Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

 

THIS AGREEMENT IS NOT, AND SHALL NOT BE DEEMED, A SOLICITATION FOR CONSENTS TO ANY PLAN PURSUANT TO SECTIONS 1125 AND 1126
OF THE BANKRUPTCY CODE. EACH UCC MEMBER’S VOTE ON THE PLANS SHALL NOT BE SOLICITED UNTIL SUCH MEMBER HAS RECEIVED THE DISCLOSURE STATEMENTS AND RELATED BALLOT(S), AS APPROVED BY THE BANKRUPTCY COURT. 

RESTRUCTURING SUPPORT AND SETTLEMENT AGREEMENT 

This Restructuring Support and Settlement Agreement dated as of June 22, 2016 (as amended, supplemented, or otherwise modified from time
to time, this “Agreement”), among: (i) subject to Section 14 hereof, Caesars Entertainment Operating Company, Inc. (“CEOC”), on behalf of itself and each of the debtors in the Chapter 11 Cases
(collectively, the “Company”), (ii) Caesars Entertainment Corporation (“CEC,” and together with the Company, the “Caesars Parties”), and (iii) the statutory unsecured
claimholders’ committee appointed in the Chapter 11 Cases (as defined below) (the “UCC” and together with the Caesars Parties, each referred to as a “Party” and collectively referred to as the
“Parties”). All capitalized terms not defined herein shall have the meanings ascribed to them in the CEOC Plan (as defined below). 

RECITALS: 

WHEREAS, before the date hereof, the Parties and their representatives engaged in arm’s-length, good-faith negotiations regarding
a potential restructuring of the Company’s funded indebtedness and other obligations pursuant to the proposed CEOC Plan (a copy of which is annexed hereto as Exhibit A) resulting in the terms and conditions of this Agreement and the
terms and conditions set forth in the CEOC Plan (the “Restructuring”) (which proposed plan is expressly incorporated by reference herein and made a part of this Agreement as if fully set forth herein (as such proposed plan may be
modified in accordance with Section 12 hereof)); 
 WHEREAS, the Restructuring will be implemented through the Plans; and

 WHEREAS, the Restructuring settles the known and unknown potential and actual claims against the Company and its non-debtor
affiliates on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the covenants contained
herein, and for other valuable consideration, the receipt and sufficiency of which each of the Parties hereby acknowledges, each Party, intending to be legally bound hereby, agrees as follows: 

1. Definitions; Rules of Construction. 

(a) Definitions. The following terms shall have the following definitions: 

“105 Injunction Order” means an order of the Bankruptcy Court or any other court of competent jurisdiction temporarily
enjoining all or some of the Caesars Cases. 

 “Affiliate” means, with respect to any Person, any other Person (whether now or
hereinafter in existence) which directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by”
and “under common control with”) shall mean, with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or
other ownership interests, by contract or otherwise or through intermediaries) of such Person. 
 “Agreement” has the
meaning set forth in the preamble hereof. 
 “Alternative Proposal” means any plan of reorganization or liquidation,
proposal, offer, transaction, dissolution, winding up, liquidation, reorganization, merger, consolidation, business combination, joint venture, partnership, sale of material assets or equity interests or restructuring (other than the Restructuring)
involving CEC or the Company and its controlled subsidiaries. 
 “Bankruptcy Code” means title 11 of the United States
Code, 11 U.S.C. §§101 et seq. 
 “Bankruptcy Court” means the United States Bankruptcy Court for the
Northern District of Illinois or, as applicable, any other court in which a bankruptcy case commenced by or against CEC may be pending. 

“Business Day” means any day other than Saturday, Sunday, and any day that is a legal holiday or a day on which banking
institutions in New York, New York are authorized by law or other governmental action to close. 
 “Caesars Cases” means
the cases captioned (a) Wilmington Savings Fund Society, FSB, solely in its capacity as successor Indenture Trustee for the 10% Second-Priority Senior Secured Notes due 2018, on behalf of itself and derivatively on behalf of Caesars
Entertainment Operating Company, Inc. v. Caesars Entertainment Corporation, et al., Case No. 10004-VCG (Del. Ch.), (b) Trilogy Portfolio Company LLC, et al. v. Caesars Entertainment Corporation and Caesars Entertainment Operating
Company, Inc., No. 14-cv-7091 (S.D.N.Y.), (c) Frederick Barton Danner v. Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc., No. 14-cv-7973 (S.D.N.Y.), (d) BOKF, N.A., solely in its
capacity as successor Indenture Trustee for the 12.75% Second-Priority Senior Secured Notes due 2018 v. Caesars Entertainment Corporation, Case No. 15-cv-01561 (S.D.N.Y.), (e) UMB Bank, N.A. solely in its capacity as Indenture
Trustee under those certain indentures, dated as of June 10, 2009, governing Caesars Entertainment Operating Company, Inc.’s 11.25% Notes due 2017; dated as of February 14, 2012, governing Caesars Entertainment Operating Company,
Inc.’s 8.5% Senior Secured Notes due 2020; dated August 22, 2012, governing Caesars Entertainment Operating Company. Inc.’s 9% Senior Secured Notes due 2020; dated February 15, 2013, governing Caesars Entertainment Operating
Company, Inc.’s 9% Senior Secured Notes due 2020 v. Caesars Entertainment Corporation, Case No. 15-cv-04634 (S.D.N.Y.), (f) Wilmington Trust, N.A., solely in its capacity as successor Indenture Trustee for the 10.75%
Notes due 2016 v. Caesars Entertainment Corporation, Case No. 15-cv-08280 (S.D.N.Y.), and (g) all claims in, and causes of action relating to, the Caesars Cases otherwise described in clauses (a)–(f) above. 

“Caesars Parties” has the meaning set forth in the preamble hereof. 

  
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 “CEC” has the meaning set forth in the preamble hereof. 

“CEC Bankruptcy Event” means the filing against CEC of an involuntary bankruptcy petition. 

“CEC Chapter 11 Case” means, if applicable, a voluntary chapter 11 case filed by CEC or a chapter 11 case commenced by CEC
following a CEC Bankruptcy Event. 
 “CEC Confirmation Order” means, if applicable, entry by the Bankruptcy Court of an
order confirming a CEC Plan that is consistent with this Agreement and the CEOC Plan and acceptable to the UCC, the Company, and CEC. 

“CEC Disclosure Statement” means, if applicable, CEC’s disclosure statement, including any exhibits, appendices, related
documents, ballots, and procedures related to the solicitation of votes to accept or reject a CEC Plan, in each case, as amended, supplemented, or otherwise modified from time to time in accordance with the terms hereof, in respect of a CEC Plan and
that is prepared and distributed in accordance with, among other things, sections 1125, 1126(b), and 1145 of the Bankruptcy Code, Rule 3018 of the Federal Rules of Bankruptcy Procedure, and other applicable law, each of which shall be substantially
consistent with this Agreement and the CEOC Plan and acceptable to the UCC, the Company, and CEC. 
 “CEC Plan” means, if
applicable, a chapter 11 plan of reorganization for CEC through which the Restructuring may be effected (as amended, supplemented, or otherwise modified from time to time), and which must be consistent with this Agreement and the CEOC Plan and
acceptable to the UCC, the Company, and CEC. 
 “CEC Termination Event” has the meaning set forth in Section 8
hereof. 
 “CEOC” has the meaning set forth in the preamble hereof. 

“CEOC Confirmation Order” means the entry by the Bankruptcy Court of an order confirming the CEOC Plan that is consistent
with this Agreement and the CEOC Plan and acceptable to the UCC, CEC and the Company. 
 “CEOC Disclosure Statement” means
the Company’s disclosure statement for the CEOC Plan, as approved by the Bankruptcy Court, including any exhibits, appendices, related documents, ballots, and procedures related to the solicitation of votes to accept or reject the CEOC Plan, in
each case, as amended, supplemented, or otherwise modified from time to time in accordance with the terms hereof, in respect of the CEOC Plan and that is prepared and distributed in accordance with, among other things, sections 1125, 1126(b), and
1145 of the Bankruptcy Code, Rule 3018 of the Federal Rules of Bankruptcy Procedure, and other applicable law, each of which shall be substantially consistent with this Agreement, not adverse to the claimholders whose distributions are set forth in
the CEOC Plan, and acceptable to the UCC, the Company, and CEC. 
 “CEOC Plan” means the joint chapter 11 plan of
reorganization for the Company in the form attached hereto as Exhibit A, together with any and all amendments or modifications thereto that are (a) in form and substance consistent with this Agreement, (b) not adverse to the claimholders
whose distributions are set forth in the CEOC Plan, and (c) acceptable to the UCC, CEC and the Company. 

  
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 “Chapter 11 Cases” means the voluntary chapter 11 cases titled Caesars
Entertainment Operating Company, Inc., et al., Case No. 15-01145 (Bankr. N.D. Ill.). 
 “Claim” means all claims
held by a party on account of indebtedness issued by CEOC pursuant to the Credit Agreement, the First Lien Indentures, the Second Lien Indentures, or the Unsecured Indentures, or any other claim (as that term is defined by section 101(5) of the
Bankruptcy Code) against the Company. 
 “Company” has the meaning set forth in the preamble hereof. 

“Company Termination Event” has the meaning set forth in Section 7 hereof. 

“Confirmation Orders” means the CEOC Confirmation Order and the CEC Confirmation Order. 

“Credit Agreement” means the Third Amended and Restated Credit Agreement, dated as of July 25, 2014, among CEC, CEOC, as
borrower, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent. 

“Definitive Documentation” means the Plans, Disclosure Statements, the Confirmation Orders, and any court filings in
(a) the Chapter 11 Cases or (b) a CEC Chapter 11 Case, and any other documents or exhibits related to or contemplated in the foregoing (but not, for the avoidance of doubt, any professional retention motions or applications), that could be
reasonably expected to affect the interests of holders of Unsecured Claims, in their capacities as such. 
 “Disclosure
Statements” means the CEOC Disclosure Statement and, if and when applicable, the CEC Disclosure Statement. 
 “Effective
Date” means the date upon which all conditions precedent to the effectiveness of the Plans, as applicable, have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and on which the Restructuring
and the other transactions to occur on the Effective Date pursuant to the Plans, as applicable, become effective or are consummated. 

“First Lien Indentures” means (i) the Indenture dated as of June 10, 2009, as it may have been amended and
supplemented from time to time, governing CEOC’s 11.25% Senior Secured Notes due 2017, (ii) the Indenture dated as of February 14, 2012, as it may have been amended and supplemented from time to time, governing CEOC’s 8.5% Senior
Secured Notes due 2020, (iii) the Indenture dated as of August 22, 2012, as it may have been amended and supplemented from time to time, governing CEOC’s 9% Senior Secured Notes due 2020 and (iv) the Indenture dated as of
February 15, 2013, as it may have been amended and supplemented from time to time, governing CEOC’s 9% Senior Secured Notes due 2020. 

“Outs” has the meaning set forth in Section 8(c) hereof. 

  
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 “Outside Date” means October 31, 2017; provided, that the Parties
shall negotiate in good faith a reasonable extension of the Outside Date if (x) the Parties have otherwise complied with the terms of this Agreement and the CEOC Plan attached hereto as Exhibit A and (y) all other events and actions
necessary for the occurrence of the Effective Date and consummation of the Restructuring have occurred other than the delivery, release, or receipt of regulatory or licensing approvals or a court order related to such approvals necessary for the
occurrence of the Effective Date and consummation of the Restructuring. 
 “Parties” has the meaning set forth in the
preamble hereof. 
 “Person” means an individual, a partnership, a joint venture, a limited liability company, a
corporation, a trust, an unincorporated organization, a group or any legal entity or association. 
 “Plans” means the CEOC
Plan and, if and when applicable, the CEC Plan. 
 “Restructuring” has the meaning set forth in the recitals hereof. 

“Restructuring Support Party” means each of (i) CEC and (ii) the UCC. 

“Restructuring Support Period” means the period commencing on the date hereof and ending on the earlier of (i) the date
on which this Agreement is terminated with respect to all Parties and (ii) the Effective Date. 
 “Second Lien
Indentures” means the indentures governing CEOC’s (a) 10.00% second-priority senior secured notes due 2015, (b) 10.00% second-priority senior secured notes due 2018, and (c) 12.75% second-priority senior secured notes
due 2018. 
 “Senior Unsecured Notes Trustee” means Law Debenture Trust Company of New York, solely in its capacity as
indenture trustee under the indentures governing CEOC’s 5.75% Senior Unsecured Notes due 2017 and 6.50% Senior Unsecured Notes due 2016, as amended, amended and restated, supplemented, or otherwise modified from time to time, and any successors
in such capacity. 
 “Subsidiary-Guaranteed Notes Trustee” means Wilmington Trust, National Association, solely in its
capacity as successor indenture trustee under the indentures governing CEOC’s 10.75% Senior Notes due 2016 and 10.75%/11.50% Senior Toggle Notes due 2018, as amended, amended and restated, supplemented, or otherwise modified from time to time,
and any successors in such capacity. 
 “Termination Events” has the meaning set forth in Section 8 hereto.

 “UCC Professionals” means Proskauer Rose LLP, FTI Consulting, Inc., Jefferies, LLC, and G.C. Andersen Partners, LLC.

 “UCC Termination Event” has the meaning set forth in Section 5 hereof. 

“UCC Termination Right” has the meaning set forth in Section 5 hereof. 

  
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 “Unsecured Claim” means a Claim in respect of Unsecured Debt and any general
unsecured claim, including any unsecured trade or vendor claim; provided, that, for the avoidance of doubt, Unsecured Claims shall not include any secured claims or any deficiency claims arising on account of any Prepetition Credit
Agreement Claims, First Lien Notes Claims, Second Lien Notes Claims, or any other secured debt claims. 
 “Unsecured
Creditor” means a holder of an Unsecured Claim; provided, that, for the avoidance of doubt, Unsecured Creditor shall include an investment advisor or investment manager of holders of Unsecured Debt. 

“Unsecured Debt” means indebtedness incurred by the Company pursuant to the Unsecured Indentures. 

“Unsecured Indentures” means the indentures governing CEOC’s (a) 6.5% Senior Notes due 2016, (b) 5.75% Senior
Notes due 2017, (c) 10.75% Senior Notes due 2016, and (d) 10.75%/11.50% Senior Toggle Notes due 2018. 
 (b) Rules of
Construction. Each reference in this Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to this Agreement and the CEOC Plan, taken as a
whole. 
 2. Commitment of Restructuring Support Parties. 

(a) Statutory and Fiduciary Duties. Notwithstanding any provision of this Agreement, the UCC, the Company, and CEC, if it becomes a
title 11 debtor, shall each carry out all its respective statutory, fiduciary, and other duties under applicable law and nothing herein shall deter or prevent such acts, including without limitation, any acts the Bankruptcy Court orders the UCC or
the Company or CEC (if it becomes a title 11 debtor) to perform. 
 (b) Affirmative Covenants. Subject to the terms and conditions
hereof, for the duration of the Restructuring Support Period, each Restructuring Support Party shall: 
 (i) negotiate in good faith the
Definitive Documentation, in form and substance consistent in all material respects with this Agreement and as otherwise acceptable to the UCC, the Company, and CEC; 

(ii) support those actions contemplated by this Agreement or otherwise desirable or required to be taken to effectuate the Restructuring,
including entering into all documents and agreements necessary to consummate the Restructuring, in each case, to which such Restructuring Support Party is a party; 

(iii) support the Restructuring, including the mutual release and exculpation provisions in the Plans in accordance with the terms thereof
and this Agreement; 
 (iv) subject to Section 10 of this Agreement, the UCC shall request a stay of its appeal of the
Bankruptcy Court’s denial of its motion in the Chapter 11 Cases seeking an order compelling CEOC to consent to the involuntary bankruptcy filed against CEOC [ECF No. 1091] and shall seek to hold such appeal in abeyance until the
earlier of (x) the Effective 

  
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Date of the CEOC Plan (at which time such appeal shall be dismissed with prejudice) or (y) the termination of this Agreement for any reason; provided, however, that if the stay
is denied, the UCC may continue prosecuting its appeal and take all appropriate actions once the appeal is determined subject to the settlement embodied herein requiring that any and all relief ordered shall be released by the UCC and other Parties
if the Effective Date of the CEOC Plan occurs; 
 (v) subject to Section 10 of this Agreement, the UCC shall request a stay of
its appeal of the Bankruptcy Court’s order overruling objections of the Subsidiary-Guaranteed Notes Indenture Trustee to Claims No. 2797 and 4822 [ECF No. 3773] and shall seek to hold such appeal in abeyance until the earlier of
(x) the Effective Date of the CEOC Plan (at which time such appeal shall be dismissed with prejudice) or (y) the termination of this Agreement for any reason; provided, however, that if the stay is denied, the UCC may
continue prosecuting its appeal and take all appropriate actions once the appeal is determined subject to the settlement embodied herein requiring that any and all relief ordered shall be released by the UCC and other Parties if the Effective Date
of the CEOC Plan occurs; 
 (vi) subject to Section 10 of this Agreement, the UCC shall request the Bankruptcy Court to hold in
abeyance its motion seeking derivative standing to commence and prosecute certain claims on behalf of the Debtors’ estates [ECF No. 2029] until the earlier of (x) the Effective Date of the CEOC Plan which settles all such claims (at
which time such actions shall be dismissed with prejudice) or (y) the termination of this Agreement for any reason; provided, however, that if the Bankruptcy Court denies the UCC’s request, the UCC may prosecute its motion
and take all appropriate actions subject to the settlement embodied herein requiring that any and all relief ordered shall be released by the UCC and other Parties if the Effective Date of the CEOC Plan occurs; 

(vii) subject to Section 10 of this Agreement, as soon as practicable after the date hereof, the UCC shall grant and/or request a
stay of all actions relating to its notice of examination of (A) CEC [Notice of Examination Pursuant to Bankruptcy Rule 2004 and Notice of Subpoena, In re Caesars Entertainment Operating Company, Inc., et al., No. 15-01145 (Bankr. N.D.
Ill. Apr. 15, 2016), ECF No. 3574] and (B) CEOC [Notice of Subpoena for Rule 2004 Examination, In re Caesars Entertainment Operating Company, Inc., et al., No. 15-01145 (Bankr. N.D. Ill. Apr. 22, 2016), ECF No. 3587], each with
respect to certain deferred compensation plans and rabbi trusts, and, to the extent practicable, suspend any action in connection therewith until the earlier of (x) the Effective Date of the CEOC Plan (at which time such actions shall be
dismissed with prejudice) or (y) the termination of this Agreement for any reason; provided, however, that if the stay is denied, the UCC may continue its discovery and take all appropriate actions subject to the settlement
embodied herein requiring that any and all relief ordered shall be released by the UCC and other Parties if the Effective Date of the CEOC Plan occurs; and 

(viii) the UCC shall provide the Company a letter that can be distributed with the CEOC Disclosure Statement, which letter shall urge the
creditors in the UCC’s constituency to accept the CEOC Plan. 

  
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 (c) Negative Covenants. Subject to the terms and conditions hereof, for the duration of
the Restructuring Support Period, each Restructuring Support Party shall not: 
 (i) seek, solicit, or support an Alternative Proposal; or

 (ii) take any action inconsistent with the transactions expressly contemplated by this Agreement, or that would delay or obstruct the
consummation of the Restructuring, including, without limitation, commencing, or joining with any Person in commencing, any litigation against or involuntary case for relief under the Bankruptcy Code against CEC; provided, however,
that efforts of the UCC to enforce this Agreement and, informally or through formal discovery, to investigate facts relevant to its carrying out its duties in the Company’s chapter 11 cases shall not be deemed litigation against CEC that is
barred hereunder. 
 3. Covenants of Caesars Parties. 

(a) Affirmative Covenants of the Caesars Parties. Subject to the terms and conditions hereof, for the duration of the Restructuring
Support Period, each of the Caesars Parties shall: 
 (i) (A) support and complete the Restructuring and all transactions contemplated
under the CEOC Plan and this Agreement, (B) negotiate in good faith the Definitive Documentation necessary to effectuate the Restructuring, on the terms and subject to the conditions set forth in this Agreement and the CEOC Plan, (C) use
its commercially reasonable efforts to obtain any and all required governmental, regulatory, licensing, Bankruptcy Court, or other approvals (including, without limitation, any necessary third-party consents) necessary to the implementation or
consummation of the Restructuring; (D) use its commercially reasonable efforts to lift or otherwise reverse the effect of any injunction or other order or ruling of a court or regulatory body that would impede the consummation of a material
aspect of the Restructuring, and (E) operate the Company and CEC in the ordinary course consistent with industry practice and the operations contemplated pursuant to the Company’s business plan and CEC’s business plan taking into
account the Restructuring and the commencement of the Chapter 11 Cases and a CEC Chapter 11 Case; 
 (ii) promptly notify or update the UCC
upon becoming aware of any of the following occurrences: (A) a Termination Event has occurred or (B) material developments, negotiations or proposals relating to the Caesars Cases, and any other case or controversy that may be commenced
against such Caesars Party in a court of competent jurisdiction or brought before a state or federal regulatory, licensing, or similar board, authority, or tribunal that would reasonably be expected to impede or prevent consummation of the
Restructuring; 
 (iii) cause the UCC, its members and the UCC Professionals, including the employees, representatives, agents, advisors
and affiliates of each of the foregoing, to be included in the mutual release and exculpation provisions to be provided in the Plans; 

(iv) cause the Company to include in the CEOC Disclosure Statement and the accompanying solicitation materials approved by the Bankruptcy
Court the language stating: “Acceptance of the CEOC Plan by any entity or a Class shall not preclude any such entity or member of such Class from raising any objection to Confirmation on any ground” or similar language acceptable to the
UCC; and 

  
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 (v) cause the Company to include in the Plan Supplement a revised estimate of Claims in Class I
(Undisputed Unsecured Claims), Class J (Disputed Unsecured Claims), and Class L (Insurance Covered Unsecured Claims). 
 (b) Negative
Covenants of the Caesars Parties. Subject to the terms and conditions hereof, for the duration of the Restructuring Support Period, each of the Caesars Parties (except with the prior written (including electronic mail
(“e-mail”)) consent of the UCC), shall not, directly or indirectly: 
 (i) (A) publicly announce its intention not to
pursue the Restructuring; (B) suspend or revoke the Restructuring; or (C) execute any agreements, instruments, or other documents (including any modifications or amendments to any Definitive Documentation necessary to effectuate the
Restructuring) that, in whole or in part, are not consistent with this Agreement, or are not otherwise acceptable to the UCC and the Caesars Parties; 

(ii) take any action or omit to take any action, or incur, enter into, or suffer any transaction, arrangement, condition, matter, or
circumstance, that (in any such case) impairs, or would reasonably be expected to impair, the ability of CEC to perform its obligations to carry out the Restructuring, other than CEC’s commencement of a CEC Chapter 11 Case; and 

(iii) file, or cause any of its respective Affiliates to file, any motion or pleading with the Bankruptcy Court that is inconsistent with
this Agreement or the CEOC Plan; provided, however, the Caesars Parties shall not be in breach of this provision if such motion or pleading is withdrawn within two (2) Business Days of each of the Caesars Party’s and the
applicable filing Party’s receiving written (including e-mail) or oral notice from the UCC that such motion or pleading is inconsistent with this Agreement. 

In the event the Company receives an Alternative Proposal, it shall promptly notify the UCC Professionals and CEC of the existence and material terms of such
Alternative Proposal and, if in an exercise of its duties as set forth by Section 17 hereof the Company determines to pursue such Alternative Proposal, it shall promptly notify the UCC Professionals and CEC of such determination;
provided that the Company may withhold the material terms of such Alternative Proposal from any Unsecured Creditor(s) who do not agree to applicable reasonable and customary confidentiality restrictions with respect thereto and/or who
are in breach of this Agreement. After receipt of the material terms of such Alternative Proposal, the UCC and CEC shall have five (5) Business Days to propose changes to the terms of this Agreement, including the CEOC Plan and any exhibits
thereto. The Company shall keep the UCC informed of any amendments, modifications or developments with respect to such Alternative Proposal and any material information related to such Alternative Proposal, and, to the extent an Alternative Proposal
is amended in any material respect, the UCC and CEC shall have five (5) Business Days from any such amendment to propose changes to the terms of this Agreement. 

  
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 (c) Additional Negative Covenants of the Caesars Parties. Subject to the terms and
conditions hereof, for the duration of the Restructuring Support Period, the Company and CEC, as applicable (except with the prior written (including e-mail) consent of the UCC) shall not, directly or indirectly: 

(i) take any action in connection with the Restructuring that violates this Agreement; 

(ii) enter into any proposed settlement of any claim, litigation, dispute, controversy, cause of action, proceeding, appeal, determination,
investigation, matter, or otherwise that will impair the Company’s or CEC’s ability to consummate the Restructuring; 
 (iii)
modify or change the treatment of the Prepetition Credit Agreement Claims or the Secured First Lien Notes Claims in a manner adverse to the value of the New CEC Common Equity or New CEC Convertible Notes being received by Unsecured Creditors under
the Plans; or 
 (iv) initiate or prosecute any action or claim against any UCC member or its representatives or advisors, in their
respective capacities as such, in connection with this Agreement. 
 (d) The Company, CEC and the UCC each acknowledge that it has reviewed
this Agreement and has decided to enter into this Agreement on the terms and conditions set forth herein and in the CEOC Plan in the exercise of its duties under applicable law. 

4. Mutual Representations, Warranties and Covenants. 

(a) Each of the Parties, severally and not jointly, represents and warrants to each other Party that the following statements are true,
correct, and complete as of the date hereof: 
 (i) this Agreement is a legal, valid, and binding obligation of such Party, enforceable
against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating
to enforceability; provided, however, that the UCC is created by statute and no member of the UCC and no member’s employees, representatives, agents, advisors and affiliates shall have any personal liability whatsoever under this
Agreement; 
 (ii) except as expressly provided in this Agreement or in the Bankruptcy Code or as may be required for disclosure by the
Securities and Exchange Commission, no consent or approval of, or any registration or filing with, any other Person is required for the Company and CEC to carry out the Restructuring contemplated by, and for each Party to perform its obligations
under, this Agreement; 
 (iii) except as expressly provided in this Agreement or the Bankruptcy Code, it has all requisite organizational
power and authority to enter into this Agreement and, for the Company and CEC to carry out the Restructuring contemplated by, and, for each Party, perform its obligations under, this Agreement; 

  
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 (iv) the execution and delivery by it of this Agreement, and the performance of its obligations
hereunder, have been duly authorized by all necessary organizational action on its part; 
 (v) it has been represented by counsel in
connection with this Agreement and the transactions contemplated by this Agreement; and 
 (vi) the execution, delivery, and performance by
such Party of this Agreement does not and will not (1) violate any provision of law, rule, or regulation applicable to it or any of its subsidiaries or its charter, bylaws, or other similar governing documents, or those of any of its
subsidiaries, if applicable, (2) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any material debt for borrowed money to which it or any of its subsidiaries is a party, or
(3) violate any order, writ, injunction, decree, statute, rule, or regulation; provided that, (x) the foregoing shall not apply with respect to any Caesars Party on account of any defaults arising from the commencement of the
Chapter 11 Cases, the CEC Chapter 11 Case, or the pendency of the Restructuring and (y) nothing in this Section 4(a)(vi) shall, or shall be deemed to, waive, limit, or otherwise impair each of the Parties’ respective
ability to exercise its duties as set forth by Sections 17 and 18 hereof. 
 (b) Each of the Caesars Parties, severally and
not jointly, represents and warrants to each other Party that as of the date hereof, it is validly existing and in good standing under the laws of the state of its organization. 

(c) The Caesars Parties represent and warrant to the Restructuring Support Parties that there are no pending agreements (oral or written) or
understandings that are not public or have been filed with the Bankruptcy Court with respect to any Alternative Proposal. 
 5.
Termination by the UCC. The UCC may terminate this Agreement (each, a “UCC Termination Right”), in each case, upon delivery of notice to the Caesars Parties in accordance with Section 23 hereof at any time
after the occurrence of, and during the continuation of, any of the following events (each, a “UCC Termination Event”): 

(a) the breach by any of the Caesars Parties of any of their obligations, representations, warranties, or covenants set forth in this
Agreement in any material respect, which breach remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties of written (including e-mail) notice of such breach from the UCC (unless the applicable covenant
that is breached provides for a shorter cure period); 
 (b) the issuance, promulgation, or enactment by any governmental entity, including
any regulatory or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof to be unenforceable or enjoining or otherwise restricting the consummation
of a material portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains uncured for a period of five (5) Business Days after the receipt by the
Caesars Parties and the UCC of notice of such event; 

  
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 (c) the appointment of a trustee under section 1104 of the Bankruptcy Code or an examiner
(with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code) in the Chapter 11 Cases or a CEC Chapter 11 Case. For the avoidance of doubt, the prior appointment of the examiner in the Chapter 11
Cases pursuant to the examiner order shall not constitute a UCC Termination Right; 
 (d) the Chapter 11 Cases or a CEC Chapter 11 Case are,
or is, converted to cases under chapter 7 of the Bankruptcy Code or the Chapter 11 Cases or a CEC Chapter 11 Case shall have been dismissed, in each case, by order of the Bankruptcy Court, which order has not otherwise been stayed; 

(e) if any of the Definitive Documentation (including any amendment or modification thereof) necessary to effectuate the Restructuring is
filed with the Bankruptcy Court or is otherwise finalized, or has become effective, and contains terms and conditions that are inconsistent with this Agreement or the CEOC Plan in an adverse manner to the UCC’s constituencies or shall otherwise
not be on terms acceptable to the UCC, and such inconsistency remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties from the UCC of written (including e-mail) notice of such inconsistency; 

(f) the termination of this Agreement by the UCC pursuant to its duties as set forth by Section 18 hereof (the “UCC
Out”); 
 (g) a Caesars Party or any of its respective Affiliates files any motion or pleading with the Bankruptcy Court that is
inconsistent with this Agreement or the CEOC Plan and such motion or pleading has not been withdrawn within two (2) Business Days of each of the Caesars Party’s and the applicable filing Party’s receiving written (including e-mail) or
oral notice from the UCC that such motion or pleading is inconsistent with this Agreement; 
 (h) the Company executes a letter of intent
(or similar document) stating its intention to pursue an Alternative Proposal; 
 (i) a CEOC Confirmation Order has not been entered by
April 30, 2017, provided that such termination may not be on account of the scheduling of the confirmation hearing for the CEOC Plan to start after November 29, 2016 due to the Bankruptcy Court’s availability or solely
on account of the Parties, after confirmation is sub judice prior to April 30, 2017, awaiting a decision from the Bankruptcy Court on confirmation of the CEOC Plan; or 

(j) the Effective Date has not occurred by the Outside Date. 

6. Mutual and Automatic Termination. This Agreement may be terminated by mutual agreement in writing among (a) the Caesars
Parties and (b) the UCC; provided, however, this Agreement shall terminate automatically if a CEC Chapter 11 Case is converted to a case under chapter 7 of the Bankruptcy Code. 

  
 12 

 7. Company Termination Events. This Agreement may be terminated by delivery to the
other Parties of a notice, delivered in accordance with Section 23 of this Agreement, by the Company upon the occurrence of any of the following events (each a “Company Termination Event”): 

(a) the breach by any Restructuring Support Party of any of the obligations, representations, warranties, or covenants of such Restructuring
Support Party set forth in this Agreement in any respect that materially and adversely affects the Company’s interests in connection with the Restructuring, which breach remains uncured for a period of five (5) Business Days after the
receipt by such breaching Restructuring Support Party from the Company of written (including e-mail) notice of such breach; 
 (b) the
issuance, promulgation, or enactment by any governmental entity, including any regulatory or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof
to be unenforceable or enjoining or otherwise restricting the consummation of a material portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains
uncured for a period of five (5) Business Days after the receipt by the Caesars Parties and the UCC of written (including e-mail) notice of such event; provided that the Caesars Parties have otherwise complied with their
obligations under Section 3(a)(i)(D) of this Agreement; 
 (c) the exercise by the Company of its duties as set forth by
Section 17 hereof (the “Company Out”); 
 (d) any Party other than the Company and its Affiliates files any
motion or pleading with the Bankruptcy Court that is materially inconsistent with this Agreement and such motion or pleading has not been withdrawn or corrected within seven (7) Business Days of such Party receiving written (including e-mail)
notice from the Company that such motion or pleading is materially inconsistent with this Agreement; 
 (e) if, solely in a CEC Chapter 11
Case, any of the Definitive Documentation (including any amendment or modification thereof) necessary to effectuate the Restructuring is filed with the Bankruptcy Court or is otherwise finalized and contains terms and conditions substantially
inconsistent with this Agreement or is otherwise not on terms reasonably acceptable to the Company, and such material and adverse inconsistency remains uncured for a period of five (5) Business Days after the receipt by CEC and the UCC of
written (including e-mail) notice of such material and adverse inconsistency; 
 (f) the appointment of a trustee under section 1104 of
the Bankruptcy Code or an examiner (with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code) in the CEC Chapter 11 Case; provided, that, for the avoidance of doubt, the prior
appointment of the examiner in the Chapter 11 Cases pursuant to the examiner order shall not constitute a Company Termination Right; or 

(g) the Effective Date has not occurred by the Outside Date. 

  
 13 

 8. CEC Termination Events. This Agreement may be terminated by delivery to the
other Parties of a notice, delivered in accordance with Section 23 of this Agreement, by CEC upon the occurrence of any of the following events (each a “CEC Termination Event,” and together with the UCC Termination
Events and Company Termination Events, the “Termination Events”): 
 (a) the breach by the Company or the UCC of any of its
obligations, representations, warranties, or covenants set forth in this Agreement in any respect that materially and adversely affects the Company’s interests in connection with the Restructuring, which breach remains uncured for a period of
five (5) Business Days after the receipt by the Company of written (including e-mail) notice of such breach from CEC; 
 (b) the
issuance, promulgation, or enactment by any governmental entity, including any regulatory or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof
to be unenforceable or enjoining or otherwise restricting the consummation of a material portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains
uncured for a period of five (5) Business Days after the receipt by the Caesars Parties and the UCC of written (including e-mail) notice of such event; provided that the Caesars Parties have otherwise complied with their
obligations under Section 3(a)(i)(D) of this Agreement; 
 (c) the exercise by CEC, as a title 11 debtor, of its duties as set
forth by Section 17 hereof (the “CEC Out,” and together with the UCC Out and the Company Out, the “Outs”); provided, that, for the avoidance of doubt, the CEC Out shall not be available to
CEC prior to its being a title 11 debtor; 
 (d) any Party other than CEC files any motion or pleading with the Bankruptcy Court in the
Chapter 11 Cases or a CEC Chapter 11 Case that is materially inconsistent with this Agreement and such motion or pleading has not been withdrawn or corrected within seven (7) Business Days of such Party receiving written (including e-mail)
notice from CEC that such motion or pleading is materially inconsistent with this Agreement; 
 (e) if, solely in the Chapter 11 Cases, any
of the Definitive Documentation (including any amendment or modification thereof) necessary to effectuate the Restructuring is filed with the Bankruptcy Court or is otherwise finalized and contains terms and conditions materially inconsistent with
this Agreement, and such material and adverse inconsistency remains uncured for a period of five (5) Business Days after the receipt by the Company and the UCC of written (including e-mail) notice of such material and adverse inconsistency;

 (f) a trustee under section 1104 of the Bankruptcy Code or an examiner (with expanded powers beyond those set forth in
section 1106(a)(3) and (4) of the Bankruptcy Code) shall have been appointed in the Chapter 11 Cases. For the avoidance of doubt, the prior appointment of the examiner in the Chapter 11 Cases pursuant to the examiner order shall not
constitute a CEC Termination Right; 
 (g) the Chapter 11 Cases are converted to cases under chapter 7 of the Bankruptcy Code or the Chapter
11 Cases shall have been dismissed, in each case, by order of the Bankruptcy Court, which order has not been stayed; 
 (h) other than
pursuant to any relief sought by the Company that is not materially inconsistent with its obligations hereunder, the Bankruptcy Court grants relief terminating, annulling, or modifying the automatic stay (as set forth in section 362 of the
Bankruptcy Code) with regard to any assets of the Company having an aggregate fair market value in excess of $10,000,000 without the written (including e-mail) consent of the Company; 

  
 14 

 (i) the Effective Date has not occurred by the Outside Date; or 

(j) a 105 Injunction Order is not in full force and effect; provided, that CEC may only terminate the Agreement pursuant to this
Section 8(j) within 14 days of a 105 Injunction Order not being in full force and effect. 
 9. Termination. 

(a) No Party may exercise any of its respective termination rights as set forth in Section 5, Section 7, or
Section 8 hereof, as applicable, if such Party is in material breach of this Agreement and is not obligated to terminate by any of its duties as a title 11 debtor or statutory committee. 

(b) Upon the termination of this Agreement pursuant to Section 5, Section 6, Section 7, or
Section 8 hereof, all Parties shall be released from their commitments, undertakings, and agreements under or related to this Agreement, and there shall be no liability or obligation on the part of any Party; provided,
however, that if a Party (or Parties) terminate(s) this Agreement due to a breach by another Party (or Parties), the non-breaching Party (or Parties) may enforce this Agreement against the breaching Party (or Parties) based on such breach.

 (c) Notwithstanding Section 9(b), but subject to Sections 4(a)(i) and 19, hereof, in no event shall any
termination of this Agreement relieve a Party from (i) liability for its breach or non-performance of its obligations hereunder prior to the termination date and (ii) obligations under this Agreement which by their terms expressly survive
a termination date; provided, however, that, notwithstanding anything to the contrary contained herein, any Termination Event (including any automatic termination) may be waived in accordance with the procedures established by
Section 12 hereof, in which case such Termination Event so waived shall be deemed not to have occurred, and this Agreement consequently shall be deemed to continue in full force and effect, and the rights and obligations of the Parties
shall be restored, subject to any modification set forth in such waiver. Upon a Termination Event that releases the UCC from its commitments, undertakings, and agreements under or related to this Agreement (as set forth in

Section 9(b)), unless otherwise agreed to in writing by the UCC, any and all approvals or consents delivered by the UCC and, as applicable, its employees, representatives, agents, advisors, and affiliates in connection with the
Restructuring prior to such termination date shall be deemed, for all purposes, to be null and void from the first instance and shall not be considered or otherwise used in any manner by the Company. 

10. UCC Litigation Rights. 

(a) The Parties shall cooperate to preserve all the UCC’s litigation rights (both actions or motions the UCC has already commenced
and may commence under the Bankruptcy Code) including, among other things, consenting to and supporting stays, adjournments or extensions of any actions or dates relating to the UCC’s litigation rights; provided that, for the
avoidance of doubt, if obtained, any such stay, adjournment, or extension shall expire upon the earlier of (x) the Effective Date of the CEOC Plan or (y) the termination of this Agreement for

  
 15 

 
any reason. To the extent that any requested stays, adjournments or extensions are not granted or terminate after being granted, each Party shall retain its rights with respect to the pursuit of
such rights or defenses related to such action(s) and nothing herein shall be deemed to prejudice such rights and defenses, and if this Agreement terminates for any reason, the Caesars Parties shall not, directly or indirectly, argue or claim that
the stays, adjournments, or extensions sought and/or obtained by any of the Parties provide a defense (equitable or otherwise) to the UCC’s litigation rights. Notwithstanding the foregoing, on the Effective Date of the CEOC Plan, any such
actions shall be released. 
 (b) Notwithstanding anything to the contrary in this Agreement, the UCC shall not be precluded from objecting
to any proposed pre-Effective Date interim distributions. 
 11. Cooperation. 

(a) The Company shall use commercially reasonable efforts to provide to counsel for the other Parties (a) drafts of all material motions,
applications (other than applications seeking to retain professional advisors), and other documents the Company intends to file with the Bankruptcy Court, no less than three (3) Business Days before the date that the Company intends to file any
such document unless such advance notice is impossible or impracticable under the circumstances, in which case the Company shall notify telephonically or by electronic mail counsel to the other Parties to advise them of the documents to be filed and
the facts that make the provision of advance copies no less than three (3) Business Days before submission impossible or impracticable, and shall provide such copies as soon as reasonably possible thereafter, and (b) copies of all material
documents actually filed by the Company with the Bankruptcy Court promptly but not later than one (1) day after such filing. 
 (b) CEC
in a CEC Chapter 11 Case shall use commercially reasonable efforts to provide to counsel for the other Parties (a) drafts of all material motions, applications (other than applications seeking to retain professional advisors), and other
documents CEC intends to file with the Bankruptcy Court, no less than three (3) Business Days before the date that CEC intends to file any such document unless such advance notice is impossible or impracticable under the circumstances, in which
case CEC shall notify telephonically or by electronic mail counsel to the other Parties to advise them of the documents to be filed and the facts that make the provision of advance copies no less than three (3) Business Days before submission
impossible or impracticable, and shall provide such copies as soon as reasonably possible thereafter, and (b) copies of all material documents actually filed by CEC with the Bankruptcy Court promptly but not later than one (1) day after
such filing. 
 12. Amendments. No amendment, modification, waiver, or other supplement of the terms of this Agreement
(including the CEOC Plan) shall be valid unless such amendment, modification, waiver, or other supplement is in writing and has been signed by the Caesars Parties and the UCC; provided, however, that no such consents shall be required
from the UCC with respect to any modification or amendment or any other agreement, document or other instrument implementing the Restructuring, including the CEOC Plan, regarding the treatment of Claims other than with respect to Unsecured Claims,
so long as it would not have an adverse impact on the holders of Unsecured Claims, in their capacities as such, in connection with the Restructuring. 

  
 16 

 13. Entire Agreement. This Agreement, including the CEOC Plan, constitutes the
entire agreement of the Parties with respect to the subject matter of this Agreement, and supersedes all other prior negotiations, agreements and understandings, whether written or oral, among the Parties with respect to the subject matter of this
Agreement; provided, however, that any confidentiality agreement executed by any Restructuring Support Party shall survive this Agreement and shall continue to be in full force and effect in accordance with its terms. 

14. Survival of Agreement. This Agreement is being executed in connection with negotiations concerning a possible restructuring
of the Company, and to the extent the exercise of rights under this Agreement (including the giving of notice and termination) would be a violation of 11 U.S.C. § 362(a), the Company withdraws as a Party at the inception of this Agreement so
that this Agreement would be solely between the UCC and CEC and not property of the estate of the Company. In the event of a CEC Bankruptcy Event or a CEC Chapter 11 Case, CEC, subject to section 17(a) hereof, shall cooperate fully with the UCC in
obtaining a modification of the automatic stay to the extent necessary to permit the UCC to exercise its rights under this Agreement. 

15. No Waiver and Preservation of Rights. If the transactions contemplated herein are not consummated, or following the
occurrence of the termination of this Agreement with respect to all Parties, nothing herein (or in any of the Definitive Documentation, including the CEOC Plan) shall be construed as a waiver by any Party of any or all of such Party’s rights,
remedies, claims, and defenses and the Parties expressly reserve any and all of their respective rights, remedies, claims and defenses. 

16. Counterparts. This Agreement may be executed in one or more counterparts, each of which, when so executed, shall constitute
the same instrument and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf). 

17. Caesars Parties Duties. 

(a) Notwithstanding anything in this Agreement, nothing in this Agreement shall require the Company or, if it is a title 11
debtor, CEC, or any directors, officers, or members of the Company or CEC, if it is a title 11 debtor, each in its capacity as a director, officer, or member of the Company or CEC, to take any action, or to refrain from taking any action, to the
extent inconsistent with its or their statutory, fiduciary, or other obligations under applicable law (as reasonably determined by them in good faith after consultation with legal counsel). 

(b) The UCC reserves all rights it has, including the right to challenge any exercise by the Company or CEC, as a title 11
debtor, of the duties it alleges to have. 
 18. UCC Duties. 

(a) Notwithstanding anything in this Agreement, nothing in this Agreement shall require the UCC in its capacity as the
statutory unsecured claimholders’ committee in the Chapter 11 Cases, to take any action, or to refrain from taking any action, to the extent inconsistent with its statutory, fiduciary, or other obligations under applicable law (as reasonably
determined by it in good faith after consultation with legal counsel). 

  
 17 

 (b) Each of the Caesars Parties reserves all rights it has, including the right
to challenge any exercise by the UCC of the duties it alleges to have. 
 19. Headings. The headings of the Sections,
paragraphs, and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation hereof. 
 20.
Relationship Among Parties. Notwithstanding anything herein to the contrary, the duties and obligations of the Restructuring Support Parties under this Agreement shall be several, not joint. No Restructuring Support Party shall, as a
result of its entering into and performing its obligations under this Agreement, be deemed to be part of a “group” (as that term is used in section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder) with any of the other Restructuring Support Parties. 
 21. Specific Performance; Remedies Cumulative.
Each Party acknowledges that because money damages are not and shall not be available against the UCC and would be an insufficient remedy for any breach of this Agreement by any Party, each non-breaching Party shall be entitled to specific
performance and injunctive or other equitable relief as a remedy of any such breach, including, without limitation, an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its
obligations hereunder, without the necessity of proving the inadequacy of money damages as an exclusive remedy. Each of the Parties hereby waives (a) any defense that a remedy at law is adequate and (b) any requirement to post bond or
other security in connection with actions instituted for injunctive relief, specific performance, or other equitable remedies. Nothing herein waives entitlements to money damages available hereunder to the extent they can be enforced. 

22. Governing Law and Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction. The Bankruptcy Court shall have exclusive jurisdiction of all matters arising out of or in
connection with this Agreement to the extent provided by 28 U.S.C. § 1334, and no Party shall request enforcement of this Agreement in any court other than the Bankruptcy Court if it has exclusive or concurrent subject matter jurisdiction. 

23. Notices. All notices, requests, documents delivered, and other communications hereunder must be in writing and will be
deemed to have been duly given only if delivered personally, by facsimile transmission, mailed (first class postage prepaid) or by electronic mail to the Parties at the following addresses, facsimile numbers, or e-mail addresses: 

If to the Company: 
 Caesars
Entertainment Operating Company, Inc. 
 One Caesars Palace Drive 

Las Vegas, NV 89109 
 Attn:
General Counsel 

  
 18 

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

Kirkland & Ellis LLP 601 

Lexington Ave New York, NY 10022 

			
	        Attn:	  	Paul M. Basta, P.C.
		  	Nicole L. Greenblatt, P.C.

 Facsimile: (212) 446 4900 

			
	        E-mail Address:    	  	paul.basta@kirkland.com
		  	ngreenblatt@kirkland.com

 -and- 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 

			
	        Attn:	  	David R. Seligman, P.C.
		  	Joseph M. Graham

 Facsimile: (312) 862-2200 

			
	        E-mail Address:    	  	dseligman@kirkland.com
		  	joe.graham@kirkland.com

 If to CEC: 

Caesars Entertainment Corp. 
 One
Caesars Palace Drive 
 Las Vegas, NV 89109 

Attn: General Counsel 
 With a
copy to (which shall not constitute notice): 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019 

			
	        Attn:	  	Jeffrey D. Saferstein
		  	Samuel E. Lovett

 Telephone: (212) 373-3000 

Facsimile (212) 373-2053 

			
	        E-mail Address:    	  	jsaferstein@paulweiss.com
		  	slovett@paulweiss.com

 -and- 

  
 19 

 Milbank, Tweed, Hadley & McCloy LLP 

601 South Figueroa Street, 30th Floor 

Los Angeles, CA 90017 

			
	        Attn:	  	Paul S. Aronzon
		  	Thomas R. Kreller

 Telephone: (213) 892-4000 

Facsimile: (213) 629-5063 

			
	        Email Address:    	  	paronzon@milbank.com
		  	tkreller@milbank.com

 If to the UCC: 

Proskauer Rose LLP 
 11 Times
Square 
 New York, NY 10036 

			
	        Attn:	  	Martin J. Bienenstock
		  	Judy G.Z. Liu
		  	Philip M. Abelson
		  	Paul V. Possinger
		  	Vincent Indelicato

 Telephone: (212) 969-3000 

Facsimile: (212) 969-2900 

			
	        E-mail Address:    	  	mbienenstock@proskauer.com
		  	jliu@proskauer.com
		  	pabelson@proskauer.com
		  	ppossinger@proskauer.com
		  	vindelicato@proskauer.com

 24. Third-Party Beneficiaries. The terms and provisions of this Agreement are intended solely
for the benefit of the Parties hereto and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person; provided, however, the bargain embedded in this
Agreement and the CEOC Plan is for the benefit of holders of Unsecured Claims. 
 25. UCC Post-Effective Date Services. On and
after the Effective Date, the UCC (with the assistance of its attorneys and financial advisors) shall monitor the Claims resolution process and the distributions to the Holders of Claims in Class H, Class I, Class J, Class K, and Class L, and carry
out all its other post-Effective Date rights and duties under the CEOC Plan pursuant to a claims resolution protocol to be agreed upon by the Company, CEC, the UCC before the Effective Date. As consideration for carrying out all the UCC’s
post-Effective Date rights and duties, the Reorganized Debtors shall pay the amount of $4,000,000 to the respective UCC members, based on written allocations and instructions from the UCC or one or both of its co-chairpersons, reflecting the UCC
Members’ respective agreements to incur the required costs and efforts to carry out the UCC’s post-Effective Date rights and duties. The Reorganized Debtors shall make such payments at any time from the Effective Date through 365 days
after the Effective Date. The Reorganized Debtors shall, in addition, pay the UCC’s attorneys and financial advisors their reasonable and documented fees and expenses incurred in connection with the UCC’s post-Effective Date rights and
duties. The Company shall also reimburse the reasonable and documented 

  
 20 

 
fees and expenses of the Senior Unsecured Notes Indenture Trustee (including reasonable and documented attorney’s fees and expenses) incurred in connection with the Chapter 11
Cases. The Company and/or CEC shall also pay the fees and expenses of the Subsidiary-Guaranteed Notes Trustee pursuant to the terms of the Restructuring Support and Forbearance Agreement, dated as of June 6, 2016, entered into among the
Company, CEC and certain holders of the Subsidiary-Guaranteed Notes. 
 26. Settlement Discussions. This Agreement is part of
a proposed settlement of matters that could otherwise be the subject of litigation among the Parties hereto. Nothing herein shall be deemed an admission of any kind. Pursuant to Federal Rule of Evidence 408 and any applicable state rules of
evidence, this Agreement and all negotiations relating thereto shall not be admissible into evidence in any proceeding other than to prove the existence of this Agreement or in a proceeding to enforce the terms of this Agreement. 

27. Good-Faith Cooperation; Further Assurances. The Parties shall cooperate with each other in good faith in respect of matters
concerning the implementation and consummation of the Restructuring. 
 28. Qualification on Unsecured Creditor
Representations. The Parties acknowledge that all representations, warranties, covenants, and other agreements made by the UCC shall not apply to (or be deemed to be made in relation to) any Claims legally or beneficially owned by any
Unsecured Creditor. 
 29. Publicity. The Caesars Parties shall use their commercially reasonable efforts to submit drafts to
the UCC Professionals of any press releases and public documents that constitute disclosure of the existence or terms of this Agreement or any amendment to the terms of this Agreement at least three (3) Business Days prior to making any such
disclosure, and shall afford them a reasonable opportunity under the circumstances to comment on such documents and disclosures and shall incorporate any such reasonable comments in good faith. 

30. MFN. To the extent the Holders of Second Lien Notes Claims, in their capacity as such and as Class or sub-Class, receive a
recovery percentage under the CEOC Plan or through some other agreement with some or all of the Caesars Parties, however funded from any source, greater than the recovery percentage received by the Holders of Claims in Class H (Senior Unsecured
Notes Claims), Class I (Undisputed Unsecured Claims), Class J (Disputed Unsecured Claims), Class K (Convenience Class Claims), and Class L (Insurance Covered Unsecured Claims) under the CEOC Plan, in their capacities as such, additional
consideration shall be made available (on the same terms as to the Holders of Second Lien Notes Claims in their capacity as such and as a Class or sub-Class) to the Holders of Claims in Class H, Class I, Class J, Class K, and Class L such that their
recovery percentage will be equal to the recovery percentage received by such Holders of Second Lien Notes Claims in their capacity as such and as a Class or sub-Class, commensurate with the respective vote of each of Class H, Class I, Class J,
Class K, and Class L to accept or reject the CEOC Plan, as applicable; provided, however, for the avoidance of doubt, in the event the Holders of Second Lien Notes Claims in their capacity as such and as a Class or sub-Class receive
any recovery percentage greater than the recovery 

  
 21 

 
percentage received by the Holders of Claims in Class H, Class I, Class J, Class K, and Class L and not contingent upon CEOC Plan treatment tied to voting outcomes, then any
CEOC Plan treatment tied to voting outcomes for Class H, Class I, Class J, Class K, and Class L also shall be eliminated, and the Holders of Claims in such Classes shall receive the greater recovery percentage received by such Holders of Second Lien
Notes Claims. 
 [Signature Pages Follow] 

  
 22 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	CAESARS ENTERTAINMENT OPERATING COMPANY, INC., on behalf of itself and each of the debtors in the Chapter 11 Cases
		
	By:	 	 /s/ John Payne

	Name:	 	John Payne
	Title:	 	CEO
	
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Eric Hession

	Name:	 	Eric Hession
	Title:	 	CFO

  
 [Signature Page to CEOC, CEC and
UCC RSA] 

 
			
	STATUTORY UNSECURED CLAIMHOLDERS’ COMMITTEE IN THE CHAPTER 11 CASES, on behalf of itself
		
	By:	 	 /s/ Judy G. Z. Liu

		 	PROSKAUER ROSE LLP, attorneys for the Statutory Unsecured Claimholders’ Committee
	Name:	 	Judy G. Z. Liu
	Title:	 	Partner

  
 [Signature Page to CEOC, CEC and
UCC RSA] 

 Exhibit AEX-4.1

 Exhibit 4.1 
  

 
  

PAR PACIFIC HOLDINGS, INC. 
 AND

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE 

Dated as of June 21, 2016 
 5.00%
Convertible Senior Notes due 2021 
  
  

 

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	Definitions	  	 	1	  
	 Section 1.02.
	  	References to Interest	  	 	13	  
	 Section 1.03.
	  	Make-Whole Premium	  	 	13	  
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF
NOTES	  
			
	 Section 2.01.
	  	Designation and Amount	  	 	13	  
	 Section 2.02.
	  	Form of Notes	  	 	13	  
	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	14	  
	 Section 2.04.
	  	Execution, Authentication and Delivery of Notes	  	 	16	  
	 Section 2.05.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	16	  
	 Section 2.06.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	21	  
	 Section 2.07.
	  	Temporary Notes	  	 	22	  
	 Section 2.08.
	  	Cancellation of Notes Paid, Converted, Etc	  	 	23	  
	 Section 2.09.
	  	CUSIP Numbers	  	 	23	  
	 Section 2.10.
	  	Additional Notes; Repurchases	  	 	23	  
	
	ARTICLE 3	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 3.01.
	  	Satisfaction and Discharge	  	 	23	  
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 4.01.
	  	Payment of Principal and Interest	  	 	24	  
	 Section 4.02.
	  	Maintenance of Office or Agency	  	 	24	  
	 Section 4.03.
	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	25	  
	 Section 4.04.
	  	Provisions as to Paying Agent	  	 	25	  
	 Section 4.05.
	  	Existence	  	 	26	  
	 Section 4.06.
	  	Rule 144A Information Requirement and Annual Reports	  	 	26	  
	 Section 4.07.
	  	Stay, Extension and Usury Laws	  	 	27	  
	 Section 4.08.
	  	Compliance Certificate; Statements as to Defaults	  	 	27	  
	Section 4.09.	  	Further Instruments and Acts	  	 	28	  

  
 i 

							
	ARTICLE 5	  
	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND
THE TRUSTEE	  
			
	 Section 5.01.
	  	Lists of Holders	  	 	28	  
	 Section 5.02.
	  	Preservation and Disclosure of Lists	  	 	28	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01.
	  	Events of Default	  	 	28	  
	 Section 6.02.
	  	Acceleration; Rescission and Annulment	  	 	30	  
	 Section 6.03.
	  	Additional Interest	  	 	31	  
	 Section 6.04.
	  	Payments of Notes on Default; Suit Therefor	  	 	31	  
	 Section 6.05.
	  	Application of Monies Collected by Trustee	  	 	33	  
	 Section 6.06.
	  	Proceedings by Holders	  	 	34	  
	 Section 6.07.
	  	Proceedings by Trustee	  	 	35	  
	 Section 6.08.
	  	Remedies Cumulative and Continuing	  	 	35	  
	 Section 6.09.
	  	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	35	  
	 Section 6.10.
	  	Notice of Defaults	  	 	36	  
	 Section 6.11.
	  	Undertaking to Pay Costs	  	 	36	  
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	  
			
	 Section 7.01.
	  	Duties and Responsibilities of Trustee	  	 	36	  
	 Section 7.02.
	  	Reliance on Documents, Opinions, Etc	  	 	38	  
	 Section 7.03.
	  	No Responsibility for Recitals, Etc	  	 	39	  
	 Section 7.04.
	  	Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes	  	 	39	  
	 Section 7.05.
	  	Monies and Shares of Common Stock to Be Held in Trust	  	 	40	  
	 Section 7.06.
	  	Compensation and Expenses of Trustee	  	 	40	  
	 Section 7.07.
	  	Officers’ Certificate as Evidence	  	 	41	  
	 Section 7.08.
	  	Eligibility of Trustee	  	 	41	  
	 Section 7.09.
	  	Resignation or Removal of Trustee	  	 	41	  
	 Section 7.10.
	  	Acceptance by Successor Trustee	  	 	42	  
	 Section 7.11.
	  	Succession by Merger, Etc	  	 	43	  
	 Section 7.12.
	  	Trustee’s Application for Instructions from the Company	  	 	43	  
	
	ARTICLE 8	  
	CONCERNING THE HOLDERS	  
			
	 Section 8.01.
	  	Action by Holders	  	 	44	  
	 Section 8.02.
	  	Proof of Execution by Holders	  	 	44	  
	 Section 8.03.
	  	Who Are Deemed Absolute Owners	  	 	44	  
	 Section 8.04.
	  	Company-Owned Notes Disregarded	  	 	45	  
	Section 8.05.	  	Revocation of Consents; Future Holders Bound	  	 	45	  

  
 ii 

							
	ARTICLE 9	  
	HOLDERS’ MEETINGS	  
			
	 Section 9.01.
	  	Purpose of Meetings	  	 	45	  
	 Section 9.02.
	  	Call of Meetings by Trustee	  	 	46	  
	 Section 9.03.
	  	Call of Meetings by Company or Holders	  	 	46	  
	 Section 9.04.
	  	Qualifications for Voting	  	 	46	  
	 Section 9.05.
	  	Regulations	  	 	46	  
	 Section 9.06.
	  	Voting	  	 	47	  
	 Section 9.07.
	  	No Delay of Rights by Meeting	  	 	47	  
	
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 10.01.
	  	Supplemental Indentures Without Consent of Holders	  	 	48	  
	 Section 10.02.
	  	Supplemental Indentures with Consent of Holders	  	 	48	  
	 Section 10.03.
	  	Effect of Supplemental Indentures	  	 	50	  
	 Section 10.04.
	  	Notation on Notes	  	 	50	  
	 Section 10.05.
	  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	50	  
	
	ARTICLE 11	  
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  
			
	 Section 11.01.
	  	Company May Consolidate, Etc. on Certain Terms	  	 	50	  
	 Section 11.02.
	  	Successor Corporation to Be Substituted	  	 	51	  
	 Section 11.03.
	  	Opinion of Counsel to Be Given to Trustee	  	 	51	  
	
	ARTICLE 12	  
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  
			
	 Section 12.01.
	  	Indenture and Notes Solely Corporate Obligations	  	 	52	  
	
	ARTICLE 13	  
	NOTICE OF SPECIFIED CORPORATE EVENTS	  
			
	 Section 13.01.
	  	Certain Distributions	  	 	52	  
	 Section 13.02.
	  	Certain Corporate Events	  	 	52	  
	
	ARTICLE 14	  
	CONVERSION OF NOTES	  
			
	 Section 14.01.
	  	Conversion Privilege	  	 	53	  
	 Section 14.02.
	  	Conversion Procedure; Settlement Upon Conversion.	  	 	53	  
	 Section 14.03.
	  	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with
Make-Whole Fundamental Changes
	  	 	58	  
	 Section 14.04.
	  	Adjustment of Conversion Rate	  	 	60	  
	 Section 14.05.
	  	Adjustments of Prices	  	 	69	  

  
 iii 

							
	 Section 14.06.
	  	 Shares to Be Fully Paid
	  	 	69	  
	 Section 14.07.
	  	 Effect of Recapitalizations, Reclassifications and Changes of the Common
Stock
	  	 	69	  
	 Section 14.08.
	  	 Certain Covenants
	  	 	71	  
	 Section 14.09.
	  	 Responsibility of Trustee
	  	 	72	  
	 Section 14.10.
	  	 Notice to Holders Prior to Certain Actions
	  	 	72	  
	 Section 14.11.
	  	 Stockholder Rights Plans
	  	 	73	  
	 Section 14.12.
	  	 Ownership Limitations
	  	 	73	  
	
	ARTICLE 15	  
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  
			
	 Section 15.01.
	  	 [Intentionally Omitted]
	  	 	75	  
	 Section 15.02.
	  	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	75	  
	 Section 15.03.
	  	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	77	  
	 Section 15.04.
	  	 Deposit of Fundamental Change Repurchase Price
	  	 	78	  
	 Section 15.05.
	  	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	79	  
	
	ARTICLE 16	  
	OPTIONAL REDEMPTION	  
			
	 Section 16.01.
	  	Optional Redemption	  	 	79	  
	 Section 16.02.
	  	Notice of Optional Redemption; Selection of Notes	  	 	82	  
	 Section 16.03.
	  	Payment of Notes Called for Redemption	  	 	83	  
	 Section 16.04.
	  	Restrictions on Redemption	  	 	84	  
	
	ARTICLE 17	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 17.01.
	  	Provisions Binding on Company’s Successors	  	 	84	  
	 Section 17.02.
	  	Official Acts by Successor Corporation	  	 	84	  
	 Section 17.03.
	  	Addresses for Notices, Etc	  	 	84	  
	 Section 17.04.
	  	Governing Law; Jurisdiction	  	 	85	  
	 Section 17.05.
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	85	  
	 Section 17.06.
	  	Legal Holidays	  	 	86	  
	 Section 17.07.
	  	No Security Interest Created	  	 	86	  
	 Section 17.08.
	  	Benefits of Indenture	  	 	86	  
	 Section 17.09.
	  	Table of Contents, Headings, Etc	  	 	86	  
	 Section 17.10.
	  	Authenticating Agent	  	 	86	  
	 Section 17.11.
	  	Execution in Counterparts	  	 	87	  
	 Section 17.12.
	  	Severability	  	 	87	  
	 Section 17.13.
	  	Waiver of Jury Trial	  	 	88	  
	 Section 17.14.
	  	Force Majeure	  	 	88	  
	 Section 17.15.
	  	Calculations	  	 	88	  
	 Section 17.16.
	  	USA PATRIOT Act	  	 	88	  

  
 iv 

 EXHIBIT 
  

							
	 Exhibit A
	    	Form of Note	  	 	A-1	  

  
 v 

 INDENTURE dated as of June 21, 2016 between PAR PACIFIC HOLDINGS, INC., a Delaware corporation,
as issuer (the “Company,” as more fully set forth in Section 1.01) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01).

 W I T N E S S E T H: 

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

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

 That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided below), as follows: 
 ARTICLE 1 

DEFINITIONS 

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

 “Acquisition Redemption” shall have the meaning specified in Section 16.01(a).

 “Acquisition Redemption Price” shall have the meaning specified in Section 16.01(a). 

“Additional Interest” means all amounts, if any, payable pursuant to Section 6.03 and any liquidated damages payable pursuant
to the Registration Rights Agreement, as applicable. 
 “Additional Shares” shall have the meaning specified in Section
14.03(a). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or
required to be made, as the case may be, hereunder. 
 “Affiliated Parties” shall have the meaning specified in Section
14.12(a). 
 “Beneficial Ownership” shall have the meaning specified in Section 14.12(b). 

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

“Business Day” means, with respect to any Note, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in New York, New York are authorized or obligated by law or executive order to close. 
 “Capital
Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“Cash Settlement” shall have the meaning specified in Section 14.02(a). 

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

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

  
 2 

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

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

“Combination Settlement” shall have the meaning specified in Section 14.02(a). 

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

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

“Common Stock” means the common stock of the Company, par value $0.01 per share, at the date of this Indenture, subject to
Section 14.07. 
 “Common Stock Resale Restriction Termination Date” shall have the meaning specified in Section
2.05(d). 
 “Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the
provisions of Article 11, shall include its successors and assigns. 
 “Company Order” means a written order of the
Company, signed by (a) the Company’s Chief Executive Officer, President, Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice
President”) and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee. 

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

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

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

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

“Conversion Price Trigger Redemption” shall have the meaning specified in Section 16.01(b). 

“Conversion Price Trigger Redemption Price” shall have the meaning specified in Section 16.01(b). 

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

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 

  
 3 

 
15950 N. Dallas Parkway, Suite 550, Dallas, TX 75248, Attention: Par Pacific Holdings, Inc. 5.00% Convertible Senior Notes Administrator, or such other address as the Trustee may designate from
time to time, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 
 “Daily Conversion Value” means, for each of the 30 consecutive Trading Days during the
Observation Period, 1/30th of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 30. 

“Daily Settlement Amount,” for each of the 30 consecutive Trading Days during the Observation Period, shall consist of: 

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

“Daily VWAP” means, for each of the 30 consecutive Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “PARR <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled
open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using
a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other
trading outside of the regular trading session trading hours. 
 “Default” means any event that is, or after notice or
passage of time, or both, would be, an Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including,
without limitation, the Redemption Price, the Fundamental Change Repurchase Price, the Make-Whole Premium, principal and interest) that are payable but are not punctually paid or duly provided for. 

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

  
 4 

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

 “Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and
Section 14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as
applicable. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise)
as determined by such exchange or market. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Form of Assignment and Transfer” means the “Form of Assignment and
Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Repurchase
Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

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

“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs: 
 (a) a “person” or “group” within the meaning of
Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in
Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity; 

(b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting
from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger

  
 5 

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

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

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

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

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

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

  
 6 

 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 15.02(a). 
 “Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial
Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, CRT Capital Group LLC and Imperial Capital, LLC. 

“Interest Payment Date” means each June 15 and December 15 of each year, beginning on December 15, 2016. 

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

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

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

“Make-Whole Premium” means, in respect of any Notes called for a Conversion Price Trigger Redemption, the amount equal to the
present value of the remaining scheduled payments of interest that would have been made on such Notes to be redeemed had such Notes remained outstanding from the relevant Redemption Date to June 15, 2021 (excluding interest accrued to, but
excluding, such Redemption Date, which shall otherwise be payable pursuant to clause (ii) of the definition of Conversion Price Trigger Redemption Price set forth in Section 16.01(b)), with such present value of the remaining interest payments
computed using a discount rate per annum equal to the Reference Discount Rate. 

  
 7 

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

“Maturity Date” means June 15, 2021. 

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

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

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

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

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

“Observation Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date
occurs prior to March 15, 2021 and the Company has not issued a Redemption Notice with respect to the Notes pursuant to Section 16.02, the 30 consecutive Trading Days beginning on, and including, the second Trading Day immediately succeeding
such Conversion Date; (ii) if the relevant Conversion Date occurs on or after March 15, 2021 and the Company has not issued a Redemption Notice with respect to the Notes pursuant to Section 16.02, the 30 consecutive Trading Days beginning on,
and including, the 32nd Scheduled Trading Day immediately preceding the Maturity Date; and (iii) if the relevant Conversion Date occurs on or after the date of the Company’s issuance of a Redemption Notice with respect to the Notes
pursuant to Section 16.02 and prior to the relevant Redemption Date (even if the relevant Conversion Date occurs on or after March 15, 2021), the 30 consecutive Trading Days beginning on, and including, the 32nd Scheduled Trading Day immediately
preceding such Redemption Date. 
 “Offering Memorandum” means the preliminary offering memorandum dated June 15,
2016, as supplemented by the related pricing term sheet dated June 16, 2016, relating to the offering and sale of the Notes. 

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

  
 8 

 “Officers’ Certificate,” when used with respect to the
Company, means a certificate that is delivered to the Trustee and that is signed by (a) two Officers of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or the
Controller of the Company. Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate pursuant to
Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 
 “open of business” means
9:00 a.m. (New York City time). 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an
employee of or counsel to the Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such
Section 17.05. 
 “Optional Redemption” means either an Acquisition Redemption or a Conversion Price Trigger
Redemption. 
 “outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as
of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes, or portions thereof, that have
become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent); 
 (c) Notes that have been paid pursuant to Section 2.06 or Notes in
lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in
due course; 
 (d) Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; 

(e) Notes redeemed pursuant to Article 16; and 

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

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

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

“Physical Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal
amount and integral multiples thereof. 
 “Physical Settlement” shall have the meaning specified in Section 14.02(a). 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt
as the mutilated, lost, destroyed or stolen Note that it replaces. 
 Purchase Agreement” means that certain Purchase Agreement,
dated as of June 16, 2016, among the Company and the Initial Purchasers. 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is
exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such
date is fixed by the Board of Directors, by statute, by contract or otherwise). 
 “Redemption Date” shall have the meaning
specified in Section 16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Price” means either the Acquisition Redemption Price or the Conversion Price Trigger Redemption Price, as
applicable. 
 “Reference Discount Rate” means, in respect of any Make-Whole Premium, the yield to maturity of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date for the relevant Conversion Price Trigger Redemption to the Maturity Date; provided,
however, that if the period from such Redemption Date to the Maturity Date is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. Any such
Reference Discount Rate shall be obtained by the Company. 
 “Reference Property” shall have the meaning specified in
Section 14.07(a). 

  
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 “Registration Rights Agreement” means the Registration Rights Agreement, dated
as of June 21, 2016, among the Company and the Initial Purchasers, as amended from time to time in accordance with its terms. 

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

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Securities” shall have the meaning specified in Section 2.05(c). 

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

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

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

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

“Settlement Amount” has the meaning specified in Section 14.02(a)(iv). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the meaning specified in
Section 14.02(a)(iii). 
 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 
 “Specified Dollar
Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified (or deemed specified) in the Settlement Notice related to any converted Notes. 

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

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

“Subscription Rights Offering” means an offering, to all holders of Common Stock, of transferrable subscription rights to
purchase shares of Common Stock for an aggregate purchase price of not more than $50 million in a registered public offering consummated on or prior to September 30, 2016, as described in the Offering Memorandum. 

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

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

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be
determined) generally occurs on the NYSE MKT or, if the Common Stock (or such other security) is not then listed on the NYSE MKT, on the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security)
is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is then traded and (ii) a Last
Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security) is not so listed or traded,
“Trading Day” means a Business Day; and provided further that for purposes of determining amounts due upon conversion only, “Trading Day” means a day on which (x) there is no Market Disruption Event
and (y) trading in the Common Stock generally occurs on the NYSE MKT or, if the Common Stock is not then listed on the NYSE MKT, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the
Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for
trading, “Trading Day” means a Business Day. 
 “transfer” shall have the meaning specified in Section
2.05(c). 
 “Trigger Event” shall have the meaning specified in Section 14.04(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of
1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

  
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 “unit of Reference Property” shall have the meaning specified in Section
14.07(a). 
 “Valuation Period” shall have the meaning specified in Section 14.04(c). 

“Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes
of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

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

Section 1.03. Make-Whole Premium. Whenever any reference is made herein to any Redemption Price payable hereunder
(including, for the avoidance of doubt, with respect to any reference to “principal” or “principal amount” hereunder) in respect of any Conversion Price Trigger Redemption or any consideration due upon conversion of any Notes
converted following the delivery by the Company of a Redemption Notice in respect of any Conversion Price Trigger Redemption and prior to close of business on the Scheduled Trading Day immediately preceding the related Redemption Date, such
reference shall be deemed to include any Make-Whole Premium payable or deliverable, as the case may be, in respect thereof. Unless the context otherwise requires, any express mention of a Make-Whole Premium in any provision hereof shall not be
construed as excluding any Make-Whole Premium in those provisions hereof where such express mention is not made. 
 ARTICLE 2 

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

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such
Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and 

  
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made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby. 
 Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not
inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities
exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes
are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements
as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or
restrictions to which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the outstanding Notes
as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from
time to time be increased or reduced to reflect issuances, redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the
Fundamental Change Repurchase Price, if applicable) of, the Redemption Price of (if applicable) and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of
determining Holders eligible to receive payment is provided for herein. 
 Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date
of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the
basis of the number of days actually elapsed in a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor Note) is
registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date.

  
 14 

 
The principal amount of any Note (x) in the case of any Physical Note, shall be payable through the Paying Agent at the office or agency of the Company maintained by the Company for such purposes
in the contiguous United States of America, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable through the Paying Agent by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Company shall pay through the Paying Agent interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of
these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each Holder or, upon application by such a Holder to
the Paying Agent not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder notifies, in writing,
the Paying Agent to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

(c) Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes plus one percent, subject to the
enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or
(ii) below: 
 (i) The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or
their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 20 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at
the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment, and not less than five days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee of such special record date and the Trustee, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in the Note Register, not less than 10 days
prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 

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

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order and upon receipt of an Officers’ Certificate and an Opinion of Counsel shall
authenticate and deliver such Notes, without any further action by the Company hereunder. 
 Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually or by facsimile by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as
provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be
conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 

In case any Officer of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have
been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer of the Company;
and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution of this Indenture any such person was not such an
Officer. 
 Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable of being
converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint
one or more co-Note Registrars in accordance with Section 4.02. 

  
 16 

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

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or
instruments of transfer in form reasonably satisfactory to the Company and the Trustee as Note Registrar and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing. 

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

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

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

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

  
 17 

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

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

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

(2) AGREES FOR THE BENEFIT OF PAR PACIFIC HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY
THEREOF, OR 
 (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT. 

No transfer of any Note will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been
checked. 
 Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global
Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

  
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 The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the Depositary
is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is
not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall
execute, and the Trustee, upon receipt of an Officers’ Certificate, an Opinion of Counsel, and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such
beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related
Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be
canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner,
shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee (acting in any
capacity) or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or
reviewing any records relating to such beneficial ownership interests, or for any action or inaction of the Depositary. 

  
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 (d) Until the date (the “Common Stock Resale Restriction Termination
Date”) that is (x) in the case of any Holder that is not an Affiliate of the Company and has not been an Affiliate of the Company at any time during the immediately preceding three months, the later of (1) the date that is one year after
the issuance date of the relevant shares of Common Stock or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law and
(y) in the case of any Holder that is an Affiliate of the Company or was an Affiliate of the Company at any time during the immediately preceding three months, until such shares of Common Stock are sold pursuant to an effective registration
statement or pursuant to the exemption from registration provided by Rule 144, any stock certificate representing Common Stock issued upon conversion of a Note or in respect of any Make-Whole Premium shall bear a legend in substantially the
following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or such Common
Stock has been transferred pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any
transfer agent for the Common Stock): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

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

(2) AGREES FOR THE BENEFIT OF PAR PACIFIC HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS (X) IN THE CASE OF ANY HOLDER THAT IS NOT AN AFFILIATE OF THE COMPANY AND HAS NOT BEEN AN AFFILIATE OF THE COMPANY DURING THE IMMEDIATELY PRECEDING THREE
MONTHS, THE LATER OF (1) ONE YEAR AFTER THE ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (2) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW
AND (Y) IN THE CASE OF ANY HOLDER THAT IS AN AFFILIATE OF THE COMPANY OR WAS AN AFFILIATE OF THE COMPANY DURING THE IMMEDIATELY PRECEDING THREE MONTHS, UNTIL THIS SECURITY IS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

  
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 (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D)
ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been
transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent
for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(d). The Company shall promptly notify the
Trustee in writing after a registration statement, if any, with respect to any Common Stock issued upon conversion of the Notes or in respect of any Make-Whole Premium has been declared effective under the Securities Act. 

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

  
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 The Trustee or such authenticating agent shall authenticate any such substituted Note and deliver
the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may reasonably require. No service charge shall be imposed on the Holder by the Company, the Trustee, the Note
Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection
therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to
mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note,
pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company,
to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every
case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 
 Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed,
lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the
limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder.
 Section
2.07. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and
deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate
for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same
manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all
temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange
for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder. 

  
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 Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company
shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries
or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange thereof except as expressly permitted by any of the provisions of
this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures. 
 Section
2.09. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a
convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other
identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

Section 2.10. Additional Notes; Repurchases. The Company may, without the consent of the Holders and
notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue price and interest accrued prior to the issue date of such
additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a
separate CUSIP number. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to
cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are
surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by
cash-settled swaps or other derivatives. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with
Section 2.08 and such Notes shall no longer be considered outstanding under this Indenture upon their repurchase. 
 ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an
Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall, as directed by the Company in writing, execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a)
(i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been

  
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delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date,
any Fundamental Change Repurchase Date, upon conversion or otherwise, cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes
and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, Section 4.02, Section 4.04, Section 5.02, Section 7.08, Section 7.09, Section 17.04, Section
17.15 and this Article 3 shall survive any discharge of this Indenture until such time as all payments in respect of the Notes have been paid in full and there are no Notes outstanding; provided, however, that Section 7.06 shall also
survive after the Notes are paid in full and there are no Notes outstanding. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it will cause to be paid
the principal (including the Fundamental Change Repurchase Price, if applicable) of, the Redemption Price of (if applicable), and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided
herein and in the Notes. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the
contiguous United States of America an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion
(“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (not
including service of process) may be made or served at the Corporate Trust Office. 
 The Company may also from time to time designate as
co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States of America, for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate
Trust Office as the office or agency in the 

  
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contiguous United States of America, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may be served.
 Section 4.03. Appointments to Fill Vacancies
in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee
hereunder. 
 Section 4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent
other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

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

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit
must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 
 (b) If the Company shall act as its own Paying
Agent, it will, on or before each due date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the
benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the
Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid
interest on, the Notes when the same shall become due and payable; provided that the Company shall not act as Paying Agent upon the occurrence and continuance of an Event of Default. 

  
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 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this
Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further
liability but only with respect to such sums or amounts. 
 (d) Any money and shares of Common Stock deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon
conversion of any Note and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable
shall be paid to the Company on request of the Company contained in an Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of Common Stock remain unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money and shares of Common Stock then remaining will be repaid or delivered to the Company. 

Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence. 
 Section 4.06. Rule 144A Information Requirement and
Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon conversion thereof or in respect of any
Make-Whole Premium shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or
prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes or in respect of any such Make-Whole Premium, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to
facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A. The Company shall take such further action as any Holder or beneficial owner of such Notes or such Common Stock may reasonably request to the extent from time to
time required to enable such Holder or beneficial owner to sell such Notes or shares of Common Stock in accordance with Rule 144A, as such rule may be amended from time to time. 

  
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 (b) The Company shall give to the Trustee, within 15 days after the same are required to be filed
with the Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding, for the avoidance of doubt, any such documents or reports (or portions
thereof) that are subject to confidential treatment and any correspondence with the Commission, and giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company files with the
Commission via the Commission’s EDGAR system shall be deemed to be so delivered to the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system and the Trustee may conclusively rely on any such
document or report as necessary. 
 (c) Delivery of the reports and documents described in subsection (b) above to the Trustee is for
informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). The Trustee shall have no liability or responsibility for the filing, timeliness or content of any report delivered hereunder. 

Section 4.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so)
that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the
principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted. 
 Section 4.08. Compliance Certificate; Statements as to
Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2016) an Officers’ Certificate stating whether the signers thereof
have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure, the nature thereof and advise as to steps to cure such condition.

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

  
 27 

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

ARTICLE 5 
 LISTS
OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01. Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished
to the Trustee, semi-annually, not more than 10 days after each December 1 and June 1 in each year beginning with December 1, 2016, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company
of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses
of the Holders as of a date not more than 10 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long
as the Trustee is acting as Note Registrar. 
 Section 5.02. Preservation and Disclosure of Lists. The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its
capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

ARTICLE 6 
 DEFAULTS
AND REMEDIES 
 Section 6.01. Events of Default. Each of the following events shall
be an “Event of Default” with respect to the Notes: 
 (a) default in any payment of interest on any Note when due and
payable, and the default continues for a period of 30 days; 
 (b) default in the payment of principal of any Note when due and payable on
the Maturity Date, upon any required repurchase, upon declaration of acceleration or otherwise; 
 (c) default in the payment of the
applicable Redemption Price upon an Optional Redemption (including default in the payment or delivery, as the case may be, of the Make-Whole Premium, if any, in connection with such Optional Redemption); 

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

  
 28 

 (e) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 15.02(c) or notice of a specified corporate event in accordance with Section 13.01 or Section 13.02, in each case, when due, if such failure continues for three Business Days; 

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

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

(h) default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may
be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $10,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness
now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon
required repurchase, upon declaration of acceleration or otherwise; provided, however, that if such acceleration is rescinded or annulled, or such failure to pay is cured, as applicable, then the Event of Default arising under this
clause (h) shall be deemed to have been cured or waived without further action by the Trustee or Holders so long as the Notes have not already been declared due and payable hereunder; 

(i) a final judgment or judgments for the payment of $10,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered
by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged, paid, bonded, waived or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no
such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 
 (j) the Company or any Significant
Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now
or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they
become due; or 
 (k) an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive
days. 

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

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

  
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 Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in
the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall (x) for the first 90 days after the
occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during such 90-day period on which
such Event of Default is continuing beginning on, and including, the date on which such an Event of Default first occurs and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including,
the 180th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day during such
additional 90-day period on which such Event of Default is continuing. Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any liquidated damages payable pursuant to the Registration Rights Agreement.
If the Company so elects, it shall advise Trustee in writing and such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes. On the 181st day after such Event of Default (if the
Event of Default relating to the Company’s failure to file is not cured or waived prior to such 181st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the
rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section
6.02. 
 In order to elect to pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any Event of
Default described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period. Upon the failure to timely give such
notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 
 Section 6.04. Payments
of Notes on Default; Suit Therefor. If an Event of Default described in clause (a), (b) or (c) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the
Notes, the whole amount then due and payable on the Notes for principal (including the Fundamental Change Repurchase Price, if applicable), the Redemption Price (if applicable) and interest, if any, with interest on any overdue principal (including
the Fundamental Change Repurchase Price, if applicable), at the rate borne by the Notes plus one percent at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section
7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute
such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys or property adjudged or decreed to be payable in the manner provided by law out of the property of
the Company or any other obligor upon the Notes, wherever situated. 

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

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

All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express

  
 32 

 
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee (in any capacity), its agents and
counsel, be for the ratable benefit of the Holders of the Notes. 
 In any proceedings brought by the Trustee (and in any proceedings
involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any
such proceedings. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been
discontinued or abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the
Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee
shall continue as though no such proceeding had been instituted. 
 Section 6.05. Application of Monies Collected by
Trustee. Any monies or property collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or
property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First, to the payment of all amounts due the Trustee (acting in any capacity) hereunder; 

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

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

  
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Note, ratably to the aggregate of such principal (including, if applicable, the Fundamental Change Repurchase Price and any cash due upon conversion), such Redemption Price and such accrued and
unpaid interest; and 
 Fourth, to the payment of the remainder, if any, to the Company. 

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal (including,
if applicable, the Fundamental Change Repurchase Price), the Redemption Price (if applicable), interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by
virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or
other similar official, or for any other remedy hereunder, unless: 
 (a) such Holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate principal
amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c) such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or
expense to be incurred therein or thereby; 
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of such
security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
 (e) no written direction
that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to
Section 6.09, 
 it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder
and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain
priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the
protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery,
as the case may be, of (w) the principal (including Fundamental Change Repurchase Price, if applicable) of, (x) accrued and unpaid interest, if any, on, (y) if applicable, the Redemption Price (including any Make-Whole Premium)

  
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of, and (z) the consideration due upon conversion (including any Make-Whole Premium) of, such Note, on or after the respective due dates expressed or provided for in such Note or in this
Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or affected without the consent of such Holder. 

Section 6.07. Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed
to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or
otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law. 
 Section 6.08. Remedies Cumulative and Continuing. Except as provided in the last
paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to
the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of
the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to
the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 

Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority
of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default
hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the
provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes (including any Make-Whole Premium), (iii) a failure by the Company to pay the applicable Redemption
Price on the Redemption Date in connection with an Optional Redemption (including any Make-Whole Premium), or (iv) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or

  
 35 

 
amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former
positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as
permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereon. 
 Section 6.10. Notice of Defaults. The Trustee
shall, within 90 days after the occurrence and continuance of a Default of which a Responsible Officer has actual knowledge, send to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults
actually known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Fundamental
Change Repurchase Price, if applicable), the Redemption Price of (if applicable), any Make-Whole Premium with respect to, or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon
conversion (including any Make-Whole Premium), the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in the interests of the Holders. 

Section 6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its
acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it
as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit
instituted by any Holder for the enforcement of the payment of the principal (including, but not limited to, the Fundamental Change Repurchase Price, if applicable) of, the Redemption Price of (if applicable), any Make-Whole Premium with respect to,
or accrued and unpaid interest, if any, on any Note on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion (including any
Make-Whole Premium), in accordance with the provisions of Article 14. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of
Default and after the curing or waiver of all Events of Default that 

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

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (a) prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default that may have occurred: 
 (i) the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and 
 (ii) in the absence of willful misconduct on the part of the Trustee, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case
of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 
 (b) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer(s) of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 
 (d) whether or not therein
provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 

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

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

(g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or
the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any
amounts held hereunder in the absence of such written investment direction from the Company; 
 (h) in the event that the Trustee is also
acting as Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent,
Conversion Agent or transfer agent; 
 (i) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents (including an authenticating agent) or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 

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

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section
7.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01: 
 (a) the Trustee
may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be
genuine and to have been signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by
the Secretary or an Assistant Secretary of the Company; 

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

(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
 (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by
it with due care hereunder; and 
 (f) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

In no event shall the Trustee be liable for any consequential loss or damage of any kind whatsoever (including but not limited to lost profits
and punitive damages), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the Trustee’s willful misconduct or negligence. The Trustee
shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event
of Default shall have been received by the Trustee from the Company or from any Holder of the Notes. 
 Section
7.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes
or the proceeds of any Notes. 
 Section 7.04. Trustee, Paying Agents, Conversion Agents or Note Registrar May Own
Notes. The Trustee, any Paying Agent, any Conversion Agent or any Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent,
Conversion Agent or Note Registrar. 

  
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 Section 7.05. Monies and Shares of Common Stock to Be Held in
Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money or shares of Common Stock received by it hereunder except as may be agreed from
time to time by the Company and the Trustee. 
 Section 7.06. Compensation and Expenses of Trustee. The
Company covenants and agrees to pay to the Trustee (acting in any capacity) from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee (acting in any capacity) upon its request for all
reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and
disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been found by a court of competent jurisdiction in a non-appealable final decision to have been
caused by its negligence or willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating
agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without negligence, or willful misconduct on the part of the Trustee (as determined by a court of competent jurisdiction in a non-appealable final
decision), its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder,
including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company hereunder to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of
the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due hereunder shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Article 7 shall
survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The
indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 
 Without
prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(j) or Section 6.01(k)
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 

  
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 Section 7.07. Officers’ Certificate as Evidence. Except as otherwise provided in
Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the
Trustee, and such Officers’ Certificate, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the
faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. 
 Section 7.09. Resignation or Removal of Trustee. (a) The Trustee may at
any time resign by giving written notice of such resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly (x) deliver notice of such resignation to all Holders and (y) appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the delivery of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the
appointment of a successor trustee (at the expense of the Company), or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on
behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee. 
 (b) In case at any time any of the following shall occur: 

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after
written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 

  
 41 

 
then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on
behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal
amount of the Notes at the time outstanding, as determined in accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice
to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for
an appointment of a successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to
any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09
shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written
request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it hereunder, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the
trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and
powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of
Holders of particular Notes, to secure any amounts then due it hereunder. 
 No successor trustee shall accept appointment as provided in
this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 

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

  
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 Section 7.11. Succession by Merger, Etc. Any corporation or other
entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or
other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be
eligible under the provisions of Section 7.08. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in
the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the
Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors
by merger, conversion or consolidation. No resigning or removed Trustee shall have any liability or responsibility for the action or inaction of any successor Trustee. 

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

  
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 ARTICLE 8 

CONCERNING THE HOLDERS 

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

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

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent,
any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and
notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Fundamental Change Repurchase
Price) of, the Redemption Price of (if applicable), any Make-Whole Premium with respect to and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company
nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and,
to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the
Notes, following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person,
such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 

  
 44 

 Section 8.04. Company-Owned Notes Disregarded. In determining
whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company or by any Subsidiary thereof shall be disregarded and
deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a
Responsible Officer knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the
Company the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be
full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of
any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are
outstanding for the purpose of any such determination. 
 Section 8.05. Revocation of Consents; Future Holders
Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this
Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all
future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in
exchange or substitution therefor or upon registration of transfer thereof. 
 ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time
pursuant to the provisions of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee
or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action
authorized to be taken by Holders pursuant to any of the provisions of Article 6; 
 (b) to remove the Trustee and nominate a successor
trustee pursuant to the provisions of Article 7; 

  
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 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the
provisions of Section 10.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified
aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 
 Section
9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall
determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01,
shall be delivered to Holders of such Notes at their addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Company. Such notices shall be delivered or mailed not less than 20 nor more than
90 days prior to the date fixed for the meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Notes
then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have,
before or after the meeting, waived notice. 
 Section 9.03. Call of Meetings by Company or Holders. In case
at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed or delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the
time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing or delivering notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be
a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who
shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 
 Section 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

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

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000
principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be
not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06. Voting. The vote
upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed or
delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and
secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

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

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

  
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 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

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

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

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

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

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

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

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

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

Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that adversely affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the
provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in
Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of,
or tender or exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures
supplemental hereto for the purpose of adding any 

  
 48 

 
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders;
provided, however, that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 

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

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

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

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

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

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

(g) change the ranking of the Notes; 

(h) impair the right of any Holder to receive payment of principal and interest on such Holder’s Notes on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 
 (i) make any change in this
Article 10 or in the waiver provisions in Section 6.02 or Section 6.09 that requires each Holder’s consent; or 
 (j) other than as
provided in Section 10.01(b), make any change to Article 11 that adversely affects the right of any Holder. 
 Upon the written request of
the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

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

  
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 Section 10.03. Effect of Supplemental Indentures. Upon the
execution of any supplemental indenture pursuant to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and
immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section
10.04. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee, to any modification of this Indenture
contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) upon receipt
of an Officers’ Certificate, an Opinion of Counsel, and a Company Order and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the
documents required by Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10
and is permitted or authorized by this Indenture and any Opinion of Counsel shall state that the supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

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

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

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

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

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

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 11.03. Opinion of Counsel to Be
Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation,
merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11. 

  
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 ARTICLE 12 

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

ARTICLE 13 
 NOTICE
OF SPECIFIED CORPORATE EVENTS 
 Section 13.01. Certain
Distributions. If, prior to the close of business on the Business Day immediately preceding the Maturity Date, the Company elects to: 

(i) other than with respect to the Subscription Rights Offering, if any, issue to all or substantially all holders of the
Common Stock any rights, options or warrants entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than
the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or 

(ii) other than with respect to the Subscription Rights Offering, if any, distribute to all or substantially all holders of the
Common Stock the Company’s assets, securities or rights to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the
Common Stock on the Trading Day preceding the date of announcement for such distribution, 
 then, in either case, the Company shall notify
in writing all Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 40 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. 

Section 13.02. Certain Corporate Events. If a transaction or event that constitutes a Fundamental Change or a Make-Whole
Fundamental Change occurs prior to the close of business on the Business Day immediately preceding the Maturity Date or if the Company is a party to a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of
its assets, in each case, that occurs prior to the Maturity Date and pursuant to 

  
 52 

 
which the Common Stock would be converted into cash, securities or other assets, then, in each case, the Company shall notify in writing Holders, the Trustee and the Conversion Agent (if other
than the Trustee) (x) as promptly as practicable following the date the Company publicly announces such transaction but in no event less than 40 Scheduled Trading Days prior to the anticipated effective date of such transaction or (y) if the Company
does not have knowledge of such transaction at least 40 Scheduled Trading Days prior to the anticipated effective date of such transaction, within one Business Day of the date upon which the Company receives notice, or otherwise becomes aware, of
such transaction, but in no event later than the actual effective date of such transaction. 
 ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. Subject to and upon compliance with the provisions of this Article 14
(including, for the avoidance of doubt, the restrictions set forth in Section 14.12), each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount
or an integral multiple thereof) of such Note at any time prior to the close of business on the Business Day immediately preceding the Maturity Date at an initial conversion rate of 55.5556 shares of Common Stock (subject to adjustment as provided
in this Article 14 and in the Registration Rights Agreement, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion
Obligation”). With respect to any Notes that are converted after the date of issuance of a Redemption Notice (other than in connection with an Acquisition Redemption) and prior to the close of business on the Scheduled Trading Day
immediately preceding the related Redemption Date, in addition to the payment or delivery of the consideration due upon conversion as described in Section 14.02, the Company shall pay or deliver, as the case may be, the Make-Whole Premium in cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as specified in the Redemption Notice and described in Section 16.02. The Conversion Rate or the amount of any Make-Whole Premium, as the case may be, shall be increased by
3.00% for each $1,000 principal amount of Notes converted or redeemed (as applicable) at a time when a Registration Default (as defined under the Registration Rights Agreement) has occurred and is continuing; provided, however, that
(i) the foregoing adjustment shall not be applied more than once to the same $1,000 principal amount of Notes and (ii) if a Registration Default (as defined under the Registration Rights Agreement) occurs after a Holder has converted its Notes into
shares of Common Stock or after delivery of any shares of Common Stock in respect of any Make-Whole Premium, such Holder shall not be entitled to any such additional compensation with respect to such Common Stock. 

Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Section 14.02, Section 14.03(b), Section 14.07(a) and Section 14.12, upon conversion of any Note, the Company shall pay or
deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of

  
 53 

 
delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of Common
Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section
14.02. Notwithstanding the foregoing, to the extent the Board of Directors determines in good faith that the issuance of any shares of Common Stock upon any conversion of the Notes or in respect of any Make-Whole Premium could cause the Company to
undergo an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder or otherwise could materially and adversely affect the Company’s ability to
preserve its ability to utilize its net operating loss carryforwards for U.S. federal income tax purposes, the Company shall be required to elect to settle such conversion through Cash Settlement or Combination Settlement and to settle such
Make-Whole Premium in cash or in a combination of cash and shares of Common Stock, in each case, to the extent of such determination. 

(i) All conversions for which the relevant Conversion Date occurs on or after March 15, 2021, and all conversions for which the
relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice with respect to the Notes and prior to the related Redemption Date, shall be settled using the same Settlement Method. 

(ii) Except for any conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption
Notice with respect to the Notes but prior to the related Redemption Date, any conversions for which the relevant Conversion Date occurs on or after March 15, 2021, the Company shall use the same Settlement Method for all conversions with the same
Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates. 

(iii) If, in respect of any Conversion Date (or one of the periods described in the third immediately succeeding set of
parentheses, as the case may be), the Company elects a Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company shall deliver or cause delivery of a notice (the “Settlement Notice”) of
the relevant Settlement Method to converting Holders and the Conversion Agent (and the Trustee if not the Conversion Agent) no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in the case of
any conversions for which the relevant Conversion Date occurs (x) after the date of issuance of a Redemption Notice with respect to the Notes and prior to the related Redemption Date, in such Redemption Notice or (y) on or after March 15, 2021, no
later than March 15, 2021). Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000
principal amount of Notes. If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement and
the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000.

  
 54 

 
If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of
Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. For the avoidance of doubt, this clause (iii) and the provisions hereof are subject to the provisions of Section
14.12. 
 (iv) The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any
conversion of Notes (the “Settlement Amount”) shall be computed by the Company as follows: 
 (A) if the
Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of
Common Stock equal to the Conversion Rate in effect on the Conversion Date; 
 (B) if the Company elects to satisfy its
Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion
Values for each of the 30 consecutive Trading Days during the related Observation Period; and 
 (C) if the Company elects
(or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, to the converting Holder in respect of each $1,000 principal amount of
Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 30 consecutive Trading Days during the related Observation Period. 

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

(b) Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall (i) in
the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in

  
 55 

 
Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by
appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 14.02(h). The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such
conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such
Fundamental Change Repurchase Notice in accordance with Section 15.03. 
 If more than one Note shall be surrendered for conversion at one
time by the same Holder, the Conversion Obligation (including any Make-Whole Premium) with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted
thereby) so surrendered. 
 (c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the
consideration due in respect of the Conversion Obligation (including any Make-Whole Premium) on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the third Business Day
immediately following the last Trading Day of the Observation Period, in the case of any other Settlement Method. If any shares of Common Stock are due to converting Holders or in respect of any Make-Whole Premium, the Company shall issue or cause
to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be
entitled in satisfaction of the Company’s Conversion Obligation. 
 (d) In case any Note shall be surrendered for partial conversion,
the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted
portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar
governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such
conversion. 

  
 56 

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

(f) Except as provided in Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of
any Note as provided in this Article 14. 
 (g) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent
other than the Trustee. 
 (h) Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if
any, except as set forth below and other than any Make-Whole Premium, if applicable. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and
accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if
Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest
Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by
funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required (1) for conversions following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has
specified a Redemption Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental Change Repurchase Date that is after a
Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such
Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date or any Redemption Date shall receive the full interest payment due on the Maturity Date or such Redemption
Date, as applicable, regardless of whether their Notes have been converted following such Regular Record Date. 

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

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

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

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its option, satisfy the
related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02 based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table set forth in
Section 14.03(e) below; provided, however, that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole
Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and
shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Conversion
Obligation shall be paid to Holders in cash on the third Business Day following the Conversion Date. The 

  
 58 

 
Company shall notify the Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) of the Effective Date of any Make-Whole Fundamental Change and issue a press release
announcing such Effective Date no later than five Business Days after such Effective Date. 
 (c) The number of Additional Shares, if any,
by which the Conversion Rate shall be increased shall be determined by reference to the table set forth in Section 14.03(e) below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only
cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices
of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. The Board of Directors shall make appropriate adjustments to the Stock
Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used in
Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period. 
 (d) The Stock Prices set forth in
the column headings of the table set forth in Section 14.03(e) below shall be adjusted as of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so
adjusted. The number of Additional Shares set forth in the table set forth in Section 14.03(e) below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04. 

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

																																													
	 	  	Stock Price	 
	 Effective Date
	  	$15.63	 	  	$16.00	 	  	$17.00	 	  	$18.00	 	  	$20.00	 	  	$25.20	 	  	$30.00	 	  	$35.00	 	  	$40.00	 	  	$60.00	 	  	$80.00	 
	 June 21, 2016
	  	 	8.4239	  	  	 	7.1939	  	  	 	6.8883	  	  	 	6.6061	  	  	 	6.1006	  	  	 	5.0417	  	  	 	4.2756	  	  	 	3.6106	  	  	 	3.0417	  	  	 	1.3717	  	  	 	0.3556	  
	 June 15, 2017
	  	 	8.4239	  	  	 	7.1939	  	  	 	6.8472	  	  	 	6.5183	  	  	 	5.9439	  	  	 	4.8039	  	  	 	4.0267	  	  	 	3.3778	  	  	 	2.8350	  	  	 	1.2706	  	  	 	0.3278	  
	 June 15, 2018
	  	 	8.4239	  	  	 	7.1939	  	  	 	6.7556	  	  	 	6.3506	  	  	 	5.6644	  	  	 	4.3972	  	  	 	3.6106	  	  	 	2.9967	  	  	 	2.5050	  	  	 	1.1311	  	  	 	0.2894	  
	 June 15, 2019
	  	 	8.4239	  	  	 	7.1650	  	  	 	6.5450	  	  	 	6.0056	  	  	 	5.1272	  	  	 	3.6678	  	  	 	2.8917	  	  	 	2.3539	  	  	 	1.9556	  	  	 	0.9106	  	  	 	0.2894	  
	 June 15, 2020
	  	 	8.4239	  	  	 	6.9372	  	  	 	5.9711	  	  	 	5.1628	  	  	 	3.9406	  	  	 	2.2883	  	  	 	1.6617	  	  	 	1.3256	  	  	 	1.1078	  	  	 	0.5378	  	  	 	0.1661	  
	 June 15, 2021
	  	 	8.4239	  	  	 	6.9444	  	  	 	3.2680	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

  
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 The exact Stock Prices and Effective Dates may not be set forth in the table above, in which
case: 
 (i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective
Dates in such table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as
applicable, based on a 365-day year; 
 (ii) if the Stock Price is greater than $80.00 per share (subject to adjustment in
the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Stock Price is less than $15.63 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 
 Notwithstanding
the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 63.9795 shares of Common Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 

(f) Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole
Fundamental Change. 
 Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted
from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share
combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 14.04, without having to
convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

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

					
			
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share
combination, as applicable;

  
 60 

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

 Any adjustment made under this Section 14.04(a) shall become effective immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this Section
14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared. 
 (b) If, other than with respect to the Subscription Rights Offering, if
any, the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance, to subscribe for or purchase
shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
announcement of such issuance, the Conversion Rate shall be increased based on the following formula: 
 where, 

					
			
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

  
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	Y	  	 =
	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

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

For purposes of this Section 14.04(b) and for purposes of clause (i) of Section 13.01, in determining whether any rights, options or warrants
entitle the holders to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or
warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

(c) If, other than with respect to the Subscription Rights Offering, if any, the Company distributes shares of its Capital Stock, evidences of
its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances
as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply, and (iii) Spin-Offs as to which
the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the
“Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 
 where, 

 

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

  
 62 

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

 Any increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of
business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been declared.
Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note
shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received
if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any distribution for purposes
of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Stock
over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

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

 

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

  
 63 

 The increase to the Conversion Rate under the preceding paragraph shall occur on the last Trading
Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references in the portion of this Section
14.04(c) related to Spin-Offs to a “10 consecutive Trading Day period” shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in
determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the
Valuation Period, the reference to “10” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date for such Spin-Off and such Trading Day in determining the
Conversion Rate as of such Trading Day. If the Ex-Dividend Date of the Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references to “10”
or “10th” in the preceding paragraph and in this paragraph shall be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for
the Spin-Off to, and including, the last Trading Day of such Observation Period. 
 For purposes of this Section 14.04(c) (and subject in
all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially
or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not
exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will
be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this
Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or
warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to
new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution
amount for which 

  
 64 

 
an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise
by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such
distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options
or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or
been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 

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

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

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

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

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

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

where, 
  

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

  
 66 

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

 The increase to the Conversion Rate under this Section 14.04(e) shall occur at the close of business on the
10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the
relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references in this Section 14.04(e) with respect to “10”
or “10th” shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate and (y) in respect of any
conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the
Trading Day next succeeding the date such tender or exchange offer expires, references to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed replaced with such lesser number of Trading Days as have
elapsed between the date such tender or exchange offer expires and such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the date such tender or exchange offer expires is after
the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be
replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading
Day of such Observation Period. 
 (f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a
Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the shares of
Common Stock as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion
Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the
related dividend, distribution or other event giving rise to such adjustment. 

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

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted by
applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days
if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s
securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of
shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall deliver to the Holder of each Note at its last
address appearing on the Note Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in
effect. 
 (i) Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted: 

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

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

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

(iv) solely for a change in the par value of the Common Stock; 

(v) for the Subscription Rights Offering, if any; or 

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

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

  
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 (k) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a
Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which
it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes
effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder at its last address appearing on the Note Register. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment. 
 (l) For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares
of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect
of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 Section 14.05. Adjustments of
Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an
Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes
effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the
Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 
 Section
14.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion
of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be
converted by a single Holder and that Physical Settlement were applicable). 
 Section 14.07. Effect of
Recapitalizations, Reclassifications and Changes of the Common Stock. 
 (a) In the case of: 

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

  
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 (ii) any consolidation, merger, combination or similar transaction involving the
Company, 
 (iii) any sale, lease or other transfer to a third party of the consolidated assets of the Company and the
Company’s Subsidiaries substantially as an entirety or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert
such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder
of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a
supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event (A) the
Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the
Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 (including, if
applicable, any shares of Common Stock deliverable in connection with any Make-Whole Premium) or in connection with any delivery of shares of Common Stock in respect of any Make-Whole Premium deliverable upon a Conversion Price Trigger Redemption in
accordance with Section 16.01(b), shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have been entitled to receive in such Merger Event and (III) the Daily VWAP
shall be calculated based on the value of a unit of Reference Property. 
 If the Merger Event causes the Common Stock to be converted into,
or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the
weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of
consideration actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of
Common Stock. If the holders of the Common Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (A) the

  
 70 

 
consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by
any Additional Shares pursuant to Section 14.03), multiplied by the price paid per share of Common Stock in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the third
Business Day immediately following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made.

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

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

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

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

(b) The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder or in respect of
any Make-Whole Premium require 

  
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registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion or in respect of any Make-Whole
Premium, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be. 

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

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

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

(a) action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or
Section 14.11; 
 (b) Merger Event; or 

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

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

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

Section 14.12. Ownership Limitations. 

(a) Notwithstanding any other provision of this Indenture, during any period of time in which a Person’s Beneficial Ownership of shares
of Common Stock is less than 5%, such Person shall not have the right to convert all or any portion of any of its Notes into shares of Common Stock to the extent that, upon and after giving effect to such conversion, such Person (together with such
Person’s Affiliates and any other Persons or entities whose Beneficial Ownership of shares of Common Stock would be aggregated with such Person’s for purposes of Section 13(d) of the Exchange Act (the “Affiliated Parties”)
(including shares of Common Stock held by any “group” of which such Person or any of its Affiliated Parties is a member)) would have Beneficial Ownership of more than 4.99% of the total number of shares of Common Stock then issued and
outstanding; provided that such Person may, from time to time, at its option and upon not less than 61 days’ prior notice to the Company, elect to increase such limitation to any other percentage not in excess of 9.99% of the total
number of shares of Common Stock then issued and outstanding. Any such increase shall not be effective until the 61st day after such notice is delivered to the Company. The Company shall not adopt any shareholder rights plan or take any other action
that would have the effect of restricting or adversely affecting a person’s election to change such foregoing percentage limitation. 

  
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 (b) For purposes of this Section 14.12, “Beneficial Ownership” means the number
of shares of Common Stock beneficially owned by a Person and its Affiliated Parties (and any other Persons or entities acting as a “group” together with a Person or any of such Holder’s Affiliated Parties) and shall include the number
of shares of Common Stock issuable upon conversion of the Notes with respect to which such determination is being made, but shall exclude the number of shares of Common Stock that would be issuable upon (i) conversion of the remaining, unconverted
portion of the Notes beneficially owned by such Person or any of its Affiliated Parties (and any other Persons or entities acting as a “group” together with such Person or any of such Person’s Affiliated Parties) and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of the Company exercisable for or convertible into Common Stock that are subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by such Person or any of its Affiliated Parties (and any other Persons or entities acting as a “group” together with such Person or any of such Person’s Affiliated Parties). Except as set forth in the preceding
sentence, for purposes of Section 14.12(a), Beneficial Ownership shall be calculated (and, for such purpose, whether any Person or entity forms a “group” with any Person or such Person’s Affiliated Parties will be determined) in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder (or, to the extent that, as a result of a change in law, regulation or interpretation after the date hereof, the equivalent calculation under
Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher Beneficial Ownership for any such party, then such Beneficial Ownership will be calculated in accordance with Section 16 of the Exchange Act and the rules
and regulations thereunder), it being acknowledged by each Person that the Company is not representing to any Person that such calculation is in compliance with Section 13(d) of the Exchange Act and each Person is solely responsible for any
schedules required to be filed in accordance therewith. To the extent that an ownership limitation contained in Section 14.12(a) applies, the determination of whether the Notes owned by a Person are convertible (in relation to other securities owned
by such Person together with its Affiliated Parties (and any other Persons or entities acting as a “group” together with such Person or any of such Person’s Affiliated Parties)) and of which portion of the Notes owned by such Person
is convertible shall be in the sole discretion of such Person, and the submission of a conversion notice to the Conversion Agent (pursuant to Section 14.02) shall be deemed to be such Person’s determination of whether the Notes owned by such
Person are convertible (in relation to other securities owned by such Person together with any of its Affiliated Parties (and any other Persons or entities acting as a “group” together with such Person or any of such Person’s
Affiliated Parties)) and of which portion of such Notes are convertible, in each case subject to the then applicable ownership limitation (as determined in accordance with Section 14.12(a)), and neither the Company nor the Conversion Agent shall
have any obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any “group” status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. To ensure compliance with this restriction, the Person will be deemed to represent to the Company each time it delivers a conversion notice (pursuant to Section 14.02) that such conversion notice has not
violated the restrictions set forth in Section 14.12(a). 
 (c) For the avoidance of doubt, if a Person purports to convert any of its Notes
into shares of Common Stock hereunder and any delivery otherwise owed to such Person hereunder 

  
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is not made, in whole or in part, as a result of the then applicable ownership limitation (as determined in accordance with Section 14.12), then the Person’s rights under the Notes and this
Indenture pursuant to which such delivery was not made will not be extinguished and instead such Notes will be deemed to have never been converted by such Person and will remain outstanding under this Indenture. In addition, the election to increase
the maximum ownership percentage for purposes of Section 13(d) of the Exchange Act shall be subject to, and in no event affect or otherwise limit, the transfer restrictions contained in Article 11 of the Company’s restated certificate of
incorporation. 
 ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01. [Intentionally Omitted]  

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

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

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

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

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

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

(ii) in the case of Global Notes, the CUSIP identifying the Notes to be delivered for repurchase; 

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

 (iv) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this
Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate
Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Trustee the Fundamental Change
Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the
Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Trustee in accordance with Section 15.03. 
 The
Trustee shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof. 

No Fundamental Change Repurchase Notice with respect to any Notes may be surrendered by a Holder thereof if such Holder has also surrendered a
Repurchase Notice and has not validly withdrawn such Repurchase Notice in accordance with Section 15.03. 
 (c) On or before the 20th
calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the
“Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice
shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice containing the
information set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as the Company may use at that
time. Each Fundamental Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 

  
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 (ii) the date of the Fundamental Change; 

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

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

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

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

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
 At the Company’s request, the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company and the Trustee shall not
be obligated to publish any notice in any newspaper or similar media. 
 (d) Notwithstanding the foregoing, no Notes may be repurchased by
the Company on any date at the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration
resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Trustee will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration
of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance
with the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 15.03. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase
Notice may be withdrawn (in whole or in part) by means of a 

  
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written notice of withdrawal delivered to the Corporate Trust Office of the Trustee in accordance with this Section 15.03 at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, specifying: 
 (i) the principal amount of the Notes with
respect to which such notice of withdrawal is being submitted, 
 (ii) if Physical Notes have been issued, the certificate
number of the Note in respect of which such notice of withdrawal is being submitted, 
 (iii) the CUSIP for Global Notes in
respect of which such notice of withdrawal is being submitted, and 
 (iv) the principal amount, if any, of such Note that
remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

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

Section 15.04. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the
Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental
Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent
appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the
Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by
the Holder thereof in the manner required by Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the
Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in
excess of the Fundamental Change Repurchase Price. 
 (b) If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date,
the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to the Notes that have
been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes
have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price and, if applicable, accrued and unpaid
interest). 
 (c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 

  
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 Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of
Notes. In connection with any repurchase offer, the Company will, if required: 
 (a) comply with the provisions of Rule 13e-4,
Rule 14e-1 and any other tender offer rules under the Exchange Act; 
 (b) file a Schedule TO or any other required schedule under the
Exchange Act; and 
 (c) otherwise comply with all federal and state securities laws in connection with any offer by the Company to
repurchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner
specified in this Article 15. 
 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. 

(a) If the unit sale agreement relating to the Company’s pending (as of the date hereof) acquisition of Hermes Consolidated, LLC d/b/a
Wyoming Refining Company terminates, the Company may redeem (an “Acquisition Redemption”) all, but not less than all, of the outstanding Notes by delivering a Redemption Notice for such redemption on or prior to August 9, 2016 in
accordance with Section 16.02, at a redemption price for each $1,000 principal amount of Notes to be redeemed (the “Acquisition Redemption Price”) equal to the sum of 102% of the principal amount of such Notes, plus accrued
and unpaid interest on such Notes to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the Company shall pay the full
amount of accrued and unpaid interest to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Acquisition Redemption Price shall not include any accrued and unpaid interest on the Notes). 

(b) Except as set forth in Section 16.01(a), the Notes shall not be redeemable by the Company prior to June 20, 2019. On or after June 20,
2019, the Company may redeem (a “Conversion Price Trigger Redemption”) all or any portion of the Notes, if the Last Reported Sale Price of the Common Stock has been at least 140% of the Conversion Price then in effect (x) on the
Trading Day immediately preceding the date on which the Company provides the Redemption Notice and (y) for at least 20 Trading Days (whether or not consecutive) during any 

  
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30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides the Redemption Notice in accordance with Section 16.02, at
a redemption price for each $1,000 principal amount of Notes to be redeemed (the “Conversion Price Trigger Redemption Price”) equal to the sum of (i) 100% of the principal of Notes to be redeemed, payable in cash, plus (ii)
accrued and unpaid interest, if any, to, but excluding, the Redemption Date, payable in cash, plus (iii) the Make-Whole Premium; provided, however, that if the Redemption Date falls after a Regular Record Date but on or
prior to the immediately succeeding Interest Payment Date, the Company shall not pay accrued and unpaid interest to any Holder surrendering its Notes for such Conversion Price Trigger Redemption, and shall instead pay the full amount of accrued and
unpaid interest on such Interest Payment Date to the Holder of record as of the close of business on such Regular Record Date, and the Make-Whole Premium to be delivered by the Company with respect to such Notes to converting or redeeming Holders
shall equal the present value of all remaining scheduled payments of interest on such Notes, starting with the next Interest Payment Date for which interest has not been provided for herein (but otherwise calculated as described in the definition of
Make-Whole Premium). The Trustee shall have no duty to determine or calculate the Make-Whole Premium, which shall be determined by the Company in accordance with the provisions of this Indenture, and the Trustee shall not be under any responsibility
to determine the correctness of any such determination and/or calculation and may conclusively rely on the correctness thereof. 
 (c) Upon
any Conversion Price Trigger Redemption, the Company shall pay or deliver, as the case may be, the Make-Whole Premium with respect to the Notes called for redemption to Holders, at the Company’s option, in cash, shares of Common Stock or a
combination of cash and shares of Common Stock and shall specify the type of consideration for the Make-Whole Premium (and, if a combination of cash and Common Stock, the dollar amount of the Make-Whole Premium to be paid in cash) in the Redemption
Notice delivered by the Company pursuant to Section 16.02. If the Company does not specify the type of consideration for payment of the Make-Whole Premium in the Redemption Notice, the Company shall pay the Make-Whole Premium entirely in cash. 

The Company may elect to pay the Make-Whole Premium or any portion thereof by delivering a number of shares of Common Stock with a value equal
to the cash amount of the Make-Whole Premium payment to be made to such Holder in shares of Common Stock, divided by the product of (1) the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending
on, and including, the earlier of (x) if a Holder converts its Notes and the relevant Conversion Date occurs after the date on which the Company delivers a Redemption Notice in respect of the relevant redemption (other than an Acquisition
Redemption) pursuant to Section 16.02 and prior to the close of business on the Scheduled Trading Day immediately preceding the related Redemption Date, such Conversion Date and (y) such Redemption Date and (2) 97%. Notwithstanding the foregoing, to
the extent the Board of Directors determines in good faith that the issuance of any shares of Common Stock in respect of any Make-Whole Premium could cause the Company to undergo an “ownership change” as defined in Section 382 of the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder or otherwise could materially and adversely affect the Company’s ability to preserve its ability to utilize its net operating loss carryforwards for
U.S. 

  
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federal income tax purposes, the Company shall be required to elect to settle such Make-Whole Premium in cash or in a combination of cash and shares of Common Stock, in each case, to the extent
of such determination. 
 (d) The Company shall pay the Make-Whole Premium on all Notes called for any Conversion Price Trigger Redemption
on or after June 20, 2019. 
 (e) Any issuance of shares of Common Stock in respect of the Make-Whole Premium shall be deemed to have
been effected immediately prior to the close of business on the earlier of (x) if a Holder converts its Notes and the relevant Conversion Date occurs after the date on which the Company delivers a Redemption Notice in respect of the relevant
redemption (other than an Acquisition Redemption) pursuant to Section 16.02 and prior to the close of business on the Scheduled Trading Day immediately preceding the related Redemption Date, such Conversion Date and (y) such Redemption Date, and the
Person or Persons in whose name or names any stock certificate or stock certificates representing shares of Common Stock shall be issuable upon such redemption in payment of the Make-Whole Premium shall be deemed to have become the holder or holders
of record of the shares represented thereby on the earlier of (x) if a Holder converts its Notes and the relevant Conversion Date occurs after the date on which the Company delivers a Redemption Notice in respect of the relevant redemption (other
than an Acquisition Redemption) pursuant to Section 16.02 and prior to the close of business on the Scheduled Trading Day immediately preceding the related Redemption Date, such Conversion Date and (y) such Redemption Date. 

A Holder receiving shares of Common Stock in respect of the Make-Whole Premium shall not be entitled to any rights as a holder of Common
Stock, including, among other things, the right to vote and receive dividends and notices of stockholder meetings, until the close of business on the earlier of (x) if a Holder converts its Notes and the relevant Conversion Date occurs after the
date on which the Company delivers a Redemption Notice in respect of the relevant redemption (other than an Acquisition Redemption) pursuant to Section 16.02 and prior to the close of business on the Scheduled Trading Day immediately preceding the
related Redemption Date, such Conversion Date and (y) such Redemption Date. 
 (f) The Company shall not issue any fractional share of
Common Stock upon payment of the Make-Whole Premium. Instead, the Company shall elect, in its sole discretion, either to (1) pay cash in lieu of any fractional share of Common Stock based on the Last Reported Sale Price of the Common Stock on the
Trading Day immediately preceding the earlier of (x) if a Holder converts its Notes and the relevant Conversion Date occurs after the date on which the Company delivers a Redemption Notice in respect of the relevant redemption (other than an
Acquisition Redemption) pursuant to Section 16.02 and prior to the close of business on the Scheduled Trading Day immediately preceding the related Redemption Date, such Conversion Date and (y) such Redemption Date or (2) round up the number of
shares of Common Stock issuable upon conversion or redemption of Notes, as the case may be, to the nearest whole number of shares. 
 (g)
Notwithstanding anything to the contrary under this Article 16 or this Indenture, unless the Company has elected Cash Settlement in respect of all conversions of Notes for which 

  
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the relevant Conversion Date occurs after the date on which the Company delivers a Redemption Notice in respect of the relevant redemption pursuant to Section 16.02 and prior to the close of
business on the Scheduled Trading Day immediately preceding the related Redemption Date, in no event shall the Company have the right to effect an Optional Redemption of the Notes at any time at which a shelf registration statement covering resales
of the shares of Common Stock, if any, issuable upon conversion of the Notes, of the type provided in the Registration Rights Agreement, is not effective or the use of such shelf registration statement is then suspended. 

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

Section 16.02. Notice of Optional Redemption; Selection of Notes. (a) In case the Company exercises its Optional
Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not
less than three Scheduled Trading Days prior to date of the giving of the Redemption Notice (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause
to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 40 nor more than 60 Scheduled Trading Days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part at
its last address as the same appears on the Note Register and shall give written notice of the Redemption Date to the Paying Agent (if other than the Trustee); provided, however, that, if the Company shall give such notice, it shall
also give written notice of the Redemption Date to the Trustee. The Redemption Date must be a Business Day. 
 (b) The Redemption
Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to
the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(c) Each Redemption Notice shall specify: 

(i) the Redemption Date; 

(ii) the Redemption Price, including the type of consideration to be paid for any Make-Whole Premium with respect to a
Conversion Price Trigger Redemption (including the dollar amount of the Make-Whole Premium to be paid in cash if the Company elects a combination of cash and shares of Common Stock); 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Notes are to be surrendered for payment of the Redemption Price; 

  
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 (v) that Holders may surrender their Notes for conversion at any time prior to
the close of business on the Scheduled Trading Day immediately preceding the Redemption Date; 
 (vi) the procedures a
converting Holder must follow to convert its Notes and the Settlement Method and Specified Cash Amount, if applicable; 

(vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
Section 14.03; 
 (viii) the CUSIP or other similar numbers, if any, assigned to such Notes; and 

(ix) in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and
after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued. 
 A
Redemption Notice shall be irrevocable. 
 (d) If fewer than all of the outstanding Notes are to be redeemed, the Trustee shall select the
Notes or portions thereof of a Global Note or the Notes in certificated form to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by another method the Trustee considers to be fair and
appropriate in accordance with the customary procedures of the Depositary. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed
(so far as may be possible) to be the portion selected for redemption. 
 Section 16.03. Payment of Notes Called for
Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and
at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b) Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the applicable Redemption
Price of, and, if applicable, an amount of cash (in immediately available funds if deposited on the Redemption Date) and/or shares of Common Stock sufficient to pay or deliver, as the case may be, the aggregate Make-Whole Premium with respect to a
Conversion Price Trigger Redemption, with respect to, all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds and, if applicable, shares of Common Stock by the Paying Agent, payment for the Notes to be redeemed shall be
made promptly after the later of: 
 (i) the Redemption Date for such Notes; and 

(ii) the time of presentation of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder
thereof in the manner required by this Section 16.03. 

  
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 The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company
any funds in excess of the applicable Redemption Price. 
 Section 16.04. Restrictions on Redemption. The Company may not
redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an
acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 
 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and
agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not. 
 Section
17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be
done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company. 

Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a
post office letter box addressed (until another address is filed by the Company with the Trustee) to Par Pacific Holdings, Inc., 800 Gessner Road, Suite 875, Houston, TX 77024, Attention: General Counsel. Any notice, direction, request or
demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the
Corporate Trust Office. 
 The Trustee, by notice to the Company and the Holders, may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall be
mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a Holder
of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. 

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

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

Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

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

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

Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officers’ Certificate stating that such
action is permitted by the terms of this Indenture. 
 Each Officers’ Certificate provided for, by or on behalf of the Company in this
Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is familiar
with the requested action and this Indenture; (b) a brief 

  
 85 

 
statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he
or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such
person, such action is permitted by this Indenture. 
 Notwithstanding anything to the contrary in this Section 17.05, if any provision in
this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to, or entitled to request, such
Opinion of Counsel. 
 Section 17.06. Legal Holidays. In any case where any Interest Payment Date, any
Fundamental Change Repurchase Date or the Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken
on such date, and no interest shall accrue in respect of the delay. 
 Section 17.07. No Security Interest
Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction. 
 Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed
or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right,
remedy or claim under this Indenture.  
 Section 17.09. Table of Contents, Headings, Etc. The table
of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent
that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04,
Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.
For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on
behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as
trustee hereunder pursuant to Section 7.08. 

  
 86 

 Any corporation or other entity into which any authenticating agent may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust
business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or any
further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register. 

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02, Section
7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent. 
 If an authenticating agent is
appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

 

	
	
                   
                     ,

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

	 in the within-named Indenture.

 

			
	By:	 	  

	 Authorized Officer

 Section 17.11. Execution in Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 17.12. Severability. In the
event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or
impaired. 

  
 87 

 Section 17.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 17.15. Calculations. Except as otherwise provided herein, the Company shall be responsible for making
all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Stock Price, the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily
Settlement Amounts, accrued interest payable on the Notes, the Make-Whole Premium and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be
final and binding on Holders of Notes. The Company shall provide a schedule of its calculations, and any other relevant information, to each of the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent is entitled to
rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee and the Conversion Agent shall not have any liability or responsibility in connection with any calculation or information relating
to any calculation. Neither the Trustee nor the Conversion Agent shall have any responsibility or obligation to determine when and if any Notes may be converted at any time. The Trustee will forward the Company’s calculations to any Holder of
Notes upon the written request of that Holder at the sole cost and expense of the Company. 
 Section 17.16. USA PATRIOT
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 
 [Remainder of page
intentionally left blank] 

  
 88 

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

					
	PAR PACIFIC HOLDINGS, INC.
		
	By:	 	 /s/ Christopher Micklas

		 	Name:	 	Christopher Micklas
		 	Title:	 	CFO
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Shawn Goffinet

		 	Name:	 	Shawn Goffinet
		 	Title:	 	Assistant Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY] 
 [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

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

(2) AGREES FOR THE BENEFIT OF PAR PACIFIC HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
OR 
 (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT.] 

  
 A-1 

 Par Pacific Holdings, Inc. 

5.00% Convertible Senior Note due 2021 
  

			
	No. [        ]	  	[Initially]1
$[        ]                

 CUSIP No. 69888V AA1 

Par Pacific Holdings, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [        ]3, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of
Notes” attached hereto]4 [of $[        ]]5, which amount, taken together with the principal
amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $100,000,000 in aggregate at any time (or $115,000,000 if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in
the Purchase Agreement), in accordance with the rules and procedures of the Depositary, on June 15, 2021, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 5.00% per year from June 21, 2016, or from the most recent date to which interest had been paid
or provided for to, but excluding, the next scheduled Interest Payment Date until June 15, 2021. Interest is payable semi-annually in arrears on each June 15 and December 15, commencing on December 15, 2016, to Holders of record at the
close of business on the preceding June 1 and December 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 6.03 of the within-mentioned Indenture and the
Registration Rights Agreement, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to such Section 6.03 or
the Registration Rights Agreement, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made.

 Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes plus one percent, subject to the
enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the
Indenture. 
 The Company shall pay, or cause the Paying Agent to pay, the principal of and interest on this Note, if and so long as such
Note is a Global Note, in immediately available funds to the 
  

	1 	Include if a global note. 

	2 	Include if a global note. 

	3 	Include if a physical note. 

	4 	Include if a global note. 

	5 	Include if a physical note. 

  
 A-2 

 
Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay through the Paying
Agent the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of
the Notes and its agency in the contiguous United States of America as a place where Notes may be presented for payment or for registration of transfer and exchange. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 

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

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

  
 A-3 

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

 

			
	PAR PACIFIC HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 as Trustee, certifies that this is one of the Notes described 

in the within-named Indenture. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

			
	Dated:	 	  

  
 A-4 

 [FORM OF REVERSE OF NOTE] 

Par Pacific Holdings, Inc. 
 5.00%
Convertible Senior Note due 2021 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 5.00% Convertible
Senior Notes due 2021 (the “Notes”), limited to the aggregate principal amount of $100,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant
to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of June 21, 2016 (the “Indenture”), between the Company and
Wilmington Trust, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note
and not defined in this Note shall have the respective meanings set forth in the Indenture. 
 In case certain Events of Default shall have
occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the
terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may
be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and
private debts.
 The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of
the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute
supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at
the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase Price, if applicable) of, the Redemption Price of (if applicable), any Make-Whole Premium with

  
 A-5 

 
respect to, accrued and unpaid interest on, and the consideration due upon conversion (including any Make-Whole Premium) of, this Note at the place, at the respective times, at the rate and in
the lawful money and/or shares of Common Stock, as the case may be, herein prescribed. 
 The Notes are issuable in registered form without
coupons in minimum denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes
may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar
tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

Subject to certain limitations, the Notes shall be redeemable at the Company’s option in accordance with the terms and conditions
specified in the Indenture. 
 Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to
require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change
Repurchase Price. 
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, at any time prior to the
close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes or any portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of
Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

In addition to the rights provided to Holders of Notes under the Indenture, Holders shall have all the rights set forth in the Registration
Rights Agreement dated as of June 21, 2016, among the Company and the Initial Purchasers named therein. 

  
 A-6 

 ABBREVIATIONS 

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

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN =
joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in the above
list. 

  
 A-7 

 SCHEDULE A6 

SCHEDULE OF EXCHANGES OF NOTES 

Par Pacific Holdings, Inc. 
 5.00%
Convertible Senior Notes due 2021 
 The initial principal amount of this Global Note is         
DOLLARS ($[        ]). The following increases or decreases in this Global Note have been made: 
  

									
	 Date of exchange
	  	Amount of
decrease in
principal amount
of this Global Note	  	Amount of
increase in
principal amount
of this Global Note	  	Principal amount
of this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
Custodian
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

  

	6 	Include if a global note. 

  
 A-8 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 

Par Pacific Holdings, Inc. 
 5.00%
Convertible Senior Notes due 2021 
  

	To:	Wilmington Trust, National Association 

	 	15950 N. Dallas Parkway, Suite 550 

	 	Dallas, TX 75248 

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

 

							
	Dated:	 	  
	 		 	  

				
		 		 		 	  

		 		 		 	Signature(s)
			
	  
	 		 	
	Signature Guarantee	 		 	
	  
 Signature(s) must be guaranteed by an eligible Guarantor
Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange
	 		 	

  
 1 

							
	 Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name
of the registered holder.
  
 Fill in for registration of shares if to be issued, and
Notes if to be delivered, other than to and in the name of the registered holder:
	 		 	
			
	  
	 		 	
	(Name)	 		 	
			
	  
	 		 	
	(Street Address)	 		 	
			
	  
	 		 	
	 (City, State and Zip Code)
 Please
print name and address
	 		 	
			
		 		 	Principal amount to be converted (if less than all): $        ,000
			
		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
			
		 		 	  

		 		 	Social Security or Other Taxpayer Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

Par Pacific Holdings, Inc. 
 5.00%
Convertible Senior Notes due 2021 
  

	To:	Wilmington Trust, National Association 

 15950 N. Dallas Parkway, Suite 550 

Dallas, TX 75248 
 The
undersigned registered owner of this Note hereby acknowledges receipt of a notice from Par Pacific Holdings, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the
Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion
thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 

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

 

			
	Dated:	 	  

  

	
	  

	Signature(s)
	
	  

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

  
 1 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 

Par Pacific Holdings, Inc. 
 5.00%
Convertible Senior Notes due 2021 
 For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      attorney to transfer the said Note on the books of the Company, with full power of substitution in the
premises. 
 In connection with any transfer of the within Note, the undersigned confirms that such Note is being transferred: 

 ̈ To Par Pacific Holdings, Inc. or a subsidiary thereof; or 

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

  
 1 

			
	Dated:	 	
                     

	
	  

	
	  

	Signature(s)
	
	  

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

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

  
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