Document:

Exhibit 4.1

  

 

 

K12 INC.

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee

 

 

 

INDENTURE

 

Dated as of August 31, 2020

 

 

 

1.125% Convertible Senior Notes due 2027

 

 

 

     

     

    

 

	TABLE OF CONTENTS	 
	 	 	Page
	Article 1. Definitions; Rules of Construction	1
	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	13
	Section 1.03.	Rules of Construction	13
	 	 	 
	Article 2. The Notes	14
	 	 
	Section 2.01.	Form, Dating and Denominations	14
	Section 2.02.	Execution, Authentication and Delivery	14
	Section 2.03.	Initial Notes and Additional Notes	15
	Section 2.04.	Method of Payment	15
	Section 2.05.	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	16
	Section 2.06.	Registrar, Paying Agent and Conversion Agent	17
	Section 2.07.	Paying Agent and Conversion Agent to Hold Property in Trust	17
	Section 2.08.	Holder Lists	18
	Section 2.09.	Legends	18
	Section 2.10.	Transfers and Exchanges; Certain Transfer Restrictions	19
	Section 2.11.	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	23
	Section 2.12.	Removal of Transfer Restrictions	24
	Section 2.13.	Replacement Notes	25
	Section 2.14.	Registered Holders; Certain Rights with Respect to Global Notes	25
	Section 2.15.	Cancellation	25
	Section 2.16.	Notes Held by the Company or its Affiliates	26
	Section 2.17.	Temporary Notes	26
	Section 2.18.	Outstanding Notes	26
	Section 2.19.	Repurchases by the Company	27
	Section 2.20.	CUSIP and ISIN Numbers	27
	 	 	 
	Article 3. Covenants	27
	 	 
	Section 3.01.	Payment on Notes	27
	Section 3.02.	Exchange Act Reports	28
	Section 3.03.	Rule 144A Information	28
	Section 3.04.	Additional Interest	28
	Section 3.05.	Compliance and Default Certificates	29
	Section 3.06.	Stay, Extension and Usury Laws	30
	Section 3.07.	Acquisition of Notes by the Company and its Affiliates	30
	 	 	 
	Article 4. Repurchase and Redemption	30
	 	 
	Section 4.01.	No Sinking Fund	30
	Section 4.02.	Right of Holders to Require the Company to Repurchase Notes upon a Fundamental Change	30
	Section 4.03.	Right of the Company to Redeem the Notes	35

 

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	Article 5. Conversion	37
	 	 
	Section 5.01.	Right to Convert	37
	Section 5.02.	Conversion Procedures	41
	Section 5.03.	Settlement upon Conversion	43
	Section 5.04.	Reserve and Status of Common Stock Issued upon Conversion	46
	Section 5.05.	Adjustments to the Conversion Rate	47
	Section 5.06.	Voluntary Adjustments	57
	Section 5.07.	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	58
	Section 5.08.	Exchange in Lieu of Conversion	59
	Section 5.09.	Effect of Common Stock Change Event	59
	 	 	 
	Article 6. Successors	61
	 	 
	Section 6.01.	When the Company May Merge, Etc.	61
	Section 6.02.	Successor Entity Substituted	62
	 	 	 
	Article 7. Defaults and Remedies	62
	 	 
	Section 7.01.	Events of Default	62
	Section 7.02.	Acceleration	64
	Section 7.03.	Sole Remedy for a Failure to Report	65
	Section 7.04.	Other Remedies	66
	Section 7.05.	Waiver of Past Defaults	66
	Section 7.06.	Control by Majority	66
	Section 7.07.	Limitation on Suits	67
	Section 7.08.	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	67
	Section 7.09.	Collection Suit by Trustee	67
	Section 7.10.	Trustee May File Proofs of Claim	68
	Section 7.11.	Priorities	68
	Section 7.12.	Undertaking for Costs	68
	 	 	 
	Article 8. Amendments, Supplements and Waivers	69
	 	 
	Section 8.01.	Without the Consent of Holders	69
	Section 8.02.	With the Consent of Holders	70
	Section 8.03.	Notice of Amendments, Supplements and Waivers	71
	Section 8.04.	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	71
	Section 8.05.	Notations and Exchanges	72
	Section 8.06.	Trustee to Execute Supplemental Indentures	72
	 	 	 
	Article 9. Satisfaction and Discharge	72
	 	 
	Section 9.01.	Termination of Company’s Obligations	72
	Section 9.02.	Repayment to Company	73
	Section 9.03.	Reinstatement	73

 

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	Article 10. Trustee	73
	 	 
	Section 10.01.	Duties of the Trustee	73
	Section 10.02.	Rights of the Trustee	74
	Section 10.03.	Individual Rights of the Trustee	75
	Section 10.04.	Trustee’s Disclaimer	75
	Section 10.05.	Notice of Defaults	75
	Section 10.06.	Compensation and Indemnity	76
	Section 10.07.	Replacement of the Trustee	76
	Section 10.08.	Successor Trustee by Merger, Etc.	77
	Section 10.09.	Eligibility; Disqualification	77
	 	 	 
	Article 11. Miscellaneous	78
	 	 
	Section 11.01.	Notices.	78
	Section 11.02.	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	79
	Section 11.03.	Statements Required in Officer’s Certificate and Opinion of Counsel	80
	Section 11.04.	Rules by the Trustee, the Registrar and the Paying Agent	80
	Section 11.05.	No Personal Liability of Directors, Officers, Employees and Stockholders	80
	Section 11.06.	Governing Law; Waiver of Jury Trial	80
	Section 11.07.	Submission to Jurisdiction	81
	Section 11.08.	No Adverse Interpretation of Other Agreements	81
	Section 11.09.	Successors	81
	Section 11.10.	Force Majeure	81
	Section 11.11.	U.S.A. PATRIOT Act	81
	Section 11.12.	Calculations	82
	Section 11.13.	Severability	82
	Section 11.14.	Counterparts	82
	Section 11.15.	Table of Contents, Headings, Etc.	82
	Section 11.16.	Withholding Taxes	82
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A: Form of Note	A-1
	 	 
	Exhibit B-1:
Form of Restricted Note Legend	B1-1
	 	 
	Exhibit B-2:
Form of Global Note Legend	B2-1
	 	 
	Exhibit B-3:
Form of Non-Affiliate Legend	B3-1

 

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INDENTURE, dated
as of August 31, 2020, between K12 Inc., a Delaware corporation, as issuer (the “Company”), and U.S. Bank
National Association, as trustee (the “Trustee”).

 

Each party to this
Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
Holders (as defined below) of the Company’s 1.125% Convertible Senior Notes due 2027 (the “Notes”).

 

Article 1.     Definitions;
Rules of Construction

 

Section 1.01.     Definitions.

 

“Additional
Interest” means any interest that accrues on any Note pursuant to Section 3.04.

 

“Affiliate”
has the meaning set forth in Rule 144 as in effect on the Issue Date.

 

“Authorized
Denomination” means, with respect to a Note, a minimum principal amount thereof equal to $1,000 and principal amount
denominations of any integral multiple of $1,000 in excess thereof.

 

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

 

“Bid Solicitation
Agent” means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and
the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company; provided,
however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid
Solicitation Agent at any time after the Issue Date without prior notice.

 

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

 

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

 

“Capital Stock”
of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other
equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into
such equity.

 

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

 

“Common Stock”
means the common stock, $0.0001 par value per share, of the Company, subject to Section 5.09.

 

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

 

    	 	- 1 -	 

     

    

 

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

 

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

 

“Conversion
Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the
Conversion Rate in effect at such time.

 

“Conversion
Rate” initially means 18.9109 shares of Common Stock per $1,000 principal amount of Notes; provided, however,
that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever
this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such
reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date.

 

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

 

“Daily Cash
Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount;
and (B) the Daily Conversion Value for such VWAP Trading Day.

 

“Daily Conversion
Value” means, with respect to any VWAP Trading Day, one-fortieth (1/40th) of the product of (A) the Conversion Rate
on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day.

 

“Daily Maximum
Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified
Dollar Amount applicable to such conversion by (B) forty (40).

 

“Daily Share
Amount” means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of
the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for
such VWAP Trading Day. For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily
Conversion Value does not exceed such Daily Maximum Cash Amount.

 

“Daily VWAP”
means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “LRN <EQUITY> AQR” (or, if such page is not available,
its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading
of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value
of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally
recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily
VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.

 

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“De-Legending
Deadline Date” means, with respect to any Note, the fifteenth (15th) day after the Free Trade Date of such Note; provided,
however, that if such fifteenth (15th) day is after a Regular Record Date and on or before the next Interest Payment Date,
then the De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date.

 

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

 

“Default Settlement
Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided,
however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default
Settlement Method by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent (it
being understood that no such change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect
to any Note pursuant to this Indenture); and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii).

 

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

 

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

 

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

 

“Ex-Dividend
Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance,
dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For
the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock
under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Exempted
Fundamental Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I),
the Company does not offer to repurchase any Notes.

 

“Free Trade
Date” means, with respect to any Note, the date that is one (1) year after the Last Original Issue Date of such
Note.

 

“Freely Tradable”
means, with respect to any Note, that such Note would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144
or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during
the immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability of current
public information or notice under the Securities Act (except that, during the six (6) month period beginning on, and including,
the date that is six (6) months after the Last Original Issue Date of such Note, any such requirement as to the availability
of current public information will be disregarded if the same is satisfied at that time); provided, however, that
from and after the Free Trade Date of such Note, such Note will not be “Freely Tradable” unless such Note (x) is
not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by any certificate that bears
the Restricted Note Legend. For the avoidance of doubt, whether a Note is deemed to be identified by a “restricted”
CUSIP or ISIN number or to bear the Restricted Note Legend is subject to Section 2.12.

 

    	 	- 3 -	 

     

    

 

“Fundamental
Change” means any of the following events:

 

(A)            a
“person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than
the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating
that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the
Common Stock representing more than fifty percent (50%) of the voting power of all of the Company’s Common Stock;

 

(B)            the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the
Company’s Wholly Owned Subsidiaries; or (ii) any transaction or series of related transactions in connection with which
(whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation
or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive,
other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination
of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all
classes of the Company’s common equity immediately before such transaction directly or indirectly “beneficially own,”
immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing
or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis
each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B);

 

(C)            the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(D)            the
Common Stock ceases to be listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market
(or any of their respective successors);

 

provided, however, that a
transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at
least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments
for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common
stock or other corporate common equity interests listed (or depositary receipts representing shares of common stock or other corporate
common equity interests, which depositary receipts are listed) on any of The New York Stock Exchange, The NASDAQ Global Market
or The NASDAQ Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged
in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference
Property consists of such consideration.

 

    	 	- 4 -	 

     

    

 

For the avoidance of
doubt, references in this definition to the Company, the Common Stock and the Company’s “common equity” will
be subject to (x) Article 6 and (y) Section 5.09(A)(1)(III).

 

For the purposes of
this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or
(ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause
(B) above (subject to such proviso); and (y) whether a Person is a “beneficial owner,” whether
shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance with
Rule 13d-3 under the Exchange Act.

 

“Fundamental
Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase
Upon Fundamental Change.

 

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

 

“Fundamental
Change Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon
Fundamental Change, calculated pursuant to Section 4.02(D).

 

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

 

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

 

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

 

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

 

“Initial Purchasers”
means Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Barrington Research Associates, Inc.
and BMO Capital Markets Corp.

 

“Interest
Payment Date” means, with respect to a Note, each March 1 and September 1 of each year, commencing on March 1,
2021 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity
Date is an Interest Payment Date.

 

    	 	- 5 -	 

     

    

 

“Issue Date”
means August 31, 2020.

 

“Last Original
Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued
pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution
thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally issued pursuant to the exercise
of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued
in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued
and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted
to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an
Officer’s Certificate delivered to the Trustee before the original issuance of such Notes.

 

“Last Reported
Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price
is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average
of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite
transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common
Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will
be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets
Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price
will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day
from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial
Purchasers. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price.

 

“Make-Whole
Fundamental Change” means (A) a Fundamental Change (determined after giving effect to the proviso immediately after
clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition);
or (B) the sending of a Redemption Notice pursuant to Section 4.03(F); provided, however, that,
subject to Section 4.03(I), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only
with respect to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes.

 

“Make-Whole
Fundamental Change Conversion Period” has the following meaning:

 

(A)            in
the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and
including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty
fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also
constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change
Repurchase Date); and

 

    	 	- 6 -	 

     

    

 

(B)            in
the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and
including, the Redemption Notice Date for the related Redemption to, and including, the second (2nd) Business Day immediately before
the related Redemption Date;

 

provided, however, that if
the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.03(I), to be
called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change
occurring pursuant to clause (A) of the definition of “Make-Whole Fundamental Change” and a Make-Whole
Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding
anything to the contrary in Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will
be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with
the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole
Fundamental Change Effective Date will be deemed not to have occurred.

 

“Make-Whole
Fundamental Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause
(A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with
respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption
Notice Date.

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common
Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock.

 

“Maturity
Date” means September 1, 2027.

 

“Non-Affiliate
Legend” means a legend substantially in the form set forth in Exhibit B-3.

 

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

 

“Notes”
means the 1.125% Convertible Senior Notes due 2027 issued by the Company pursuant to this Indenture.

 

“Observation
Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion
Date for such Note occurs before June 1, 2027, the forty (40) consecutive VWAP Trading Days beginning on, and including, the
third (3rd) VWAP Trading Day immediately after such Conversion Date; and (B) if such Conversion Date occurs on or after the
date the Company has sent a Redemption Notice calling all or any Notes for Redemption pursuant to Section 4.03(F) and
on or before the second (2nd) Business Day before the related Redemption Date, the forty (40) consecutive VWAP Trading Days beginning
on, and including, the forty first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to
clause (B) above, if such Conversion Date occurs on or after June 1, 2027, the forty (40) consecutive VWAP Trading
Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before the Maturity Date.

 

    	 	- 7 -	 

     

    

 

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

 

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

 

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

 

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

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division
or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this
Indenture.

 

“Physical
Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth
in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated
by the Trustee.

 

“Purchase
Agreement” means that certain Purchase Agreement, dated August 26, 2020, between the Company and the Initial Purchasers.

 

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

 

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

 

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

 

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

 

    	 	- 8 -	 

     

    

 

“Regular Record
Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs
on March 1, the immediately preceding February 15; and (B) if such Interest Payment Date occurs on September 1,
the immediately preceding August 15.

 

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

 

“Responsible
Officer” means (A) any officer within the Corporate Trust Services of the Trustee (or any successor group of the
Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers;
and (B) with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of
his or her knowledge of, and familiarity with, the particular subject.

 

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

 

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

 

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

 

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

 

“Scheduled
Trading Day” means any day that is scheduled to be a Trading Day on the principal 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 traded. If the Common Stock is not so listed or traded,
then “Scheduled Trading Day” means a Business Day.

 

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

 

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

 

“Security”
means any Note or Conversion Share.

 

“Settlement
Method” means Cash Settlement, Physical Settlement or Combination Settlement.

 

“Shoe Option”
means the Initial Purchasers’ option to purchase up to sixty million dollars ($60,000,000) aggregate principal amount of
additional Notes as provided for in the Purchase Agreement.

 

    	 	- 9 -	 

     

    

 

“Significant
Subsidiary” means, with respect to any Person, any Subsidiary of such Person that constitutes a “significant subsidiary”
(as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of such Person; provided, however,
that, if a Subsidiary meets the criteria of clause (3), but not clause (1) or (2), of the definition of “significant
subsidiary” in Rule 1-02(w), then such Subsidiary will be deemed not to be a Significant Subsidiary unless such Subsidiary’s
income from continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests, for
the last completed fiscal year before the date of determination exceeds twenty five million dollars ($25,000,000).

 

“Special Interest”
means any interest that accrues on any Note pursuant to Section 7.03.

 

“Specified
Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash
amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share
of Common Stock).

 

“Stock Price”
has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration
for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause
(B) of the definition of “Fundamental Change,” then the Stock Price is the amount of cash paid per share of
Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last
Reported Sale Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading
Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change.

 

“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or
limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without
regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation,
association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%)
of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests,
as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership
or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of
such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company.

 

“Trading Day”
means any day on which (A) trading in the Common Stock generally occurs on the principal 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 traded; and (B) there is no Market Disruption Event.
If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day.

 

    	 	- 10 -	 

     

    

 

“Trading Price”
of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000
principal amount of Notes, obtained by the Bid Solicitation Agent for five million dollars ($5,000,000) (or such lesser amount
as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from
three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial
Purchasers; provided, however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation
Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such
bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day,
(A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for five million dollars ($5,000,000) (or
such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities
dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation
Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case,
the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent
(98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such
Trading Day.

 

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

 

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

 

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

 

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

 

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

 

    	 	- 11 -	 

     

    

 

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

 

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

 

“VWAP Market
Disruption Event” means, with respect to any date, (A) the failure by the principal 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, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session
on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise)
in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation
occurs or exists at any time before 1:00 p.m., New York City time, on such date.

 

“VWAP Trading
Day” means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock
generally occurs on the principal 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 traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business
Day.

 

“Wholly Owned
Subsidiary” of a Person means any Subsidiary of such Person, determined by reference to the definition of “Subsidiary”
above but with each reference therein to “more than fifty percent (50%)” deemed to be replaced with “one hundred
percent (100%)” for purposes of this definition; provided, however, that directors’ qualifying shares
will be disregarded for purposes of determining whether any Person is a Wholly Owned Subsidiary of another Person.

 

    	 	- 12 -	 

     

    

 

Section 1.02.     Other
Definitions.

 

	Term	 	Defined
                                         in

                                         Section
	 
	“Additional Shares”	 	5.07(A)	 
	“Business Combination Event”	 	6.01(A)	 
	“Cash Settlement”	 	5.03(A)	 
	“Combination Settlement”	 	5.03(A)	 
	“Common Stock Change Event”	 	5.09(A)	 
	“Conversion Agent”	 	2.06(A)	 
	“Conversion Consideration”	 	5.03(B)	 
	“Default Interest”	 	2.05(B)	 
	“Defaulted Amount”	 	2.05(B)	 
	“Event of Default”	 	7.01(A)	 
	“Expiration Date”	 	5.05(A)(v)	 
	“Expiration Time”	 	5.05(A)(v)	 
	“Fundamental Change Notice”	 	4.02(E)	 
	“Fundamental Change Repurchase Right”	 	4.02(A)	 
	“Initial Notes”	 	2.03(A)	 
	“Measurement Period”	 	5.01(C)(i)(2)	 
	“Paying Agent”	 	2.06(A)	 
	“Physical Settlement”	 	5.03(A)	 
	“Redemption Notice”	 	4.03(F)	 
	“Reference Property”	 	5.09(A)	 
	“Reference Property Unit”	 	5.09(A)	 
	“Register”	 	2.06(B)	 
	“Registrar”	 	2.06(A)	 
	“Reporting Event of Default”	 	7.03(A)	 
	“Specified Courts”	 	11.07	 
	“Spin-Off”	 	5.05(A)(iii)(2)	 
	“Spin-Off Valuation Period”	 	5.05(A)(iii)(2)	 
	“Stated Interest”	 	2.05(A)	 
	“Successor Entity”	 	6.01(A)	 
	“Successor Person”	 	5.09(A)	 
	“Tender/Exchange Offer Valuation Period”	 	5.05(A)(v)	 
	“Trading Price Condition”	 	5.01(C)(i)(2)	 

 

Section 1.03.     Rules of
Construction.

 

For purposes of this
Indenture:

 

(A)            “or”
is not exclusive;

 

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

 

(C)            “will”
expresses a command;

 

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

 

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

 

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

 

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

 

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

 

    	 	- 13 -	 

     

    

 

 

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

 

(J)       the
term “interest,” when used with respect to a Note, includes any Additional Interest and Special Interest, unless the
context requires otherwise.

 

Article 2.       The
Notes

 

Section 2.01.       Form,
Dating and Denominations.

 

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

 

Except to the extent
otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the
Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical
Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 

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

 

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

 

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

 

Section 2.02.       Execution,
Authentication and Delivery.

 

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

 

(B)           Authentication
by the Trustee and Delivery.

 

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

 

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

 

     - 14 -

     

    

 

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

 

Section 2.03.       Initial
Notes and Additional Notes.

 

(A)            Initial
Notes. On the Issue Date, there will be originally issued three hundred and sixty million dollars ($360,000,000) aggregate
principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers
exercise the Shoe Option, then there will be originally issued up to an additional sixty million dollars ($60,000,000) principal
amount of Notes pursuant to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes
issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are
referred to in this Indenture as the “Initial Notes.”

 

(B)            Additional
Notes. The Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue
additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which
interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such
additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank
equally and ratably with all other, Notes issued under this Indenture; provided, however, that if any such additional
Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries)
are not fungible with other Notes issued under this Indenture for federal income tax or federal securities laws purposes, then
such additional Notes (or resold Notes) will be identified by a separate CUSIP number or by no CUSIP number.

 

Section 2.04.       Method
of Payment.

 

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

 

     - 15 -

     

    

 

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

 

Section 2.05.       Accrual
of Interest; Defaulted Amounts; When Payment Date is Not a Business Day.

 

(A)            Accrual of Interest. Each Note will accrue interest at a
rate per annum equal to 1.125% (the “Stated Interest”), plus any Additional Interest and Special Interest
that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will
(i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if
no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such
Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the
date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(E) and 5.02(D) (but
without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on
the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the
Close of Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest
and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day
months.

 

(B)             Defaulted
Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the
due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such
Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to
the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal
to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment
of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment
date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company,
provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such
payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to
the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and
Default Interest to be paid on such payment date.

 

     - 16 -

     

    

 

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

 

Section 2.06.       Registrar,
Paying Agent and Conversion Agent.

 

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

 

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

 

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

 

(D)            Initial
Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion
Agent.

 

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

 

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

 

     - 17 -

     

    

 

Section 2.08.       Holder
Lists.

 

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

 

Section 2.09.       Legends.

 

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

 

(B)            Non-Affiliate
Legend. Each Note will bear the Non-Affiliate Legend.

 

(C)            Restricted
Note Legend. Subject to Section 2.12,

 

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

 

(ii)          if
a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being
referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B),
2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted
Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as
applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute
a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable.

 

     - 18 -

     

    

 

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

 

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

 

(F)            Restricted
Stock Legend.

 

(i)           Each
Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued
was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued;
provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines,
in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend.

 

(ii)          Notwithstanding
anything to the contrary in this Section 2.09(F), a Conversion Share need not bear a Restricted Stock Legend if such
Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company
takes measures (including the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate
to enforce the transfer restrictions referred to in the Restricted Stock Legend.

 

Section 2.10.       Transfers
and Exchanges; Certain Transfer Restrictions.

 

(A)            Provisions
Applicable to All Transfers and Exchanges.

 

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

 

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

 

(iii)         The
Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion
of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of
Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer.

 

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

 

     - 19 -

     

    

 

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

 

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

 

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

 

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

 

(B)            Transfers
and Exchanges of Global Notes.

 

(i)           Subject
to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary
to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary;
or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global
Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a
Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if:

 

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

 

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

 

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

 

     - 20 -

     

    

 

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

 

(1)            the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having
a principal amount of zero, the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to
Section 2.15);

 

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

 

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

 

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

 

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

 

(C)            Transfers
and Exchanges of Physical Notes.

 

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

 

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

 

     - 21 -

     

    

 

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

 

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

 

(1)            such
old Physical Note will be promptly cancelled pursuant to Section 2.15;

 

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

 

(3)            in
the case of a transfer:

 

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

 

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

 

     - 22 -

     

    

 

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

 

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

 

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

 

(ii)           remove
such Restricted Note Legend; or

 

(iii)          register
the transfer of such Note to the name of another Person,

 

then the Company, the Trustee and the Registrar
may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee
and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably
require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable
securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on
and after the Free Trade Date with respect to such Note unless the Company determines, in its reasonable discretion, that such
Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements
as to volume, manner of sale, availability of current public information or notice under the Securities Act.

 

(E)            Transfers
of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the
Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has
been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is
subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F),
except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental
Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the
extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when
due.

 

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

 

(A)            Partial
Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption.
If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to
a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered
for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject
to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate
principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable,
and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal
amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant
to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need
not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed
to cease to be outstanding pursuant to Section 2.18.

 

     - 23 -

     

    

 

(B)            Cancellation
of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption.

 

(i)           Physical
Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A))
of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change
or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding
pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as applicable,
(1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion
or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in
each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations
and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased,
as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09.

 

(ii)          Global
Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant
to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease
to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global
Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation
on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal
amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15).

 

Section 2.12.       Removal
of Transfer Restrictions.

 

Without limiting the
generality of any other provision of this Indenture (including Section 3.04), the Restricted Note Legend affixed to
any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed
therefrom upon the Company’s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers,
to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion
of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note
bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be
deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the
certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such
footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory
exchange or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers in
the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable;
and (ii) for purposes of Section 3.04 and the definition of Freely Tradable, such Global Note will not be deemed
to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected.

 

     - 24 -

     

    

 

Section 2.13.       Replacement
Notes.

 

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

 

Every replacement Note
issued pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of
the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture.

 

Section 2.14.       Registered
Holders; Certain Rights with Respect to Global Notes.

 

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

 

Section 2.15.       Cancellation.

 

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

 

     - 25 -

     

    

 

 

Section 2.16.     Notes
Held by the Company or its Affiliates.

 

Without limiting the
generality of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes
have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not to be
outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on
any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded.

 

Section 2.17.     Temporary
Notes.

 

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

 

Section 2.18.     Outstanding
Notes.

 

(A)         Generally.
The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated,
excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee
for cancellation in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the
“Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note;
(iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding
to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18.

 

(B)          Replaced
Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time
of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by
a “bona fide purchaser” under applicable law.

 

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

 

    - 26 -

     

    

 

(D)          Notes
to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such
Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant
to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding,
except to the extent provided in Section 5.02(D) or Section 5.08.

 

(E)          Cessation
of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(E) or 5.02(D), interest
will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18,
to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such
Note.

 

Section 2.19.     Repurchases
by the Company.

 

Without limiting the
generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated
transactions without delivering prior notice to Holders.

 

Section 2.20.     CUSIP
and ISIN Numbers.

 

Subject to Section 2.12,
the Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will
use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no
representation as to the correctness or accuracy of any such CUSIP or ISIN number; and (ii) the effectiveness of any such
notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the
Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes.

 

Article 3.     Covenants

 

Section 3.01.     Payment
on Notes.

 

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

 

(B)          Deposit
of Funds. Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment
Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will
cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash
amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money
not required for such purpose.

 

    - 27 -

     

    

 

Section 3.02.     Exchange
Act Reports.

 

(A)         Generally.
The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or
15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same
(after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company
need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied,
confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto)
will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the
request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant
to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence.

 

(B)          Trustee’s
Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor).
The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice
to the Trustee of any information contained, or determinable from information contained, therein, including the Company’s
compliance with any of its covenants under this Indenture.

 

Section 3.03.     Rule 144A
Information.

 

If the Company is not
subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or shares of Common Stock issuable upon
conversion of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then
the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner
or prospective purchaser of such Notes or shares, 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 pursuant to Rule 144A. The Company (or its successor)
will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder
or beneficial owner to sell such Notes or shares pursuant to Rule 144A.

 

Section 3.04.     Additional
Interest.

 

(A)         Accrual
of Additional Interest.

 

(i)            If,
at any time during the six (6) month period beginning on, and including, the date that is six (6) months after the Last
Original Issue Date of any Note,

 

(1)           the
Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or

 

(2)           such
Note is not otherwise Freely Tradable,

 

then Additional Interest will
accrue on such Note for each day during such period on which such failure is continuing or such Note is not Freely Tradable.

 

    - 28 -

     

    

 

(ii)           In
addition, Additional Interest will accrue on a Note on each day on which such Note is not Freely Tradable on or after the De-Legending
Deadline Date for such Note.

 

(B)          Amount
and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will
be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal
to one quarter of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Additional Interest
accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided,
however, that in no event will Additional Interest that may accrue as a result of the Company’s failure to timely
file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder), pursuant to this Section 3.04,
together with any Special Interest that is payable at the Company’s election pursuant to Section 7.03 as the
sole remedy for any Reporting Event of Default, accrue on any day on a Note at a combined rate per annum that exceeds one half
of one percent (0.50%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the
Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any
Special Interest that accrues on such Note.

 

(C)          Notice
of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and
to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition,
if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional
Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that
the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional
Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is
payable or the amount thereof.

 

(D)          Exclusive
Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes
to become Freely Tradable.

 

Section 3.05.     Compliance
and Default Certificates.

 

(A)         Annual
Compliance Certificate. Within one hundred and twenty (120) days after December 31, 2020 and each fiscal year of the
Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory
thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards
determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge,
a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and
what action the Company is taking or proposes to take with respect thereto).

 

(B)          Default
Certificate. If a Default or Event of Default occurs, then the Company will, within thirty (30) days after its first occurrence,
deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to
take with respect thereto.

 

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Section 3.06.     Stay,
Extension and Usury Laws.

 

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

 

Section 3.07.     Acquisition
of Notes by the Company and its Affiliates.

 

Without limiting the
generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired
will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes
are delivered to the Trustee for cancellation.

 

Article 4.     Repurchase
and Redemption

 

Section 4.01.     No
Sinking Fund.

 

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

 

Section 4.02.     Right
of Holders to Require the Company to Repurchase Notes upon a Fundamental Change.

 

(A)         Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02,
if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”)
to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental
Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

 

(B)          Repurchase
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not
been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result
of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to Section 4.02(D),
on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02;
and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned
to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the
Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary
Procedures).

 

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(C)          Fundamental
Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s
choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the
related Fundamental Change Notice pursuant to Section 4.02(E).

 

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

 

(E)          Fundamental
Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company
will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change
Notice”).

 

Such Fundamental Change
Notice must state:

 

(i)            briefly,
the events causing such Fundamental Change;

 

(ii)           the
effective date of such Fundamental Change;

 

(iii)          the
procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02,
including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing
a Fundamental Change Repurchase Notice;

 

(iv)         the
Fundamental Change Repurchase Date for such Fundamental Change;

 

(v)          the
Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental
Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and
timing of the interest payment payable pursuant to the proviso to Section 4.02(D));

 

    - 31 -

     

    

 

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

 

(vii)        the
Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments
to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07);

 

(viii)       that
Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the
Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price;

 

(ix)          that
Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted
only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and

 

(x)           the
CUSIP and ISIN numbers, if any, of the Notes.

 

Neither the failure
to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase
Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change.

 

(F)          Procedures
to Exercise the Fundamental Change Repurchase Right.

 

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

 

(1)           before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time
as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and

 

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

 

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

 

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

 

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

 

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

 

    - 32 -

     

    

 

(3)           that
such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;

 

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

 

(iii)          Withdrawal
of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to
a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent
at any time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date.
Such withdrawal notice must state:

 

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

 

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

 

(3)           the
principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized
Denomination;

 

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

 

Upon receipt of any such withdrawal
notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal
notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in
accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount
set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable
with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent
of the applicable beneficial interest in such Note in accordance with the Depositary Procedures).

 

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

 

    - 33 -

     

    

 

(H)         Notwithstanding
anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02
if (i) one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes
otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02
if conducted directly by the Company; and (ii) an owner of a beneficial interest in any Note repurchased by such third
party or parties will not receive a lesser amount (as a result of withholding or similar taxes) than such owner would have received
had the Company repurchased such Note.

 

(I)           No
Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an
Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02,
the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase
or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant
to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant
to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event
whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes
become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration
that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental
Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes accrued and
unpaid interest to, but excluding, the latest possible Fundamental Change Repurchase Date for such Fundamental Change); and (iii) the
Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and
includes, in such notice, a statement that the Company is relying on this Section 4.02(I).

 

(J)          Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal
and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and
14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase
Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the
Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to
the Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered
to be a Default of such obligations.

 

(K)         Repurchase
in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental
Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of
a Note in whole will equally apply to the repurchase of a permitted portion of a Note.

 

    - 34 -

     

    

 

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

 

(A)         No
Right to Redeem Before September 6, 2024. The Company may not redeem the Notes at its option at any time before September 6,
2024.

 

(B)          Right
to Redeem the Notes on or After September 6, 2024. Subject to the terms of this Section 4.03, the Company
has the right, at its election, to redeem all, or any portion in an Authorized Denomination, of the Notes, at any time, and from
time to time, on a Redemption Date on or after September 6, 2024 and on or before the fortieth (40th) Scheduled Trading Day
immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if the Last Reported Sale
Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (i) each of at least
twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including,
the Trading Day immediately before the Redemption Notice Date for such Redemption; and (ii) the Trading Day immediately before
such Redemption Notice Date. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole
Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof.

 

(C)          Redemption
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not
been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any
related interest pursuant to the proviso to Section 4.03(E), on such Redemption Date), then (i) the Company may
not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will
cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect
to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable
beneficial interests in such Notes in accordance with the Depositary Procedures).

 

(D)         Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty
five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption; provided,
however, that if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions
of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the second (2nd) Business
Day immediately before the Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date
that is a Business Day no more than sixty (60), nor less than thirty (30), calendar days after such Redemption Notice Date.

 

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

 

    - 35 -

     

    

 

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

 

Such Redemption Notice
must state:

 

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

 

(ii)           the
Redemption Date for such Redemption;

 

(iii)          the
Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record
Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to
the proviso to Section 4.03(E));

 

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

 

(v)           that
Notes called for Redemption may be converted at any time before the Close of Business on the second (2nd) Business Day immediately
before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time
until such time as the Company pays such Redemption Price in full);

 

(vi)          the
Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments
to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07);

 

(vii)         the
Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice
Date and on or before the second (2nd) Business Day before such Redemption Date; and

 

(viii)        the
CUSIP and ISIN numbers, if any, of the Notes.

 

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

 

    - 36 -

     

    

 

(G)         Selection
and Conversion of Notes to Be Redeemed in Part. If less than all Notes then outstanding are called for Redemption, then:

 

(i)             the
Notes to be redeemed will be selected by the Company as follows: (1) in the case of Global Notes, in accordance with the Depositary
Procedures; and (2) in the case of Physical Notes, by lot or by such other method the Trustee considers fair and appropriate;
and

 

(ii)            if
only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will
be deemed to be from the portion of such Note that was subject to Redemption.

 

(H)          Payment
of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed
by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption
to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant
to the proviso to Section 4.03(E) on any Note (or portion thereof) subject to Redemption must be paid pursuant
to such proviso.

 

(I)           Special
Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03,
and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before
the Close of Business on the forty second (42nd) Scheduled Trading Day (or, if, in accordance with Section 5.03(A)(i)(3),
the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or after the Redemption Notice
Date for such Redemption and on or before the second (2nd) Business Day immediately before the Redemption Date by Physical Settlement,
the tenth (10th) calendar day) immediately before the Redemption Date for such Redemption, whether such Note or beneficial interest,
as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert
such Note or beneficial interest, as applicable, at any time before the Close of Business on the second (2nd) Business Day immediately
before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this
Section 4.03 and Sections 5.01(C)(i)(4) and 5.07.

 

Article 5.     Conversion

 

Section 5.01.     Right
to Convert.

 

(A)         Generally.
Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into
Conversion Consideration.

 

(B)          Conversions
in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions
of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion
of a Note.

 

    - 37 -

     

    

 

(C)          When
Notes May Be Converted.

 

(i)            Generally.
Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances:

 

(1)           Conversion
upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only
during such calendar quarter) commencing after the calendar quarter ending on December 31, 2020, if the Last Reported Sale
Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty
(20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last
Trading Day of the immediately preceding calendar quarter.

 

(2)           Conversion
upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business
Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the
“Measurement Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a
request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and
the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as
the “Trading Price Condition.”

 

The Trading Price will be determined
by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of “Trading Price.”
The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the
Company has requested such determination in writing, and the Company will have no obligation to make such request (or seek bids
itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes
would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the
Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct
the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive
Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%)
of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading
Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and
the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the
Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the
Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company
will notify the Holders, the Trustee and the Conversion Agent of the same.

 

    - 38 -

     

    

 

(3)           Conversion
upon Specified Corporate Events.

 

(a)           Certain
Distributions. If, before June 1, 2027, the Company elects to:

 

(I)            distribute,
to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder
rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a
triggering event, except that such rights will be deemed to be distributed under this clause (I) upon their separation
from the Common Stock or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60)
calendar days after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share
that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading
Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner
set forth in the third paragraph of Section 5.05(A)(ii)); or

 

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

 

then, in either case, (x) the
Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion
Agent at least forty five (45) Scheduled Trading Days before the Ex-Dividend Date for such distribution (or, if later in the case
of any such separation of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under
a stockholder rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering
event has occurred or will occur); and (y) once the Company has sent such notice, Holders may convert their Notes at any time
until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company’s
announcement that such distribution will not take place; provided, however, that the Notes will not become convertible
pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above)
on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock,
and solely by virtue of being a Holder, in such distribution without having to convert such Holder’s Notes and as if such
Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the record date
for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such
record date; provided, further, that if the Company is then otherwise permitted to settle conversions of Notes by
Physical Settlement (and, for the avoidance of doubt, the Company has not elected (or been deemed to have elected) another Settlement
Method to apply, including pursuant to Section 5.03(A)(i)(1)), then the Company may instead elect to provide such notice
at least ten (10) Scheduled Trading Days before such Ex-Dividend Date, in which case (x) the Company must settle all
conversions of Notes with a Conversion Date occurring on or after the date the Company provides such notice and on or before the
Business Day immediately before the Ex-Dividend Date for such distribution (or any earlier announcement by the Company that such
distribution will not take place) by Physical Settlement; and (y) such notice must state that all such conversions will be
settled by Physical Settlement.

 

    - 39 -

     

    

 

(b)           Certain
Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant
to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business
combination transaction that is effected solely to change the Company’s jurisdiction of incorporation and that does not
constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any
time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day
after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental
Change), to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company
does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which
the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such
effective date to, but excluding, the date the Company provides such notice. No later than the Business Day after such effective
date, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective
date and the related right to convert Notes.

 

(4)           Conversion
upon Redemption. If the Company calls any or all Notes for Redemption, then the Holder of any Note may convert such Note at
any time before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date (or, if
the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company
pays such Redemption Price in full).

 

(5)           Conversions
During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, June 1, 2027 until
the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date.

 

    - 40 -

     

    

 

For the avoidance of doubt, the
Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and
the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not
preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i).

 

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

 

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

 

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

 

(3)            if
the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such
Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Redemption Date, except to
the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and

 

(4)            if
a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note,
then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice
is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase
Price for such Note in accordance with this Indenture.

 

Section 5.02.     Conversion
Procedures.

 

(A)         Generally.

 

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

 

(ii)           Physical
Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder
of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such
Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which
time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the
Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E).

 

    - 41 -

     

    

 

(B)           Effect
of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted,
such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due,
pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be outstanding (and,
for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of
Business on such Conversion Date), except to the extent provided in Section 5.02(D).

 

(C)          Holder
of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note
will be deemed to become the holder of record of such share as of the Close of Business on (i) the Conversion Date for such
conversion, in the case of Physical Settlement; or (ii) the last VWAP Trading Day of the Observation Period for such conversion,
in the case of Combination Settlement.

 

(D)           Interest
Payable upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before
the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will
be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso
to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that
would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note
remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver
to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause
(i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash
(v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the second (2nd)
Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date
immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after
such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent
of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without
limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date
immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such
Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an
Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such
Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such
Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by
any cash amount pursuant to the first sentence of this Section 5.02(D).

 

(E)            Taxes
and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty
due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax
or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such
Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may
refuse to deliver any such shares to be issued in a name other than that of such Holder.

 

    	 	- 42 -	 

     

    

 

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

 

Section 5.03.     Settlement
upon Conversion.

 

(A)          Settlement
Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and
as provided in this Article 5, either (x) shares of Common Stock, together, if applicable, with cash in lieu of
fractional shares as provided in Section 5.03(B)(i)(1) (a “Physical Settlement”); (y) solely
cash as provided in Section 5.03(B)(i)(2) (a “Cash Settlement”); or (z) a combination
of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(3) (a
“Combination Settlement”).

 

(i)            The
Company’s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable
to any conversion of a Note; provided, however, that:

 

(1)            subject
to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after June 1, 2027 will
be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders, the Trustee
and the Conversion Agent no later than the Open of Business on June 1, 2027;

 

(2)            subject
to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion
Date occurs before June 1, 2027, then the Company will send notice of such Settlement Method to the Holder of such Note, the
Trustee and the Conversion Agent no later than the Close of Business on the Business Day immediately after such Conversion Date;

 

(3)            if
any Notes are called for Redemption, then (1) the Company will specify, in the related Redemption Notice (and, in the case
of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption)
sent pursuant to Section 4.03(F), the Settlement Method that will apply to all conversions of Notes with a Conversion
Date that occurs on or after the related Redemption Notice Date and on or before the second (2nd) Business Day before the related
Redemption Date; and (2) if such Redemption Date occurs on or after June 1, 2027, then such Settlement Method must be
the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion
Date that occurs on or after June 1, 2027;

 

    	 	- 43 -	 

     

    

 

(4)            the
Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance
of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different
Conversion Dates, except as provided in clause (1) or (3) above);

 

(5)            if
the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed
to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not
constitute a Default or Event of Default);

 

(6)            if
the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder
of such Note of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to
be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will
not constitute a Default or Event of Default); and

 

(7)            the
Settlement Method will be subject to Sections 4.03(D), 5.09(A)(2) and 5.01(C)(i)(3)(a).

 

(ii)            The
Company’s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at its election
by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably
fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such
notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion
Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified
Dollar Amounts that will apply to such conversions, provided, in each case, that (w) the Settlement Method(s) so
elected pursuant to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable,
that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions
of this Section 5.03(A)); (x) no such irrevocable election or Default Settlement Method change will affect any
Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including
pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election
pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement
Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if
needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent
with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that
the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date
such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the
need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however,
that the Company may nonetheless choose to execute such an amendment at its option).

 

    	 	- 44 -	 

     

    

 

(iii)           Requirement
to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant
to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant
Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s),
as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed
with the SEC.

 

(B)           Conversion
Consideration.

 

(i)            Generally.
Subject to Section 5.03(B)(ii) and Section 5.03(B)(iii), the type and amount of consideration (the
“Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be
as follows:

 

(1)            if
Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the Conversion Rate in effect on the
Conversion Date for such conversion;

 

(2)            if
Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading
Day in the Observation Period for such conversion; or

 

(3)            if
Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal
to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an
amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period.

 

(ii)            Cash
in Lieu of Fractional Shares. If Physical Settlement or Combination Settlement applies to the conversion of any Note and the
number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole
number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other
consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such
fraction and (2) (x) the Daily VWAP on the Conversion Date for such conversion (or, if such Conversion Date is not a
VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on
the last VWAP Trading Day of the Observation Period for such conversion, in the case of Combination Settlement.

 

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

 

    	 	- 45 -	 

     

    

 

(iv)            Notice
of Calculation of Conversion Consideration. If Cash Settlement or Combination Settlement applies to the conversion of any
Note, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day
of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same
and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any
such determination.

 

(C)           Delivery
of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay
or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if
Cash Settlement or Combination Settlement applies to such conversion, on the second (2nd) Business Day immediately after the last
VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion,
on the second (2nd) Business Day immediately after the Conversion Date for such conversion; provided, however, that
if Physical Settlement applies to the conversion of any Note with a Conversion Date that is after the Regular Record Date immediately
before the Maturity Date, then, solely for purposes of such conversion, (x) the Company will pay or deliver, as applicable,
the Conversion Consideration due upon such conversion on the Maturity Date (or, if the Maturity Date is not a Business Day, the
next Business Day); and (y) the Conversion Date will instead be deemed to be the second (2nd) Scheduled Trading Day immediately
before the Maturity Date.

 

(D)          Deemed
Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note,
then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as
provided in Section 5.02(D), the Company’s delivery of the Conversion Consideration due in respect of such conversion
will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest,
if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any
accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited.
In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares
of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such
cash.

 

Section 5.04.     Reserve
and Status of Common Stock Issued upon Conversion.

 

(A)            Stock
Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but
unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock sufficient to permit
the conversion of all then-outstanding Notes, assuming (x) Physical Settlement will apply to such conversion; and (y) the
Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07.
To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each
reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include
such delivery, mutatis mutandis.

 

(B)            Status
of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued
or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08
need not be a newly issued or treasury share) and will be duly and validly issued, fully paid, non-assessable, free from preemptive
rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction
of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on
any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts
to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation
on such system.

 

    	 	- 46 -	 

     

    

  

Section 5.05.     Adjustments
to the Conversion Rate.

 

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

 

(i)            Stock
Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all
or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common
Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09
will apply), then the Conversion Rate will be adjusted based on the following formula:

 

 

 

where:

 

	 	CR0	=	the
Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or
immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;

 

	 	CR1	=	the Conversion Rate in effect immediately after
the Open of Business on such Ex-Dividend Date or effective date, as applicable;

 

	 	OS0	=	the number of shares of Common Stock outstanding
immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such
dividend, distribution, stock split or stock combination; and

 

	 	OS1	=	the
number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock
combination.

 

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

 

    	 	- 47 -	 

     

    

 

(ii)            Rights,
Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants
(other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and
5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the record
date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average
of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including,
the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on
the following formula:

 

  

 

where:

 

	 	CR0	=	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;

 

	 	CR1	=	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

 

	 	OS	=	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;

 

	 	X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

 

	 	Y	=	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options
or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive
Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 

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

 

    	 	- 48 -	 

     

    

 

For purposes of this Section 5.05(A)(ii) and
Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock
to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale
Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately
before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable
to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such
rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to
be determined by the Company in good faith and in a commercially reasonable manner.

 

(iii)          Spin-Offs
and Other Distributed Property.

 

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

 

(u)           dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without
regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii);

 

(v)           dividends
or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without
regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv);

 

(w)           rights
issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F);

 

(x)           Spin-Offs
for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C))
pursuant to Section 5.05(A)(iii)(2);

 

(y)           a
distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will
apply; and

 

(z)            a
distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply,

 

then the Conversion Rate will be
increased based on the following formula:

 

 

    	 	- 49 -	 

     

    

 

where:

 

	 	CR0	=	the Conversion Rate in effect immediately before
the Open of Business on the Ex-Dividend Date for such distribution;

 

	 	CR1	=	the Conversion Rate in effect immediately after
the Open of Business on such Ex-Dividend Date;

 

	 	SP	=	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive
Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and

 

	 	FMV	=	the fair market value (as determined by the Company in good faith and in a commercially reasonable
manner), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options
or warrants distributed per share of Common Stock pursuant to such distribution;

 

provided, however,
that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each
Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at
the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of
shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received
if such Holder had owned, on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect on such
record date.

 

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

 

(2)            Spin-Offs.
If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating
to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other
than solely pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender
offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital
Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S.
national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the following
formula:

 

 

    	 	- 50 -	 

     

    

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before
the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;

 

		CR1	=	the Conversion Rate in effect immediately after
the Close of Business on the last Trading Day of the Spin-Off Valuation Period;

 

		FMV	=	the product of (x) the average of the Last Reported Sale Prices per share or unit of
the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off
Valuation Period”) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined
as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead
references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity
interests distributed per share of Common Stock in such Spin-Off; and

 

		SP	=	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day
in the Spin-Off Valuation Period.

 

Notwithstanding anything to the
contrary in this Section 5.05(A)(iii)(2), (i) if any VWAP Trading Day of the Observation Period for a Note whose
conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for
such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such
Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend
Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the Conversion Date for a Note whose conversion
will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for
purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist
of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such
Conversion Date.

 

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

 

    	 	- 51 -	 

     

    

 

(iv)          Cash
Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock,
then the Conversion Rate will be increased based on the following formula:

 

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before
the Open of Business on the Ex-Dividend Date for such dividend or distribution;

 

		CR1	=	the Conversion Rate in effect immediately after
the Open of Business on such Ex-Dividend Date;

 

		SP	=	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before
such Ex-Dividend Date; and

 

		D	=	the cash amount distributed per share of Common Stock in such dividend or distribution;

 

provided, however,
that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each
Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution,
at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash
that such Holder would have received if such Holder had owned, on such record date, a number of shares of Common Stock equal to
the Conversion Rate in effect on such record date.

 

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

 

(v)           Tender
Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange
offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under
the Exchange Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable
manner) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported
Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”)
on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion
Rate will be increased based on the following formula:

 

 

    	 	- 52 -	 

     

    

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation
Period for such tender or exchange offer;

 

		CR1	=	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation
Period;

 

		AC	=	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires
by the Company in good faith and in a commercially reasonable manner) of all cash and other consideration paid for shares of Common
Stock purchased or exchanged in such tender or exchange offer;

 

		OS0	=	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock
accepted for purchase or exchange in such tender or exchange offer);

 

		OS1	=	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding 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 per share of Common Stock over the ten (10) consecutive Trading Day period (the
“Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the
Expiration Date;

 

provided, however,
that the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent
provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v),
(i) if any VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement
or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely
for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation
Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after
the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day; and (ii) if the Conversion
Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Tender/Exchange Offer Valuation
Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion,
such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including,
the Trading Day immediately after the Expiration Date to, and including, such Conversion Date.

 

    	 	- 53 -	 

     

    

 

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

 

(B)          No
Adjustments in Certain Cases.

 

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

 

(ii)          Certain
Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07.
Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of:

 

(1)            except
as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the
market price per share of Common Stock or less than the Conversion Price;

 

(2)            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
such plan;

 

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

 

(4)            the
issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company
outstanding as of the Issue Date;

 

(5)            solely
a change in the par value of the Common Stock; or

 

(6)            accrued
and unpaid interest on the Notes.

 

    	 	- 54 -	 

     

    

 

(C)            Adjustment
Deferral. If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change
of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5,
the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately
upon the earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent
(1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note;
(iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes
for Redemption; and (iv) June 1, 2027.

 

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

 

(i)            a
Note is to be converted and Physical Settlement or Combination Settlement applies to such conversion;

 

(ii)           the
record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has
occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading
Day in the Observation Period for such conversion (in the case of Combination Settlement), but an adjustment to the Conversion
Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable;

 

(iii)          the
Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical Settlement)
or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination
Settlement); and

 

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

 

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

 

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

 

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

 

(ii)            a
Note is to be converted pursuant to Physical Settlement or Combination Settlement;

 

    	 	- 55
                                                                                                                                                                                                                                                                                 -	 

     

    

 

(iii)          the
Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP Trading Day in the Observation Period for
such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record
date;

 

(iv)          the
Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical Settlement)
or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination
Settlement), in each case based on a Conversion Rate that is adjusted for such dividend or distribution; and

 

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

 

then (x) in the case of Physical Settlement,
such Conversion Rate adjustment will not be given effect for such conversion and the shares of Common Stock issuable upon such
conversion based on such unadjusted Conversion Rate will not be entitled to participate in such dividend or distribution, but there
will be added, to the Conversion Consideration otherwise due upon such conversion, the same kind and amount of consideration that
would have been delivered in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled
to participate in such dividend or distribution; and (y) in the case of Combination Settlement, the Conversion Rate adjustment
relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common
Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate
in such dividend or distribution.

 

(F)           Stockholder
Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of any Notes into Common Stock, the Holder
converting such Notes will receive, in addition to any shares of Common Stock such Holder receives in connection with such conversion,
the rights under such stockholder rights plan. 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, then the Conversion Rate will
be adjusted pursuant to Section 5.05(A)(iii)(1) at the time of such separation as if the Company distributed,
to all or substantially all holders of Common Stock, shares of its capital stock, evidences of indebtedness, assets, property,
rights, options or warrants as described above in Section 5.05(A)(iii)(1), subject to readjustment in accordance with
the final paragraph of Section 5.05(A)(iii)(1).

 

(G)           Limitation
on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction
or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07
to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common
Stock.

 

(H)           Equitable
Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported
Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an adjustment to
the Conversion Rate), or to calculate Daily VWAPs, Daily Conversion Values, Daily Cash Amounts or Daily Share Amounts over an Observation
Period, the Company will make proportionate adjustments to such calculations 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 applicable, of such event occurs, at any time during such period or Observation Period, as applicable.

 

    	 	- 56
                                                                                                                                                                                                                                                                                 -	 

     

    

 

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

 

(J)           Calculations.
All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share
of Common Stock (with 5/100,000ths rounded upward).

 

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

 

Section 5.06.     Voluntary
Adjustments.

 

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

 

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

 

    	 	- 57
                                                                                                                                                                                                                                                                                 -	 

     

    

 

Section 5.07.     Adjustments
to the Conversion Rate in Connection with a Make-Whole Fundamental Change.

 

(A)          Generally.
If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole
Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion
will be increased by a number of shares (the “Additional Shares”) set forth in the table below corresponding
(after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date
and the Stock Price of such Make-Whole Fundamental Change:

 

	Make-Whole 

    Fundamental 

    Change Effective	 	Stock Price
	Date	 	$39.17	 	$45.00	 	$52.88	 	$60.00	 	$68.74	 	$75.00	 	$100.00	 	$175.00	 	$275.00	 	$425.00
	August 31, 2020	 	6.6188	 	5.2411	 	3.9499	 	3.1372	 	2.4261	 	2.0471	 	1.1320	 	0.2921	 	0.0572	 	0.0000
	September 1, 2021	 	6.6188	 	5.2380	 	3.8801	 	3.0370	 	2.3094	 	1.9267	 	1.0245	 	0.2428	 	0.0413	 	0.0000
	September 1, 2022	 	6.6188	 	5.1916	 	3.7629	 	2.8902	 	2.1503	 	1.7679	 	0.8934	 	0.1902	 	0.0263	 	0.0000
	September 1, 2023	 	6.6188	 	5.0898	 	3.5828	 	2.6820	 	1.9366	 	1.5603	 	0.7356	 	0.1370	 	0.0136	 	0.0000
	September 1, 2024	 	6.6188	 	4.9120	 	3.3139	 	2.3878	 	1.6484	 	1.2885	 	0.5496	 	0.0874	 	0.0047	 	0.0000
	September 1, 2025	 	6.6188	 	4.6142	 	2.8998	 	1.9567	 	1.2504	 	0.9291	 	0.3400	 	0.0469	 	0.0002	 	0.0000
	September 1, 2026	 	6.6188	 	4.1007	 	2.1948	 	1.2697	 	0.6836	 	0.4585	 	0.1336	 	0.0187	 	0.0000	 	0.0000
	September 1, 2027	 	6.6188	 	3.3113	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000

 

If such Make-Whole
Fundamental Change Effective Date or Stock Price is not set forth in the table above, then:

 

(i)            if
such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between
two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the
numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates
in the table above, based on a 365- or 366-day year, as applicable; and

 

(ii)            if
the Stock Price is greater than $425.00 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings
of the table above are adjusted pursuant to Section 5.07(B)), or less than $39.17 (subject to adjustment in the same
manner), per share, then no Additional Shares will be added to the Conversion Rate.

 

Notwithstanding anything
to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 25.5297
shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at
the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A).

 

For the avoidance of
doubt, but subject to Section 4.03(I), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental
Change only with respect to the Notes called (or deemed called) for Redemption pursuant to such Redemption Notice, and not with
respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject
to increase pursuant to this Section 5.07 on account of such Redemption Notice.

 

(B)            Adjustment
of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the
table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same
events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of
Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the
same time and for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A).

 

    	 	- 58
                                                                                                                                                                                                                                                                                 -	 

     

    

 

(C)           Notice
of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent
of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance
with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof
in accordance with Section 4.03(F).

 

Section 5.08.     Exchange
in Lieu of Conversion.

 

Notwithstanding anything
to the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted
for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated
by the Company. To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and
the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note.
If the Company has made such election, then:

 

(A)          no
later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent
to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including
wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion
Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5;

 

(B)           if
such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion
to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s
custodian with the Depositary to confirm receipt of the same; and

 

(C)           such
Note will not cease to be outstanding by reason of such exchange in lieu of conversion;

 

provided, however, that if
such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company
will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5
as if the Company had not elected to make an exchange in lieu of conversion.

 

Section 5.09.     Effect
of Common Stock Change Event.

 

(A)         Generally.
If there occurs any:

 

(i)            recapitalization,
reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination
of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock
splits and stock combinations that do not involve the issuance of any other series or class of securities);

 

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

 

    	 	- 59
                                                                                                                                                                                                                                                                                 -	 

     

    

 

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

 

(iv)          other
similar event,

 

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

 

(1)            from
and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any
Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares
of Common Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference
Property Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such
Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property
Units; and (III) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,”
references to “Common Stock” and the Company’s “common equity” will be deemed to refer to the common
equity (including depositary receipts representing common equity), if any, forming part of such Reference Property;

 

(2)            if
such Reference Property Unit consists entirely of cash, then the Company will be deemed to elect Physical Settlement in respect
of all conversions whose Conversion Date occurs on or after the effective date of such Common Stock Change Event and will pay the
cash due upon such conversions no later than the tenth (10th) Business Day after the relevant Conversion Date; and

 

(3)            for
these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of common equity
securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg
page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion
thereof that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property
Unit or portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit
or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the
case of cash denominated in U.S. dollars, the face amount thereof).

 

    	 	- 60
                                                                                                                                                                                                                                                                                 -	 

     

    

 

If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then
the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration
actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify Holders of such weighted
average as soon as practicable after such determination is made.

 

At or before the effective
time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such
Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture
pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes
in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant
to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other
provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders and
to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other
securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such
supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably
determines are appropriate to preserve the economic interests of the Holders.

 

(B)           Notice
of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event to Holders, the Trustee and
the Conversion Agent no later than the Business Day after the effective date of such Common Stock Change Event.

 

(C)           Compliance
Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09.

 

Article 6.   Successors

 

Section 6.01.     When
the Company May Merge, Etc.

 

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

 

(i)            the
resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (or,
if such Business Combination Event is an Exempted Fundamental Change, is a corporation, limited liability company, limited partnership
or other similar entity) (the “Successor Entity”) duly organized and existing under the laws of the United States
of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at
or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E))
all of the Company’s obligations under this Indenture and the Notes; and

 

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

 

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(B)           Delivery
of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination
Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such
Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and
(ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied.

 

Section 6.02.     Successor
Entity Substituted.

 

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

 

Article 7.     Defaults
and Remedies

 

Section 7.01.     Events
of Default.

 

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

 

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

 

(ii)            a
default for thirty (30) consecutive days in the payment when due of interest on any Note;

 

(iii)          the
Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3),
if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)) such failure is not cured within
three (3) Business Days after its occurrence;

 

(iv)           a
default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion
right with respect thereto, if such default is not cured within two (2) Business Days after its occurrence;

 

(v)           a
default in the Company’s obligations under Article 6;

 

(vi)          a
default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth
in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where
such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the
Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice
must specify such default, demand that it be remedied and state that such notice is a “Notice of Default”;

 

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(vii)         a
default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other
instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of
at least twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any
of the Company’s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such
default:

 

(1)            constitutes
a failure to pay the principal of such indebtedness when due and payable at its stated maturity, upon required repurchase, upon
declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or

 

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

 

in each case where such default
is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by
Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding;

 

(viii)        one
or more final judgments being rendered against the Company or any of the Company’s Significant Subsidiaries for the payment
of at least twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts
covered by insurance), where such judgment is not discharged or stayed within sixty (60) days after (i) the date on which
the right to appeal the same has expired, if no such appeal has commenced; or (ii) the date on which all rights to appeal
have been extinguished;

 

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

 

(1)            commences
a voluntary case or proceeding;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(B)         Cause
Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless
of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body.

 

Section 7.02.      Acceleration.

 

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

 

(B)         Optional
Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(ix) or
7.01(A)(x) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs
and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate
principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and
all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately.

 

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

 

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Section 7.03.      Sole
Remedy for a Failure to Report.

 

(A)        Generally.
Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event
of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the
Company’s failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar
days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest
on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02
on account of the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day
on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special
Interest when due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty
first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant
to Section 2.05(B)).

 

(B)         Amount
and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will
be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal
to one quarter of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Special Interest
accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided,
however, that in no event will Special Interest payable at the Company’s election pursuant to Section 7.03(A) as
the sole remedy for any Reporting Event of Default, together with any Additional Interest that may accrue as a result of the Company’s
failure to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder), pursuant
to Section 3.04, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%).
For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues
on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues
on such Note.

 

(C)         Notice
of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders, the Trustee
and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes
the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy
for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during
which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration
on account of such Reporting Event of Default.

 

(D)         Notice
to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five
(5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s
Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such
Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee
will have no duty to determine whether any Special Interest is payable or the amount thereof.

 

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(E)          No
Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event
of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other
Reporting Event of Default.

 

Section 7.04.   Other
Remedies.

 

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

 

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

 

Section 7.05.      Waiver
of Past Defaults.

 

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

 

Section 7.06.      Control
by Majority.

 

Holders of a majority
in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the
Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the
Trustee is offered security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that
may result from the Trustee’s following such direction.

 

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Section 7.07.        Limitation
on Suits.

 

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

 

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

 

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

 

(C)         such
Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any
loss, liability or expense to the Trustee that may result from the Trustee’s following such request;

 

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

 

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

 

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

 

Section 7.08.      Absolute
Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.

 

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

 

Section 7.09.      Collection
Suit by Trustee.

 

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

 

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Section 7.10.      Trustee
May File Proofs of Claim.

 

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

 

Section 7.11.      Priorities.

 

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

 

First:          to
the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

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

 

The Trustee may fix
a record date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case
the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record
date, to each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature
of such delivery, as applicable.

 

Section 7.12.      Undertaking
for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an
undertaking to pay the costs of such suit, and (B) assess reasonable costs (including reasonable attorneys’ fees) against
any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant
party; provided, however, that this Section 7.12 does not apply to any suit by the Trustee, any suit
by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate
principal amount of the Notes then outstanding.

 

    	 	- 68 -	

     

    

 

Article 8.     Amendments,
Supplements and Waivers

 

Section 8.01.      Without
the Consent of Holders.

 

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

 

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

 

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

 

(C)         secure
the Notes;

 

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

 

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

 

(F)         enter
into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change
Event;

 

(G)         irrevocably
elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that no such election or
elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to
Section 5.03(A);

 

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

 

(I)          conform
the provisions of this Indenture and the Notes to the “Description of Notes” section of the Company’s preliminary
offering memorandum, dated August 25, 2020, as supplemented by the related pricing term sheet, dated August 26, 2020;

 

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

 

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

 

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

 

At the written request
of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the “Description
of Notes” section and pricing term sheet referred to in Section 8.01(I).

 

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Section 8.02.       With
the Consent of Holders.

 

(A)        Generally.
Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee
may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement
this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to
the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no
amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may:

 

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

 

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

 

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

 

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

 

(v)           impair
the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date);

 

(vi)          change
the ranking of the Notes;

 

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

 

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

 

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

 

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

 

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

 

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Section 8.03.      Notice
of Amendments, Supplements and Waivers.

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 8.05.      Notations
and Exchanges.

 

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

 

Section 8.06.      Trustee
to Execute Supplemental Indentures.

 

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

 

Article 9.     Satisfaction
and Discharge

 

Section 9.01.      Termination
of Company’s Obligations.

 

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

 

(A)        all
Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee
for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the
Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed;

 

(B)         the
Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion
Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered
to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or
other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13);

 

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

 

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

 

provided, however, that Article 10
and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and
the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with
them will survive such discharge.

 

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

 

    	 	- 72 -	

     

    

 

Section 9.02.      Repayment
to Company.

 

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

 

Section 9.03.      Reinstatement.

 

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

 

Article 10.     Trustee

 

Section 10.01.    Duties
of the Trustee.

 

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

 

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

 

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

 

(ii)           in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided
to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions
to determine whether or not they conform to the requirements of this Indenture.

 

    	 	- 73 -	

     

    

 

(C)         The
Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that:

 

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

 

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

 

(iii)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 7.06.

 

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

 

(E)         No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.

 

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

 

Section 10.02.    Rights
of the Trustee.

 

(A)        The
Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and
the Trustee need not investigate any fact or matter stated in such document.

 

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

 

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

 

    	 	- 74 -	

     

    

 

 

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

 

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

 

(F)           The
Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless
such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that
it may incur in complying with such request or direction.

 

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

 

Section 10.03.  Individual
Rights of the Trustee.

 

The Trustee, in its
individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of
its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee
acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then
it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties
as the Trustee under this Section 10.03.

 

Section 10.04.  Trustee’s
Disclaimer.

 

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

 

Section 10.05.  Notice
of Defaults.

 

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

 

    - 75 -

     

    

 

Section 10.06.  Compensation
and Indemnity.

 

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

 

(B)          The
Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the
Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, bad faith or
willful misconduct. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s
failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except
to the extent the Company is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate
in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses
available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel,
and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel
to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such
claim made without its consent, which consent will not be unreasonably withheld.

 

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

 

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

 

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

 

Section 10.07.  Replacement
of the Trustee.

 

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

 

    - 76 -

     

    

 

(B)            The
Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders
of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee if:

 

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

 

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

 

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

 

(iv)          the
Trustee becomes incapable of acting.

 

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

 

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

 

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

 

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

 

Section 10.08.  Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, then such
corporation will become the successor Trustee without any further act.

 

Section 10.09.  Eligibility;
Disqualification.

 

There will at all times
be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America
or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision
or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth
in its most recent published annual report of condition.

 

    - 77 -

     

    

 

Article 11.  Miscellaneous

 

Section 11.01.  Notices.

 

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

 

If to the Company:

 

K12 Inc.

2300 Corporate Park Drive, Herndon,
Virginia 20171

Attention: General Counsel

 

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

 

Latham & Watkins LLP

555 Eleventh Street, NW

Suite 1000

Washington, D.C. 20004-1304

Attention: Julia A. Thompson, Esq.

 

If to the Trustee:

 

U.S. Bank National Association

Global Corporate Trust

James Center II 1021
E. Cary Street, Suite 1850

Richmond, VA 23219

Facsimile: 804.343.1572

Attention: Melody Scott

 

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

 

Any communication sent
to Trustee under this Indenture that requires a signature must be in the form of a document that is signed manually or by way of
a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by an authorized
representative of the Company). The Company agrees to assume all risks arising out of its use of digital signatures and electronic
methods to submit communications to Trustee, including the risk of the Trustee acting on unauthorized instructions and the risk
of interception and misuse by third parties.

 

    - 78 -

     

    

 

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

 

All notices or communications
required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given
in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery, to its address shown on the Register; provided, however, that a notice or communication to a Holder
of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed
to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or
communication, will not affect its sufficiency with respect to any other Holder.

 

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

 

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

 

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

 

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

 

Upon any request or
application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes
under this Indenture), the Company will furnish to the Trustee:

 

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

 

    - 79 -

     

    

 

(B)           an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and
states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied.

 

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

 

Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect
to compliance with a covenant or condition provided for in this Indenture will include:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.06.  Governing
Law; Waiver of Jury Trial.

 

THIS INDENTURE AND
THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES.

 

    - 80 -

     

    

 

Section 11.07.  Submission
to Jurisdiction.

 

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

 

Section 11.08.  No
Adverse Interpretation of Other Agreements.

 

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

 

Section 11.09.  Successors.

 

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

 

Section 11.10.  Force
Majeure.

 

The Trustee and each
Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under this
Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future
law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of
terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).

 

Section 11.11.  U.S.A.
PATRIOT Act.

 

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

 

    - 81 -

     

    

 

Section 11.12.  Calculations.

 

Except as otherwise
provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the
Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share
Amount, accrued interest on the Notes and the Conversion Rate.

 

The Company will make
all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company
will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion
Agent may rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee will
promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee
will not be obligated to make or confirm any calculations called for under this Indenture or the Notes.

 

Section 11.13.  Severability.

 

If any provision of
this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining
provisions of this Indenture or the Notes will not in any way be affected or impaired thereby.

 

Section 11.14.  Counterparts.

 

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

 

Section 11.15.  Table
of Contents, Headings, Etc.

 

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

 

Section 11.16.  Withholding
Taxes.

 

Each Holder of a Note
agrees, and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to agree, that
if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial
owner as a result of an adjustment or the non-occurrence of an adjustment to the Conversion Rate, then the Company or such withholding
agent, as applicable, may, at its option, withhold from or set off such payments against payments of cash or the delivery of other
Conversion Consideration on such Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets
of, such Holder or the beneficial owner of such Note.

 

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

 

    - 82 -

     

    

 

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

 

	 	K12 Inc.
	 	 
	 	By:	/s/ Donna M. Blackman
	 	 	Name: 	Donna M. Blackman
	 	 	Title: 	Chief Accounting Officer and Treasurer
	 	 
	 	 
	 	U.S. Bank National
    Association
	 	 
	 	By:	/s/ Melody M. Scott
	 	 	Name: 	Melody M. Scott
	 	 	Title: 	Assistant Vice President

 

[Signature Page to Indenture]

 

     

     

    

 

 

EXHIBIT A

 

FORM OF NOTE

 

[Insert Global Note Legend, if applicable]

 

[Insert Restricted Note Legend, if applicable]

 

[Insert Non-Affiliate Legend]

 

K12 INC.

 

1.125% Convertible Senior Note due 2027

 

		CUSIP No.:	[___][Insert for a “restricted” CUSIP number: *]	Certificate No. [___]

		ISIN No.:	[___][Insert for a “restricted”
ISIN number: *]

 

K12 Inc., a Delaware
corporation, for value received, promises to pay to [Cede & Co.], or its registered assigns, the principal sum of [___]
dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]†
on September 1, 2027 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and
all accrued and unpaid interest are paid or duly provided for.

 

		Interest Payment Dates:	March 1 and September 1 of each year, commencing
on [date].

 

		Regular Record Dates:	February 15 and August 15.

 

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

 

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

 

 

		*	This Note will be deemed to be identified by CUSIP No. [___] and ISIN No. [___] from and after such time when the Company delivers,
pursuant to Section 2.12 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted
Note Legend affixed to this Note.
		†	Insert bracketed language for Global Notes only.

 

    A-1

     

    

 

IN WITNESS WHEREOF,
K12 Inc. has caused this instrument to be duly executed as of the date set forth below.

 

	 	 	 	K12 INC.
	 	 	 	 
	 	 	 	 	 
	Date:	 	 	By:	 
		 	 	Name:
		 	 	Title:

 

    A-2

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. Bank National Association, as Trustee,
certifies that this is one of the Notes referred to in the within-mentioned Indenture.

 

	Date:	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

    A-3

     

    

 

K12 INC.

 

1.125% Convertible Senior Note due 2027

 

This Note is one of
a duly authorized issue of notes of K12 Inc., a Delaware corporation (the “Company”), designated as its 1.125%
Convertible Senior Notes due 2027 (the “Notes”), all issued or to be issued pursuant to an indenture, dated
as of August 31, 2020 (as the same may be amended from time to time, the “Indenture”), between the Company
and U.S. Bank National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings
ascribed to them in the Indenture.

 

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

 

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

 

2.            Maturity.
This Note will mature on September 1, 2027, unless earlier repurchased, redeemed or converted.

 

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

 

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

 

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

 

6.            Right
of Holders to Require the Company to Repurchase Notes upon a Fundamental Change. If a Fundamental Change occurs, then each
Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized
Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture.

 

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

 

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

 

    A-4

     

    

 

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

 

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

 

11.          Amendments,
Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance
with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8
of the Indenture.

 

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

 

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

 

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

 

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

 

* * *

 

To request a copy of
the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following address:

 

K12 Inc.

2300 Corporate Park Drive,

Herndon, Virginia 20171

Attention: Chief Financial Officer

 

    A-5

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE*

 

INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL
NOTE: $[___]

 

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

 

	
        Date
	 	
        Amount
        of Increase 

(Decrease) in 

Principal Amount of 

this Global Note
	 	
        Principal
        Amount of

 this Global Note 

After Such Increase

 (Decrease)
	 	
        Signature
        of 

Authorized 

Signatory of Trustee

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

		*	Insert for Global Notes only.

 

    A-6

     

    

 

CONVERSION NOTICE

 

K12 INC.

 

1.125% Convertible Senior Notes due 2027

 

Subject to the terms of the Indenture,
by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to
convert (check one):

 

		o	the entire principal amount of

 

		o	$                     *
aggregate principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

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

 

	Date:	 	 	 	 
	 	 	 	(Legal Name of Holder)

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Signature Guaranteed:

 

	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program

 

	 	By:	            
	 	Authorized Signatory

 

 

		*	Must be an Authorized Denomination.

 

    A-7

     

    

 

FUNDAMENTAL CHANGE REPURCHASE NOTICE

 

K12 INC.

 

1.125% Convertible Senior Notes due 2027

 

Subject to the terms of the Indenture,
by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising
its Fundamental Change Repurchase Right with respect to (check one):

 

		o	the entire principal amount of

 

		o	$                     *
aggregate principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

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

 

	Date:	 	 	 	 
	 	 	 	(Legal Name of Holder)

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Signature Guaranteed:

 

	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program

 

	 	By:	            
	 	Authorized Signatory

 

 

		*	Must be an Authorized Denomination.

 

    A-8

     

    

 

ASSIGNMENT FORM

 

K12 INC.

 

1.125% Convertible Senior Notes due 2027

 

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

 

	Name:		 

 

	Address:		 

 

	Social
security or tax identification number:

	 	 

 

the within Note and all rights thereunder
irrevocably appoints:

 

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

 

	Date:	 	 	 	 
	 	 	 	(Legal Name of Holder)

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Signature Guaranteed:

 

	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program

 

	 	By:	            
	 	Authorized Signatory

 

    A-9

     

    

 

TRANSFEROR ACKNOWLEDGMENT

 

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

 

	1.	o	Such Transfer is being made to the Company or a Subsidiary of the Company.

 

	2.	o	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities
Act at the time of the Transfer.

 

	3.	o	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the
undersigned further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is
purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee
must complete and execute the acknowledgment contained on the next page.

 

	4.	o	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements
of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act).

 

	Dated:	 	 
	 	 	 

 

	(Legal Name of Holder)	 

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Signature Guaranteed:	 

 

	 	 
	(Participant in a Recognized Signature	 
	Guarantee Medallion Program)	 

 

	By:	           	 
	Authorized Signatory	 

 

    A-10

     

    

 

TRANSFEREE ACKNOWLEDGMENT

 

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

 

	Dated:	 	 

 

 

	(Name of Transferee)	 

 

	By:	 	 
		Name:	 
		Title:	 

 

    A-11

     

    

 

EXHIBIT B-1

 

FORM OF RESTRICTED NOTE LEGEND

 

THE OFFER AND SALE OF THIS NOTE AND THE
SHARES OF COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE 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 K12 INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT ONLY:

 

		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;

 

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

 

		(D)	PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR

 

		(E)	PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

BEFORE THE REGISTRATION OF ANY SALE OR
TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE
THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.*

 

 

		*	This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note at such time
when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned
Indenture.

 

    B1-1

     

    

 

EXHIBIT B-2

 

FORM OF GLOBAL NOTE LEGEND

 

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

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS 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 HEREON 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

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

 

    B2-1

     

    

 

EXHIBIT B-3

 

FORM OF NON-AFFILIATE LEGEND

 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER
THE SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN.

 

    B3-1Exhibit 10.1

 

[August 26][August 31], 2020

 

	From:	[Dealer Address]
	 	 
	To:	K12 Inc.
	 	2300 Corporate Park Drive
	 	Herndon,
Virginia, 20171

 

Re: [Base][Additional] Call Option Transaction

 

The purpose of this communication (this
“Confirmation”) is to set forth the terms and conditions of the call option transaction entered into on the
Trade Date specified below (the “Transaction”) between [Dealer] (“Dealer”) and K12 Inc. (“Counterparty”).
This communication constitutes a “Confirmation” as referred to in the Agreement specified below.

 

1.            This
Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006
Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in
each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Certain
defined terms used herein have the meanings assigned to them in the Offering Memorandum dated August 26, 2020 (as so
supplemented, the “Offering Memorandum”) relating to the USD 360,000,000 principal amount of 1.125%
Convertible Senior Notes due 2027 (the “Base Convertible Securities”) issued by Counterparty (as increased
by up to an additional USD 60,000,000 principal amount of 1.125% Convertible Senior Notes due 2027 [that may be issued]
pursuant to the option to purchase additional convertible securities [exercised on the date hereof] (the “Optional
Convertible Securities” and, together with the Base Convertible Securities, the “Convertible
Securities”)) pursuant to an Indenture [to be] dated August 31, 2020 between Counterparty and U.S. Bank
National Association, as trustee (the “Indenture”). In the event of any inconsistency between the terms
defined in the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this
Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture
that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to
herein, in each case, will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the
Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the
descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. [For the avoidance of doubt,
subject to the foregoing, references herein to sections of, or definitions set forth in, the Indenture are based on the draft
of the Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant
sections of, or definitions set forth in, the Indenture are changed, added or renumbered between the execution of this
Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good faith and in a commercially
reasonable manner to preserve the economic intent of the parties as evidenced by such draft of the Indenture. In addition,
subject to the] The foregoing, the parties acknowledge that references to the Indenture herein are references to the
Indenture as in effect on the date hereof and if the Indenture is, or the Convertible Securities are, amended, modified or
supplemented following the date hereof or the date of their execution, respectively, any such amendment, modification or
supplement (other than any amendment, modification or supplement (i) pursuant to Section 5.09 of the Indenture,
subject to the provisions opposite the caption “Discretionary Adjustments” in Section 2 hereof, or
(ii) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent in good faith
and in a commercially reasonable manner, conforms the Indenture to the description of Convertible Securities in the Offering
Memorandum) will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

 

Each party is hereby advised, and each such
party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and
has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates
on the terms and conditions set forth below.

 

This Confirmation evidences a complete and
binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation
shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty
had executed an agreement in such form on the date hereof (but without any Schedule except for (i) the election of US Dollars
(“USD”) as the Termination Currency, (ii) the election of the laws of the State of New York as the governing
law (without reference to choice of law doctrine) and (iii) (A) the election that the “Cross Default” provisions
of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of three percent of
Dealer’s shareholders’ equity; provided that “Specified Indebtedness” shall not include obligations
in respect of deposits received in the ordinary course of Dealer’s banking business, (B) the phrase “or becoming
capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi) and (C) the
following language shall be added to the end thereof “Notwithstanding the foregoing, a default under subsection (2) hereof
shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or
operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is
made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”).

 

    Page 1 of 30

     

    

 

All provisions contained in, or incorporated
by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency
among this Confirmation, the Equity Definitions, the 2006 Definitions or the Agreement, the following shall prevail in the order
of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions; (iii) the 2006 Definitions; and (iv) the
Agreement. For the avoidance of doubt, except to the extent of an express conflict, the application of any provision of this Confirmation,
the Agreement, the Equity Definitions or the 2006 Definitions shall not be construed to exclude or limit any other provision of
this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions.

 

The Transaction hereunder shall be the sole
Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation
or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer
and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or
any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under,
or otherwise governed by, such existing or deemed ISDA Master Agreement.

 

2.            The
Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction
to which this Confirmation relates are as follows:

 

General Terms:

 

	 	Trade Date:	[August 26][August 31], 2020
	 	 	 
	 	Effective Date:	The closing date of the [initial] issuance of the Convertible Securities. [issued pursuant to the option to purchase Optional Convertible Securities exercised on the date hereof].
	 	 	 
	 	Option Style: 	Modified American, as described under “Procedures for Exercise” below.
	 	 	 
	 	Option Type: 	Call
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Buyer:	Counterparty
	 	 	 
	 	Shares:	The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol:  “LRN”).
	 	 	 
	 	Number of Options:	[The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities.] [The number of Optional Convertible Securities in denominations of USD 1,000 principal amount purchased by the Initial Purchasers (as
defined in the Purchase Agreement), at their option pursuant to Section 2 of the Purchase Agreement (as defined below).] For the avoidance of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder.  In no event will the Number of Options be less than zero.

 

    Page 2 of 30

     

    

 

	 	Applicable Percentage:	[_______]%
	 	 	 
	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and 18.9109
	 	 	 
	 	Make-Whole Adjustment:	Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture.
	 	 	 
	 	Discretionary Adjustment:	Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture.
	 	 	 
	 	Strike Price:	USD 52.8796
	 	 	 
	 	Cap Price:	USD 86.1740
	 	 	 
	 	
        Rounding of Strike Price/Cap Price/Option Entitlement:
	In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture relating to rounding of the “Conversion Price” or the “Conversion Rate”, as applicable (each as defined in the Indenture).  In connection with any adjustment to the Cap Price hereunder, the Calculation Agent will round the adjusted Cap Price to the nearest USD 0.0001.
	 	 	 
	 	Number of Shares:	As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement.
	 	 	 
	 	Premium:	USD [_______]
	 	 	 
	 	Premium Payment Date:	The Effective Date
	 	 	 
	 	Exchange:	The New York Stock Market
	 	 	 
	 	Related Exchange:	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.
	 	Procedures for Exercise:	 
	 	 	 
	 	Exercise Dates:	Each Conversion Date.
	 	 	 
	 	Conversion Date:	[With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a “Conversion Date” (as defined in the Indenture) occurring prior to the Free Convertibility Date or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance of doubt, if such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in clause (x) or clause (y), an “Early Conversion”), to which the provisions of Section 8(b)(iii) of this Confirmation shall apply), the “Conversion Date” (as defined in the Indenture), provided that, no Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than Exchanged Securities, the “Relevant Convertible Securities” for such Conversion Date).]
	 	 	 
	 	 	[With respect to any conversion of a Convertible Security (other
than (x) any conversion of Convertible Securities with a “Conversion Date” (as defined in the Indenture) occurring
prior to the Free Convertibility Date or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible
Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance
of doubt, if such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in
clause (x) or clause (y), an “Early Conversion”), to which the provisions of Section 8(b)(iii) of this Confirmation
shall apply), the “Conversion Date” (as defined in the Indenture) for Convertible Securities that are not “Relevant
Convertible Securities” under (and as defined in) the confirmation between the parties hereto regarding the Base Call Option
Transaction dated August 26, 2020 (the “Base Call Option Transaction Confirmation”), provided that, no
Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than
Exchanged Securities, the “Relevant Convertible Securities” for such Conversion Date). For the purposes of determining
whether any Convertible Securities will be Relevant Convertible Securities hereunder or “Relevant Convertible Securities”
under the Base Call Option Transaction Confirmation, Convertible Securities that are converted pursuant to the Indenture shall
be allocated first to the Base Call Option Transaction Confirmation until all Options thereunder are exercised or terminated.]

 

    Page 3 of 30

     

    

 

	 	Free Convertibility Date:	June 1, 2027
	 	 	 
	 	Exchanged Securities:	With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designated by Counterparty accepts such Convertible Securities in accordance with Section 5.08 of the Indenture, as long as Counterparty does not submit a Notice of Exercise in respect thereof.
	 	 	 
	 	Expiration Date:	The earlier of (i) the last day on which any Convertible Securities remain outstanding and (ii) September 1, 2027, subject to earlier exercise.
	 	 	 
	 	Automatic Exercise on Conversion Dates:	Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD 1,000 principal amount shall be automatically exercised, subject to “Notice of Exercise” below.
	 	 	 
	 	Notice Deadline:	In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 P.M., New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the “Maturity Date” (as defined in the Indenture).
	 	 	 
	 	Notice of Exercise:	
        Counterparty shall notify Dealer in writing prior to the Notice
        Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. [; provided that any “Notice of Exercise”
delivered to Dealer pursuant to the Base Call Option Transaction Confirmation shall be deemed to be a Notice of Exercise pursuant
to this Confirmation and the terms of such Notice of Exercise shall apply, mutatis mutandis, to this Confirmation].

         

        Notwithstanding anything to the contrary herein or in the Equity
        Definitions, any Notice of Exercise and the related exercise of the related Options shall be effective if given after the Notice
        Deadline but prior to 5:00 p.m. (New York City time) on the fifth Exchange Business Day following the Notice Deadline and,
        in respect of any Options in respect of which such notice is delivered after the relevant Notice Deadline pursuant to this paragraph,
        the Calculation Agent shall have the right to (i) postpone the Settlement Date and (ii) adjust the number of Shares and/or
        amount of cash deliverable by Dealer with respect to such Options in a commercially reasonable manner as appropriate to reflect
        the commercially reasonable additional costs (including, but not limited to, hedging mismatches and market losses) and commercially
        reasonable expenses incurred by Dealer in connection with its commercially reasonable hedging activities (including the unwinding
        of any commercially reasonable hedge position) as a result of Dealer not having received such notice on or prior to the Notice
        Deadline.

 

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	 	Notice of Final Convertible Security Settlement Method:	In addition, Counterparty shall notify Dealer in writing before 5:00 P.M., New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the Free Convertibility Date of the settlement method (and, if applicable, the “Specified Dollar Amount” (as defined in the Indenture)) elected (or deemed to be elected) with respect to Relevant Convertible Securities with a Conversion Date occurring on or after the Free Convertibility Date (any such notice, a “Notice of Final Convertible Security Settlement Method”); provided that if Counterparty does not timely deliver the Notice of Final Convertible Security Settlement Method then the Notice of Final Convertible Security Settlement Method shall be deemed timely given and the Applicable Settlement Method shall be a Cash Election with a “Specified Dollar Amount” (as defined in the Indenture) of USD 1,000.  If Counterparty elects a Settlement Method other than Net Share Settlement in the Notice of Final Convertible Security Settlement Method, the Notice of Final Convertible Security Settlement Method shall contain a written representation by Counterparty to Dealer that Counterparty is not, on the date of the Notice of Final Convertible Security Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares.
	 	 	 
	 	Dealer’s Contact Details for purpose of Giving Notice:	As specified in Section 6(b) below.
	 	 	 
	 	Settlement Terms:	 
	 	 	 
	 	Settlement Date:	For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period.
	 	 	 
	 	Delivery Obligation:	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Automatic Exercise on Conversion Dates”  and “Notice of Exercise” above and “Method of Adjustment”, “Discretionary Adjustments”, “Consequences of Merger Events/Tender Offers”, “Consequences of Announcement Events” and Section 8(u) below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the “Delivery Obligation”), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be obligated to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to the nearest whole number) and cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent in a commercially reasonable manner by reference to such Sections of the Indenture as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that if the “Daily VWAP” (as defined in the Indenture) for any “VWAP Trading Day” (as defined in the Indenture) during the Cash Settlement Averaging Period is greater than the Cap Price, then clause (b) of the relevant “Daily Conversion Value” (as defined in the Indenture) for such “VWAP Trading Day” shall be determined as if such “Daily VWAP” for such “VWAP Trading Day” were deemed to equal the Cap Price; provided further that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment, a Make-Whole Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date. Notwithstanding the foregoing, if, in respect of any Exercise Date, (x)(I) the number of Shares included in the Delivery Obligation multiplied by the Share Obligation Value Price plus (II) the amount of cash included in the Delivery Obligation, would otherwise exceed (y) the product of the Applicable Percentage and the relevant Net Convertible Share Obligation Value, such number of Shares and such amount of cash shall be proportionately reduced to the extent necessary to eliminate such excess.

 

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	 	Applicable Settlement Method:	For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisfy its conversion obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 5.03(A) of the Indenture (a “Cash Election”) with a “Specified Dollar Amount” (as defined in the Indenture) of at least USD 1,000, the Applicable Settlement Method shall be the settlement method actually so elected, or deemed to be elected, by Counterparty in respect of such Relevant Convertible Securities (the “Convertible Securities Settlement Method”); otherwise, the Applicable Settlement Method shall assume Counterparty had made a Cash Election with respect to such Relevant Convertible Securities (a “Deemed Cash Election”) with a “Specified Dollar Amount” (as defined in the Indenture) of USD 1,000 per Relevant Convertible Security (“Net Share Settlement”) and the Delivery Obligation shall be determined by the Calculation Agent pursuant to Section 5.03(B)(i)(3) of the Indenture as if the relevant “Observation Period” (as defined in the Indenture) were the Cash Settlement Averaging Period.
	 	 	 
	 	Cash Settlement Averaging Period:	The 40 consecutive “VWAP Trading Days” (as defined in the Indenture) commencing on the 41st “Scheduled Trading Day” (as defined in the Indenture) prior to the “Maturity Date” (as defined in the Indenture).

 

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	 	Notice of Delivery Obligation:	No later than the Exchange Business Day immediately following the last day of the Cash Settlement Averaging Period, Counterparty shall give Dealer notice of the aggregate number of Shares and/or amount of cash included in the Total Convertible Share Obligation Value (as defined below) for all Exercise Dates (it being understood, for the avoidance of doubt, that the requirement of Counterparty to deliver such notice shall not limit Counterparty’s obligations with respect to a Notice of Exercise or Notice of Final Convertible Security Settlement Method, as the case may be, as set forth above, in any way).
	 	 	 
	 	Net Convertible Share Obligation Value:	With respect to Relevant Convertible Securities as to a Conversion Date, (i) the Total Convertible Share Obligation Value of such Relevant Convertible Securities for such Conversion Date minus (ii) the aggregate principal amount of such Relevant Convertible Securities for such Conversion Date.
	 	 	 
	 	Total Convertible Share Obligation Value:	
        With respect to Relevant Convertible Securities with
respect to a Conversion Date, (i) (A) the number of Shares equal to the aggregate number of Shares that Counterparty
is obligated to deliver to the holder(s) of Relevant Convertible Securities for such Conversion Date pursuant to the Indenture
multiplied by (B) the Share Obligation Value Price on the settlement date of the Relevant Convertible Securities plus (ii) an
amount of cash equal to the aggregate amount of cash that Counterparty is obligated to deliver to the holder(s) of Relevant
Convertible Securities for such Conversion Date pursuant to the Indenture (including, for the avoidance of doubt, any cash payable
by Counterparty in lieu of fractional Shares); provided that the Total Convertible Share Obligation Value shall be determined
excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities
as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment and any interest
payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities
for such Conversion Date. 

	 	 	 
	 	Share Obligation Value Price:	The opening price as displayed under the heading “Op” on Bloomberg page “LRN <Equity>” (or its equivalent successor if such page is not available) on the applicable Settlement Date or other date of delivery.
	 	 	 
	 	Other Applicable Provisions:	To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.
	 	 	 
	 	Restricted Certificated Shares:	Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance System.  With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word “encumbrance” in the fourth line thereof.

 

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	 	Adjustments:	 
	 	 	 
	 	Method of Adjustment:	
        Notwithstanding Section 11.2 of the Equity Definitions,
        upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a “Potential Adjustment
        Event”) that requires an adjustment under the Indenture, the Calculation Agent shall, in good faith and in a commercially
        reasonable manner, make a corresponding adjustment in respect of any one or more of the Strike Price, the Number of Options, the
        Option Entitlement and any other term relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous
        adjustment is required under the Indenture, subject to “Discretionary Adjustments” below. Immediately upon the occurrence
        of any Potential Adjustment Event, Counterparty shall notify the Calculation Agent of such Potential Adjustment Event.

         

        Notwithstanding anything to the contrary herein or in the Equity
        Definitions:

         

        (i) in connection with any Potential Adjustment Event as
        a result of an event or condition set forth in Section 5.05(A)(ii) of the Indenture or Section 5.05(A)(iii) of
        the Indenture where, in either case, the period for determining “Y” (as such term is used in Section 5.05(A)(ii) of
        the Indenture) or “SP” (as such term is used in Section 5.05(A)(iii) of the Indenture), as the case may be,
        begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the
        Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant
        to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account
        solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection
        with its commercially reasonable hedging activities as a result of such event or condition not having been publicly announced prior
        to the beginning of such period; and

         

        (ii) if any Potential Adjustment Event is declared and
        (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or
        abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time or in
        the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the “Conversion
        Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted
        (each of clauses (a), (b) and (c), a “Potential Adjustment Event Change”) then, in each case, the Calculation
        Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise,
        settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging
        mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially
        reasonable hedging activities as a result of such Potential Adjustment Event Change.

         

        For the avoidance of doubt, Dealer shall not have any payment
        or delivery obligation hereunder in respect of, and no adjustment shall be made to the terms of the Transaction on account of,
        (x) any distribution of cash, property or securities by Counterparty to the holders of Convertible Securities (upon conversion
        or otherwise) or (y) any other transaction in which holders of Convertible Securities are entitled to participate, in each
        case, in lieu of an adjustment under the Indenture in respect of a Potential Adjustment Event (including, without limitation, under
        the proviso in the first sentence of Section 5.05(A)(iii)(1) of the Indenture or the proviso in the first sentence of
        Section 5.05(A)(iv) of the Indenture).

 

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	 	Dilution Adjustment Provisions:	Sections 5.05(A)(i), (A)(ii), (A)(iii), (A)(iv), (A)(v) and Section 5.05(H) of the Indenture
	 	 	 
	 	Discretionary Adjustments:	Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustment hereunder and that involves an exercise of discretion by Counterparty, its board of directors or a committee of its board of directors (including, without limitation, pursuant to Section 5.05(H) of the Indenture or pursuant to Section 5.09 of the Indenture or any supplemental indenture entered into thereunder or in connection with the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the corresponding adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment of or under the Transaction in good faith and in a commercially reasonable manner consistent with the methodology set forth in the Indenture. In addition, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Cash Settlement Averaging Period but no adjustment was made to any Convertible Security under the Indenture because the relevant holder of such Convertible Security was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, make an adjustment, consistent with the methodology set forth in the Indenture as determined by it, to the terms hereof in order to account for such Potential Adjustment Event.  For the avoidance of doubt, the Delivery Obligation shall be calculated on the basis of such adjustments by the Calculation Agent
	 	 	 
	 	Extraordinary Events:	 
	 	 	 
	 	Merger Events:	Notwithstanding Section 12.1(b) of the Equity Definitions, “Merger Event” shall have the same meaning as the meaning of “Common Stock Change Event” set forth in Section 5.09 of the Indenture.

 

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	 	Consequences of Merger Events/Tender Offers:	Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement, composition of the “Shares” hereunder and any other variable relevant to the exercise, settlement or payment for the Transaction, to the extent an analogous adjustment is required under Section 5.09 of the Indenture in respect of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to such Section, subject to “Discretionary Adjustments” above; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Make-Whole Adjustment or a Discretionary Adjustment; provided further that in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) relating to any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; and provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) securities issued by an entity that is not a corporation organized under the laws of the United States, any state thereof or the District of Columbia or (ii) the Counterparty to the Transaction, following such Merger Event, will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia or will not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment (Calculation Agent Determination) shall apply.  For the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event gives rise to an Early Conversion.  For purposes of this paragraph, “Tender Offer” means the occurrence of any event or condition set forth in Section 5.05(A)(v) of the Indenture.
	 	 	 
	 	Notice of Merger Consideration:	Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event.

 

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	 	Consequences of Announcement Events:	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “, which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether the relevant Announcement Event has had an economic effect on the Transaction (the terms of which include, among other terms, the Strike Price and Cap Price), and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and (ii) in making any adjustment the Calculation Agent shall take into account volatility, liquidity or other factors before and after such Announcement Event.  An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.

                            

	 	Announcement Event:	(i)          The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party Entity of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a “Transformative Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer or a Valid Third Party Entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in good faith and in a commercially reasonable manner.  For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention.  For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions.

 

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	 	Valid Third Party Entity:	In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party (or its agent or representative) on the Shares and/or options relating to the Shares).

                            

	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

         

	 	Additional Termination Event(s):	Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.

         

	 	Additional Disruption Events:

         
	 
	 	(a) Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof and (iii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)” and (ii) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the words “obligations under” in clause (Y) thereof.

         

	 	(b) Failure to Deliver:	Applicable

         

	 	(c) Insolvency Filing:	Applicable

 

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	 	(d) Hedging Disruption:	
        Applicable; provided that:

         

        (i) Section 12.9(a)(v) of the Equity Definitions
        is hereby amended by inserting the following sentence at the end of such Section:

         

        “For the avoidance of doubt, (i) the term “equity
        price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions
        or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms”;
        and

         

        (ii) Section 12.9(b)(iii) of the Equity Definitions
        is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words
        “or a portion of the Transaction affected by such Hedging Disruption”.

         

	 	(e) Increased Cost of Hedging: 	Not Applicable

         

	 	Hedging Party:	Dealer

         

	 	Determining Party:	Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Determining Party shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).

         

	 	Non-Reliance:

         
	 
	 	Agreements and Acknowledgments	Applicable 

         

	 	Regarding Hedging Activities:	Applicable 

         

	 	Additional Acknowledgments:	Applicable 

         

	 	Hedging Adjustment:	For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation
Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of this Confirmation
or the Equity Definitions to take into account the effect of any event (other than an adjustment, calculation or determination
made by reference to the Indenture), the Calculation Agent, Determining Party or Dealer, as the case may be, shall make such adjustment,
calculation or determination in a commercially reasonable manner and by reference to the effect of such event on Dealer assuming
that Dealer maintains a commercially reasonable hedge position.

 

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	 	3.     Calculation Agent:	Dealer; provided that all calculations and determinations by the Calculation Agent (other than calculations or determinations made by reference to the Indenture) shall be made in good faith and in a commercially reasonable manner and assuming for such purposes that Dealer is maintaining, establishing and/or unwinding, as applicable, a commercially reasonable hedge position; provided further that if an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party occurs, Counterparty shall have the right to appoint a successor calculation agent which shall be a nationally recognized third-party dealer in over-the-counter corporate equity derivatives.  The Calculation Agent agrees that it will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Calculation Agent shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).

 

4.            Account
Details:

 

Dealer Payment Instructions:

[_______]

 

Counterparty Payment Instructions:

 

Counterparty to provide

 

5.            Offices:

 

The Office of Dealer for the Transaction is: [_______]

 

The Office of Counterparty for the Transaction is: Inapplicable,
Counterparty is not a Multibranch Party

 

6.            Notices:          For
purposes of this Confirmation:

 

(a)            Address
for notices or communications to Counterparty:

 

To:                     K12
Inc.

                           2300
Corporate Park Drive

                           Herndon, Virginia, 20171

 

Attention:            
Timothy Medina, Chief Financial Officer

Telephone No.:    

Facsimile No.:      

Email:                   

 

(b)            Address
for notices or communications to Dealer: [_______]

 

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7.            Representations,
Warranties and Agreements:

 

(a)            In
addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and
warrants to and for the benefit of, and agrees with, Dealer as follows:

 

(i)            On
the Trade Date, (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and
(B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such
reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain
any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances in which they were made, not misleading.

 

(ii)            (A) On
the Trade Date, the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not subject
to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”)
and (B) Counterparty shall not engage in any “distribution,” as such term is defined in Regulation M, other than
a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation
M, until the second Exchange Business Day immediately following the Trade Date.

 

(iii)           Without
limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of
its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment
of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives
and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging - Contracts
in Entity’s Own Equity (or any successor issue statements).

 

(iv)           Without
limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4
under the Exchange Act.

 

(v)            Prior
to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the
Transaction.

 

(vi)           Counterparty
is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible
into or exchangeable for Shares) or otherwise in violation of the Exchange Act.

 

(vii)          Counterparty
is not, and after giving effect to the transactions contemplated hereby will not be, required to register as, an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.

 

(viii)         On
each of the Trade Date and the Premium Payment Date, Counterparty is not “insolvent” (as such term is defined under
Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”))
and Counterparty would be able to purchase the Number of Shares in compliance with the laws of the jurisdiction of Counterparty’s
incorporation.

 

(ix)            The
representations and warranties of Counterparty set forth in Section 3 of the Agreement and Section 1 of the Purchase
Agreement, dated as of August 26, 2020, among Counterparty and Morgan Stanley & Co. LLC and Citigroup Global Markets
Inc. as representatives of the initial purchasers party thereto (the “Purchase Agreement”) are true and correct
as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein.

 

    Page 15 of 30

     

    

 

(x)            To
the knowledge of Counterparty, no state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order applicable
to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement
to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined)
Shares; provided that Counterparty makes no representation or warranty regarding any such requirement that is applicable
generally to the ownership of equity securities by Dealer or any of its affiliates solely as a result of it or any of such affiliates
being financial institutions or broker-dealers.

 

(xi)           Counterparty
acknowledges that the Transaction may constitute a purchase of its equity securities. Counterparty further acknowledges that, pursuant
to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Counterparty would
be required to agree to certain time-bound restrictions on its ability to purchase its equity securities if it receives loans,
loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the CARES Act. Counterparty
further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its equity
securities if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under programs or facilities
established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system
(together with loans, loan guarantees or direct loans under section 4003(b) of the CARES Act, “Governmental Financial
Assistance”). Accordingly, Counterparty represents and warrants that it has not applied for, and prior to the termination
or settlement of the Transaction has no intention to apply for Governmental Financial Assistance under any governmental program
or facility that (a) is established under the CARES Act or the Federal Reserve Act, as amended, and (b) requires, as
a condition of such Governmental Financial Assistance, that Counterparty agree, attest, certify or warrant that it has not, as
of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty).

 

(xii)            Counterparty
(A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment
strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of
any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total
assets of at least USD 50 million as of the date hereof.

 

(b)            Each
of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18)
of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other
capacity, fiduciary or otherwise) and not for the benefit of any third party.

 

(c)            Each
of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration
under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof.
Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk
of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities
in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and
it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction,
(ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities
Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof,
(iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities
Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition
is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion
thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of
the Transaction.

 

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(d)            Each
of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution” and “financial participant”
within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that
this Confirmation is a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy
Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,”
“payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy
Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer
is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2),
555 and 561 of the Bankruptcy Code.

 

(e)            As
a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the
Premium Payment Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of
the Agreement and Section 7(a)(vii) hereof; provided that any such opinion of counsel may contain customary exceptions
and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions.

 

(f)            Counterparty
understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with
this Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer
or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry,
exercise, amendment, unwind or termination thereof.

 

(g)            Counterparty
represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the
most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized
Options”.

 

(h)            Each
party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable
to transactions in options, and further agrees not to violate the position and exercise limits set forth therein, in each case,
to the extent such rules are applicable to such party.

 

8.            Other
Provisions:

 

(a)            Right
to Extend. Dealer may postpone or add, in whole or in part, any Exercise Date or Settlement Date or any other date of valuation,
payment or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent, in good
faith and in a commercially reasonable manner, shall make appropriate adjustments to the Delivery Obligation), if Dealer determines,
in good faith and in a commercially reasonable manner, and, in respect of clause (ii) below, based on the advice of counsel,
that such extension is reasonably necessary or appropriate (i) to preserve Dealer’s commercially reasonable hedging
or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock borrow market or other
relevant market (but only if there is a material decrease in liquidity relative to Dealer’s expectations on the Trade Date),
or (ii) to enable Dealer to effect purchases or sales of Shares or Share Termination Delivery Units in connection with its
commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would (assuming, in the case of
purchases, Dealer were Counterparty or an affiliated purchaser of Counterparty) be in compliance with applicable legal, regulatory
or self-regulatory requirements, or with related policies and procedures (whether or not such requirements, policies or procedures
are imposed by law or have been voluntarily adopted by Dealer and, in the case of policies or procedures, so long as such policies
or procedures are consistently applied to transactions similar to the Transaction); provided that no such Exercise Date,
Settlement Date or other date of valuation, payment or delivery may be postponed or added more than 80 “VWAP Trading Days”
(as defined in the Indenture) after the original Exercise Date, Settlement Date or other date of valuation, payment or delivery,
as the case may be.

 

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(b)            Additional
Termination Events.

 

(i)            The
occurrence of an event of default with respect to Counterparty under the terms of the Convertible Securities as set forth in Section 7.01
of the Indenture, which default has resulted in the Convertible Securities becoming due and payable under the terms thereof, shall
constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty
is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement.

 

(ii)            Within
five Exchange Business Days immediately following any Repurchase Event (as defined below), Counterparty (x) in the case of
a Repurchase Event pursuant to Section 4.02 of the Indenture or Section 4.03 of the Indenture shall notify Dealer in
writing of such Repurchase Event and (y) in the case of a Repurchase Event not described in clause (x) above, may notify
Dealer of such Repurchase Event, in each case, including the number of Convertible Securities subject to such Repurchase Event
(any such notice, a “Convertible Securities Repurchase Notice”). [; provided further that any “Convertible Securities
Repurchase Notice” delivered to Dealer pursuant to the Base Call Option Transaction Confirmation shall be deemed to be a
Convertible Securities Repurchase Notice pursuant to this Confirmation and the terms of such Convertible Securities Repurchase
Notice shall apply, mutatis mutandis, to this Confirmation]. Notwithstanding anything to the contrary in
this Confirmation, the receipt by Dealer from Counterparty of (1) any Convertible Securities Repurchase Notice, and (2) in
the case of any Convertible Securities Repurchase Notice described in clause (y) above, a written representation and warranty
by Counterparty that, as of the date of such Convertible Securities Repurchase Notice, Counterparty is not in possession of any
material nonpublic information regarding Counterparty or the Shares, in each case, within the applicable time period set forth
in the preceding sentence, shall constitute an Additional Termination Event as provided in this Section 8(b)(ii). Upon receipt
of any such Convertible Securities Repurchase Notice and the related written representation and warranty, Dealer shall promptly
designate an Exchange Business Day following receipt of such Convertible Securities Repurchase Notice (which in no event shall
be earlier than the related repurchase date for such Convertible Securities) as an Early Termination Date with respect to the portion
of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the
number of such Convertible Securities specified in such Convertible Securities Repurchase Notice [minus the number of Repurchase Options (as defined in
the Base Call Option Transaction Confirmation), if any, that relate to such Convertible Securities (and for purposes of determining
whether any Options under this Confirmation or under the Base Call Option Transaction Confirmation will be among the Repurchase
Options hereunder or under, and as defined in, the Base Call Option Transaction Confirmation, the Convertible Securities specified
in such Convertible Securities Repurchase Notice shall be allocated first to the Base Call Option Transaction Confirmation until
all Options thereunder are exercised or terminated)] and (B) the Number of Options
as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the
number of Repurchase Options. Any payment hereunder with respect to such termination (the “Repayment Unwind Payment”)
shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in
respect of a Transaction having terms identical to this Transaction and a Number of Options equal to the number of Repurchase Options,
(2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated
portion of the Transaction were the sole Affected Transaction; provided that, in the event of a Repayment Event pursuant
to Section 4.02 of the Indenture or Section 4.03 of the Indenture, the Repayment Unwind Payment shall not be greater
than (x) the number of Repurchase Options multiplied by (y) the product of (A) the Applicable Percentage and (B) the
excess of (I) the amount paid by the Counterparty per Convertible Security pursuant to the relevant sections of the Indenture
over (II) USD 1,000. “Repurchase Event” means that (i) any Convertible Securities are repurchased
or redeemed (whether pursuant to Section 4.02 or Section 4.03 of the Indenture or otherwise) by Counterparty or any of
its subsidiaries (including in connection with, or as a result of, a Fundamental Change (as defined in the Indenture), a tender
offer, exchange offer or similar transaction or for any other reason), (ii) any Convertible Securities are delivered to Counterparty
in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any
principal of any of the Convertible Securities is repaid prior to the final maturity date of the Convertible Securities, or (iv) any
Convertible Securities are exchanged by or for the benefit of the “Holders” (as such term is defined in the Indenture)
thereof for any other securities of Counterparty or any of its affiliates (or any other property, or any combination thereof) pursuant
to any exchange offer or similar transaction. For the avoidance of doubt, any conversion of Convertible Securities (whether into
cash, Shares, “Reference Property” (as defined in the Indenture) or any combination thereof) pursuant to the terms
of the Indenture shall not constitute a Repurchase Event. Counterparty acknowledges and agrees that if an Additional Termination
Event has occurred under this Section 8(b)(ii), then any related Convertible Securities subject to a Repurchase Event will
be deemed to be cancelled and disregarded and no longer outstanding for all purposes hereunder.

 

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(iii)            Notwithstanding
anything to the contrary in this Confirmation, upon any Early Conversion in respect of which the relevant converting “Holder”
(as such term is defined in the Indenture) has satisfied the requirements to conversion set forth in Section 5.02(A) of
the Indenture:

 

		(A)	Counterparty shall, as promptly as practicable (but in any event within five Scheduled Trading Days of the “Conversion
Date” (as defined in the Indenture) for such Early Conversion), provide written notice (an “Early Conversion Notice”)
to Dealer specifying the number of Convertible Securities surrendered for conversion on such Conversion Date (such Convertible
Securities, the “Affected Convertible Securities”), and the giving of such Early Conversion Notice shall constitute
an Additional Termination Event as provided in this Section 8(b)(iii); provided that any such Early Conversion Notice
shall contain a written acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular
Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in respect of the
delivery of such Early Conversion Notice;

 

		(B)	upon receipt of any such Early Conversion Notice, within a commercially reasonable period of time thereafter, Dealer shall
designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be on or as promptly as reasonably
practicable after the related settlement date for such Affected Convertible Securities (the “Early Conversion Settlement
Date”)) with respect to the portion of the Transaction corresponding to a number of Options (the “Affected Number
of Options”) equal to the lesser of (x) the number of Affected Convertible Securities [minus the “Affected Number of Options” (as
defined in the Base Call Option Transaction Confirmation) (and for purposes of determining whether any Options under this Confirmation
or under the Base Call Option Transaction Confirmation will be among the Affected Number of Options hereunder or under, and as
defined in, the Base Call Option Transaction Confirmation, the Affected Convertible Securities specified in such Early Conversion
Notice shall be allocated first to the Base Call Option Transaction Confirmation until all options thereunder are exercised or
terminated)] and (y) the Number of
Options as of the “Conversion Date” (as defined in the Indenture) for such Early Conversion;

 

		(C)	any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if
(x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and
a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to
such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; provided
that the amount payable with respect to such termination shall not be greater than (1) the Applicable Percentage, multiplied
by (2) the Affected Number of Options, multiplied by (3) (x) the sum of (i) the amount of cash paid (if any)
and (ii) the number of Shares delivered (if any) to the Holder (as such term is defined in the Indenture) of an Affected Convertible
Security upon conversion of such Affected Convertible Security, multiplied by Share Obligation Value Price on the Early Conversion
Settlement Date (in each case of cash and Shares, including any cash and/or Shares payable and/or deliverable as the result of
a Make-Whole Adjustment (if any)), minus (y) USD 1,000;

 

		(D)	for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6
of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments,
agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no
adjustment to the conversion rate for the Convertible Securities has occurred pursuant to any Make-Whole Adjustment or Discretionary
Adjustment and (z) the corresponding Convertible Securities remain outstanding; and

 

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		(E)	the Transaction shall remain in full force and effect, except that, as of the “Conversion Date”(as defined in the
Indenture) for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options.

 

(c)            Alternative
Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date (whether
as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the
Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency
or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event
or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting
Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in
Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of
the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if Dealer would owe
any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement (any such amount, a “Payment
Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below)
unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day,
no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency
or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative
shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public
information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan
or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its sole discretion, to such election,
in which case the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply.

 

	 	Share Termination Alternative:	If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) of the Agreement or such later date or dates as Dealer may commercially reasonably determine (the “Share Termination Payment Date”) taking into account commercially reasonable hedging or hedge unwind activity, in satisfaction of the Payment Obligation.

                            

	 	Share Termination Delivery

         
	 
	 	Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price.  The Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.

         

	 	Share Termination Unit Price:	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.

 

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	 	Share Termination Delivery Unit:	In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event, as applicable.  If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.

                            

	 	Failure to Deliver:	Applicable

         

	 	Other Applicable Provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the issuer of any Share Termination Delivery Units (or any part thereof).

 

(d)            Disposition
of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of
counsel, the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant
to the Transaction in a commercially reasonable manner cannot be sold in the U.S. public market by Dealer without registration
under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a
registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale
of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially
in the form of an underwriting agreement for a registered offering, (B) provide accountant’s “comfort” letters
in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized
outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing
documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to
conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings
of equity securities (in all cases of (A)-(E) above, as would be usual and customary for offerings for companies of similar
size and industry); provided that if Counterparty elects clause (i) above but the items referred to therein are not
completed in a timely manner, or if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials,
the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in
order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar
to private placement purchase agreements customary for private placements of equity securities of similar size and industry, in
form and substance commercially reasonably satisfactory to Dealer, including customary representations, covenants, blue sky and
other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer
of the Hedge Shares from Dealer), and best efforts obligations to provide opinions and certificates and such other documentation
as is customary for private placements agreements for transactions of similar size and type, as is commercially reasonably acceptable
to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary,
in its good faith, commercially reasonable judgment, to compensate Dealer for any commercially reasonable discount from the public
market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares
from Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s), commercially
reasonably requested by Dealer. This Section 8(d) shall survive the termination, expiration or early unwind of the Transaction.

 

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(e)            Repurchase
and Conversion Rate Adjustment Notices. Counterparty shall, at least two Scheduled Trading Days prior to any day on which Counterparty
effects any repurchase of Shares or consummates or otherwise engages in any transaction or event (a “Conversion Rate Adjustment
Event”) that could reasonably be expected to lead to an increase in the “Conversion Rate” (as defined in
the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”)
if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage would reasonably be expected to be (i) greater
than 9.61% and (ii) greater by 0.50% than the Notice Percentage included in the immediately preceding Repurchase Notice (or,
in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the Number of Shares
plus the number of Shares underlying any other convertible bond hedge transactions or similar call options sold by Dealer to Counterparty
and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer
with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify
and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer
and each such person being an “Indemnified Party”) from and against any and all commercially reasonable losses
(including losses relating to the Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of
the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities
or cessation of hedging activities and any losses in connection therewith with respect to this Transaction), claims, damages and
liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable
securities laws, including without limitation, Section 16 of the Exchange Act or under any state or federal law, regulation
or regulatory order, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable
to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum
extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability.
In addition, Counterparty will reimburse any Indemnified Party for all commercially reasonable out-of-pocket expenses (including
commercially reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation
of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom,
whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated
or brought by or on behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this
Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement and shall
inure to the benefit of any permitted assignee of Dealer.

  

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(f)            Transfer
and Assignment.

 

(i)            Either
party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of the non-transferring
party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign without any
consent of Counterparty its rights and obligations hereunder, in whole or in part, to any person, or any person whose obligations
would be guaranteed by a person, in either case, with a rating (i) for its long-term, unsecured and unsubordinated indebtedness
at least equivalent to Dealer’s (or its ultimate parent’s) or (ii) that is no lower than A3 from Moody’s
Investor Service, Inc. (or its successor) or A- from Standard and Poor’s Rating Group, Inc. (or its successor);
provided further that, at the time of such transfer or assignment either (x) both the Dealer and transferee or assignee
in any such transfer or assignment are a “dealer in securities” within the meaning of Section 475(c)(1) of
the Internal Revenue Code of 1986, as amended (the “Code”) or (y) the transfer or assignment does not result
in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code. In the event of any such transfer or
assignment, the transferee or assignee shall agree that (i) Counterparty shall not be required to pay the transferee or assignee
under Section 2(d)(i)(4) of the Agreement any amount greater than the amount Counterparty would have been required to
pay to Dealer in the absence of such transfer or assignment, (ii) Counterparty shall not receive from the transferee or assignee
any amount or number of Shares less than it would have been entitled to receive in the absence of such transfer or assignment and
(iii) the transferee or assignee shall make such Payee Tax Representations and provide such tax documentation as may be reasonably
requested by Counterparty to permit Counterparty to determine that results described in clauses (i) and (ii) will not
occur upon or after such transfer or assignment. If at any time at which (1) the Equity Percentage exceeds 8.0% or (2) Dealer,
Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group
(Dealer, Dealer Group or any such person, a “Dealer Person”) under Section 203 of the Delaware General
Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts
of Counterparty applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively
owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal
to (x) the number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements
(including obtaining prior approval by a state or federal regulator, but excluding reporting obligations arising under Section 13
of the Exchange Act as in effect on the Trade Date) of a Dealer Person under Applicable Restrictions and with respect to which
such requirements have not been met or the relevant approval has not been received, or that would have any other adverse effect
on a Dealer Person, under Applicable Restrictions minus (y) 1% of the number of Shares outstanding on the date of determination
(either such condition described in clause (1) or (2), an “Excess Ownership Position”), Dealer, in its
discretion, is unable to effect a transfer or assignment to a third party after its commercially reasonable efforts on pricing
and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer
may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”)
of the Transaction, such that an Excess Ownership Position would no longer exist following the resulting partial termination of
the Transaction (after taking into account commercially reasonable adjustments to Dealer’s commercially reasonable Hedge
Positions from such partial termination). In the event that Dealer so designates an Early Termination Date with respect to a portion
of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement or Section 8(c) of
this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical
to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial
termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party
entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount
payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the fraction,
expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any
other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13
of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is
or may be deemed to be a part (collectively, “Dealer Group”) beneficially owns (within the meaning of Section 13
of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under
Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number)
and (B) the denominator of which is the number of Shares outstanding on such day. In the case of a transfer or assignment
by Counterparty of its rights and obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred
or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered
unreasonable if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but not limited,
to the following conditions:

 

		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant
to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

 

    Page 23 of 30

     

    

 

		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a U.S. person (as defined in the Code);

 

		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including,
but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable
judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation
and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty as are requested
by and reasonably satisfactory to, Dealer;

 

		(D)	Dealer shall not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount
under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty
in the absence of such transfer and assignment;

 

		(E)	Dealer shall not, as a result of such transfer or assignment, receive from the transferee or assignee any amount less than
it would have been entitled to receive in the absence of such transfer or assignment;

 

		(F)	An Event of Default, Potential Event of Default or Termination Event shall not occur as a result of such transfer and assignment;

 

		(G)	Counterparty shall have caused the transferee to make such Payee Tax Representations and to provide such tax documentation
as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will
not occur upon or after such transfer and assignment; and

 

		(H)	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer
in connection with such transfer or assignment.

 

(ii)          Notwithstanding
any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any
Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates
to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise
to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall
be discharged of its obligations to Counterparty solely to the extent of any such performance.

 

(g)            Staggered
Settlement. If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements
relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not
be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by Dealer on
any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal
Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”)
as follows:

 

(i)           in
such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such
Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;

 

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(ii)          the
aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal
the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and

 

(iii)         if
the Net Share Settlement terms or the “Combination Settlement” (as defined in the Indenture) terms set forth above
were to apply on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case
may be, will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date
will be allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.

 

(h)           Disclosure.
Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives,
or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating
to such tax treatment and tax structure.

 

(i)             No
Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party
waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction
against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other
agreement between parties hereto, by operation of law or otherwise.

 

(j)             Equity
Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction
that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt,
the parties agree that the preceding sentence shall not apply at any time other than during Counterparty’s bankruptcy to
any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For
the avoidance of doubt, the parties acknowledge that the obligations of Counterparty under this Confirmation are not secured by
any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement.

 

(k)            Early
Unwind. In the event the sale by Counterparty of the [Base Convertible Securities][Optional Convertible Securities] is not consummated pursuant to the Purchase
Agreement for any reason by the close of business in New York on August 31, 2020 (or such later date as agreed upon by the
parties) (August 31, 2020 or such later date being the “Early Unwind Date”), the Transaction shall automatically
terminate (the “Early Unwind”) on the Early Unwind Date and the Transaction and all of the respective rights
and obligations of Dealer and Counterparty hereunder shall be cancelled and terminated. Following such termination and cancellation,
each party shall be released and discharged by the other party from, and agrees not to make any claim against the other party with
respect to, any obligations or liabilities of either party arising out of, and to be performed in connection with, the Transaction
either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early
Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.

 

(l)             Agreements
and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on and
prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures
contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction;
(B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities
in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging
or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge
its price and market risk with respect to the “Daily VWAP” (as defined in the Indenture); (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the “Daily
VWAP” (as defined in the Indenture), each in a manner that may be adverse to Counterparty; and (E) the Transaction is
a derivatives transaction in which it has granted Dealer an option, and Dealer may purchase shares for its own account at an average
price that may be greater than, or less than, the price paid by Counterparty under the terms of the Transaction.

 

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(m)           Wall
Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability
Act of 2010 (the “WSTAA”), the parties hereby agree that neither the enactment of the WSTAA (or any statute
containing any legal certainty provision similar to Section 739 of the WSTAA) or any regulation under the WSTAA (or any such
statute), nor any requirement under the WSTAA (or any statute containing any legal certainty provision similar to Section 739
of the WSTAA) or an amendment made by the WSTAA (or any such statute), shall limit or otherwise impair either party’s otherwise
applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising
from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation,
the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law,
Hedging Disruption, Increased Cost of Hedging or Illegality).

 

(n)            Governing
Law; Exclusive Jurisdiction; Waiver of Jury.

 

(i)            THE
AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE,
OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(ii)           Section 13(b) of
the Agreement is deleted in its entirety and replaced by the following:

 

“Each party hereby irrevocably
and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this Confirmation or
the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the
exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States
of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement
precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the
United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the
Proceedings or decline to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced
by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered
by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such
court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions
or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of
appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or
against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or
remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such
suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other
suit, action or proceeding having commenced in that other jurisdiction.”

 

(iii)          EACH
OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF
OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR THE AGREEMENT.

 

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(o)            Amendment.
This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by
Counterparty and Dealer.

 

(p)            Counterparts.
This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

(q)            Tax
Matters. For purposes of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one
duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer shall provide
to Counterparty one duly executed and completed United States Internal Revenue Service Form [W-9][W-8ECI] (or successor thereto).
Such forms shall be delivered upon (i) execution and delivery of this Confirmation, (ii) promptly upon reasonable request
of the other party and (iii) promptly upon learning that any such form previously provided by the other party has become obsolete
or incorrect.

 

(r)            Withholding
Tax Imposed on Payments to Non-US Counterparties under the United States Foreign Account Tax Compliance Act. “Indemnifiable
Tax” as defined in Section 14 of the Agreement shall not include any U.S. federal withholding tax imposed or collected
pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections
of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction
or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

 

(s)            Incorporation
of ISDA 2015 Section 871(m) Protocol Provisions. To the extent that either party to the Agreement with respect to
this Transaction is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps
and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented,
replaced or superseded from time to time (the “871(m) Protocol”), the parties agree that the provisions
and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect
to this Transaction as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions
and amendments to the Agreement with respect to this Transaction, references to “each Covered Master Agreement” in
the 871(m) Protocol will be deemed to be references to the Agreement with respect to this Transaction, and references to the
“Implementation Date” in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

 

(t)            Payee
Tax Representations. For the purpose of Section 3(f) of the Agreement, the parties make the representations below:

 

(i)            [_______].

 

(ii)           Counterparty
is a corporation for U.S. federal income tax purposes and is organized under the laws of the United States. It is “exempt”
within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on IRS Form 1099
and backup withholding.

 

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(u)            Amendment
to Equity Definitions.

 

(i)            Solely
in respect of adjustments to the Cap Price pursuant to Section 8(u):

 

		(1)	Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase “, provided that, notwithstanding
this Section 11.2(e)(v), the parties hereto agree that, with respect to the Transaction, the following repurchases
of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events: any repurchases of Shares
in open-market transactions at prevailing market prices or privately negotiated accelerated Share repurchase (or similar) transactions
that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to
repurchase the Shares, in each case, to the extent that, after giving effect to such transactions, the aggregate number of Shares
repurchased during the term of the Transaction pursuant to all transactions described in this proviso would not exceed 20% of the
number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent” at the end of such Section.

 

		(2)	Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “that may have a diluting
or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “that is
the result of a corporate event involving the Issuer or its securities that has, in the commercially reasonable judgment of the
Calculation Agent, a material economic effect on the Shares or options on the Shares; provided that such event is not based
on (a) an observable market, other than the market for the Counterparty’s own stock or (b) an observable index,
other than an index calculated and measured solely by reference to Counterparty’s own operations.”

 

		(3)	Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%”.

 

(ii)           Section 12.9(b)(i) of
the Equity Definitions is hereby amended by replacing “either party may elect” with “Dealer may elect or, if
Counterparty represents to Dealer in writing at the time of such election that (i) it is not aware of any material nonpublic
information with respect to Counterparty or the Shares and (ii) it is not making such election as part of a plan or scheme
to evade compliance with the U.S. federal securities laws, Counterparty may elect.”

 

(v)            Other
Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in the Agreement, the Equity Definitions
or this Confirmation, upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty
of the terms of any Potential Adjustment Event, the Calculation Agent shall determine in good faith and in a commercially reasonable
manner whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so,
shall, in its good faith and commercially reasonable discretion, adjust the Cap Price to preserve the fair value of the Options
taking into account, for the avoidance of doubt, such economic effect on both the Strike Price and Cap Price (provided that
in no event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made
pursuant to this Section 8(v) shall be made without duplication of any other adjustment hereunder) and that such adjustments
may be made to account solely for changes in volatility, expected dividends, interest rates, stock loan rate or liquidity relative
to the relevant Shares). Solely for purposes of this Section 8(v), the terms “Potential Adjustment Event,” “Merger
Event,” and “Tender Offer” shall each have the meanings assigned to each such term in the Equity Definitions
(as amended by Section 8(t)(i)).

 

(w)           Notice
of Certain Other Events. (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than
one Exchange Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein,
pursuant to which any adjustment will be made to the Convertible Securities in connection with any Potential Adjustment Event,
Merger Event or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice
of the details of such adjustment.

 

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(x)            Payment
by Counterparty. In the event that, following payment of the Premium, (i) an Early Termination Date occurs or is designated
with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising
under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an amount calculated
under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9
of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed
to be zero.

 

(y)            [Dealer
Boilerplate & QFC].

 

[Signature Page Follows]

 

    Page 29 of 30

     

    

 

Counterparty hereby agrees (a) to check
this Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified
and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement
between Dealer and Counterparty with respect to the Transaction, by manually signing this Confirmation or this page hereof
as evidence of agreement to such terms and providing the other information required herein and immediately returning an executed
copy to Dealer.

 

	 	Yours faithfully,
	 	 
	 	[DEALER]
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Agreed and Accepted By:	 
	 	 
	K12 INC.	 
	 	 
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    Page 30 of 30

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