitted Indebtedness.

 

Section 3.06.        Restricted
Payments.

 

The Company shall not, directly
or indirectly, make any Restricted Payment.

 

Section 3.07.        Negative
Pledge.

 

The Company shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, incur, assume or permit to exist any Lien securing Indebtedness,
except Permitted Liens, unless the Notes are secured equally and ratably with (or, if the Indebtedness to be secured by such Lien is subordinated
in right of payment to the Notes, prior to) the Indebtedness secured by such Lien, for so long as such Indebtedness is secured by such
Lien.

 

Section 3.08.        Asset
Sales.

 

The Company shall not, and
shall not permit any of its Subsidiaries to, sell, lease, transfer or otherwise dispose of any asset, in a single transaction or a series
of transactions (whether related or not) and whether voluntary or involuntary, other than a Permitted Asset Sale.

 

Section 3.09.        Listing
of the Notes.

 

The Company shall procure
and maintain the listing and quotation of the Notes on the SGX-ST or other internationally recognized stock exchange.

 

    - 37 -

     

    

 

Section 3.10.        SEC
Filings; Disclosures; Financial Statements and Reports.

 

(A)            To
the extent that the Company is subject to any SEC reporting requirements, the Company shall (i) timely file with the SEC, within
the time periods specified in the SEC’s rules and regulations, all financial information and other reports required to be filed
with the SEC, and any other information required to be filed with the SEC, (ii) deliver to the Holders (I) copies of all such
filings with the SEC within two (2) Business Days after the filing thereof with the SEC and (II) electronic copies of all press
releases issued by the Company or any of its Subsidiaries on the same day as the release thereof, in each case, unless the foregoing are
filed with the SEC through EDGAR or posted on the Company’s website and are immediately available to the public through EDGAR or
on the Company’s website.

 

(B)            To
the extent that the Company is subject to any reporting requirements of the Alternative Stock Exchange, the Company (i) shall timely
file with or disclose to the Alternative Stock Exchange, within the time periods specified in the relevant rules and regulations,
all financial information, other reports and other information required to be filed or disclosed, and (ii) deliver to the Holder
(I) copies of all such filings or disclosures within two (2) Business Days after the filing or disclosure thereof and (II) electronic
copies of all press releases issued by the Company or any of its Subsidiaries on the same day as the release thereof, in each case, unless
the foregoing are posted on the Alternative Stock Exchange’s website or the Company’s website and are immediately available
to the public on the Alternative Stock Exchange’s website or the Company’s website.

 

(C)            Unless
the Company has filed with (or furnished to) the SEC or the Principal Market or the Alternative Stock Exchange the financial information
listed below and complied with paragraph (A) above, the Company will provide to the Holders:

 

(i)            as
soon as practicable, but in any event within 120 calendar days after the end of the fiscal year of the Company, copies of its financial
statements (on a consolidated basis and in the English language) in respect of such financial year (including a statement of income, balance
sheet and cash flow statement) prepared in accordance with U.S. GAAP and audited by a Recognized Accounting Firm; and

 

(ii)            as
soon as practicable, but in any event within 60 calendar days after the end of each of the first, second and third fiscal quarters of
the Company, copies of its unaudited financial statements (on a consolidated basis and in the English language), including a statement
of income, balance sheet and cash flow statement prepared in accordance with U.S. GAAP, and prepared on a basis consistent with the audited
financial statements of the Company together with a certificate signed by the Person then authorized to sign financial statements on behalf
of the Company to the effect that such financial statements are true in all material respects and present fairly in all material respects
the financial position of the Company as at the end of, and the results of its operations for, the relevant quarterly period,

 

provided, that the foregoing obligations
in this Section 3.10(C) shall not apply if the Company is subject to or voluntarily complying with the periodic reporting
requirements of Section 13(a) of the Exchange Act and also continues to publicly release condensed consolidated financial statements
prepared in accordance with U.S. GAAP.

 

    - 38 -

     

    

 

Section 3.11.        Corporate
Existence.

 

The Company shall, and shall
cause each of its Subsidiaries (other than Subsidiaries that do not have any material assets or operations) to, maintain its corporate
existence, excluding in connection with the consummation of the Business Combination, mergers and consolidations among Subsidiaries of
the Company, mergers and consolidations between the Company and its Subsidiaries and transactions permitted by Article 6.

 

Section 3.12.        Compliance
with Laws.

 

(A)            The
Company shall, and shall cause each of its Subsidiaries to, (i) comply with all applicable laws, ordinances, rules, regulations and
requirements of any Governmental Authorities, including, without limitation, the requirements of all Sanctions, and (ii) obtain,
possess and maintain in full force and effect all certificates, consents, rights, authorizations, licenses and permits issued by each
Governmental Authority necessary to conduct its business and preserve and maintain good and valid title to its properties and assets (including,
without limitation, land-use rights) free and clear of any Liens (other than Permitted Liens), in each case except to the extent the failure
to so comply, obtain, possess, maintain and preserve would not reasonably be expected to have a Material Adverse Effect.

 

(B)            Neither
the Company nor any of its Subsidiaries shall violate applicable Anti-Corruption Laws, including corruptly offering, receiving, paying,
promising to pay or authoring the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value (1) to or for the use of any Government Official, (2) to any other Person either for an advance or reimbursement, if
it knows or has reason to know that any part of such payment will be directly or indirectly given or paid by such other Person, or will
reimburse such other Person for payments previously made, to any Government Official; or (3) to any other Person or entity, to obtain
or keep business or to secure some other improper advantage in relation to the Company, the payment of which would violate applicable
Anti-Corruption Laws.

 

(C)            The
Company shall maintain a Company-wide anti-bribery and anti-corruption policy and training program. The Company shall also maintain effective
disclosure controls and procedures and an internal accounting controls system that is sufficient to provide reasonable assurances that
violations of Anti-Corruption Laws will be prevented, detected, and deterred.

 

Section 3.13.        Master
Franchise Agreements.

 

(A)             Except
as permitted under clause (B) below, the Company shall, and shall cause each of its Subsidiaries to, maintain in full force and effect
the Master Franchise Agreements and comply in all material respects with the terms of the Master Franchise Agreements.

 

(B)            The
Company shall not, and shall cause each of its Subsidiaries not to, amend, fail to renew, provide any consent under, assign, novate, terminate
or allow to let lapse the Master Franchise Agreements, except (i) as required by the terms of such Master Franchise Agreement, (ii) in
the ordinary course of business, if such amendment, non-renewal, consent, assignment, novation, termination or lapse would not have a
Material Adverse Effect or (iii) with the Trustee’s prior written consent (acting on the instructions of, or with the consent
of, the Holders of a majority in aggregate principal amount of the Notes then outstanding).

 

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Section 3.14.        Maintenance
of Assets; Insurance.

 

The Company shall, and shall
cause each of its Subsidiaries to, (i) maintain its assets in good working order and condition, ordinary wear and tear excepted;
and (ii) have insurance policies of the type, and that provide coverage, that is in compliance with applicable law in all material
respects and is reasonable and appropriate considering the business of the Company and its Subsidiaries, and the Company and its Subsidiaries
are in compliance in all respects thereunder, including with respect to the payment of premiums.

 

Section 3.15.        Payment
of Taxes.

 

The Company shall, and shall
cause each of its Subsidiaries to, pay and discharge, before the same shall become delinquent, all material taxes, assessments and other
material governmental charges or levies imposed upon them or any of their properties or assets or in respect of their businesses or incomes
except for those being contested in good faith by proper proceedings diligently conducted and against which adequate reserves, in accordance
with U.S. GAAP, have been established.

 

Section 3.16.        Conversion
Shares.

 

The Company shall ensure that
all Shares issued upon conversion of the Notes shall represent newly issued shares or shares held in treasury by the Company, shall have
been duly authorized and validly issued and shall be fully paid and non-assessable, and shall be free from preemptive rights and free
of any Lien or adverse claim (except to the extent of any Lien or adverse claim created by the action or inaction of the Holder of the
relevant Note or the Person to whom such Share will be delivered). The Company shall make all filings and reports relating to the offer
and sale of the Conversion Shares by the Company required under applicable foreign or U.S. securities or “blue sky” laws (or
to obtain an exemption from such requirements), provided, however, that the Company shall not be required to (i) qualify generally
to do business as a foreign entity in any jurisdiction where it would not otherwise be required to qualify but for this Article 3,
or (ii) consent to general service of process in any such jurisdiction.

 

Section 3.17.        Books,
Records and Internal Controls.

 

(A)            The
Company shall, and shall cause each of its Subsidiaries to, make and keep books, records and accounts which, in reasonable detail, accurately
and fairly reflect their transactions and dispositions of assets.

 

(B)            The
Company shall, and shall cause each of its Subsidiaries to, devise and maintain a system of internal accounting controls sufficient to
provide reasonable assurance that:

 

(i)            transactions
are executed and access to assets is permitted only in accordance with management’s general or specific authorization;

 

(ii)          transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP or any other criteria applicable
to such statements and to maintain accountability for assets; and

 

    - 40 -

     

    

 

(iii)          the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences.

 

Section 3.18.        Engage
Qualified Auditing Firm.

 

The Company shall maintain
the appointment of a Recognized Accounting Firm as auditor of the Company to audit the Company’s consolidated annual financial statement
in accordance with:

 

(A)           on
or after the Business Combination Closing Date, Regulation S-X, the Public Company Accounting Oversight Board (“PCAOB”)
standards, and any other applicable SEC rules or generally accepted auditing standards; and

 

(B)            before
the Business Combination Closing Date or if the Business Combination is not consummated, the applicable required standards to which the
Company is subject and any other applicable generally accepted auditing standards.

 

To the extent that the Company
is required to do so under applicable law, the Company shall also engage its auditor to perform quarterly procedures on its unaudited
interim financial information using standards consistent with those established by the PCAOB.

 

Section 3.19.        Charter
Documents.

 

Except as is reasonably necessary
to implement the Business Combination, the Agreed Business Plan (as defined in the Merger Agreement), or any consolidation or merger not
prohibited by this Indenture and the Notes, the Company shall not, and shall use commercially reasonable efforts to cause its shareholders
not to amend, alter, waiver or repeal any provision of its Charter Documents, and shall cause its Subsidiaries not to, amend, alter, waive
or repeal any provision of their certificates of incorporation, memorandum and articles of association or any other of their organizational
or constitutional documents, in each case, in a way that is materially adverse to the interests of the Holders without the prior written
consent of the Trustee (acting on the instructions of, or with the consent of, the Holders of a majority in aggregate principal amount
of the Notes then outstanding).

 

Section 3.20.        Scope
of Business.

 

The Company shall not, and
shall cause its Subsidiaries not to, materially change the scope of the principal business of the Company and its Subsidiaries from that
carried on as at the date of this Indenture or any business reasonably related, ancillary or complementary thereto; or enter into any
business other than such principal business or any business that is reasonably related, ancillary or complementary thereto that will materially
and adversely affect the ability of the Company to carry out its obligations under this Indenture and the Notes.

 

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Section 3.21.        Removal
of Restrictive Legends.

 

The Company agrees to cause
the Transfer Agent or the transfer agent for the Shares, as applicable, to remove the restrictive legends on the Notes and/or the Conversion
Shares, as applicable, when such securities are sold pursuant to Rule 144 under the Securities Act or an effective registration statement
or may be sold without restriction under Rule 144. In connection therewith, if required by the Transfer Agent, the Company will promptly
cause an opinion of counsel to be delivered to and maintained with the Transfer Agent, together with any other authorizations, certificates
and directions required by the Transfer Agent that authorize and direct the Transfer Agent to transfer such securities without any such
legends.

 

Section 3.22.        Additional
Amounts.

 

(A)            All
payments and deliveries made by or on behalf of the Company or any successor to the Company under or with respect to this Indenture and
the Notes shall be made free and clear of and without withholding or deduction for, or on account of, any present or future taxes, duties,
assessments, or governmental charges of whatever nature imposed or levied (including any interest and penalties related thereto (“Taxes”)
unless such withholding or deduction of such Taxes is then required by law. If any such withholding or deduction is so required by or
within any jurisdiction in which the Company or any successor to the Company is, for tax purposes, organized or resident for tax purposes
or through which payment is made or deemed made (each, a “Relevant Taxing Jurisdiction”, and in each case, any political
subdivision or taxing authority thereof or therein), the Company or any successor to the Company shall pay or deliver to each Holder such
additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by the beneficial
owners of the Notes after such withholding or deduction (and after deducting any taxes on the Additional Amounts) shall equal the amounts
that would have been received by such beneficial owners had no such withholding or deduction been required; provided that no Additional
Amounts shall be payable for or on account of:

 

(i)            any
Taxes, to the extent such Taxes would not have been so imposed but for the existence of any present or former connection between the relevant
Holder (or beneficial owner) and the Relevant Taxing Jurisdiction (including, without limitation, being resident for tax purposes, or
being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically
present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership
or holding of such Note, the receipt of any Conversion Shares or the exercise or enforcement of rights under such Note or this Indenture;

 

(ii)            any
Taxes, to the extent such Taxes are imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Note to
comply with a reasonable written request of the Company or any successor to the Company addressed to the Holder or beneficial owner, after
reasonable notice (at least 30 days before any such withholding or deduction would be payable), to provide certification, information,
documents or other evidence concerning the nationality, residence or identity of the Holder or such beneficial owner or to make any declaration
or similar claim or satisfy any other reporting requirement relating to such matters, which is required by a statute, treaty, regulation
or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from all or part of such Taxes, but, only
to the extent the Holder or beneficial owner is legally entitled to provide such certification, information, documentation or other evidence;

 

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(iii)            any
Taxes, to the extent that such Taxes are imposed as a result of the presentation of the Note (where presentation is required) more than
30 days after the later of the applicable payment date, the date on which the relevant payment is first made available for payment to
the Holder or the date of the delivery of Conversion Shares (except to the extent that the Holder would have been entitled to Additional
Amounts had the Notes been presented on the last day of such 30 day period);

 

(iv)            any
Taxes that are payable otherwise than by deduction or withholding from a payment on the Notes;

 

(v)            any
estate, inheritance, gift, excise, sales, transfer, personal property or similar Taxes;

 

(vi)            any
Taxes imposed in connection with a Note presented for payment by or on behalf of a Holder or beneficial owner who would have been able
to avoid such Taxes by presenting the relevant Note to, or otherwise accepting payment from, another Paying Agent in a different jurisdiction;

 

(vii)          any
applicable withholding Tax or deduction required by Section 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended
(“FATCA”), any current or future treasury regulations or rulings promulgated thereunder, any law, regulation or other official
guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction
to implement FATCA or any law enacted by such other jurisdiction to give effect to such agreement, or any agreement with the U.S. Internal
Revenue Service under FATCA; or

 

(viii)         any
combination of the applicable Taxes referred to in the preceding clauses (i) through (vii).

 

(B)            In
addition, no Additional Amounts shall be paid with respect to a Holder who is a fiduciary or a partnership or any Person other than the
beneficial owner of the Notes, to the extent that the beneficiary or settlor with respect to such fiduciary, the member of such partnership
or the beneficial owner would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner held
such Notes directly.

 

(C)            The
Company and any successor to the Company will (i) make any required withholding or deduction and (ii) remit the full amount
deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Company and any successor to the Company
will provide certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction
imposing such Taxes, or if such tax receipts are not available, certified copies or other reasonable evidence of such payments as soon
as reasonably practicable to the Trustee. Such copies shall be made available to the Holders upon reasonable request and will be made
available during office hours at the offices of the Paying Agent.

 

(D)            Notwithstanding
anything to the contrary herein, the Company shall pay any and all transfer, documentary, stamp, registration and other similar Taxes
and fees incurred in connection with the issuance of the Notes.

 

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(E)            Any
reference in this Indenture or the Notes in any context to the payment of principal or interest on any Note and/or the delivery of Conversion
Shares upon conversion of any Note or any other amount payable on or with respect to the Notes shall be deemed to include payment of Additional
Amounts to the extent that, in such context, Additional Amounts are, were or would be payable with respect to that amount pursuant to
this Section 3.22.

 

Article 4. REPURCHASE
AND REDEMPTION

 

Section 4.01.          No
Sinking Fund.

 

No sinking fund is required
to be provided for the Notes.

 

Section 4.02.          Right
of Holders to Require the Company to Repurchase Notes.

 

(A)            Right
of Holders to Require the Company to Repurchase Notes. Each Holder will have the right, after June 10, 2025 (being the date falling
42 months after the Interest Accrual Date), at its election, to require the Company to repurchase all of such Holder’s Notes on
the Repurchase Date for a Repurchase Price set out in Section 4.02(C) (the “Repurchase Right”).

 

(B)            Repurchase
Date. The “Repurchase Date” will be a Business Day of the Holder’s choosing that is no earlier than the date
falling 42 months after the Interest Accrual Date, nor less than six months after the date the Company sends the related Repurchase Notice
pursuant to Section 4.02(D).

 

(C)            Repurchase
Price. The Repurchase Price for any Note to be repurchased upon a Repurchase is an amount in cash equal to the principal amount of
such Note plus accrued and unpaid interest on such Note to, but excluding, the Repurchase Date; provided, however, that
if such Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of record
of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase, to receive, on or,
at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding,
such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date,
if such Repurchase Date is before such Interest Payment Date); and (ii) the Repurchase Price will not include accrued and unpaid
interest on such Note to, but excluding, such Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business
Day within the meaning of Section 2.05(B) and such Repurchase Date occurs on the Business Day immediately after such
Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid,
in accordance with Section 2.05(B), on the next Business Day to Holders as of the Close of Business on the immediately preceding
Regular Record Date; and (y) the Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest
Payment Date to, but excluding, the Repurchase Date.

 

(D)            Repurchase
Notice. To require the Company to Repurchase the Notes pursuant to this Section 4.02, a Holder must, at any time after
December 10, 2024 (being the day falling on the third anniversary of the Interest Accrual Date), but at least six months before the
Repurchase Date, send to the Company, the Trustee, the Conversion Agent and the Paying Agent a Repurchase Notice.

 

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No defect in a Repurchase
Notice will limit the Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase.

 

(E)            Procedures
to Exercise the Repurchase Right.

 

(i)            Delivery
of Repurchase Notice and Notes to Be Repurchased. To exercise its Repurchase Right for a Note, the Holder thereof must deliver to
the Paying Agent:

 

(1)            at
any time after December 10, 2024 (being the day falling on the third anniversary of the Interest Accrual Date) and at least six months
before the proposed Repurchase Date, a duly completed, written Repurchase Notice with respect to such Note; and

 

(2)            such
Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note).

 

The Paying Agent will promptly
deliver to the Company a copy of each Repurchase Notice that it receives.

 

(ii)            Contents
of Repurchase Notices. Each Repurchase Notice with respect to a Note must state:

 

(1)            that
the Company is required to Repurchase the Notes, briefly describing the right of the relevant Holder to require Repurchase under this
Indenture;

 

(2)            the
Repurchase Date;

 

(3)            the
Repurchase Price (and, if such Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount,
manner and timing of the interest payment payable pursuant to the proviso to Section 4.02(C));

 

(4)            the
name and address of the Paying Agent and the Conversion Agent;

 

(5)            that
such Note must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Repurchase Price;

 

(6)            that
immediately upon being called for Repurchase, such Note may not be converted at any time after the date of the Repurchase Notice;

 

(7)            the
CUSIP or ISIN numbers, if any, of such Note;

 

(8)            if
such Note is a Physical Note, the certificate number of such Note;

 

(9)            the
principal amount of such Note, which must be an Authorized Denomination; and

 

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(10)          that
such Holder is exercising its Repurchase Right with respect to all of the principal amount of such Note,

 

provided, however, that
if such Note is a Global Note, then such Repurchase Notice must comply with the Depositary Procedures (and any such Repurchase Notice
delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(E)).

 

(iii)           No
Withdrawal of Repurchase Notice. Once delivered, a Repurchase Notice with respect to a Note is irrevocable and the relevant Holder
may not withdraw such Repurchase Notice.

 

(F)            Payment
of the Repurchase Price. Without limiting the Company’s obligation to deposit the Repurchase Price within the time proscribed
by Section 3.01(B), the Company will cause the Repurchase Price for a Note (or portion thereof) to be repurchased pursuant
to a Repurchase to be paid to the Holder thereof on or before the later of (i) the Repurchase Date; and (ii) the date (x) such
Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase,
and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in
the case of a Global Note). For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.02(C) on any Note
to be repurchased pursuant to a Repurchase must be paid pursuant to such proviso regardless of whether such Note is delivered or such
Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(F).

 

(G)            Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply in all material respects with all federal and state
securities laws in connection with a Repurchase so as to permit effecting such Repurchase in the manner set forth in this Indenture; provided,
however, that, to the extent that the Company’s obligations to offer to repurchase and to repurchase Notes pursuant to this Section 4.02
conflict with any federal and/or state securities law or regulation that is applicable to the Company, the Company’s compliance
with such law or regulation will not be considered to be a Default of those obligations.

 

(H)            No
Repurchase in Part. Subject to the terms of this Section 4.02, Notes may not be repurchased pursuant to a Repurchase in
part.

 

Section 4.03.          Right
of the Company to Redeem the Notes.

 

(A)            Right
of the Company to Redeem the Notes. Subject to the terms of this Section 4.03, at any time before the Second Call Date,
the Company has the right, at its election, to redeem all of the Notes, together with all accrued and unpaid interest, on a Redemption
Date on or after the Issue Date and on or before the Second Call Date, for a cash purchase price equal to the Redemption Price.

 

(B)            Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is before the Second Call
Date and no less than one month after the Redemption Notice Date for such Redemption.

 

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(C)            Redemption
Price. The Redemption Price is an amount in cash equal to:

 

(i)             if
the Redemption Date falls in the period from (and including) the Issue Date to (but excluding) the First Call Date, the Make-Whole Amount;
and

 

(ii)            if
the Redemption Date falls in the period from (and including) the First Call Date to (but excluding) the Second Call Date, 104.0% of the
aggregate principal amount of the Notes then outstanding plus accrued and unpaid interest on such Notes to, but excluding, the Redemption
Date for such Redemption;

 

provided, however, that
for the purposes of calculating the Redemption Price above, if the Redemption Date is after a Regular Record Date and on or before the
next Interest Payment Date, then (i) the Redemption Price will be calculated by reference to the unpaid interest that would have
accrued on such Note to, but excluding, such Interest Payment Date; and (ii) the Redemption Price will not include accrued and unpaid
interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business
Day within the meaning of Section 2.05(B) and such Redemption Date occurs on the Business Day immediately after such
Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be included
in the calculation of the Redemption Price; and (y) the Redemption Price will include interest on Notes to be redeemed from, and
including, such Interest Payment Date to, but excluding, such Redemption Date.

 

(D)            Redemption
Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written
notice of such Redemption (a “Redemption Notice”).

 

Such Redemption Notice must
state:

 

(i)             that
such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture;

 

(ii)            the
Redemption Date for such Redemption;

 

(iii)           the
applicable Redemption Price;

 

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

 

(v)            that
upon being called for Redemption, such Notes may be converted in whole, but not in part, at any time before the Close of Business on the
Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date
in full, at any time until such time as the Company pays such Redemption Price in full), into Shares pursuant to Article 5; and

 

(vi)           the
CUSIP or ISIN numbers, if any, of such Notes.

 

On or before the Redemption
Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent.

 

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(E)            Payment
of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by
Section 3.01(B), the Company will cause the Redemption Price for a Note subject to Redemption to be paid to the Holder thereof
on or before the applicable Redemption Date. For the avoidance of doubt, any interest payable pursuant to the proviso to Section 4.02(D) on
any Note subject to Redemption must be paid pursuant to such proviso.

 

(F)            Right
to Convert after Issuance of Redemption Notice. After the issuance of the Redemption Notice by the Company, each Holder shall, at
any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the
Redemption Price due on such Redemption Date in full, before the Close of Business on the fifth (5th) Business Day after the Redemption
Date), have the option to convert its Notes into Conversion Consideration in accordance with Article 5.

 

Section 4.04.          Optional
Redemption for Changes in the Tax Laws.

 

(A)            Right
of the Company to Redeem the Note for Taxation Reasons. The Company may redeem the Notes, in whole but not in part (except in respect
of Holders that elect otherwise as described below), at the Company’s option (a “Tax Redemption”) at a redemption
price equal to 102% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date fixed by the
Company for redemption (“Tax Redemption Price”) if, on the next date on which any amount would be payable or delivery
owed in respect of the Notes (or, in the case of any Additional Amounts with respect to Conversion Consideration, the next date on which
a Holder may exercise its conversion rights), the Company would be required to pay any Additional Amounts, and the Company cannot avoid
any such payment obligation by taking reasonable measures available to the Company (provided that changing the Company’s jurisdiction
is not, a reasonable measure for purposes of this Section 4.04(A)), as a result of:

 

(i)             any
amendment to, or change in, the laws or any regulations or rulings promulgated thereunder of a Relevant Taxing Jurisdiction that is not
announced before and becomes effective after December 9, 2021 (or, if the applicable Relevant Taxing Jurisdiction became a Relevant
Taxing Jurisdiction on a date after December 9, 2021, such later date); or

 

(ii)            any
amendment to, or change in, an official interpretation or application regarding such laws, regulations or rulings, including by virtue
of a holding, judgment or order by a court of competent jurisdiction or a change in administrative practice that is not announced before,
and becomes effective after December 9, 2021 (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction
on a date after December 9, 2021, such later date); or

 

(iii)           any
amendment to, or change in the laws or any regulations or rulings promulgated thereunder, or any amendment to, or change in, an official
interpretation or application regarding such laws, regulations or rulings, including by virtue of a holding, judgment or order by a court
of competent jurisdiction or a change in administrative practice, in each case, of the PRC, which is not announced before and becomes
effective after December 9, 2021 (any such amendment or change described in clauses (i), (ii), or (iii), a “Change in Tax
Law”).

 

    - 48 -

     

    

 

(B)            Notices
of Tax Redemption. If the Company exercises its Tax Redemption right pursuant to Section 4.04(A), it shall fix a date
for Tax Redemption (each, a “Tax Redemption Date”) and it shall provide notice of the Tax Redemption in accordance
with the procedures described in Section 4.03(D) (such notice, a “Notice of Tax Redemption”). Notwithstanding
the foregoing, no such Notice of Tax Redemption will be given more than sixty (60) days prior to the Tax Redemption Date to the Trustee,
the Paying Agent, the Conversion Agent and each Holder of Notes (the date such notice is delivered, the “Tax Redemption Notice
Date”). The Tax Redemption Date must be a Business Day.

 

(C)            Payments
of Notes Called for Tax Redemption.  If any Notice of Tax Redemption has been given in respect of the Notes in accordance with Section 4.04(B),
the Notes shall become due and payable on the Tax Redemption Date at the place or places stated in the Notice of Tax Redemption and at
the applicable Tax Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice of Tax Redemption,
the Notes shall be paid and redeemed by the Company at the applicable Tax Redemption Price.

 

Section 4.05.          Repurchases
at the Option of the Company

 

The Company or any of its Subsidiaries may at
any time and from time to time, directly or indirectly repurchase Notes in open market purchases or otherwise, whether through private
or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives, or in other negotiated transactions, in each
case without notice to, or consent of, the Trustee, any Note Agent or any Holder, provided that the Company or any of its Subsidiaries
shall surrender to the Trustee for cancellation in accordance with Section 2.14 any Notes that the Company or any of its Subsidiaries
repurchases. In connection with any such repurchase, the Company may appoint a tender agent, in which case such tender agent shall be
the Paying Agent in connection with such repurchase.

 

Article 5. CONVERSION

 

Section 5.01.          Right
to Convert.

 

(A)            Holder’s
Right to Convert. Subject to the provisions of this Article 5, at any time from (and including) the earlier of (i) the
Outside Date and (ii) the Business Combination Closing Date until the Maturity Date, each Holder may, in its sole discretion, convert
all of such Holder’s Notes into Conversion Consideration in accordance with this Article 5.

 

(B)            Mandatory
Conversion at the Company’s Option. Subject to the terms of this Indenture, and provided that the Business Combination Closing
Date has occurred, at any time from (and including) the later of (X) the date falling 24 months from the Interest Accrual Date and
(Y) the effective date of the Registration Statement, until the Maturity Date, the Company has the right, at its option, to convert
all of the Notes outstanding into Conversion Consideration in accordance with this Article 5, but only if:

 

(i)            the
Last Reported Sale Price per Share is equal to or greater than one hundred and thirty percent (130%) of the Conversion Price on each of
at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including,
the Trading Day immediately before the Mandatory Conversion Notice Date; and

 

    - 49 -

     

    

 

(ii)            the
Average Daily Trading Volume in dollars of the Shares is more than $5,000,000,

 

(such day on which the conditions in
(1) and (2) above are met, a “Mandatory Conversion Notice Date”).

 

(C)            Conversions
in Whole. Notes may only be converted in whole and not in part.

 

(D)            Limitations
and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes:

 

(i)             Notes
may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day;

 

(ii)            in
no event may any Note be converted after the Close of Business on the second (2nd) Business Day immediately before the Maturity Date;

 

(iii)           if
the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note
after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails
to pay the Redemption Price for such Note in accordance with this Indenture; and

 

(iv)           if
a Repurchase Notice is validly delivered pursuant to Section 4.02(D) with respect to any Note, then such Note may not
be converted, except to the extent the Company fails to pay the Repurchase Price for such Note in accordance with this Indenture.

 

Section 5.02.         Conversion
Procedures.

 

(A)          Conversion
at the Holder’s Option.

 

(i)            Global
Notes. To convert a beneficial interest in a Global Note that is convertible at the option of the Holder thereof pursuant to Section 5.01,
the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at
which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(F).

 

(ii)            Physical
Notes. To convert a Physical Note that is convertible at the option of the Holder thereof pursuant to Section 5.01, the
Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the notice of conversion attached to such
Physical Note (a notice of conversion attached to a Physical Note as set forth in this Section 5.02(A), a “Notice
of Conversion”); (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable);
(3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts
due pursuant to Section 5.02(F).

 

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(B)            Mandatory
Conversion

 

(i)            Global
Notes. To mandatorily convert a beneficial interest in a Global Note that is convertible at the option of the Company pursuant to
Section 5.01(B), the Company must (1) comply with the Depositary Procedures for converting such beneficial interest (at
which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(F).

 

(ii)            Physical
Notes.

 

(1)            To
mandatorily convert a Physical Note that is convertible at the option of the Company pursuant to Section 5.01(B), the Company
of such Note must complete, manually sign and deliver to the Conversion Agent the mandatory conversion notice substantially in the form
set out in Exhibit C (a “Mandatory Conversion Notice”) (at which time such Mandatory Conversion Notice will become
irrevocable).

 

(2)            Upon
receipt by a Holder of the Mandatory Conversion Notice, such Holder must immediately deliver such Physical Note to the Conversion Agent;
furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and pay any amounts due pursuant
to Section 5.02(F).

 

(C)            Effect
of Converting a Note. At the Close of Business on the Conversion Date or Mandatory Conversion Notice Date (as applicable), such Note
will (unless there occurs a Default in the delivery of the Conversion Consideration and cash in lieu of fractional Shares due, pursuant
to Section 5.03(C) or Section 5.02(E), upon such conversion) be deemed to cease to be outstanding (and, for
the avoidance of doubt, no Person will be deemed to be a Holder of such Note as of the Close of Business on such Conversion Date), except
to the extent provided in Section 5.02(E).

 

(D)            Holder
of Record of Conversion Shares. The Person in whose name any Share is issuable upon conversion of any Note will be deemed to become
the holder of record of such share as of the Close of Business on the Conversion Date for such conversion.

 

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(E)            Interest
Payable upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next
Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding
such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on
or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but
excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest
Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such
surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however,
that the Holder surrendering such Note for conversion need not deliver such cash (w) if the Company has specified a Redemption Date
that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (x) if such
Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (y) if the Company has specified a Repurchase
Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (z) to
the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and
without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date
immediately before the Maturity Date, any Redemption Date described in clause (w) above and any Repurchase Date described in clause
(y) above, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the
Maturity Date or other applicable Interest Payment Date to Holders as of the Close of Business on the Regular Record Date immediately
before the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date,
then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be
entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest
Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence
of this Section 5.02(E).

 

(F)            Taxes
and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due
on the issue of any Share upon such conversion; provided, however, that if any tax or duty is due because such Holder requested
such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty.

 

(G)            Conversion
Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives
any written notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the
Business Day following the date the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence,
together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion
Date for such Note.

 

Section 5.03.         Settlement
upon Conversion.

 

(A)           Settlement
Method. Upon the conversion of any Note, the Company will settle such conversion by delivering Shares.

 

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(B)           Conversion
Consideration.

 

(i)            Generally.
Subject to Section 5.03(B)(iii) and Section 5.03(B)(iv), the type and amount of consideration (the “Conversion
Consideration”) due in respect of a Note to be converted will be:

 

(1)            subject
to paragraph (3) below, if the Business Combination Closing Date occurs prior to the Outside Date, at any time after the Business
Combination Closing Date, a number of fully paid, validly issued and non-assessable Shares determined by dividing (x) the principal
of such Note then outstanding (including capitalized PIK Interest) and all accrued and unpaid interest by (y) the applicable Conversion
Price.

 

(2)            subject
to paragraph (3) below, if the Business Combination has not closed prior to the Outside Date, on or after the Outside Date, a number
of fully paid, validly issued and non-assessable Shares determined by dividing:

 

(a)            (x) the
sum of the principal of such Note and all accrued and unpaid interest, multiplied by (y) the quotient of the Make-Whole Amount, calculated
as if such Note was redeemed on the Interest Accrual Date, divided by the principal of such Note on the Issue Date; by

 

(b)            the
applicable Conversion Price.

 

(3)            if
the Company calls any Note for Redemption pursuant to Section 4.03 and the Holder thereof elects to convert all of such Note
into Shares at any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails
to pay the Redemption Price due on such Redemption Date in full, on the Redemption Date), a number of fully paid, validly issued and non-assessable
Shares determined by dividing the Redemption Price by the applicable Conversion Price.

 

(ii)            Reset
of Conversion Price. If the Business Combination Closing Date occurs before the Outside Date, the Conversion Price shall on the Business
Combination Closing Date be reset pursuant to the Business Combination Reset. If the Business Combination has not closed prior to the
Outside Date, the Conversion Price shall on the Outside Date be reset pursuant to the Outside Date Reset.

 

(iii)            Cash
in Lieu of Fractional Shares. The Company shall not issue any fraction of a Share upon any conversion. If the number of Shares deliverable
upon any conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver,
in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the
product of (1) such fraction and (2) (x) on or after the Trading Commencement Date, the Last Reported Sale Price on the
Conversion Date for such conversion (or, if such Conversion Date is not a Trading Day, the immediately preceding Trading Day), or (y) prior
to the Trading Commencement Date, the applicable Conversion Price.

 

(iv)            Conversion
of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion
Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under,
the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder.

 

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(C)            Delivery
of the Conversion Consideration. Except as set forth in Section 5.05 and Section 5.08, the Company will deliver
the Conversion Consideration due upon the conversion of any Note to the Holder thereof: on the second (2nd) Business Day immediately after
the Conversion Date for such conversion; provided, however, that if the Conversion Date in respect of the conversion of
any Note is after the Regular Record Date immediately before the Maturity Date, then, solely for purposes of such conversion, (x) the
Company will deliver the Conversion Consideration due upon such conversion on the Maturity Date (or, if the Maturity Date is not a Business
Day, the next Business Day); and (y) the Conversion Date will instead be deemed to be the second (2nd) Business Day immediately before
the Maturity Date.

 

Section 5.04.          Shares
to Be Fully Paid.

 

Each Conversion Share, if
any, delivered upon conversion of any Note will be duly and validly issued, fully paid, non-assessable and free of any pre-emptive rights,
Lien or adverse claim (except to the extent of any Lien or adverse claim created by the action or inaction of the Holder of such Note
or the Person to whom such Conversion Share will be delivered). If the Shares are then listed on any securities exchange, or quoted on
any inter-dealer quotation system, then the Company will cause each Conversion Share, when delivered upon conversion of any Note, to be
admitted for listing on such exchange or quotation on such system.

 

Section 5.05.          Adjustments
to the Conversion Price.

 

(A)           Events
Requiring an Adjustment to the Conversion Price. The Conversion Price will be adjusted from time to time as follows:

 

(i)            Share
Dividends, Subdivisions and Consolidations. If the Company issues solely Shares as a dividend or distribution on all or substantially
all Shares, or if the Company effects a share subdivision or share consolidation of the Shares (in each case excluding an issuance solely
pursuant to a Share Change Event, as to which Section 5.08 will apply), then the Conversion Price will be adjusted based on
the following formula:

 

 

 

where:

 

	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such share subdivision or share consolidation, as applicable;
	 	 	 
	CP1	=	the Conversion Price in effect immediately after the Open of Business on such Ex-Date or effective date, as applicable;
	 	 	 

 

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	OS0	=	the aggregate number of Shares outstanding immediately before the Open of Business on such Ex-Date or effective date, as applicable, without giving effect to such dividend, distribution, share subdivision or share consolidation; and
	 	 	 
	OS1	=	the aggregate number of Shares outstanding immediately after giving effect to such dividend, distribution, share subdivision or share consolidation. 

 

If any dividend, distribution, share
subdivision or share consolidation of the type described in this Section 5.05(A)(i) is declared or announced, but not
so paid or made, then the Conversion Price will be readjusted, effective as of the date the Board of Directors determines not to pay such
dividend or distribution or to effect such share subdivision or share consolidation, to the Conversion Price that would then be in effect
had such dividend, distribution, share subdivision or share consolidation not been declared or announced.

 

(ii)            Rights,
Options and Warrants. If the Company (A) distributes, to all or substantially all holders of Shares, or (B) grants, to certain
Persons who may or may not be existing holders of Shares, rights, options or warrants (other than rights issued or otherwise distributed
pursuant to a shareholder rights plan, as to which Section 5.05(A)(iv)(1) and Section 5.05(E) will apply)
entitling such holders, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe
for or purchase Shares at a price per share that is less than (I) on or before the day falling ten Trading Days after the Trading
Commencement Date, the Conversion Price, and (II) at any time after the tenth (10th) Trading Day after the Trading Commencement Date,
the average of the Last Reported Sale Prices per Share for the ten (10) consecutive Trading Days ending on, and including, the Trading
Day immediately before the date such distribution is announced, then the Conversion Price will be reduced based on the following formula:

 

 

 

where:

 

	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Date for such distribution;
	 	 	 
	CP1	=	the Conversion Price in effect immediately after the Open of Business on such Ex-Date;
	 	 	 
	OS	=	the number of Shares outstanding immediately before the Open of Business on such Ex-Date;
	 	 	 
	X	=	the total maximum number of Shares issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	a number of Shares obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) (I) on or before the day falling ten Trading Days after the Trading Commencement Date, the Conversion Price, and (II) at any time after the tenth (10th) Trading Day after the Trading Commencement Date, the average of the Last Reported Sale Prices per Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 

    - 55 -

     

    

 

To the extent such rights, options or
warrants are not so distributed, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the
reduction in the Conversion Price for such distribution been made on the basis of only the rights, options or warrants, if any, actually
distributed. In addition, to the extent that Shares are not issued after the expiration of such rights, options or warrants (including
as a result of such rights, options or warrants not being exercised), the Conversion Price will be readjusted to the Conversion Price
that would then be in effect had the reduction in the Conversion Price for such distribution been made on the basis of delivery of only
the number of Shares actually issued upon exercise of such rights, option or warrants.

 

For purposes of this Section 5.05(A)(ii),
in determining whether any rights, options or warrants entitle holders of Shares to subscribe for or purchase Shares at a price per share
that is less than (I) on or before the day falling ten Trading Days after the Trading Commencement Date, the Conversion Price, and
(II) at any time after the tenth (10th) Trading Day after the Trading Commencement Date, the average of the Last Reported Sale Prices
per Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution
of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants,
there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on
exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors.

 

(iii)            Shares,
rights, options, warrants or other Equity Securities Issued below Conversion Price. If the Company sells, issues, grants or distributes
any Shares, rights, options, warrants or other Equity Securities entitling such holders to subscribe for, purchase or acquire Shares,
at a price per share that is less than the Conversion Price, then the Conversion Price will be reduced based on the following formula:

 

 

 

where:

 

	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Date for such distribution;
	 	 	 
	CP1	=	the Conversion Price in effect immediately after the Open of Business on such Ex-Date;
	 	 	 
	OS	=	the number of Shares outstanding immediately before the Open of Business on such Ex-Date;

 

    - 56 -

     

    

 

	X	=	the total number of Shares issuable pursuant to such issuance; and
	 	 	 
	Y	=	a number of Shares obtained by dividing (x) the aggregate price payable to such issuance or to exercise such rights, options or warrants or other Equity Securities by (y) the Conversion Price.

 

To the extent such Shares or Equity Securities are not so
sold, issued, granted or distributed, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had
the reduction in the Conversion Price for such sale, issuance, grant or distribution been made on the basis of only the shares, rights,
options, warrants or other Equity Securities, if any, actually distributed. In addition, to the extent that Shares are not delivered after
the expiration of such rights, options, warrants or other Equity Securities (including as a result of such rights, options, warrants or
Equity Securities not being exercised), the Conversion Price will be readjusted to the Conversion Price that would then be in effect had
the reduction in the Conversion Price for such sale, issuance, grant or distribution been made on the basis of delivery of only the number
of Shares actually delivered upon exercise of such rights, option or warrants.

 

For purposes of this Section 5.05(A)(iii), in
determining whether any rights, options, warrants or Equity Securities entitle holders of Shares to subscribe for or purchase Shares at
a price per share that is less than the Conversion Price, and in determining the aggregate price payable to exercise such rights, options,
warrants or Equity Securities, there will be taken into account any consideration the Company receives for such rights, options or warrants
and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors.

 

(iv)          Spin-Offs
and Other Distributed Property.

 

(1)            Distributions
Other than Spin-Offs. If the Company distributes shares, evidences of its Indebtedness or other assets or property of the Company,
or rights, options or warrants to acquire shares of the Company or other securities, to all or substantially all holders of the Shares,
excluding:

 

(a)            dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Price is required pursuant to Section 5.05(A)(i) or
Section 5.05(A)(ii);

 

(b)            dividends
or distributions paid exclusively in cash for which an adjustment to the Conversion Price is required pursuant to Section 5.05(A)(iv);

 

(c)            rights
issued or otherwise distributed pursuant to a shareholder rights plan, except to the extent provided in Section 5.05(E);

 

(d)            Spin-Offs
for which an adjustment to the Conversion Price is required pursuant to Section 5.05(A)(iii)(2);

 

    - 57 -

     

    

 

(e)            a
distribution solely pursuant to a tender offer or exchange offer for Shares, as to which Section 5.05(A)(vi) will apply;
and

 

(f)            a
distribution solely pursuant to a Share Change Event, as to which Section 5.08 will apply,

 

then the Conversion Price will be reduced
based on the following formula:

 

 

 

where:

 

	CP0	=	the Conversion Price in effect immediately before the Open of Business on the Ex-Date for such distribution;
	 	 	 
	CP1	=	the Conversion Price in effect immediately after the Open of Business on such Ex-Date;
	 	 	 
	SP	=	(I) on or before the day falling ten Trading Days after the Trading Commencement Date, the Conversion Price, and (II) at any time after the tenth (10th) Trading Day after the Trading Commencement Date, the average of the Last Reported Sale Prices per Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Date; and
	 	 	 
	FMV	=	the Fair Market Value, as of such Ex-Date, of the shares, evidences of Indebtedness, assets, property, rights, options or warrants distributed per Share pursuant to such distribution;

 

provided, however, that
if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Price, each Holder will
receive, for the principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same
terms as holders of Shares, the amount and kind of shares, evidences of Indebtedness, assets, property, rights, options or warrants that
such Holder would have received if such Holder had owned, on such record date, a number of Shares equal to the Conversion Consideration
calculated with the Conversion Price in effect on such record date.

 

To the extent such distribution is not
so paid or made, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been
made on the basis of only the distribution, if any, actually made or paid.

 

    - 58 -

     

    

 

(2)            Spin-Offs.
If the Company distributes or dividends shares of any class or series, or similar equity interests, of or relating to an Affiliate, a
Subsidiary or other business unit of the Company to all or substantially all holders of the Shares (other than solely pursuant to (x) a
Share Change Event, as to which Section 5.08 will apply; or (y) a tender offer or exchange offer for Shares, as to which
Section 5.05(A)(vi) will apply), and such shares or equity interests are listed or quoted (or will be listed or quoted
upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion
Price will be reduced based on the following formula:

 

 

 

where:

 

	CP0	=	the Conversion Price in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;
	 	 	 
	CP1	=	the Conversion Price in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
	 	 	 
	FMV	=	the product of (x) (I) on or before the day falling ten Trading Days after the Trading Commencement Date, the Conversion Price, or (II) at any time after the tenth (10th) Trading Day after the Trading Commencement Date, the average of the Last Reported Sale Prices per share or unit of the shares or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Date for such Spin-Off (such average to be determined as if references to Shares in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such shares or equity interests); and (y) the number of shares or equity interests distributed per Share in such Spin-Off; and
	 	 	 
	SP	=	
    (I) where the Spin-Off Valuation Period
    falls on or before the Trading Commencement Date, the Conversion Price, and (II) where the Spin-Off Valuation Period falls
    after the Trading Commencement Date, the average of the Last Reported Sale Prices per Share for each Trading Day in the Spin-Off
    Valuation Period.

 

Notwithstanding anything to the contrary
in this Section 5.05(A)(iv)(2), if the Conversion Date for a Note occurs during the Spin-Off Valuation Period for such Spin-Off,
then, solely for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed
to consist of the Trading Days occurring in the period from, and including, the Ex-Date for such Spin-Off to, and including, such Conversion
Date.

 

To the extent any dividend or distribution
of the type set forth in this Section 5.05(A)(iv)(2) is declared but not made or paid, the Conversion Price will be readjusted
to the Conversion Price that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if
any, actually made or paid.

 

    - 59 -

     

    

 

 

(v)           Cash
Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Shares, then the
Conversion Price will be reduced based on the following formula:

 

 

where:

 

	 	CP0	=	the Conversion Price in effect immediately
    before the Open of Business on the Ex-Date for such dividend or distribution;
	 	CP1	=	the Conversion Price in effect immediately after the Open of Business
    on such Ex-Date;
	 	SP	=	(I) on or before the Trading Commencement Date, the Conversion
    Price, and (II) at any time after the Trading Commencement Date, the Last Reported Sale Price per Share on the Trading Day immediately
    before such Ex-Date; and
	 	D	=	the cash amount distributed per Share in such dividend or distribution;

 

provided, however, that
if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Price, each Holder will
receive, for the principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same time
and on the same terms as holders of Shares, the amount of cash that such Holder would have received if such Holder had owned, on such
record date, a number of Shares equal to the Conversion Consideration calculated with the Conversion Price in effect on such record date.

 

To the extent such dividend or distribution
is declared but not made or paid, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the
adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid.

 

(vi)          Tender
Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer
for Shares (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and
the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per Share in such
tender or exchange offer exceeds (I) on or before the Trading Commencement Date, the Conversion Price, and (II) at any time
after the Trading Commencement Date, the Last Reported Sale Price per Share on the Trading Day immediately after the last date (the “Expiration
Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the
Conversion Price will be reduced based on the following formula:

 

 

    - 60 -

     

    

 

where:

 

	 	CP0	=	the Conversion Price in effect immediately before the Close
    of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
	 	CP1	=	the Conversion Price in effect immediately after the Close of Business
    on the last Trading Day of the Tender/Exchange Offer Valuation Period;
	 	AC	=	the aggregate value (determined as of the time (the “Expiration
    Time”) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid for Shares
    purchased or exchanged in such tender or exchange offer;
	 	OS0	=	the number of Shares outstanding immediately before the Expiration
    Time (including all Shares accepted for purchase or exchange in such tender or exchange offer);
	 	OS1	=	the number of Shares outstanding immediately after the Expiration Time
    (excluding all Shares accepted for purchase or exchange in such tender or exchange offer); and
	 	SP	=	(I) on or before the day falling ten Trading Days after the Trading
    Commencement Date, the Conversion Price, and (II) at any time after the tenth (10th) Trading Day after the Trading
    Commencement Date, the average of the Last Reported Sale Prices per Share over the ten (10) consecutive Trading Day period (the
    “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Expiration
    Date;

 

provided, however, that
the Conversion Price will in no event be adjusted up pursuant to this Section 5.05(A)(vi), except to the extent provided
in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(vi), if the Conversion
Date for a Note occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes
of determining the Conversion Consideration for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist
of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including,
such Conversion Date.

 

To the extent such tender or exchange
offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange
offer under applicable law), or any purchases or exchanges of Shares in such tender or exchange offer are rescinded, the Conversion Price
will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the basis of only the purchases
or exchanges of Shares, if any, actually made, and not rescinded, in such tender or exchange offer.

 

    - 61 -

     

    

 

(vii)         Other
Events. In addition to and not in substitution for any other rights hereunder, if the Company (or any of its Subsidiaries) takes
any action to which the provisions hereof are not strictly applicable or if any event occurs of the type contemplated by the provisions
of this Section 5.05 but not expressly provided for by such provisions (including, without limitation, the granting of stock
appreciation rights, phantom share rights or other rights with equity features), which has the direct or indirect effect of adversely
affecting a Holder’s proportionate interest in the equity of the Company, then, to the extent that such Holder’s proportionate
interest in the equity of the Company is so adversely affected thereby, an appropriate adjustment in the Conversion Price shall be made
so as to protect the rights of such Holder under this Indenture and the Notes.

 

(B)          No
Adjustments in Certain Cases.

 

(i)            Where
Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A),
the Company will not be obligated to adjust the Conversion Price on account of a transaction or other event otherwise requiring an adjustment
pursuant to Section 5.05(A) (other than a share subdivision or consolidation of the type set forth in Section 5.05(A)(i) or
a tender or exchange offer of the type set forth in Section 5.05(A)(vi)) if each Holder participates, at the same
time and on the same terms as holders of Shares, and solely by virtue of being a Holder of Notes, in such transaction or event without
having to convert such Holder’s Notes and as if such Holder held a number of Shares equal to the quotient of (i) the aggregate
principal amount of Notes held by such Holder on such date; divided by (ii) the Conversion Price in effect on the related record
date.

 

(C)           Adjustments
Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if:

 

(i)             the
record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Price pursuant to Section 5.05(A) has
occurred on or before the Conversion Date for such conversion, but an adjustment to the Conversion Price for such event has not yet become
effective as of such Conversion Date;

 

(ii)            the
Conversion Consideration due upon such conversion includes any whole Shares; and

 

(iii)           such
shares are not entitled to participate in such event (because they were not held on the related record date or otherwise),

 

then, solely for purposes of such conversion,
the Company will, without duplication, give effect to such adjustment on such Conversion Date. In such case, if the date on which the
Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such
adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after
such first date.

 

(D)           Conversion
Price Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary
in this Indenture or the Notes, if:

 

    - 62 -

     

    

 

(i)             a
Conversion Price adjustment for any dividend or distribution becomes effective on any Ex-Date pursuant to Section 5.05(A);

 

(ii)            the
Conversion Date for such conversion occurs on or after such Ex-Date and on or before the related record date;

 

(iii)           the
Conversion Consideration due upon such conversion includes any whole Shares, based on a Conversion Price that is adjusted for such dividend
or distribution; and

 

(iv)          such
shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(D)),

 

then such Conversion Price adjustment will not
be given effect for such conversion and the Shares issuable upon such conversion based on such unadjusted Conversion Price will not be
entitled to participate in such dividend or distribution, but there will be added, to the Conversion Consideration otherwise due upon
such conversion, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect
to such Shares had such shares been entitled to participate in such dividend or distribution.

 

(E)           Shareholder
Rights Plans. If any Shares are to be issued upon conversion of any Note and, at the time of such conversion, the Company has in
effect any shareholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the
delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in such shareholder
rights plan, unless such rights have separated from the Shares at such time, in which case, and only in such case, the Conversion Price
will be adjusted pursuant to Section 5.05(A)(iv)(1) on account of such separation as if, at the time of such separation,
the Company had made a distribution of the type referred to in such Section to all holders of the Shares, subject to potential readjustment
in accordance with the last paragraph of Section 5.05(A)(iv)(1).

 

(F)           Limitation
on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event
that would require the Conversion Price to be adjusted pursuant to Section 5.05(A) to an amount that would result in
the Conversion Price per Share being less than the par value per Share.

 

(G)           Equitable
Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported
Sale Prices, or any function thereof, over a period of multiple days (including to calculate an adjustment to the Conversion Price),
the Company will make proportionate adjustments, if any, to such calculations to account for any adjustment to the Conversion Price pursuant
to Section 5.05(A)(i) that becomes effective, or any event requiring such an adjustment to the Conversion Price where
the Ex-Date or effective date, as applicable, of such event occurs, at any time during such period.

 

(H)           Calculation
of Number of Outstanding Shares. For purposes of Section 5.05(A), the number of Shares outstanding at any time will (i) include
shares issuable in respect of scrip certificates issued in lieu of fractions of Shares; and (ii) exclude Shares held in the Company’s
treasury (unless the Company pays any dividend or makes any distribution on Shares held in its treasury).

 

    - 63 -

     

    

 

(I)            Calculations.
All calculations with respect to the Conversion Price and adjustments thereto will be made to the nearest 1/10,000th of a Share (with
5/100,000ths rounded upward).

 

(J)           Notice
of Conversion Price Adjustments. Upon the effectiveness of any adjustment to the Conversion Price pursuant to Section 5.05(A),
the Company will promptly send written notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description
of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Price in effect immediately
after such adjustment; and (iii) the effective time of such adjustment.

 

(K)          Notwithstanding
anything to the contrary in this Indenture and the Notes, the Company shall not be required to adjust the Conversion Price pursuant to
Section 5.05(A) unless such adjustment would result in a change of at least 1% of the Conversion Price. However, the
Company shall carry forward any adjustments that are less than 1% of the Conversion Price and make such carried forward adjustments with
respect to the Notes (1) when the cumulative net effect of all adjustments not yet made will result in a change of 1% to the Conversion
Price and (2) regardless of whether the adjustment (or such cumulative net effect) is less than 1% of the Conversion Price, on the
Conversion Date.

 

(L)           Except
as stated in this Indenture and the Notes, the Company shall not adjust the Conversion Price for the issuance of Shares or any securities
convertible into or exchangeable for Shares or the right to purchase Shares or such convertible or exchangeable securities.

 

(M)         The
Conversion Price shall not be adjusted:

 

(i)             upon
the issuance of any Shares 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 under any plan;

 

(ii)            upon
the issuance of any Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security outstanding as
of the Interest Accrual Date;

 

(iii)           upon
the repurchase of any Shares pursuant to an open market share repurchase program or other buy-back transaction, including structured
or derivative transactions, that is not a tender or exchange offer of the nature described in Section 5.05(A)(vi);

 

(iv)          solely
for a change in the par value (or lack of par value) of the Shares; or

 

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

 

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Section 5.06.     Voluntary
Adjustments.

 

(A)          Generally.
To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) reduce
the Conversion Price by any amount if (i) the Board of Directors determines that such reduction is either (x) in the best interest
of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Shares or rights to purchase Shares as
a result of any dividend or distribution of Shares (or rights to acquire Shares) or any similar event; (ii) such reduction is in
effect for a period of at least twenty (20) Business Days; and (iii) such reduction is irrevocable during such period.

 

(B)          Notice
of Voluntary Reductions. If the Board of Directors determines to reduce the Conversion Price pursuant to Section 5.06,
then, no later than the first Business Day of the related twenty (20) Business Day period referred to in Section 5.06(A),
the Company will send notice to each Holder, the Trustee and the Conversion Agent of such reduction, the amount thereof and the period
during which such reduction will be in effect.

 

Section 5.07.      Reservation
of Authorized Shares

 

(A)          Reservation.
The Company shall initially reserve out of its authorized and unissued share capital a number of Shares for each of the Notes equal to
125% of the number of Shares as shall be necessary to effect the conversion of each such Note (as may be capitalized by PIK Interest)
as of the Interest Accrual Date. So long as any of the Notes are outstanding, the Company shall take all action necessary to reserve
and keep available out of its authorized and unissued share capital, solely for the purpose of effecting the conversion of the Notes,
125% of the number of Shares as shall from time to time be necessary to effect the conversion of all of the Notes then outstanding, free
from any Lien or pre-emptive rights; provided that at no time shall the number of Shares so reserved be less than the number of Shares
required to be reserved by the previous sentence (without regard to any limitations on conversions) (the “Required Reserve Amount”).

 

(B)           Insufficient
Authorized Shares. If at any time when any Note remains outstanding, the Company does not have a sufficient number of authorized
and unreserved Shares to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number of Shares equal
to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall promptly use commercially reasonable
efforts (including but not limited to requesting the shareholders of the Company to pass necessary resolutions) to increase the Company’s
authorized share capital to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding.
Without limiting the generality of the foregoing sentence, if required pursuant to the Charter Documents or applicable law, as soon as
practicable after the date of an Authorized Share Failure, but in no event later than forty-five (45) days after the occurrence of such
Authorized Share Failure, the Company shall hold a meeting of its holders of Shares for the approval of an increase in the share capital.
In connection with such meeting, the Company shall provide each holder of Shares with a proxy statement and shall use its best efforts
to solicit such holders’ approval of such increase in authorized share capital and to cause the Board of Directors to recommend
to the holders of Shares that they approve such proposal.

 

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Section 5.08.     Effect
of Share Change Event.

 

(A)          Generally.
If there occurs any:

 

(i)             recapitalization,
reclassification or change of the Shares (other than (x) changes solely resulting from a share subdivision or consolidation of the
Shares (as to which Section 5.05(A)(i) will apply), (y) a change only in par value or from par value to no par
value or no par value to par value and (z) share subdivisions or consolidations that do not involve the issuance of any other series
or class of securities);

 

(ii)            consolidation,
merger, combination or binding or statutory share exchange involving the Company;

 

(iii)           sale,
lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person;
or

 

(iv)          other
similar event,

 

and, as a result of which, the Shares are converted
into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of
the foregoing (such an event, a “Share Change Event,” and such other securities, cash or property, the “Reference
Property,” and the amount and kind of Reference Property that a holder of one (1) Share would be entitled to receive on
account of such Share Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security
or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture
or the Notes,

 

(1)            from
and after the effective time of such Share Change Event, (I) the Conversion Consideration due upon conversion of any Note, and the
conditions to any such conversion, will be determined in the same manner as if each reference to any number of Shares in this Article 5
(or in any related definitions) were instead a reference to the same number of Reference Property Units; and (II) for purposes
of Section 5.03, each reference to any number of Shares in such Section (or in any related definitions) will instead
be deemed to be a reference to the same number of Reference Property Units; and

 

(2)            if
such Reference Property Unit consists entirely of cash, then the Company will pay the cash due upon such conversions no later than the
second (2nd) Business Day after the relevant Conversion Date.

 

If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of shareholder election, then the composition
of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received,
per Share, by the holders of Shares. The Company will notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee)
of such weighted average as soon as practicable after such determination is made.

 

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At or before the effective
time of such Share Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Share Change
Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F),
which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.08;
(y) provide for subsequent adjustments to the Conversion Price pursuant to Section 5.05(A) in a manner consistent
with this Section 5.08; and (z) contain such other provisions, if any, that the Company reasonably determines are appropriate
to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.08(A). If the Reference
Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such
other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if
any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders.

 

(B)           Notice
of Share Change Events. The Company will provide notice of each Share Change Event in the manner provided in Section 5.08.

 

(C)           Compliance
Covenant. The Company will not become a party to any Share Change Event unless its terms are consistent with this Section 5.08.

 

Section 5.09.     Responsibility
of Trustee and Conversion Agent

 

The Trustee and Conversion
Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Price (or any adjustment thereto)
or whether any facts exist that may require any adjustment (including any increase) of the Conversion Price, 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 Conversion Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any Shares, 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 Conversion Agent make no representations with respect thereto. Neither the Trustee nor
any Conversion Agent shall be responsible, nor incur any liability, for any failure of the Company to issue, transfer or deliver any
Shares or share 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 (a) determine whether a supplemental
indenture needs to be entered into or (b) determine the correctness of any provisions contained in any supplemental indenture entered
into pursuant to Section 5.08 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 5.08 or to any
adjustment to be made with respect thereto, but, subject to the provisions of Section 10.01, may accept (without any independent
investigation) as conclusive evidence of the correctness of any such provisions, and shall be fully protected in conclusively relying
upon, the Officer’s Certificate (which the Company will be obligated to deliver to the Trustee and the Conversion Agent 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 5.01 has occurred that makes the Notes eligible for conversion
or no longer eligible therefor until the Company or a Holder has delivered to the Trustee and the Conversion Agent the notices referred
to in Section 5.02 with respect to the commencement or termination of such conversion rights, on which notices the Trustee
and the Conversion Agent may conclusively rely.

 

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Article 6. SUCCESSORS

 

Section 6.01.     When
the Company May Merge, Etc.

 

Generally. The Company
will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or
otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries,
taken as a whole, to another Person (a “Business Combination Event”, which does not include the Business Combination),
unless:

 

(A)          the
resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the “Successor
Corporation”) that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business
Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this
Indenture and the Notes;

 

(B)           immediately
after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing; and

 

(C)            the
Company or the Successor Corporation, if not the Company, shall have delivered to the Trustee an Officer’s Certificate and Opinion
of Counsel, each stating that (a) such Business Combination Event (and, if applicable, the execution and delivery of the related
supplemental indenture) complies with Section 6.01(A); (b) such supplemental indenture is the legal, valid and binding
obligation of the Company or such Successor Corporation; (c) such Business Combination Event is authorized or permitted by this
Indenture; and (d) all conditions precedent relating to such Business Combination Event provided in this Indenture have been satisfied.

 

Section 6.02.     Successor
Corporation Substituted.

 

At the effective time of
any Business Combination Event that complies with Section 6.01, the Successor Corporation (if not the Company) will succeed
to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor
Corporation had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company
will automatically be irrevocably and unconditionally discharged from its obligations under this Indenture and the Notes.

 

Article 7. DEFAULTS
AND REMEDIES

 

Section 7.01.     Events
of Default.

 

(A)          Definition
of Events of Default. “Event of Default” means the occurrence of any of the following:

 

(i)             a
default in the payment when due (whether at maturity, upon Redemption or Repurchase or otherwise) of the principal of, or the Redemption
Price or Repurchase Price for, any Note;

 

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(ii)            a
default for seven (7) consecutive days in the payment when due of interest on any Note;

 

(iii)           a
default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion
right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence;

 

(iv)          a
default in the Company’s obligations under Section 6.01;

 

(v)           a
default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth in
clause (i), (ii), (iii) or (iv) of this Section 7.01(A)) where such default is not cured or waived within
thirty (30) days after written notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty
five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it
be remedied and state that such notice is a “Notice of Default”;

 

(vi)          a
default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other instruments
under which there is outstanding, or by which there is secured or evidenced, any Indebtedness for money borrowed of at least five million
dollars ($5,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Subsidiaries,
whether such Indebtedness exists as of the Interest Accrual Date or is thereafter created, where such default:

 

(1)            constitutes
a failure to pay the principal, or premium or interest on, any of such Indebtedness when due and payable at its stated maturity, upon
required repurchase, upon declaration of acceleration or otherwise; or

 

(2)            results
in such Indebtedness becoming or being declared due and payable before its stated maturity,

 

in each case where such default is
not cured or waived, within thirty (30) days after written notice to the Company by the Trustee or to the Company and the Trustee by
Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify
such default, demand that it be remedied and state that such notice is a “Notice of Default”;

 

(vii)         a
franchisor delivers a written notice of a default (howsoever described) by the Company or any of its Subsidiaries under any Master Franchise
Agreement which is not cured or remedied within the applicable cure or remedy period (if any) under the relevant Master Franchise Agreement
or, if a period is specified, in such written notice;

 

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(viii)        any
Master Franchise Agreement ceasing to be in full force and effect, resulting in a Material Adverse Effect;

 

(ix)           it
is or becomes unlawful for a party to a Master Franchise Agreement to perform any of its obligations under that Master Franchise Agreement
to which it is a party, or any Master Franchise Agreement is or becomes unenforceable in accordance with its terms, in each case resulting
in a Material Adverse Effect, unless a substitute Master Franchise Agreement or similar arrangement is entered into within 30 days after
the occurrence of such illegality or unenforceability;

 

(x)            the
occurrence of a Change of Control or a Delisting;

 

(xi)           one
or more final judgments being rendered against the Company or any of the Company’s Subsidiaries for the payment of at least fifteen
million dollars ($15,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance), where
such judgment is not discharged or stayed within sixty (60) days after (i) the date on which the right to appeal the same has expired,
if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished;

 

(xii)          the
Company or any of its Material Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either:

 

(1)            commences
a voluntary case or proceeding;

 

(2)            consents
to the entry of an order for relief against it in an involuntary case or proceeding;

 

(3)            consents
to the appointment of a custodian of it or for any substantial part of its property;

 

(4)            makes
a general assignment for the benefit of its creditors;

 

(5)            takes
any comparable action under any foreign Bankruptcy Law; or

 

(6)            generally
is not paying its debts as they become due; or

 

(xiii)         a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either:

 

(1)            is
for relief against the Company or any of its Material Subsidiaries in an involuntary case or proceeding;

 

(2)            appoints
a custodian of the Company or any of its Material Subsidiaries, or for any substantial part of the property of the Company or any of
its Material Subsidiaries;

 

(3)            orders
the winding up or liquidation of the Company or any of its Material Subsidiaries; or

 

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(4)            grants
any similar relief under any foreign Bankruptcy Law,

 

and, in each case under this Section 7.01(A)(xiii),
such order or decree remains unstayed and in effect for at least sixty (60) days.

 

(B)           Cause
Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the
cause thereof or whether voluntary or involuntary or 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.

 

Section 7.02.    Acceleration.

 

(A)          Automatic
Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(xii) or Section 7.01(A)(xiii) occurs
with respect to the Company (and not solely with respect to a Subsidiary of the Company), then the principal amount of, and all accrued
and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice
by any Person.

 

(B)          Optional
Acceleration. If an Event of Default (other than an Event of Default set forth in Section 7.01(A)(xii) or Section 7.01(A)(xiii) with
respect to the Company and not solely with respect to a Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice
to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice
to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding
to become due and payable immediately.

 

(C)           Rescission
of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate
principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any
acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court
of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the
Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent
Default or impair any right consequent thereto.

 

Section 7.03.     Other
Remedies.

 

(A)          Trustee
May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to
collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or
the Notes.

 

(B)          Procedural
Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not
impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the
extent permitted by law.

 

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Section 7.04.     Waiver
of Past Defaults.

 

An Event of Default pursuant
to clause (i), (ii), (iii), (iv) or (v) of Section 7.01(A) (that, in the case
of clause (v) only, results from a Default under any covenant that cannot be amended without the consent of each affected
Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each
other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount
of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will
be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to
any subsequent or other Default or Event of Default or impair any right arising therefrom.

 

Section 7.05.     Control
by Majority.

 

Holders of a majority in
aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow (and
shall incur no liability for so forbearing) any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01,
the Trustee determines may be unduly prejudicial to the rights of other Holders (it being expressly understood that the Trustee does
not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any Holders) or may involve the
Trustee in liability, unless the Trustee is offered security and indemnity satisfactory to the Trustee against any losses, liabilities,
claims, costs and expenses (including, but not limited to, attorneys’ fees and expenses) to the Trustee that may result from the
Trustee’s following such direction.

 

Section 7.06.     Limitation
on Suits.

 

No Holder may pursue any
remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption
Price or Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to
Article 5), unless:

 

(A)          such
Holder has previously delivered to the Trustee notice that an Event of Default is continuing;

 

(B)           Holders
of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee
to pursue such remedy;

 

(C)           such
Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any losses,
liabilities, claims, costs and expenses (including, but not limited to, attorneys’ fees and expenses) to the Trustee that may result
from the Trustee’s following such request;

 

(D)           the
Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security
or indemnity; and

 

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(E)           during
such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver
to the Trustee a direction that is inconsistent with such request.

 

A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have
no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence.

 

Section 7.07.    Absolute
Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.

 

Notwithstanding anything
to the contrary in this Indenture or the Notes (but without limiting Section 8.01 or Section 8.02), the contractual
right of each Holder of a Note expressly set forth in this Indenture or such Note to bring suit for the enforcement of any payment or
delivery, as applicable, of the principal of, or the Redemption Price or Repurchase Price for, or any interest on, or the Conversion
Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided
in this Indenture and the Notes, will not be impaired or affected without the consent of such Holder.

 

Section 7.08.     Collection
Suit by Trustee.

 

The Trustee will have the
right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iii) of
Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total
unpaid or undelivered principal of, or Redemption Price or Repurchase Price for, or interest on, or Conversion Consideration due pursuant
to Article 5 upon conversion of, the Notes, as applicable, and such further amounts sufficient to cover the costs and expenses
of collection, including compensation provided for in Section 10.06.

 

Section 7.09.    Trustee
May File Proofs of Claim.

 

The Trustee has the right
to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors
or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each
Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses,
disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06.
To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such
proceeding, is denied for any reason, payment of the same will be secured by a Lien (senior to the rights of Holders) on, and will be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture
will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

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Section 7.11.     Priorities.

 

The Trustee will pay or deliver
in the following order any money or other property that it collects pursuant to this Article 7:

 

First:          to
the Trustee and the Note Agents and their respective agents and attorneys for amounts due under this Indenture, including payment of
all fees, compensation, expenses (including, but not limited to, attorneys’ fees and expenses) and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

 

Second:     to
Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Repurchase Price
for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority
of any kind, according to such amounts or other property due and payable on all of the Notes; and

 

Third:         to
the Company or such other Person as a court of competent jurisdiction directs.

 

The Trustee may fix a record
date and payment date for any payment or delivery to the Holders pursuant to this Section 7.10, in which case the Trustee
will instruct the Company to, and the Company will deliver in writing, at least fifteen (15) calendar days before such record date, to
each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery,
as applicable.

 

Section 7.10.     Undertaking
for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as
Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the
costs of such suit, and (B) assess reasonable costs and expenses (including reasonable attorneys’ fees and expenses) against
any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party;
provided, however, that this Section 7.10 does not apply to any suit by the Trustee, any suit by a Holder pursuant
to Section 7.07 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes
then outstanding.

 

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Article 8. AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

Section 8.01.     Without
the Consent of Holders.

 

Notwithstanding anything
to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without
the consent of any Holder to:

 

(A)          cure
any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes;

 

(B)           add
guarantees with respect to the Company’s obligations under this Indenture or the Notes;

 

(C)           secure
the Notes;

 

(D)           add
to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the
Company;

 

(E)           provide
for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6;

 

(F)           enter
into supplemental indentures pursuant to, and in accordance with, Section 5.08 in connection with a Share Change Event;

 

(G)           evidence
or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee;

 

(H)           provide
for or confirm the issuance of additional Notes pursuant to Section 2.03(B);

 

(I)            decrease
the Conversion Price;

 

(J)            comply
with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust
Indenture Act, as then in effect;

 

(K)           comply
with the rules of the Depositary in a manner that does not adversely affect the rights of any Holder; or

 

(L)           make
any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely
affect the rights of the Holders, as such, in any material respect.

 

Section 8.02.     With
the Consent of Holders.

 

(A)          Generally.
Subject to Section 8.01, Section 7.04 and Section 7.07 and the immediately following sentence, the
Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding,
amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding
anything to the contrary in the foregoing sentence, but subject to Section 8.01 and as permitted in the definition of “Outside
Date”, Section 3.13(B) and Section 3.19, without the consent of each affected Holder, no amendment or supplement
to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may:

 

(i)             reduce
the principal, or change the stated maturity, of any Note;

 

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(ii)           reduce
the Redemption Price or Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or
will be redeemed or repurchased by the Company;

 

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

 

(iv)          make
any change that adversely affects the conversion rights of any Note;

 

(v)           impair
the absolute rights of any Holder set forth in Section 7.07 (as such section is in effect on the Issue Date);

 

(vi)          change
the ranking of the Notes;

 

(vii)          make
any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note;

 

(viii)         reduce
the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or

 

(ix)            make
any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires
the consent of each affected Holder.

 

For the avoidance of doubt,
pursuant to clauses (i), (ii), (iii), (iv) and (v) of this Section 8.02(A), no
amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount
or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Tax Redemption Date, Repurchase Date or
the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable,
as applicable, without the consent of each affected Holder (except as permitted in the definition of “Outside Date”, Section 3.13(B) and
Section 3.19).

 

(B)          Holders
Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need
to approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver.

 

Section 8.03.   Notice
of Amendments, Supplements and Waivers.

 

As soon as reasonably practicable
after any amendment, supplement or waiver pursuant to Section 8.01 or Section 8.02 becomes effective, the Company
will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable
detail and (B) states the effective date thereof; provided, however, that the Company will not be required to provide
such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed with (or furnished to) the SEC
by the Company within four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice
will not impair or affect the validity of such amendment, supplement or waiver.

 

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Section 8.04.     Revocation,
Effect and Solicitation of Consents; Special Record Dates; Etc.

 

(A)          Revocation
and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent
of) each subsequent Holder of any Note to the extent the same evidences any portion of the same Indebtedness as the consenting Holder’s
Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent
with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes
effective (or before such earlier time as may be provided by the terms of any request for consent).

 

(B)          Special
Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent
or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date
is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record
date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such
action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such
consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date.

 

(C)          Solicitation
of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to
include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes.

 

(D)          Effectiveness
and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance
with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of
such Note (or such portion).

 

Section 8.05.     Notations
and Exchanges.

 

If any amendment, supplement
or waiver changes the terms of a Note, then the Trustee (at the direction of the Company) or the Company may, in its discretion, require
the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company
on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue,
execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects
the changed terms. The failure to make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not
impair or affect the validity of such amendment, supplement or waiver.

 

Section 8.06.     Trustee
to Execute Supplemental Indentures.

 

The Trustee will execute and deliver any amendment
or supplemental indenture authorized pursuant to this Article 8; provided, however, that the Trustee need not
(but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes
adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture,
the Trustee will receive, and (subject to Section 10.01 and Section 10.02) will be fully protected in relying
on, in addition to the documents required by Section 11.02, an Officer’s Certificate and an Opinion of Counsel stating
that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; (B) in
the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in
accordance with its terms; and (C) all conditions precedent relating to such supplemental indenture have been satisfied

 

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Article 9. SATISFACTION
AND DISCHARGE

 

Section 9.01.     Termination
of Company’s Obligations.

 

This Indenture will be discharged,
and will cease to be of further effect as to all Notes issued under this Indenture, when:

 

(A)          all
Notes then outstanding (other than Notes replaced pursuant to Section 2.12) have (i) been delivered to the Trustee for
cancellation; or (ii) become due and payable (whether on a Redemption Date, a Tax Redemption Date, a Repurchase Date, the Maturity
Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed;

 

(B)          the
Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration,
the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash
(or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes
then outstanding (other than Notes replaced pursuant to Section 2.12);

 

(C)          the
Company has paid all other amounts payable by it under this Indenture; and

 

(D)          the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions precedent
to the discharge of this Indenture have been satisfied;

 

provided, however, that Article 10
and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.14 and the obligations
of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such
discharge.

 

At the Company’s written
request, the Trustee will acknowledge the satisfaction and discharge of this Indenture.

 

Section 9.02.     Repayment
to Company.

 

Subject to applicable unclaimed
property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s
written request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment
or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such
delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect
to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration
or other property must look to the Company for payment as a general creditor of the Company.

 

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Section 9.03.     Reinstatement.

 

If the Trustee, the Paying
Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because
of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits
such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however,
that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will
be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the
Trustee, the Paying Agent or the Conversion Agent, as applicable.

 

Article 10. TRUSTEE

 

Section 10.01.     Duties
of the Trustee.

 

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

 

(B)            Except
during the continuance of an Event of Default:

 

(i)            the
duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture
against the Trustee; and

 

(ii)            in
the absence of gross negligence or wilful misconduct on its part, as determined by a court of competent jurisdiction in a final, non-appealable
order, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform, on their face, to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements
of this Indenture, but shall have no affirmative duty to verify the contents thereof.

 

(C)            The
Trustee may not be relieved from liabilities for its gross negligence or wilful misconduct, as determined by a court of competent jurisdiction
in a final, non-appealable order, except that:

 

(i)            this
paragraph will not limit the effect of Section 10.01(B);

 

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

 

 

(iii)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 7.05.

 

(D)            Each
provision of this Indenture that in any way relates to the Trustee is subject to this Section 10.01 and Section 10.02,
regardless of whether such provision so expressly provides.

 

(E)            No
provision of this Indenture will require the Trustee to expend or risk its own funds, incur any liability or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(F)           The
Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds, except to the extent required by law.

 

Section 10.02.     Rights
of the Trustee.

 

(A)            The
Trustee may conclusively rely on any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, judgment, bond, debenture, note, other evidence of Indebtedness or other paper or document that it believes to be genuine and signed
or presented by the proper Person or Persons, and the Trustee need not investigate any fact or matter stated in such document.

 

(B)            Before
the Trustee acts or refrains from acting, it may require and, if requested, shall receive an Officer’s Certificate, an Opinion of
Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection, the costs and expenses of which shall be borne
by the Company; and the advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee
to take or omit to take any action in good faith in reliance thereon without liability.

 

(C)            The
Trustee may act through its attorneys and agents and will not be responsible for the acts, omissions, misconduct or negligence of any
such agent appointed with due care.

 

(D)            The
Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the
rights or powers vested in it by this Indenture.

 

(E)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed
by an Officer of the Company.

 

(F)            The
Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder
has offered the Trustee security or indemnity satisfactory to the Trustee against any losses, liabilities, costs and expenses (including,
but not limited to, attorneys’ fees and expenses) that it may incur in complying with such request or direction.

 

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(G)            The
Trustee will not be responsible or liable for any punitive, special, indirect, incidental or consequential loss or damage (including lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(H)            The
Trustee will 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, judgment, 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 will incur no liability
of any kind by reason of such inquiry or investigation.

 

(I)            The
Trustee will not be required to give any bond or surety in respect of the execution of the trusts, powers, and duties under this Indenture.

 

(J)            The
permissive rights of the Trustee enumerated herein will not be construed as duties. The Trustee undertakes to perform such duties and
only such duties as are specifically and expressly set forth in this Indenture.

 

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

 

(L)            The
Trustee will not be deemed to have notice of any Default or Event of Default (except in the case of a Default or Event of Default in payment
of scheduled principal of, or the Redemption Price or Repurchase Price for, or interest on, any Note) unless written notice of any event
that is in fact such a Default or Event of Default (and stating the occurrence of a Default or Event of Default) is actually received
by the a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes, the Company
and this Indenture and states that it is a notice of Default or Event of Default.

 

(M)          It
shall not be the duty of the Trustee to see that any duties or obligations imposed herein upon the Company or other Persons are performed,
and the Trustee shall not be liable or responsible for the failure of the Company or such other Persons to perform any act required of
them by this Indenture.

 

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Section 10.03.     Individual
Rights of the Trustee.

 

The Trustee, in its individual
or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with
the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting
interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within
ninety (90) days or resign as Trustee. The rights, privileges, protections, immunities and benefits given to the Trustee, including its
right to be compensated, reimbursed and indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities
under this Indenture and each Note Agent, custodian and other Person retained to act under this Indenture.

 

Section 10.04.     Trustee’s
Disclaimer.

 

The Trustee will not be (A) responsible
for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company’s
use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible
for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other
than the Trustee’s certificate of authentication.

 

Section 10.05.     Notice
of Defaults.

 

If a Default or Event of Default
occurs and is continuing and is actually known to a Responsible Officer of the Trustee (in accordance with Section 10.02(L)),
then the Trustee will send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not
actually known to a Responsible Officer of the Trustee at such time, promptly (and in any event within ten (10) Business Days) after
it becomes actually known to a Responsible Officer (in accordance with Section 10.02(L)); provided, however,
that, except in the case of a Default or Event of Default in the payment of the principal of, or interest, if any, on, any Note, the Trustee
may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders.

 

Section 10.06.     Compensation
and Indemnity.

 

(A)            The
Company will, from time to time, pay the Trustee (acting in any capacity hereunder) reasonable compensation, as shall have been agreed
to in writing, for its acceptance of this Indenture and services under this Indenture. The Trustee’s compensation will not be limited
by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company
will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under
this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

(B)            The
Company will indemnify and hold harmless the Trustee (acting in any capacity hereunder) against any and all losses, liabilities or expenses
(including, without limitation, attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance
or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture (including, without
limitation, attorneys’ fees and expenses) against the Company (including this Section 10.06) and defending itself against
any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance
of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense may be attributable to its
gross negligence or wilful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. The Trustee
will promptly notify the Company of any claim for which it may seek indemnity (other than any claim brought by the Company), but the Trustee’s
failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B). The Company
will defend such claim, and the Trustee will cooperate in such defense at the expense of the Company. If the Trustee is advised by counsel
that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual
or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses
of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists).
The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld,
conditioned or delayed. The indemnification provided in this Section 10.06 will extend to the officers, directors, agents
(selected with due care) and employees of the Trustee and any successor Trustee under this Indenture.

 

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(C)            The
obligations of the Company under this Section 10.06 will survive the earlier resignation or removal of the Trustee and the
discharge of this Indenture.

 

(D)           To
secure the Company’s payment obligations in this Section 10.06, the Trustee will have a Lien prior to the Notes on all
money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which
Lien will survive the discharge of this Indenture.

 

(E)            If
the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (xi) or (xiii) of
Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of
its agents and counsel) are intended to constitute administrative expenses for purposes of priority under any Bankruptcy Law.

 

Section 10.07.     Replacement
of the Trustee.

 

(A)            Notwithstanding
anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor
Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07.

 

(B)            The
Trustee may resign at any time and be discharged from its duties and obligations hereunder at any time by giving no less than thirty (30)
calendar days’ prior written notice of such resignation to the Company. The Holders of a majority in aggregate principal amount
of the Notes then outstanding may remove the Trustee by providing no less than thirty (30) calendar days’ prior written notice to
the Trustee and the Company. The Company may remove the Trustee if:

 

(i)            the
Trustee fails to comply with Section 10.09;

 

(ii)          the
Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(iii)         a
custodian or public officer takes charge of the Trustee or its property; or

 

(iv)         the
Trustee becomes incapable of acting.

 

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(C)           If
the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, then (i) the Company will promptly
appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders
of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee
appointed by the Company.

 

(D)            If
a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee
(at the Company’s expense), the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes
then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(E)            If
the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(F)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the
resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon
payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee,
which property will, for the avoidance of doubt, be subject to the Lien provided for in Section 10.06(D).

 

Section 10.08.     Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another entity, then such entity will
become the successor Trustee under this Indenture and will have and succeed to the rights, powers, duties, immunities and privileges of
its predecessor without any further act or the execution or filing of any instrument or paper, provided that the Trustee and such other
entity have provided written notice thereof to the Company and the Holders.

 

Section 10.09.     Eligibility;
Disqualification.

 

There will at all times be
a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent
published annual report of condition.

 

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Article 11. MISCELLANEOUS

 

Section 11.01.     Notices.

 

Any notice or communication
by the Company or the Trustee (including in its capacity as any Note Agent) to the other will be deemed to have been duly given if in
writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic
transmission or other similar means of electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s
address, which initially is as follows:

 

If to the Company:

 

TH International Limited

2501 Central Plaza

227 Huangpi North Road

Shanghai

People’s Republic of China 200003

c/o Cartesian Capital Group LLC

505 5th Avenue, 15th Floor

New York, NY 10017

United States

Attn: Peter Yu; Gregory Armstrong

E-mail: peter.yu@cartesiangroup.com; gregory.armstrong@cartesiangroup.com

 

with a copy (which
shall not constitute notice) to:

 

Kirkland &
Ellis

26th Floor, Gloucester Tower, The Landmark

15 Queen’s
Road Central, Hong Kong

Attn: Daniel Dusek;
Joseph Raymond Casey; Ram Narayan; Louis Rabinowitz

		E-mail:	daniel.dusek@kirkland.com; joseph.casey@kirkland.com; 

                                            ram.narayan@kirkland.com; louis.rabinowitz@kirkland.com

 

If to the Trustee:

 

Wilmington Savings Fund Society, FSB

500 Delaware, Ave.

Wilmington, DE

19801

United States

Attn: WSFS Institutional Services

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent
notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered;
(B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged,
if transmitted by facsimile, electronic transmission or other similar means of electronic communication; and (D) the next Business
Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

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All notices or communications
required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing
if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery,
to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note may,
but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given
in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect
its sufficiency with respect to any other Holder. All notices, approvals, consents, requests and any communications hereunder must be
in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or
by way of a digital signature), in English, and signatures of the parties hereto transmitted by facsimile, PDF or other electronic transmission
(including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) will constitute effective
execution and delivery of this Indenture as to the other parties hereto and will be deemed to be their original signatures for all purposes;
provided, notwithstanding anything to the contrary set forth herein, the Trustee is under no obligation to agree to accept electronic
signatures in any form or format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee. The Company
and the Holders agree to assume all risks arising out of the use of digital signatures and electronic methods to submit communications
to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

If the Trustee is then acting
as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause
any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request
is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before
the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate
or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant
to any such Company Order.

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the
addressee receives it.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another
party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever
any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same
Person acting in different capacities, then only one such notice need be sent to such Person.

 

    - 86 -

     

    

 

Section 11.02.     Delivery
of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee:

 

(A)            an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03
and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture
relating to such action have been satisfied; and

 

(B)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states
that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied; provided that no such
Opinion of Counsel shall be required in connection with the initial authentication of Notes under this Indenture and the authentication
of PIK Notes.

 

Section 11.03.     Statements
Required in Officer’s Certificate and Opinion of Counsel.

 

Each Officer’s Certificate
(other than an Officer’s Certificate pursuant to Section 3.02) or Opinion of Counsel with respect to compliance with
a covenant or condition provided for in this Indenture will include:

 

(A)            a
statement that the signatory thereto has read such covenant or condition;

 

(B)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein
are based;

 

(C)            a
statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him,
her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(D)            a
statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied.

 

Section 11.04.     Rules by
the Trustee, the Registrar and the Paying Agent.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 11.05.     No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company
under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting
any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of
the Notes.

 

    - 87 -

     

    

 

Section 11.06.     Governing
Law; Waiver of Jury Trial.

 

THIS INDENTURE AND THE NOTES,
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE AND THE HOLDERS OF THE NOTES BY THEIR ACCEPTANCE THEREOF 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 BY THIS INDENTURE OR THE NOTES.

 

Section 11.07.     Submission
to Jurisdiction.

 

Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal
courts of the United States of America located in The City of New York or the courts of the State of New York, in each case located in
The City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01
will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee
and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit,
action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such
suit, action or other proceeding has been brought in an inconvenient forum.

 

Section 11.08.     No
Adverse Interpretation of Other Agreements.

 

Neither this Indenture nor
the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other
Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes.

 

Section 11.09.     Successors.

 

All agreements of the Company
in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.

 

Section 11.10.     Force
Majeure.

 

The Trustee and each Note
Agent will not incur any liability for not performing or for any delay in performing any act or fulfilling any duty, obligation or responsibility
under this Indenture or the Notes by reason of any occurrence beyond its control (including, without limitation, any act or provision
of any present or future law or regulation or Governmental Authority, act of God, earthquakes, fires, floods, sabotage, epidemics, pandemics,
recognized public emergencies, quarantine restrictions, riots, interruptions loss or malfunction of utilities, computer (hardware or software)
or communications service, use or infiltration of the Trustee’s or such Note Agent’s technological infrastructure exceeding
authorized access, accidents, acts of war, civil or military unrest, labor disputes, acts of civil or military authority or governmental
actions, local or national disturbance or disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or
other wire or communication facility).

 

    - 88 -

     

    

 

Section 11.11.     U.S.A.
Patriot Act.

 

The Company acknowledges that,
in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in order to help fight the
funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each Person that establishes
a relationship or opens an account with the Trustee. The Company agrees to provide the Trustee with such information as it may request
to enable the Trustee to comply with the U.S.A. PATRIOT Act.

 

Section 11.12.     Calculations.

 

Except as otherwise provided
in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including
determinations of the Last Reported Sale Price, accrued interest on the Notes and the Conversion Price. Neither the Trustee nor any Note
Agent will have any liability or responsibility for any calculation under this Indenture or in connection with the Notes, any information
used in connection with such calculation or any determination made in connection with a conversion.

 

The Company will make all
calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide
a schedule of its calculations in writing to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may
rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee will promptly forward
a copy of each such schedule to a Holder upon its written request therefor.

 

Section 11.13.     Severability;
Entire Agreement.

 

If a court of competent jurisdiction
declares any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability
of the remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. This Indenture and the
exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersede all prior agreements
and understandings, written or oral.

 

Section 11.14.     Counterparts.

 

The parties may sign any number
of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same agreement. Delivery of
an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective
as delivery of a manually executed counterpart. 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 and signature pages for all purposes.

 

Section 11.15.     Table
of Contents, Headings, Etc.

 

The table of contents and
the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture.

 

    - 89 -

     

    

 

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

 

    - 90 -

     

    

 

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

 

	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, AS TRUSTEE
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

    

     

    

 

 

EXHIBIT A

 

FORM OF NOTE

 

[Insert Global Note Legend, if applicable]

 

[Insert Restricted Note Legend, if applicable]

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Note due 2026

 

 

	ISIN:     [              ]	Certificate No. [               ]

 

CUSIP:

 

TH
International Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands with registration
number 336092, for value received, promises to pay to [Cede & Co]. or its registered assigns the principal sum of [              ]
dollars ($[              ]) [(as revised by the attached Schedule of Exchanges
of Interests in the Global Note)]* on December 10, 2026 and to pay interest thereon,
as provided in the Indenture referred to below, until the principal and all accrued and unpaid interest are paid or duly provided for.

 

	Interest Payment Dates:	June 10
and December 10 of each year, commencing on [●].
	 	 
	Regular Record Dates:	May 26
and November 25 (whether or not a Business Day).

 

Additional provisions of this
Note are set forth on the other side of this Note.

 

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

 

 

* Insert bracketed language for Global Notes only.

 

    A-1

     

    

 

 

IN WITNESS WHEREOF,
TH International Limited has caused this instrument to be duly executed as of the date set forth below.

 

	 	TH INTERNATIONAL LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Wilmington Savings Fund Society, FSB, as Trustee,
certifies that this is one of the Notes referred to in the within-mentioned Indenture.

 

	Date:	 	 	 	By:	 
	 	 	Authorized
Signatory

 

    A-3

     

    

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Note due 2026

 

This Note is one of a duly
authorized issue of notes of TH International Limited, an exempted company with limited liability incorporated under the laws of the Cayman
Islands with registration number 336092 (the “Company”), designated as its Variable Rate Convertible Senior Notes due
2026 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of December 30, 2021 (as the
same may be amended from time to time, the “Indenture”), between the Company and Wilmington Savings Fund Society, FSB,
as trustee (the “Trustee”). Capitalized terms used in this Note without definition have the respective meanings ascribed
to them in the Indenture.

 

The Indenture sets forth the
rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary
in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture
will control.

 

1.           Interest.
This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest on
this Note will begin to accrue from, and including, December 10, 2021.

 

2.           Maturity.
This Note will mature on December 10, 2026, unless earlier repurchased, redeemed or converted.

 

3.           Method
of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture.

 

4.           Persons
Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes.

 

5.           Denominations;
Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations.
Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and
delivering any required documentation or other materials.

 

6.           Right
of Holders to Require the Company to Repurchase Notes. Each Holder will have the right, on or after June 10, 2025, at its election,
to require the Company to repurchase all of such Holder’s Notes on the Repurchase Date for cash in the manner, and subject to the
terms, set forth in Section 4.02 of the Indenture.

 

7.           Right
of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner, and subject to the
terms, set forth in Section 4.03 of the Indenture.

 

8.           Conversion.
Each of the Holder of this Note and the Company may convert this Note into Conversion Consideration in the manner, and subject to the
terms, set forth in Article 5 of the Indenture.

 

    A-4

     

    

 

9.           When
the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s ability
to be a party to a Business Combination Event.

 

10.          Defaults
and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes
then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms,
set forth in Article 7 of the Indenture.

 

11.          Amendments,
Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any
provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.04 and Article 8
of the Indenture.

 

12.          No
Personal Liability of Directors, Officers, Employees and Shareholders. No past, present or future director, officer, employee, incorporator
or shareholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or
for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.

 

13.         Authentication.
No Note will be valid until it is authenticated by an authorized signatory of the Trustee. A Note will be deemed to be duly authenticated
only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually or electronically signs the certificate
of authentication of such Note.

 

14.          Abbreviations.
Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by
the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform
Gift to Minors Act).

 

15.          Governing
Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

* * *

 

To request a copy of the Indenture,
which will be provided to any Holder at no charge, please send a written request to the Trustee at Wilmington Savings Fund Society, FSB,
500 Delaware Avenue, Wilmington, DE19801, Attn: WSFS Institutional Services.

 

    A-5

     

    

 

SCHEDULE OF EXCHANGES
OF INTERESTS IN THE GLOBAL NOTES*

 

INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[             ]

 

The following exchanges, transfers or cancellations
of this Global Note have been made:

 

	Date	 	Amount of
    Increase

    (Decrease) in 

    Principal Amount 

    of this Global Note	 	Principal
    Amount 

    of this Global 

    Note After Such

    Increase 

    (Decrease)	 	Signature
    of Authorized 

    Signatory of Trustee
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

* Insert for Global Notes only.

 

    A-6

     

    

 

NOTICE OF CONVERSION

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Notes due 2026

 

Subject to the terms of the Indenture, by executing
and delivering this Notice of Conversion, the undersigned Holder of the Note identified below directs the Company to convert the entire
principal amount of the Note identified by

 

	ISIN	 	 

 

	CUSIP	 	 

 

	and Certificate No.	 	.

 

The undersigned acknowledges that if the Conversion
Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered
for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on
such Note to, but excluding, such Interest Payment Date.

 

	Date:	 	 	By:	 
	 	 	(Legal
Name of Holder)

	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant
in a Recognized Signature
	 	Guarantee Medallion Program
	 	 
	 	By:	              
	 	Authorized
Signatory

 

    A-7

     

    

 

REPURCHASE NOTICE

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Notes due 2026

 

Subject to the terms of the Indenture, by executing
and delivering this Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Repurchase Right with respect
to the entire principal amount of the Note identified by

 

	ISIN	 	 

 

	CUSIP	 	 

 

	and Certificate No.	 	.

 

The undersigned acknowledges that this Note, duly
endorsed for transfer, must be delivered to the Paying Agent before the Repurchase Price will be paid.

 

	Date:	 	 	By:	 
	 	 	(Legal
Name of Holder)
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant
in a Recognized Signature
	 	Guarantee Medallion Program
	 	 
	 	By:	              
	 	Authorized
Signatory

 

    A-8

     

    

 

ASSIGNMENT FORM

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Notes due 2026

 

Subject to the terms of the Indenture, the undersigned
Holder of the within Note assigns to:

 

	Name:	 
	 	 
	Address:	 
	 	 
	Social security or tax identification number:	 

 

the within Note and all rights thereunder irrevocably
appoints:

 

as agent to transfer the within Note on the books
of the Company. The agent may substitute another to act for him/her.

 

	Date:	 	 	By:	 
	 	 	(Legal
Name of Holder)
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant
in a Recognized Signature
	 	Guarantee Medallion Program
	 	 
	 	By:	              
	 	Authorized
Signatory

 

    A-9

     

    

 

TRANSFEROR ACKNOWLEDGMENT

 

If the within Note bears a Restricted Note Legend,
the undersigned further certifies that (check one):

 

	1.	 ̈	Such Transfer is being made to the Company or a Subsidiary of the Company.
	 	 	 
	2.	 ̈	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer.
	 	 	 
	3.	 ̈	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute the acknowledgment contained on the next page.
	 	 	 
	4.	 ̈	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act).

 

 

	Dated:	 	 	By:	 
	 	 	(Legal
Name of Holder)
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	Signature Guaranteed:
	 	 
	 	 
	 	Participant
in a Recognized Signature
	 	Guarantee Medallion Program
	 	 
	 	By:	              
	 	Authorized
Signatory

 

    A-10

     

    

 

 

TRANSFEREE ACKNOWLEDGMENT

 

The undersigned represents that it is purchasing
the within Note for its own account, or for one or more accounts with respect to which the undersigned exercises sole investment discretion,
and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act. The undersigned acknowledges that the transferor is relying, in transferring the within Note on the exemption
from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that
the undersigned has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A.

 

	Dated:	 	 
	 	 
	 	 
	(Name of Transferee)	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    A-11

     

    

 

EXHIBIT B-1

 

FORM OF RESTRICTED NOTE LEGEND

 

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

 

		(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS (I) AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, OR (II) A
 “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT
DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

		(2)	AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
NOTE OR THE SHARES OF STOCK ISSUABLE UPON CONVERSION THEREOF, OR ANY BENEFICIAL INTEREST HEREIN OR THEREIN, PRIOR TO THE EXPIRATION OF
THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT UNLESS SUCH OFFER,
SALE, PLEDGE OR OTHER TRANSFER IS MADE:

 

		(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)	TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2),
(3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION
IN VIOLATION OF THE SECURITIES ACT, OR

 

		(E)	PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,

 

    B-1-1

     

    

 

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH (2)(C), (D) OR (E) 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.

 

    B-1-2

     

    

 

EXHIBIT B-2

 

FORM OF GLOBAL NOTE LEGEND

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE
TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENTS 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 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.

 

TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE
INDENTURE HEREINAFTER REFERRED TO.

 

    B-2-1

     

    

EXHIBIT C

 

FORM OF MANDATORY CONVERSION NOTICE

 

TH INTERNATIONAL LIMITED

 

Variable Rate Convertible Senior Notes due 2026

 

Subject to the terms of the Indenture, by executing
and delivering this Notice of Conversion, the Company hereby elects to convert the entire principal amount of the Note identified by

 

	ISIN	 	 

 

	CUSIP	 	 

 

	and Certificate No.	 	.

 

Unless otherwise instructed by you in writing
on or before [●], we shall issue the above indicated number of Shares to your account as set forth herein on the Conversion Date.

 

	Name and address of Holder:	 	 
	 	 
	[Account details to be inserted]	 
	 	 

 

	Date:	 	 

 

	 	On behalf of the Company:
	 	 
	 	 
	 	By:	 
	 	 	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

    C-1Exhibit 10.10

 

Business Cooperation Agreement

 

This Business Cooperation Agreement (this “Agreement”)
is made and entered into by and between the following parties on December 2, 2021, in Shanghai, the People’s Republic of China
(“China” or the “PRC”, only for the purpose of this Agreement, excluding the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan).

 

		Party A:	Pangaea Data
Tech (Shanghai) Co., Ltd (盘古大陆数据科技(上海)有限公司)

 

		Address:	47th Floor, Hong Kong New World Plaza,
                                            No. 300 Middle Huaihai Road, Huangpu District, Shanghai, China

 

		Party B:	Tim Hortons (China)
Holdings Co., Ltd. (天好(中国)投资有限公司)

 

		Address:	Room 02, 25th Floor, No. 227 Huangpi
                                            North Road, Huangpu District, Shanghai, China

 

In
this Agreement, each of Party A and Party B shall be hereinafter referred to as a “Party” individually, and
as the “Parties” collectively.

 

WHEREAS,

 

		A.	Party A is a limited liability company incorporated
                                            in China, whose principal business is providing the management and maintenance services for
                                            the data generated in the PRC (the “Principal Business”);

 

		B.	Party B is a wholly foreign-owned enterprise
                                            incorporated in China, running the Tim Hortons brand in the PRC; and

 

		C.	Party
                                            A is willing to provide Party B as well as its affiliates with certain data maintenance and
                                            management services on a non-exclusive basis during the term of this Agreement, and Party
                                            B is willing to subscribe for and accept such services provided by Party A according to the
                                            terms and conditions set forth herein.

 

Now, therefore, through mutual discussion, the
Parties have reached the following agreements:

 

		1.	Services

 

		1.1	The
                                            Parties hereby agree that Party A shall provide Party B with the following data maintenance
                                            and management services, technical support, and consulting services (collectively, the “Services”)
                                            during the term of this Agreement, in support of the operation of Party B’s customer
                                            loyalty program implemented in the PRC (as amended, “TH China Data Operations”),
                                            in accordance with the terms and conditions of this Agreement:

 

		(1)	assuming Party B’s and /or its affiliates’
                                            rights and obligations under their existing customer data contracts, online terms of use,
                                            online privacy policies, and other terms and conditions with or for Party B’s and its
                                            affiliates’ customers in the PRC (“TH China Customers”) in connection
                                            with TH China Data Operations after the date hereof, upon the effective transfer of such
                                            rights and obligation to Party A pursuant to applicable PRC laws and regulations;

 

     

     

    

 

		(2)	collecting and processing personal data
                                            (including membership data) from TH China Customers in connection with TH China Data Operations
                                            in accordance with applicable PRC laws and regulations on data privacy;

 

		(3)	instituting any required customer data contracts,
                                            online terms of use, online privacy policies, and other terms and conditions with or for
                                            TH China Customers in connection with TH China Data Operations;

 

		(4)	using reasonable effort to maintain procedures
                                            designed to protect the confidentiality of such personal data of TH China Customers in compliance
                                            with applicable PRC laws and regulations, including but not limited to by obtaining and maintaining
                                            throughout the term of this Agreement the Graded Protection Level 3 qualification;

 

		(5)	storing the collected personal data of TH
                                            China Customers in the PRC pursuant to the applicable PRC laws and regulations;

 

		(6)	assisting Party B in collecting and researching
                                            market information relating to TH China Data Operations;

 

		(7)	responding in a timely manner to enquiries
                                            from TH China Customers, Party B and governmental authorities concerning processing or protection
                                            of personal data of TH China Customers, or cooperating with Party B to the extent Party B
                                            elects to directly respond to any such enquiries;

 

		(8)	designing, installing, and undertaking daily
                                            management, maintenance and updating of related network systems used for the collection and
                                            processing of personal data of TH China Customers, and maintaining in effect a service contract
                                            and account with Tencent Cloud or a similar service provider that is reasonably acceptable
                                            to Party B (the “Cloud Service Provider”);

 

		(9)	providing technical support and training
                                            for employees of Party B for the purpose of carrying out this Agreement;

 

		(10)	engaging and providing professionals to
                                            support the Services, including, without limitation, dealing with the Cloud Service Provider
                                            and addressing technical issues encountered in the collection and processing of personal
                                            data of TH China Customers in connection with TH China Data Operations; and

 

		(11)	to the extent permitted under PRC laws
                                            and regulations, other related services reasonably requested by Party B in connection with
                                            TH China Data Operations from time to time.

 

     

     

    

 

		1.2	Notwithstanding
                                            anything to the contrary herein, Party A shall use TH China Data (as defined below) and other
                                            confidential information of Party B for the sole purpose of performing the Services pursuant
                                            to this Agreement. Without limiting the generality of the foregoing, Party A shall not use
                                            any TH China Data or any other confidential information of Party B in the provision of services
                                            to any third party.

 

		1.3	To
                                            the extent permitted by applicable PRC laws and regulations, Party A shall have the right
                                            to subcontract to any third party the performance of all or any part of the Services. Party
                                            A shall use reasonable efforts to require its subcontractors to comply with applicable terms
                                            and conditions of this Agreement, including, without limitation, storing all TH China Data
                                            in the PRC pursuant to applicable PRC laws and regulations, and using all TH China Data for
                                            the sole purpose of performing the Services pursuant to this Agreement. Party A shall remain
                                            responsible for the performance of any Services by its subcontractors pursuant to this Agreement.

 

		1.4	Notwithstanding
                                            anything to the contrary herein, the Services do not include, and Party A shall not be obligated
                                            to perform, any services or activities that are not in compliance with applicable PRC laws
                                            and regulations.

 

		2.	Data Assignment and Transfer

 

		2.1	Party
                                            B hereby assigns, conveys and transfers and shall cause its affiliates to assign, convey
                                            and transfer, to Party A, without additional consideration, all rights, title and interests
                                            in and to all personal data of TH China Customers used or held for use in TH China Data Operations,
                                            whether collected through customer registration with the WeChat mini program, Ele.me, Alipay,
                                            Meituan, or Dianping.com or otherwise, prior to the date of this Agreement or during the
                                            term of this Agreement (if any), together with all intellectual property in and to such data,
                                            and all tangible embodiments of such data in any form and in any media and all records and
                                            documentation relating thereto, as well as copies of any of the foregoing (collectively,
                                            “TH China Personal Data”), together with all other TH China Data (as defined
                                            below).

 

		2.2	Party
                                            B will deliver and transfer to Party A all copies (including but not limited to digital copies)
                                            of all TH China Personal Data existing as of the date of this Agreement as soon as reasonably
                                            practicable, in any event within 60 days from the execution date of this Agreement, by transferring
                                            to Party A, among others, the possession and control of the applicable account holding such
                                            data in the format and manner reasonably requested by Party A. To the extent permitted by
                                            applicable PRC laws and regulations, and commercially practicable, Party A shall be the direct
                                            recipient of all TH China Personal Data after the date of this Agreement. To the extent any
                                            such TH China Personal Data is received by Party B or its affiliates incidentally after the
                                            date hereof, Party B shall within one (1) business day, or otherwise as reasonably practicable,
                                            deliver and transfer all copies (including but not limited to digital copies) of all such
                                            TH China Personal Data to Party A in the format and manner reasonably requested by Party
                                            A. Upon the delivery and transfer of such TH China Personal Data to Party A, Party B shall,
                                            and shall cause its affiliates to, delete any such data in its and their possession.

 

     

     

    

 

		2.3	Neither
                                            Party B nor its affiliates shall possess any copy of TH China Personal Data or any aggregated,
                                            processed or other data arising from Party A’s performance of the Services under this
                                            Agreement (TH China Personal Data and such data, together with all intellectual property
                                            therein and thereto, collectively, “TH China Data”) during the term of
                                            the Agreement. For clarification, and notwithstanding the above, Party B and its affiliates
                                            may access TH China Data pursuant to Party A’s provision of the Services under this
                                            Agreement, and then only on an aggregated or de-identified basis and solely for purposes
                                            of TH China Data Operations during the term of this Agreement in accordance with Section 4.

 

		2.4	To
                                            the extent required by applicable PRC laws and regulations, each of Party A and Party B shall
                                            include on its online platforms notices to TH China Customers of the transfer of the TH China
                                            Personal Data from Party B to Party A, which shall be substantially in the form set forth
                                            on Exhibit A.

 

		3.	Covenants and Undertakings

 

		3.1	Party
                                            B shall, and shall cause its affiliates to, provide Party A with all support, assistance
                                            and cooperation necessary for, or reasonably requested by Party A in connection with, the
                                            performance of the Services, including, without limitation:

 

		(1)	taking
                                            all actions necessary to effectuate the transfer of the TH China Personal Data and the transfer
                                            of collection of the TH China Personal Data in accordance with Section 2 and
                                            in compliance with applicable PRC laws and regulations;

 

		(2)	appointing
                                            a Party B employee to serve as the primary contact with respect to this Agreement and who
                                            will have the authority to act on behalf of Party B with respect to matters pertaining to
                                            this Agreement;

 

		(3)	providing
                                            Party A with access to Party B’s premises, systems, platforms and networks in connection
                                            with TH China Data Operations;

 

		(4)	making
                                            personnel of Party B and its affiliates available to Party A; and

 

		(5)	responding
                                            promptly to any Party A request to provide information, approvals, authorizations, direction
                                            or decisions relating to TH China Data Operations.

 

		3.2	Party
                                            A hereby agrees and undertakes to Party B that, during the term of this Agreement and twelve
                                            (12) months thereafter, Party A shall not, and shall cause its affiliates not to, directly
                                            or indirectly: (i) provide any services with or without consideration, to a Competitor
                                            (as defined below); (ii) form or engage in any business that competes with the business
                                            of Party B or any of its affiliates; or (iii) invest in in any Competitor. For the purpose
                                            of this Agreement, “Competitor” means any person which engages in a business
                                            that competes with Party B or any of its affiliates as reasonably determined in good faith
                                            by Party A, which shall include without limitation each of the legal entities operating under
                                            the following brands: (a) Yum! China, (b) McDonald’s, (c) Starbucks,
                                            (d) Luckin, (e) Costa Coffee, (f) Coffee Bean & Tea Leaf, (g) Coffee
                                            Box, (h) COFFii & JOY, (i) Dunkin’ Donuts, (j) Krispy Kreme,
                                            (k) J.CO Donuts & Coffee, (l) Manner Coffee, (m) Pacific Coffee,
                                            (n) Paris Baguette, (o) UBC Café, (p) Wagas; and (q) Zoo Coffee.

 

     

     

    

 

		4.	TH China Data License

 

		4.1	Party
                                            A hereby grants to Party B a non-exclusive, non-assignable, non-sublicensable (except as
                                            provided in Section 4.2), fully paid-up, royalty-free license to access, use,
                                            reproduce, modify, and prepare derivative works based upon, the TH China Data solely on an
                                            aggregated or de-identified basis, and solely for purposes of TH China Data Operations in
                                            the PRC during the term of the Agreement.

 

		4.2	Party
                                            B may sublicense any rights granted under Section 4.1 to any of its affiliates
                                            or contractors solely for purposes of the TH China Operations. Party B shall cause each sublicensee
                                            to comply with the terms and conditions of this Agreement. Party B shall, and shall cause
                                            each sublicensee to, store all TH China Data licensed under this Section 4 in
                                            the PRC pursuant to applicable PRC laws and regulations.

 

		5.	Payment of the Service Fees

 

		5.1	In
                                            consideration for the Services provided by Party A hereunder, Party B shall pay a
                                            service fee to Party A on annual basis (or at any time agreed by the Parties). The service
                                            fees for each year (or for any other period agreed by the Parties) shall consist of a fixed
                                            management fee (the “Management Fees”) and a services fee (the “Services
                                            Fees,” together with the Management Fees, collectively, the “Fees”)
                                            charged for the Services provided which shall be reasonably determined by Party A based on
                                            the following factors:

 

		(1)	complexity and difficulty of the Services
                                            provided by Party A;

 

		(2)	seniority of and time consumed by the employees
                                            of Party A providing the Services;

 

		(3)	specific contents, scope and value of the
                                            Services provided by Party A; and

 

		(4)	market price of the services similar to
                                            the Services.

 

     

     

    

 

		5.2	Party
                                            A may provide separate confirmation letter and/or invoice to Party B to indicate the amount
                                            of the Fees due for the relevant service period of the Services.

 

		5.3	Party
                                            B shall be entitled to deduct and withhold from amounts payable to Party A under this Agreement
                                            any taxes that are required to be deducted or withheld under applicable laws and regulations
                                            (the “Withholding Taxes”) and shall pay to Party A the remaining net amount
                                            after performing such deduction or withholding. The Party B shall timely remit, and provide
                                            Party A with evidence that Party B have remitted, any Withholding Taxes to the appropriate
                                            taxing authority. Any Withholding Taxes Party B remits to the taxing authority shall be treated
                                            for all purposes under this Agreement as having been paid to Party A and Party B shall not
                                            reimburse Party A for any such Withholding Taxes. If the Party A provides Party B with valid
                                            documentation evidencing qualification for a lower rate of the Withholding Taxes to be applied
                                            in respect of any amounts payable hereunder, Party B shall apply such lower rate in respect
                                            of such amounts. For the avoidance of doubt, each Party shall be responsible for its own
                                            respective income taxes or taxes based on gross revenues or gross receipts incurred in connection
                                            with the arrangements contemplated by this Agreement.

 

		6.	Intellectual
                                            Property Rights and Confidentiality

 

		6.1	To
                                            the extent permitted by applicable PRC laws and regulations, Party B shall have sole and
                                            exclusive ownership of all rights, title and interests in any and all intellectual property
                                            arising out of or created or developed during the performance of this Agreement by the Parties,
                                            including but not limited to copyrights, patents, patent applications, software, technical
                                            secrets, and trade secrets, excluding any TH China Data (such intellectual property (excluding
                                            TH China Data), “Developed IP”). Party A hereby assigns, conveys and transfers
                                            to Party B, without additional consideration, all of its rights, title and interests in and
                                            to the Developed IP.

 

		6.2	Party
                                            B hereby grants Party A a non-exclusive, non-assignable, non-sublicensable (except as provided
                                            in this Section 6.2), fully paid-up, royalty-free, license to use, and
                                            if applicable, to access, reproduce, modify, and create derivative works based upon, any
                                            Developed IP and other Party B IP solely for purposes of performing the Services during the
                                            term of this Agreement. Party A may sublicense any rights granted under this Section 6.2
                                            to any of its affiliates and subcontractors solely for purposes of performing the Services.
                                            “Party B IP” means (i) the trademarks, service marks, logos, domain
                                            names, social media handles, and other indicators of source or affiliation listed on Exhibit B
                                            (collectively, “Party B Marks”), and (ii) any other intellectual
                                            property owned or licensed (and sublicensable) by Party B or its affiliates and related to
                                            the Services. Party A’s use of the Party B Marks shall be in accordance with Party
                                            B’s then current quality control, usage and other guidelines, each of which as Party
                                            B may be updated and provided to Party A in writing from time to time. All uses of the Party
                                            B Marks, and all goodwill associated therewith, shall inure solely to the benefit of Party
                                            B.

 

     

     

    

 

		6.3	The Parties acknowledge and agree that
                                            (i) the terms of this Agreement are regarded as confidential information of each Party,
                                            (ii) the TH China Data shall be regarded as the confidential information of Party B,
                                            and (iii) any oral or written information exchanged between the Parties in connection
                                            with the preparation and performance of this Agreement are regarded as confidential information
                                            of the disclosing Party. For the purpose of this Agreement, the confidential information
                                            includes, without limitation, all confidential and proprietary information of each Party
                                            or any of its affiliates, including, but without limitation, the marketing and business information,
                                            marketing strategy, any personal data or transaction data of all users / fans / followers
                                            of Tim Hortons brand or the loyalty membership data, and all other information obtained by
                                            either Party through the business cooperation or the performance or receipt of Services contemplated
                                            under this Agreement.

 

		6.4	Each
Party shall maintain confidentiality of all confidential information of the other Party during the term of this Agreement and following
the termination or expiration of this Agreement, using the same or greater degree of care it uses with its own similarly most
sensitive information (but in no event less than a reasonable degree of care) and not to use any such information for any purposes whatsoever
other than the performance or receipt of Services or as expressly permitted by this Agreement. Without obtaining the written consent
of the disclosing Party, each receiving Party shall not disclose any confidential information of the disclosing Party to any third party,
except for any information that (if and to the extent the receiving Party can demonstrate that such information): (a) is or will
be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to
be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; (c) is independently developed by the receiving Party outside of this Agreement and without reference to or use of
any confidential information of the disclosing Party; or (d) is rightfully obtained by the receiving Party from a third party with
a duty of confidentiality, and except that the receiving Party may disclose confidential information of the disclosing Party to its affiliates,
shareholders, directors, officers, employees, members, securities holders (including the respective direct or indirect beneficiary owners),
contractors, legal counsels or financial, tax or other advisors (collectively, “Receiving Party Personnel”), provided
that (i) the receiving Party shall advise its Receiving Party Personnel who may be exposed to confidential information of the disclosing
Party of their obligations, and (ii) such Receiving Party Personnel shall be bound by the confidentiality obligations similar to
those set forth in this Section 6.4. Without prejudice to the general principal set forth in the first and the second sentence
in this Section 6.4, Party A agrees that it shall and shall cause its and its affiliates’ Receiving Party Personnel,
to not leak, share, present, mix, combine or otherwise make the TH China Data, the Developed IP or any other confidential information
received in connection with TH China Data Operations (in each case, whether the actual data/information received or in the form of aggregated,
de-identified, or other derivative of such received data/information) available to any third party, including without limitation, the
other clients of and the suppliers engaged by Party A from time to time, unless expressly approved by Party B in writing. Disclosure of
any confidential information by the Receiving Party Personnel of a Party in breach of this Section 6.4 shall be deemed disclosure
of such confidential information by such Party and such Party shall be held liable for breach of this Section 6.4.

 

     

     

    

 

		6.5	Each
                                            Party acknowledges that, in the event the other Party breaches, or threatens to breach, its
                                            obligation under Section 1.2 or Section 6,4, then the non-breaching
                                            Party shall be entitled to seek an injunction, order of specific performance, or other equitable
                                            relief in any court of competent jurisdiction, without waiving any other remedies available
                                            to it at law or in equity.

 

		7.	Representations
                                            and Warranties

 

		7.1	Each
                                            Party hereby represents, warrants and covenants as follows:

 

		(1)	It is a company legally established
                                            and validly existing in accordance with the laws of China;

 

		(2)	It has taken all necessary corporate
                                            actions, obtained all necessary authorizations as well as all consents and approvals from
                                            third parties and government agencies (if required) for the execution, delivery and performance
                                            of this Agreement;

 

		(3)	This Agreement constitutes its legal,
                                            valid and binding obligations, enforceable against it in accordance with its terms; and

 

		(4)	It will comply with all applicable laws
                                            and regulations in connection with the performance of its obligations and the exercise of
                                            its rights under this Agreement.

 

		7.2	NOTWITHSTANDING
                                            ANYTHING TO THE CONTRARY HEREIN, (I) THE TH CHINA DATA AND THE SERVICES ARE PROVIDED
                                            BY PARTY A ON AN “AS-IS” BASIS AND PARTY A MAKES NO REPRESENTATIONS OR WARRANTIES
                                            WITH RESPECT TO THE TH CHINA DATA OR ANY INFORMATION CONTAINED THEREIN, THE SERVICES OR ANY
                                            OTHER SUBJECT MATTER CONTEMPLATED BY THIS AGREEMENT, EXPRESS, IMPLIED, STATUTORY OR
                                            OTHERWISE, AND PARTY A SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY OR MERCHANTABILITY OR
                                            FITNESS FOR A PARTICULAR PURPOSE OR WITH RESPECT TO ANY SUCH MATTERS, AND (II) EACH
                                            PARTY ACKNOWLEDGES AND AGREES THAT PARTY A HAS NOT EVALUATED WHETHER THE ARRANGEMENTS CONTEMPLATED
                                            BY THIS AGREEMENT OR THE PERFORMANCE OF THE SERVICES COMPLIES WITH APPLICABLE LAW AND PARTY
                                            B SHALL BE SOLELY RESPONSIBLE FOR THE COMPLIANCE WITH APPLICABLE LAW BY THE ARRANGEMENTS
                                            CONTEMPLATED BY THIS AGREEMENT AND THE PERFORMANCE OF THE SERVICES.

 

     

     

    

 

		8.	Term
                                            of Agreement

 

		8.1	This
                                            Agreement shall become effective upon the execution by the Parties. Save for any early termination
                                            in accordance with the provisions of this Agreement or other agreements separately executed
                                            by the Parties, the term of this Agreement shall be five (5) years. Unless otherwise
                                            notified by either Party in writing no later than three (3) months prior to the expiration
                                            of the term, the term of this Agreement shall be automatically extended for another one (1) year
                                            upon expiration date.

 

		8.2	This Agreement may be terminated by
                                            the mutual agreement by the Parties.

 

		8.3	Party
                                            A may suspend the performance of the Services in the event that Party B fails to make payments
                                            in accordance with Section 5.

 

		8.4	To the extent permitted by applicable
                                            PRC laws and regulations, upon the expiration or termination of this Agreement each Party
                                            shall return copies of all confidential information of the other Party to such other Party
                                            (except for TH China Data. Prior to the expiration or termination of this Agreement, the
                                            Parties will discuss in good faith to address ownership of TH China Data and delivery and
                                            transfer of copies of TH China Data in a manner that complies with applicable PRC laws and
                                            regulations. To the extent permitted by applicable PRC laws and regulations, within such
                                            time period as may be agreed by the Parties, Party A (i) shall transfer and deliver
                                            copies of TH China Data in the format agreed by the Parties and assign and transfer ownership
                                            of TH China Data to a third party in the PRC designated by Party B, and (ii) upon the
                                            completion of such transfer, delivery and assignment, shall no longer have any ownership
                                            of, or any right to use, any TH China Date. Party B shall, and shall cause it affiliates
                                            to, provide all support, assistance and cooperation necessary to facilitate, or reasonably
                                            requested by Party A in connection with, the completion of such transfer, delivery and assignment.

 

		8.5	The
rights and obligations of the Parties under Sections 6.1, 6.3, 6.4, 6.5, 8.4, 9, 10,
11, 12 and this Section 8.5 shall survive the termination of this Agreement.

 

		9.	Governing
                                            Law and Resolution of Disputes

 

		9.1	The
                                            execution, effectiveness, interpretation, performance, amendment and termination of
                                            this Agreement and the resolution of disputes hereunder shall be governed by the laws of
                                            PRC.

 

		9.2	The Parties hereto agree that any dispute
                                            or controversy arising from or relating to the execution and performance of this Agreement
                                            shall be resolved by consultation between the Parties. If the dispute fails to be resolved
                                            within thirty (30) days of the notice from one Party requesting the consultation, the dispute
                                            shall be submitted by such Party to Shanghai International Economic and Trade Arbitration
                                            Commission for the confidential binding arbitration in Shanghai in accordance with its arbitration
                                            rules in force at the date of applying for arbitration. The Parties further agree that
                                            each Party in the arbitration shall bear its own costs and expenses for arbitration (including
                                            without limitation attorney fees).

 

     

     

    

 

The arbitral tribunal will have three
(3) members. One (1) arbitrator shall be appointed by the claimant and one (1) arbitrator shall be appointed by the respondent.
The two arbitrators appointed pursuant to the first sentence of this paragraph shall jointly select the third arbitrator. All proceedings
in the arbitration shall be conducted in English. The Parties hereby agree that such arbitration awards shall be final and binding on
all the Parties.

 

		9.3	Upon
                                            the occurrence of any disputes arising from the interpretation and performance of this Agreement
                                            or during the pending arbitration of any dispute, except for the matters under dispute, the
                                            Parties shall continue to exercise their respective rights under this Agreement and perform
                                            their respective obligations under this Agreement.

 

		10.	Indemnification
                                            and Limitation of Liability

 

		10.1	Each Party shall defend, indemnify
                                            and hold harmless the other Party and its affiliates, shareholders and their affiliates and
                                            its and their respective officers, directors, employees, agents and representatives, from
                                            and against any third party claims, including, without limitation, suits, losses, damages,
                                            fees, expenses and costs (including attorneys’ fees) resulting from any such claims,
                                            to the extent arising out of or relating to its or its affiliates’ gross negligence
                                            or willful misconduct or fraud in connection with the performance of obligations or exercise
                                            of rights under this Agreement.

 

		10.2	The Parties agree that Party B shall
                                            remain liable for all liabilities to TH China Customers relating to any TH China Data, the
                                            Services, TH China Data Operations or this Agreement, except to the extent arising out of
                                            or relating to gross negligence, willful misconduct or fraud of Party A. Party B shall defend,
                                            indemnify and hold harmless Party A and its affiliates, shareholders and their affiliates
                                            and its and their respective officers, directors, employees, agents and representatives,
                                            from and against any claims of TH China Customers or other third party claims, including,
                                            without limitation, suits, losses, damages, fees, expenses and costs (including attorneys’
                                            fees) resulting from any such claims, to the extent arising out of or relating to any TH
                                            China Data, the Services, TH China Data Operations or this Agreement, except to the extent
                                            arising out of or relating to gross negligence, willful misconduct or fraud of Party A.

 

		10.3	Except to the extent arising out of
                                            or relating to any gross negligence, willful misconduct or fraud of Party A, in no event
                                            shall Party A or its affiliates be liable to Party B, its affiliates or any third party for
                                            any special, indirect, punitive, exemplary, incidental or consequential damages whatsoever
                                            (including any loss of profits, revenues or savings) arising from any claim relating to TH
                                            China Data, the Services, TH China Data Operations or this Agreement, whether such claim
                                            is based upon warranty, contract, tort or otherwise, even if Party A has been advised, knows
                                            or should have known of the possibility of the same. Except to the extent arising out of
                                            or relating to any gross negligence, willful misconduct or fraud of Party A, in no event
                                            shall Party A’s aggregate liability arising out of or relating to this Agreement exceed
                                            the total of the Fees paid by Party B to Party A pursuant to this Agreement in the period
                                            preceding the event giving rise to the claim.

 

     

     

    

 

		11.	Force
                                            Majeure

 

		11.1	In
                                            the case of any force majeure events (“Force Majeure”) such as earthquakes,
                                            typhoons, floods, fires, flu, wars, terrorism, riots, strikes, epidemic, pandemic (except
                                            COVID-19), extraordinary elements of nature, quarantines, embargoes, or other similar governmental
                                            action, or any other events outside the reasonable control of a Party, which causes the failure
                                            of either Party to perform or completely perform this Agreement or perform this Agreement
                                            on time, the Party affected by such Force Majeure shall not be liable for such failure or
                                            delay (except for payment obligations). However, the Party affected by such Force Majeure
                                            shall give the other Party written notices without any delay, and shall provide details and
                                            related documents evidencing such event within fifteen (15) days after sending out such notice,
                                            explaining the reasons for such failure or delay of performance.

 

		11.2	The
                                            Party so affected by the event of Force Majeure shall use reasonable efforts to minimize
                                            the consequences of such Force Majeure and to promptly resume performance hereunder whenever
                                            the causes of such excuse are cured. Should the Party so affected by the event of Force Majeure
                                            fail to resume performance hereunder when the causes of such excuse are cured, such Party
                                            shall be liable to the other Party.

 

		11.3	In
                                            the event of Force Majeure, the Parties shall immediately consult with each other to find
                                            an equitable solution and shall use all reasonable endeavours to minimize the consequences
                                            of such Force Majeure.

 

		12.	Notices

 

		12.1	All
                                            notices and other communications required to be given pursuant to this Agreement or otherwise
                                            given in connection with this Agreement shall be delivered personally, or sent by registered
                                            mail, prepaid postage, a commercial courier service or email to the address of such Party
                                            set forth below. The dates on which notices shall be deemed to have been effectively given
                                            shall be determined as follows:

 

		(1)	Notices
                                            given by personal delivery shall be deemed effectively given on the date of receipt
                                            at the address set forth below, or the date on which such notices are placed at the address
                                            set forth below;

 

		(2)	Notices given by courier service, registered
                                            mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal
                                            or return for any reason at the address set forth below;

 

     

     

    

 

		(3)	Notices
                                            given by email shall be deemed effectively given on the date of successful transmission,
                                            provided that the sending Party has received a system message indicating successful transmission
                                            or has not received a system message within 24 hours indicating failure of delivery
                                            or return of email.

 

		12.2	For
                                            the purpose of notices, the addresses of the Parties are as follows:

 

	Party A: Pangaea Data Tech (Shanghai) Co., Ltd (盘古大陆数据科技(上海)有限公司)
	Address:	     47th Floor, Hong Kong New World Plaza, No. 300 Middle Huaihai Road, Huangpu District, Shanghai, China
	Attn:	     Peng Zhang
	Email:	     Canada_zp@hotmail.com
	 	 
	Party B: Tim Hortons (China) Holdings Co., Ltd. (天好(中国)投资有限公司)
	Address:	     Room 02, 25th Floor, No. 227 Huangpi North Road, Huangpu District, Shanghai, China
	Attn:	     Meng Wang
	Email:	     Meng.wang@timschina.com

 

		12.3	A
                                            Party may at any time change its address for notices by a notice delivered to the other Party
                                            in accordance with the terms of this Section 12.

 

		13.	Assignment

 

Without the other Party's prior written
consent, neither Party shall assign its rights and obligations under this Agreement to any third party.

 

		14.	Severability

 

In
the event that one or several of the provisions of this Agreement are held to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall
not be affected or compromised in any aspect. The Parties shall negotiate in good faith to replace such invalid, illegal or unenforceable
provisions with effective provisions that accomplish to the greatest extent permitted by laws and regulations and the intentions of the
Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid,
illegal or unenforceable provisions.

 

		15.	Amendments
                                            and Supplements

 

Any
amendment, change and supplement to this Agreement shall be made in writing by both Parties. Any amendment agreement and supplementary
agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of this Agreement, and
shall have equal legal validity as this Agreement.

 

     

     

    

 

		16.	Waiver

 

No waiver or consent, express or implied,
by a Party to or of any breach or default by the other Party in the performance by such other Party of its obligations hereunder shall
be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other Party of the same
or any other obligations of such other Party hereunder. No single or partial exercise of any right or power, or any abandonment or discontinuance
of steps to enforce any right or power, shall preclude any other or further exercise thereof or the exercise of any other right or power.

 

		17.	Successors

 

The terms of this Agreement shall
be binding on the Parties hereto and their respective successors and permitted assigns, and shall be valid with respect to the Parties
and each of their successors and permitted assigns.

 

		18.	Remedies Cumulative

 

Unless expressly stated otherwise
in this Agreement, all remedies provided for in this Agreement will be cumulative and in addition to, and not in lieu of, any other remedies
available to a party hereto at law, in equity or otherwise.

 

		19.	Entire Agreement

 

This Agreement (together with any
other documents referred to herein or therein) constitutes the entire agreement between the Parties relating to the subject matters of
this Agreement as of the date hereof, and supersedes any prior agreements, arrangement or understandings, whether oral or written, relating
to such subject matters. The Parties may make revisions or supplement to this Agreement by mutual agreement.

 

		20.	Further Assurance

 

Each Party shall, upon reasonable
request of the other Party, provide all assistance and cooperation to the other Party to achieve the purposes of this Agreement, including
by executing instruments and documents, assisting with recording and filing instruments and documents, providing reasonable information,
and taking other actions in connection therewith.

 

		21.	Language
                                            and Counterparts

 

This
Agreement is written in English and Chinese, and the English version shall prevail if any discrepancy or inconsistency. This Agreement
is made in two (2) copies and each Party shall have one (1) copy.

 

(Below is left blank intentionally)

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Business Cooperation Agreement as of
the date first above written.

 

	Party A:	Pangaea Data Tech (Shanghai) Co., Ltd (盘古大陆数据科技(上海)有限公司)

(Company Seal)

 

	By:	/s/ ZHANG Peng	 

 

	Name:	ZHANG Peng

 

	Title:	Legal Representative

 

[Signature Page to Business Cooperation
Agreement]

 

     

     

    

 

 

IN
WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Business Cooperation Agreement as of
the date first above written.

 

	Party B:	Tim Hortons (China) Holdings Co., Ltd. (天好(中国)投资有限公司)

(Company Seal)

 

	By:	/s/ LU Yongchen	 

 

	Name:	LU Yongchen

 

	Title:	Legal Representative

 

 

[Signature Page to Business Cooperation
Agreement]

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