Document:

EX-4.1

 Exhibit 4.1 

URANERZ ENERGY CORPORATION 

and 
 CORPORATE STOCK TRANSFER,
INC. 
  
  

WARRANT INDENTURE 
 Dated
as of September 6, 2013 
  
  

 TABLE OF CONTENTS 

 

							
	ARTICLE 1	  
	INTERPRETATION	  
			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Gender and Number	  	 	6	  
	 Section 1.3
	  	Interpretation not Affected by Headings, etc.	  	 	6	  
	 Section 1.4
	  	Day not a Business Day	  	 	6	  
	 Section 1.5
	  	Time of the Essence	  	 	6	  
	 Section 1.6
	  	Currency	  	 	6	  
	 Section 1.7
	  	Applicable Law	  	 	6	  
	
	ARTICLE 2	  
	ISSUE OF WARRANTS	  
			
	 Section 2.1
	  	Issue of Warrants	  	 	7	  
	 Section 2.2
	  	Terms of Warrants	  	 	7	  
	 Section 2.3
	  	Warrantholder not a Shareholder	  	 	7	  
	 Section 2.4
	  	Warrants to Rank Pari Passu	  	 	7	  
	 Section 2.5
	  	Form of Warrants	  	 	7	  
	 Section 2.6
	  	Signing of Warrant Certificates	  	 	9	  
	 Section 2.7
	  	Certification by the Warrant Agent	  	 	9	  
	 Section 2.8
	  	Issue in Substitution for Warrant Certificates Lost, etc.	  	 	9	  
	 Section 2.9
	  	Exchange of Warrant Certificates	  	 	10	  
	 Section 2.10
	  	Transfer and Ownership of Warrants	  	 	10	  
	 Section 2.11
	  	Charges for Exchange or Transfer	  	 	13	  
	 Section 2.12
	  	Cancellation of Surrendered Warrants	  	 	13	  
	 Section 2.13
	  	Assumption by Transferee and Release of Transferor	  	 	14	  
	
	ARTICLE 3	  
	EXERCISE OF WARRANTS	  
			
	 Section 3.1
	  	Exercise of Warrants by the Holder	  	 	14	  
	 Section 3.2
	  	Transfer Fees and Taxes	  	 	15	  
	 Section 3.3
	  	Warrant Agency	  	 	15	  
	 Section 3.4
	  	Effect of Exercise of Warrants	  	 	16	  
	 Section 3.5
	  	Partial Exercise of Warrants; Fractions	  	 	16	  
	 Section 3.6
	  	Expiration of Warrants	  	 	17	  
	 Section 3.7
	  	Accounting and Recording	  	 	17	  
	 Section 3.8
	  	Securities Restrictions	  	 	17	  
	 Section 3.9
	  	Cashless Exercise or Redemption of Warrants	  	 	18	  
	 Section 3.10
	  	Acceleration of Expiry Date by Corporation	  	 	19	  
	
	ARTICLE 4	  
	ADJUSTMENT OF EXERCISE RIGHTS	  
			
	 Section 4.1
	  	Adjustment of Exercise Rights	  	 	20	  
	 Section 4.2
	  	Adjustment Rules	  	 	24	  

  
 i 

							
	 Section 4.3
	  	Postponement of Subscription	  	 	25	  
	 Section 4.4
	  	Notice of Adjustment of Exercise Rights	  	 	25	  
	 Section 4.5
	  	No Action after Notice	  	 	26	  
	 Section 4.6
	  	No Duty to Inquire	  	 	26	  
	 Section 4.7
	  	Rights Issued in Respect of Underlying Securities on Exercise	  	 	26	  
	
	ARTICLE 5	  
	RIGHTS OF THE CORPORATION AND COVENANTS	  
			
	 Section 5.1
	  	General Covenants	  	 	26	  
	 Section 5.2
	  	Warrant Agent’s Remuneration and Expenses	  	 	28	  
	 Section 5.3
	  	Performance of Covenants by Warrant Agent	  	 	28	  
	 Section 5.4
	  	Optional Purchases by the Corporation	  	 	28	  
	
	ARTICLE 6	  
	ENFORCEMENT	  
			
	 Section 6.1
	  	Suits by Warrantholders	  	 	29	  
	 Section 6.2
	  	Immunity of Shareholders, etc.	  	 	29	  
	 Section 6.3
	  	Limitation of Liability	  	 	29	  
	 Section 6.4
	  	Waiver of Default	  	 	30	  
	
	ARTICLE 7	  
	MEETINGS OF WARRANTHOLDERS	  
			
	 Section 7.1
	  	Right to Convene Meetings	  	 	30	  
	 Section 7.2
	  	Notice	  	 	30	  
	 Section 7.3
	  	Chairman	  	 	30	  
	 Section 7.4
	  	Quorum	  	 	31	  
	 Section 7.5
	  	Power to Adjourn	  	 	31	  
	 Section 7.6
	  	Show of Hands	  	 	31	  
	 Section 7.7
	  	Poll and Voting	  	 	31	  
	 Section 7.8
	  	Regulations	  	 	32	  
	 Section 7.9
	  	Corporation and Warrant Agent May be Represented	  	 	33	  
	 Section 7.10
	  	Powers Exercisable by Extraordinary Resolution	  	 	33	  
	 Section 7.11
	  	Meaning of Extraordinary Resolution	  	 	34	  
	 Section 7.12
	  	Powers Cumulative	  	 	34	  
	 Section 7.13
	  	Minutes	  	 	35	  
	 Section 7.14
	  	Instruments in Writing	  	 	35	  
	 Section 7.15
	  	Binding Effect of Resolutions	  	 	35	  
	 Section 7.16
	  	Holdings by Corporation Disregarded	  	 	35	  
	
	ARTICLE 8	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 8.1
	  	Provision for Supplemental Indentures for Certain Purposes	  	 	36	  
	 Section 8.2
	  	Successor Corporations	  	 	36	  

  
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	ARTICLE 9	  
	CONCERNING THE WARRANT AGENT	  
			
	 Section 9.1
	  	Trust Indenture Legislation	  	 	37	  
	 Section 9.2
	  	Rights and Duties of Warrant Agent	  	 	37	  
	 Section 9.3
	  	Evidence, Experts and Advisers	  	 	38	  
	 Section 9.4
	  	Documents, Monies, etc. Held by Warrant Agent	  	 	38	  
	 Section 9.5
	  	Actions by Warrant Agent to Protect Interest	  	 	39	  
	 Section 9.6
	  	Warrant Agent Not Required to Give Security	  	 	39	  
	 Section 9.7
	  	Protection of Warrant Agent	  	 	39	  
	 Section 9.8
	  	Replacement of Warrant Agent; Successor by Merger	  	 	40	  
	 Section 9.9
	  	Conflict of Interest	  	 	41	  
	 Section 9.10
	  	Acceptance of Trust	  	 	41	  
	 Section 9.11
	  	Warrant Agent Not to be Appointed Receiver	  	 	41	  
	 Section 9.12
	  	Anti-Money Laundering and Anti-Terrorist Legislation	  	 	41	  
	 Section 9.13
	  	Accounts Opened for Corporation	  	 	41	  
	
	ARTICLE 10	  
	GENERAL	  
			
	 Section 10.1
	  	Notice to the Corporation and the Warrant Agent	  	 	42	  
	 Section 10.2
	  	Notice to Warrantholders	  	 	43	  
	 Section 10.3
	  	Counterparts	  	 	43	  
	 Section 10.4
	  	Satisfaction and Discharge of Indenture	  	 	43	  
	 Section 10.5
	  	Provisions of Indenture and Warrants for the Sole Benefit of Parties, Agent and Warrantholders.	  	 	44	  
	 Section 10.6
	  	Warrants Owned by the Corporation or its Subsidiaries — Certificate to be Provided	  	 	44	  
	 Section 10.7
	  	Evidence of Ownership	  	 	44	  
	 Section 10.8
	  	Privacy Laws	  	 	45	  
	 Section 10.9
	  	Assignment	  	 	45	  
	 Section 10.10
	  	No Waiver, etc.	  	 	45	  
	 Section 10.11
	  	Language	  	 	45	  
	 Section 10.12
	  	Further Assurances	  	 	46	  
	
	ADDENDA	  
	
	 SCHEDULE “A”
	   

  
 iii 

 THIS WARRANT INDENTURE is made as of the 6th day of
September, 2013. 
 BETWEEN: 
 URANERZ ENERGY
CORPORATION, a corporation incorporated under the laws of the State of Nevada (hereinafter referred to as the “Corporation”) 
 - and -

 CORPORATE STOCK TRANSFER, INC., a company incorporated under the laws of the State of Colorado (hereinafter referred to as the “Warrant
Agent”) 
 WHEREAS: 
 A. the Corporation has
agreed to issue up to 8,550,000 Units (as defined below), each Unit consisting of one Common Share (as defined below) of the Corporation and one-half of one Warrant (as defined below); 

B. as of the date hereof, the Corporation has an effective Registration Statement (as defined below) under the U.S. Securities Act (as defined below); 

C. one whole Warrant shall, subject to adjustment, entitle the holder thereof to purchase from the Corporation one Common Share of the Corporation at the
Exercise Price (as defined below) at any time prior to 5:00 p.m. (Denver time) 30 months from the Closing Date (as defined below), upon the terms and conditions herein set forth; 

D. all acts and deeds necessary have been done and performed to make the Warrants, when certified, issued and delivered as provided in this Indenture, legal,
valid and binding upon the Corporation with the benefits of and subject to the terms of this Indenture; and 
 E. the Warrant Agent has agreed to enter into
this Indenture and to hold all rights, interests and benefits contained herein for and on behalf of those persons who from time to time become holders of Warrants, as listed on the register as further described in Section 2.10 (a) below,
issued pursuant to this Indenture. 
 NOW THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 INTERPRETATION 
  

	Section 1.1	Definitions 

 In this Indenture, including the recitals and schedules hereto, and in all indentures
supplemental hereto; 
 “Applicable Legislation” means, as applicable, the provisions of the United States Securities Act of 1933, as
amended, and any other applicable statute of the United States and Canada or a state or applicable province thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations
of warrant agents and of corporations under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture; 

 “Applicable Procedures” means the rules and procedures of the Depository in respect of the
Book-Based System as in effect from time to time; 
 “Book-Based System” means, in relation to a Global Warrant, the debt clearing, record
entry, transfer and pledge systems and services established and operated by or on behalf of the Depository for the Warrants (including where applicable pursuant to one or more agreements between such Depository and its Participants establishing the
rules and procedures for such systems and services), or any successor systems or services thereof; 
 “Business Day” means a day which is
not Saturday or Sunday or a legal holiday in the City of New York, New York, Denver, Colorado or Vancouver, British Columbia; 
 “Capital
Reorganization” has the meaning set forth in Section 4.1(e); 
 “Cashless Exercise” has the meaning set forth in
Section 3.9(a); 
 “Cashless Exercise Date” means, with respect to any Warrant as to which the Corporation has elected a Cashless
Exercise in accordance with Section 3.9, the date on which the Warrant Certificate representing such Warrant is duly surrendered for exercise along with a duly completed and executed Notice of Intent to Exercise, all in accordance with the
terms hereof; 
 “Closing Date” means September 6, 2013; 

“Common Shares” means fully paid and non-assessable shares of common stock of the Corporation; 

“Corporation” means Uranerz Energy Corporation, a corporation incorporated under the laws of the State of Nevada; 

“Corporation’s Auditors” means a firm of independent chartered accountants duly appointed as auditors of the Corporation; 

“Counsel” means an attorney at law or a firm of attorneys at law retained by the Warrant Agent or retained by the Corporation and acceptable
to the Warrant Agent; 
 “Current Market Price” of a Common Share at any date means the price per share equal to the weighted average price
at which the Common Shares have traded on the NYSE MKT for the 20 consecutive Trading Days ending 5 Trading Days before the relevant date or, if the Common Shares are not then listed on the NYSE MKT then on any other United States or Canadian stock
exchange on which the Common Shares are then listed or quoted as may be selected by the directors of the Corporation or, if the Common Shares are not then listed or quoted on any United States or Canadian stock exchange then on such other stock
exchange on which the Common Shares are then listed as may be selected by the directors of the Corporation or, if the Common Shares are not then listed on a stock exchange, on the over-the-counter market (provided that, in each case, if such average
price is not in United States dollars, such price will be translated into United States dollars using the then applicable Exchange Rate); provided that, if there is no market for the Common Shares during all or part of such period during which the
Current Market Price per Common Share would 

  
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otherwise be determined, the Current Market Price per Common Share shall in respect of all or such part of the period be determined by a nationally recognized firm of chartered accountants
appointed by the Corporation (who may be the Corporation’s Auditors), in each case appropriately adjusted to take into account the occurrence during such 20-Trading Day period of any event that would result in an adjustment of the Exercise
Price pursuant to Article 4; 
 “Definitive Warrant” means a Warrant in the form of an individual certificate in definitive fully
registered form issued pursuant to Section 2.5 and substantially in the form set forth in Schedule A but does not include Exhibit 1 or any information only required to be included in a Global Warrant; 

“Depository” means DTC or any other depository subsequently appointed by the Corporation as the depository in respect of Global Warrants;

 “DTC” means the Depository Trust Company together with its successors from time to time; 

“director” means a director of the Corporation for the time being and, unless otherwise specified herein, reference without more to action
“by the directors” means action by the directors of the Corporation as a board or, whenever duly empowered, action by any committee of such board; 

“Effective Date” means the Closing Date; 

“Eligible Institution” means a member of the Medallion Signature Guarantee Program or, in Canada, a Canadian Schedule 1 chartered bank, a
major trust company in Canada, a member of the Securities Transfer Association Medallion Program, or a member of the Stock Exchange Medallion Program; 

“Exchange Rate” means, on any date for determination, the rate at which United States dollars may be exchanged into other currency calculated
by reference to such publicly available service for displaying exchange rates of a major bank in the City of New York as may be determined by the Corporation; 

“Exercise Date” means, with respect to any Warrant, the date on which the Warrant Certificate representing such Warrant is duly surrendered
for exercise along with full payment of the Exercise Price (subject to Section 3.9), all in accordance with the terms hereof; 
 “Exercise
Form” means, with respect to any Warrant, the exercise form attached to the Warrant and substantially as set out as Schedule “A” hereto, duly completed and executed; 

“Exercise Price” means US$1.60 per share, unless such price shall have been adjusted in accordance with the provisions of this Indenture;

 “Expiry Date” means March 6, 2016, unless accelerated pursuant to Section 3.10, in which case, Expiry Date means the date
calculated pursuant to the provisions of Section 3.10; 
 “Extraordinary Resolution” has the meaning set forth in Section 7.11;

  
 - 3 - 

 “Global Warrant” means Warrants in the form of one or more certificates in global form issued
pursuant to the Book-Based System and registered in the name of the Depository or its nominee, and issued pursuant to Section 2.5, substantially the form attached as Schedule A and deposited with the Depository or its nominee; 

“Issuer Bid” has the meaning set forth in Section 4.1(d); 

“NYSE MKT” means the NYSE MKT LLC; 

“Participant” shall mean, in relation to a Depository, a broker, dealer, bank or other financial institution or other person on whose behalf
such Depository or its nominee holds securities pursuant to a Book-Based System operated by such Depository; 
 “person” means, without
limitation, an individual, body corporate, partnership, trust, Warrant Agent, executor, administrator, legal representative or any unincorporated organization; 

“Privacy Laws” has the meaning set forth in Section 10.8; 

“Registration Statement” means a shelf registration statement filed with the SEC under the U.S. Securities Act, together with any applicable
supplement thereto, relating to the Underlying Securities; 
 “Rights” has the meaning set forth in Section 4.7; 

“Rights Agreement” has the meaning set forth in Section 4.7; 

“Rights Offering” has the meaning set forth in Section 4.1(b); 

“Rights Period” has the meaning set forth in Section 4.1(b); 

“Redemption Date” means, with respect to any Warrant as to which the Corporation has elected a redemption in accordance with
Section 3.9, the date on which the Warrant Certificate representing such Warrant is duly surrendered for exercise along with a duly completed and executed Notice of Intent to Exercise Form, all in accordance with the terms hereof; 

“Regulatory Approval” means the approval of the NYSE MKT or the TSX, each as applicable; 

“SEC” means the United States Securities and Exchange Commission; 

“Share Reorganization” has the meaning set forth in Section 4.1(a); 

“Shareholder” means a holder of record of one or more Common Shares; 

“Special Distribution” has the meaning set forth in Section 4.1(c); 

“Subsidiary of the Corporation” means a corporation, more than 50% of the outstanding voting shares of which are owned, directly or
indirectly, other than by way of security only, by the Corporation or by one or more subsidiaries of the Corporation; and, as used in this 

  
 - 4 - 

 
definition, “voting shares” means shares of a class or classes ordinarily entitled to vote for the election of a majority of the directors of a corporation irrespective of whether or
not shares of any other class or classes shall have or might have the right to vote for directors by reason of the happening of any contingency; 

“Time of Expiry” means 5:00 p.m. (Denver time) on the Expiry Date; 

“TSX” means the Toronto Stock Exchange; 

“Trading Day” means any day on which trading occurs on the NYSE MKT (or such other exchange or market provided for in the definition of
“Current Market Price”); 
 “Underlying Securities” means the Common Shares issuable upon the exercise of the Warrants, including
the shares or other securities or property issuable upon the exercise of the Warrants as a result of any adjustment of exercise rights pursuant to Section 4.1 and Section 4.2; 

“Units” means the units offered pursuant to a prospectus supplement dated August 27, 2013 by the Corporation, each such unit consisting
of one Common Share and one-half of one Warrant; 
 “U.S. Person” means a “U.S. person” as defined in Rule 902 (k) of
Regulation S under the U.S. Securities Act; 
 “U.S. Securities Act” means the United States Securities Act of 1933, as amended; 

“Warrant” means a Common Share purchase warrant of the Corporation to be issued pursuant to this Indenture entitling the holder thereof to
acquire one Common Share at the Exercise Price until the Time of Expiry for each whole warrant held, subject to the terms and conditions herein; 

“Warrant Agency” means the principal office of the Warrant Agent in the City of Denver, Colorado or such other place as may be designated in
accordance with Section 3.3; 
 “Warrant Agent” means Corporate Stock Transfer, Inc. or its successors from time to time in the trust
hereby created; 
 “Warrant Certificate” means a certificate, substantially in the form set forth in Schedule “A”, issued on or
after the Effective Date to evidence Warrants; 
 “this Warrant Indenture” “this Indenture”, “herein”,
“hereby”, “hereof” and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental hereto; and the expressions “Article”, “Section”,
“subsection” and “paragraph” followed by a number, letter or both mean and refer to the specified article, section, subsection or paragraph of this Indenture; 

“Warrantholders”, or “holders” means the persons who are registered owners of Warrants, which includes the Depository, and,
for greater certainty, in respect of any action to be taken by a holder in respect of his Warrants, means the holder or his successors, executors, administrators or other legal representatives or his or their attorney duly appointed by instrument in
writing in form, substance and execution satisfactory to the Warrant Agent with signatures guaranteed by an Eligible Institution; 

  
 - 5 - 

 “Warrantholders’ Request” means an instrument signed in one or more counterparts by
Warrantholders entitled to acquire in the aggregate not less than 25% of the aggregate number of Common Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or
proceeding specified therein; and 
 “written request of the Corporation” and “certificate of the Corporation” mean,
respectively, a written request and certificate signed in the name of the Corporation by its Chairman, President or Chief Financial Officer and may consist of one or more instruments so executed. 

 

	Section 1.2	Gender and Number 

 Unless herein otherwise expressly provided or unless the context
otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. 
  

	Section 1.3	Interpretation not Affected by Headings, etc. 

 The division of this Indenture into
Articles and Sections, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture. 

 

	Section 1.4	Day not a Business Day 

 In the event that any day on or before which any action is
required to be taken hereunder is not a Business Day, then such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day. 

 

	Section 1.5	Time of the Essence 

 Time shall be of the essence in this Indenture. 

 

	Section 1.6	Currency 

 Except as otherwise stated, all dollar amounts herein are expressed in United
States dollars. 
  

	Section 1.7	Applicable Law 

 This Indenture and the Warrant Certificates shall be governed by and
construed in accordance with the laws of the State of Nevada and any applicable federal laws of the United States. Notwithstanding the preceding sentence, the exercise, performance or discharge by the Warrant Agent of any of its rights, powers,
duties or responsibilities under the Indenture shall be construed in accordance with the laws of the State of Colorado. 

  
 - 6 - 

 ARTICLE 2 ISSUE OF WARRANTS 

 

	Section 2.1	Issue of Warrants 

 A maximum of up to 4,275,000 Warrants, entitling the holders thereof to acquire up to
4,275,000 Common Shares (subject to adjustment in accordance with the terms hereof) on the terms and subject to the conditions herein provided, are hereby created and authorized to be issued hereunder. 

 

	Section 2.2	Terms of Warrants 

  

	(a)	Each whole Warrant shall entitle the holder thereof, upon the exercise thereof prior to the Time of Expiry, to acquire one (1) Common Share (subject to adjustment in accordance with the terms hereof) on payment of
the Exercise Price. 

  

	(b)	No fractional Warrants shall be issued or otherwise provided for hereunder. To the extent that any agreement, document or certificate evidences or purports to confer the right to be issued a fraction of a Warrant, such
Warrants issued shall be rounded down to the nearest whole number without any compensation payable therefor. 

  

	(c)	The number of Common Shares which may be acquired pursuant to the exercise of Warrants and the Exercise Price shall be adjusted in the circumstances and in the manner specified in Article 4. 

 

	Section 2.3	Warrantholder not a Shareholder 

 Nothing in this Indenture or in the holding of a
Warrant or Warrant Certificate, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend,
meetings of Shareholders or any other proceedings of the Corporation, or the right to receive dividends and other distributions. 
  

	Section 2.4	Warrants to Rank Pari Passu 

 All Warrants shall rank pari passu, whatever may be the
actual date of issue thereof. 
  

	Section 2.5	Form of Warrants 

  

	(a)	Subject to Section 2.10(e), the Warrants may be issued pursuant to the Book-Based System and may be represented by a Global Warrant. The Global Warrant shall be held by, or on behalf of, the Depository as
depository of the Participants in the Book-Based System and shall be registered in the name of “Cede & Co.” (or such other name as the Depository may use from time to time as its nominee for the purposes of the Book-Based System).
In the event that the Warrants are issued pursuant to the Book-Based System, no beneficial holder will receive Definitive Warrants representing their beneficial ownership in Warrants unless the Corporation determines to terminate the Book-Based
System or the other conditions set forth in Section 2.10(e) have been satisfied. 

  

	(b)	 The Warrant Certificates (including all replacements issued in accordance with this Indenture) shall be substantially in the form set out in Schedule
“A” hereto, shall bear such legends and distinguishing letters and numbers as the Corporation may, with the 

  
 - 7 - 

	 	
approval of the Warrant Agent and subject to applicable securities laws, prescribe, and shall be issuable in any denomination excluding fractions. The Warrants hereby created shall be issued by
the Warrant Agent in accordance with the written direction of the Corporation. The aggregate amount of the Global Warrants may from time to time be increased or decreased by notations made on the Global Warrant by the Warrant Agent, subject in each
case to compliance with the Applicable Procedures and each Global Warrant shall bear a legend substantially in the following form subject to modification as required by the Depository: 

“Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Corporation 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 is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 Unless and until it is exchanged in whole or in part for securities
in definitive registered form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor Depositary or a nominee of such
successor Depositary.” 
  

	(c)	Each Global Warrant shall represent such of the outstanding Warrants as shall be specified therein and each shall provide that it shall represent the aggregate outstanding Warrants from time to time endorsed thereon and
that the aggregate outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, to reflect replacements, exchanges, or exercises of such Warrants. Any adjustment of the aggregate amount of a Global Warrant
to reflect the amount of any increase or decrease in the amount of outstanding Warrants represented thereby shall be made by the Warrant Agent in accordance with instructions given by the holder thereof as required by Section 2.10 and shall be
made on the records of the Warrant Agent and the Depository. 

 Members of, or participants in, the Depository (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Warrant held on their behalf by the Depository or under the Global Warrant, and the Depository (including, for this purpose, its nominee) may be treated by the
Corporation, the Warrant Agent and any agent of the Corporation or the Warrant Agent as the absolute owner and holder of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (1) prevent the
Corporation, the Warrant Agent or any agent of the Corporation or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depository or (2) impair, as between the Depository and its Agent
Members, the operation of customary practices governing the exercise of the rights of a holder of any Warrant. 

  
 - 8 - 

	(d)	The Warrant Certificates may be engraved, printed, lithographed or partly in one form and partly in another as the Corporation with the approval of the Warrant Agent may determine. No change in the Warrant Certificate
shall be required by reason of any adjustment made pursuant to Article 4 in the number or class of Common Shares or other securities to which a holder is entitled pursuant to the exercise of the Warrants. 

 

	(e)	No fractional Warrants shall be issued or otherwise provided for hereunder. 

  

	(f)	The number of Common Shares which may be purchased pursuant to the exercise of Warrants and the Exercise Price payable therefor shall be adjusted in the events and in the manner specified in Article 4.

  

	(g)	Each Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture. 

  

	Section 2.6	Signing of Warrant Certificates 

 The Warrant Certificates shall be signed (with or
without the seal of the Corporation) by any one or more directors or officers of the Corporation. The signatures of any such director or officer may be mechanically reproduced in facsimile and Warrant Certificates bearing such facsimile signatures
shall be binding upon the Corporation as if they had been manually signed by such director or officer. Notwithstanding that any person whose manual or facsimile signature appears on any Warrant Certificate as a director or officer may no longer hold
office at the date of such Warrant Certificate or at the date of certification or delivery thereof, any Warrant Certificate signed as aforesaid shall, subject to Section 2.7, be valid and binding upon the Corporation and the holder thereof
shall be entitled to the benefits of this Indenture. 
  

	Section 2.7	Certification by the Warrant Agent 

  

	(a)	No Warrant Certificate shall be issued or, if issued, shall be valid for any purpose or entitle the holder to the benefit of this Indenture hereof until it has been certified by manual signature by or on behalf of the
Warrant Agent by its authorized signing officers located in the City of Denver and such certification by the Warrant Agent upon any Warrant Certificate shall be conclusive evidence as against the Corporation that the Warrant Certificate so certified
has been duly issued hereunder and that the holder is entitled to the benefits hereof. 

  

	(b)	The certification of the Warrant Agent on Warrant Certificates issued hereunder shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or the Warrant
Certificates (except the due certification thereof) and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrant Certificates or any of them or of the consideration therefor except as otherwise specified herein.

  

	Section 2.8	Issue in Substitution for Warrant Certificates Lost, etc. 

  

	(a)	 If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law and to subsection (b), shall
issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon

  
 - 9 - 

	 	
cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a
form pursuant to the provisions of this Warrant Indenture and approved by the Warrant Agent and the Warrants evidenced thereby shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants
issued or to be issued hereunder. 

  

	(b)	The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.8 shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue
thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant
Agent, in their sole discretion, and such applicant may also be required to furnish an indemnity and/or a surety bond in amount and form satisfactory to the Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable
charges of the Corporation and the Warrant Agent in connection therewith. 

  

	Section 2.9	Exchange of Warrant Certificates 

  

	(a)	Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent, be exchanged for one or more other Warrant Certificates representing
the same aggregate number of Warrants as represented by the Warrant Certificate or Warrant Certificates tendered for exchange. 

  

	(b)	Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate tendered for exchange shall be
cancelled by the Warrant Agent. 

  

	(c)	Warrant Certificates issued pursuant to this Section shall be in the same form and shall bear the same legends as those Warrant Certificates they are exchanged for. 

 

	Section 2.10	Transfer and Ownership of Warrants 

  

	(a)	The Warrant Agent will cause to be kept (i) by and at the Warrant Agency, a register (or registers) of holders in which shall be entered in alphabetical order the names and addresses of the holders of Warrants and
particulars of the Warrants held by them, respectively, and (ii) by and at the Warrant Agency, a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered. 

 

	(b)	 Subject to subsection 2.10(c), 2.10(d) and 2.10(e) below and such reasonable requirements as the Warrant Agent may prescribe and all applicable
securities legislation and requirements of regulatory authorities, the Warrants may only be transferred on the register referred to in subsection (a) by the holder or its legal representatives or its attorney duly appointed by an instrument in
writing in form and execution satisfactory to the Warrant Agent with signatures guaranteed by Eligible Institutions only upon surrendering to the Warrant Agent the Warrant Certificate or

  
 - 10 - 

	 	
Warrant Certificates representing the Warrants to be transferred, together with the duly completed Transfer Form (in the form annexed to the Warrant Certificate), and upon compliance with and,
upon reasonable request of the Corporation or the Warrant Agent, satisfactory evidence of: 

  

	 	(i)	the conditions set forth in this Indenture; 

  

	 	(ii)	such reasonable requirements as the Warrant Agent may prescribe; and 

  

	 	(iii)	all applicable securities legislation and requirements of regulatory authorities. 

 Such
transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee one or more Warrant Certificates representing the Warrants transferred. 

 

	(c)	No transfer of a Warrant shall be valid (i) unless made in accordance with the provisions hereof, (ii) until, upon compliance with such reasonable requirements as the Warrant Agent may prescribe, such transfer
is recorded on the register maintained by the Warrant Agent pursuant to subsection (a) of this Section 2.10, (iii) unless such registration shall be noted on the Warrant Certificate by the Warrant Agent, and (iv) until all
governmental or other charges arising by reason of such transfer have been paid. 

  

	(d)	A Global Warrant may not be transferred, in whole or in part, to any person other than the Depository or a nominee or any successor thereof, and no transfer to any person other than the Depository or a nominee or any
successor thereof may be registered; provided that the foregoing shall not prohibit any transfer of a Warrant that is issued in exchange for a Global Warrant but is not itself a Global Warrant. No transfer of a Warrant to any person shall be
effective under this Indenture or the Warrants unless and until such Warrant has been registered in the name of such person. Notwithstanding any other provisions of this Indenture or the Warrants, transfers of a Global Warrant, in whole or in part,
shall be made only in accordance with this Section 2.10(d). 

  

	(e)	The provisions below shall apply only to Global Warrants: 

  

	 	(i)	Each Global Warrant authenticated under this Indenture shall be registered in the name of the Depository or a nominee thereof and delivered to such Depository or a nominee thereof or custodian therefor.

  

	 	(ii)	 Notwithstanding any other provisions of this Indenture or the Warrants, a Global Warrant shall not be exchanged in whole or in part for a Warrant
registered, and no transfer of a Global Warrant in whole or in part shall be registered, in the name of any person other than the Depository or one or more nominees thereof or any successor thereof; provided that a Global Warrant may be exchanged
for Warrants registered in the names of any person designated by the Depository in the event that (A) the Depository has notified the Corporation that it is unwilling or unable to continue as Depository for such Global Warrant (B) such
Depository has ceased to be a clearing agency 

  
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or otherwise ceases to be eligible to be a depository, and a successor depository is not appointed by the Corporation within 90 days after receiving such notice or becoming aware that the
Depository has ceased to be a clearing agency or otherwise ceases to be eligible to be a depository or (C) the Corporation has determined, in its sole discretion, to terminate the Book-Based System in respect of such Global Warrant and has
communicated such determination to the Warrant Agent in writing. Any Global Warrant exchanged pursuant to subclause (A), (B) or (C) above shall be so exchanged in whole and not in part. Any Warrant issued in exchange for a Global Warrant
or any portion thereof shall be a Global Warrant; provided further that any such Warrant so issued that is registered in the name of a person other than the Depository or a nominee thereof shall not be a Global Warrant but shall be a Definitive
Warrant. 

  

	 	(iii)	Warrants issued in exchange for a Global Warrant or any portion thereof (other than another Global Warrant) shall be issued in definitive, fully registered form, shall have an aggregate amount equal to that of such
Global Warrant or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate. Any Global Warrant to be exchanged in whole shall be surrendered by the Depository to
the Warrant Agent, as registrar. With regard to any Global Warrant to be exchanged in part, the amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of a notation made on the Global Warrant as
authenticated by the Warrant Agent and an appropriate adjustment made on the records of the Depository and the Warrant Agent. 

  

	 	(iv)	Subject to clause (vi) of this Section 2.10(e), the registered holder may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to
take any action which a holder is entitled to take under this Indenture or the Warrants. 

  

	 	(v)	In the event of the occurrence of any of the events specified in clause (ii) of this Section 2.10(e), the Corporation will promptly make available to the Warrant Agent a reasonable supply of Definitive
Warrants in definitive, fully registered form. 

  

	 	(vi)	 Neither Agent Members nor any other persons on whose behalf Agent Members may act shall have any rights under this Indenture with respect to any
Global Warrant registered in the name of the Depository or any nominee thereof, or under any such Global Warrant, and the Depository or such nominee, as the case may be, may be treated by the Corporation, the Warrant Agent and any Agent of the
Corporation or the Warrant Agent as the absolute owner and holder of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Corporation, the Warrant Agent or any agent of the Corporation or
the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depository or such nominee, as the case may be, or impair, 

  
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as between the Depository, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such persons governing the exercise of the
rights of a holder of any Warrant. 

  

	 	(vii)	At such time as all interests in a Global Warrant have been exercised, cancelled or exchanged for Definitive Warrants, such Global Warrant shall, upon receipt thereof, be cancelled by the Warrant Agent in accordance
with Applicable Procedures and instructions existing between the Depository and the Warrant Agent, subject to Section 3.5 of this Indenture. At any time prior to such cancellation, if any interest in a Global Warrant is exercised, cancelled or
exchanged for Definitive Warrants, the amount of such Global Warrant shall, in accordance with the Applicable Procedures and instructions existing between the Depository and the Warrant Agent, be appropriately reduced, and an endorsement shall be
made on such Global Warrant, by the Warrant Agent to reflect such reduction. 

  

	(f)	The Corporation and the Warrant Agent may deem and treat the registered owner of any Warrant as the beneficial owner thereof for all purposes and neither the Corporation nor the Warrant Agent shall be affected by any
notice or knowledge to the contrary except as required by statute or court of competent jurisdiction. 

  

	(g)	Subject to the provisions of this Indenture and Applicable Legislation, the Warrantholders shall be entitled to the rights and privileges attaching to the Warrants free from all equities or rights of set off or
counterclaims between the Corporation and the original and any intermediate holder of the Warrants. The issue of Common Shares by the Corporation upon the exercise or deemed exercise of Warrants in accordance with the terms and conditions herein
contained shall discharge all responsibilities of the Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder. 

 

	Section 2.11	Charges for Exchange or Transfer 

 Except as otherwise herein provided, a reasonable
charge may be levied by the Warrant Agent in respect of the transfer or the exchange of any Warrant Certificate or the issue of a new Warrant Certificate(s) pursuant hereto or for any and all transfer, stamp or similar taxes or other governmental
charges required to be paid by the holder requesting such transfer or exchange as a condition precedent to such transfer or exchange. 
  

	Section 2.12	Cancellation of Surrendered Warrants 

 All Warrant Certificates surrendered pursuant to
Section 2.8, Section 2.9, Section 2.10, Section 3.1, Section 3.5 or Section 5.4 shall be returned to the Warrant Agent for cancellation and, after the expiry of any period of retention prescribed by law, destroyed by
the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a destruction certificate identifying the Warrant Certificates so destroyed, the number of Warrants evidenced thereby and the number of Common
Shares, if any, issued pursuant to such Warrants. 

  
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	Section 2.13	Assumption by Transferee and Release of Transferor 

 Upon becoming a Warrantholder in
accordance with the provisions of this Indenture, the transferee thereof shall be deemed to have acknowledged and agreed to be bound by this Indenture. Upon the registration of such transferee as the Warrantholder of a Warrant, the transferor shall
cease to have any further rights under this Indenture with respect to such Warrant or the Common Share in respect thereof. 

ARTICLE 3 EXERCISE OF WARRANTS 
  

	Section 3.1	Exercise of Warrants by the Holder 

  

	(a)	Subject to the terms hereof, including the provisions of Section 3.1 and Section 3.9, each holder of Warrants that is not in the form of a Global Warrant may exercise the right conferred on such holder to
purchase one Common Share (subject to adjustment in accordance with the terms hereof) for each whole Warrant held by surrendering to the Warrant Agent at the Warrant Agency, after the Effective Date and prior to the Time of Expiry:

  

	 	(i)	the Warrant Certificate with a duly completed and executed Exercise Form in the form substantially set out in Schedule “A”; and 

 

	 	(ii)	a certified cheque, bank draft or money order in lawful money of the United States payable to or to the order of the Corporation at par in the city where such Warrant Certificate is surrendered in an amount equal to the
Exercise Price multiplied by the number of Common Shares subscribed for. 

 A Warrant Certificate with the duly completed and
executed Exercise Form referred to in this Section 3.1(a)(i), together with the payment of the Exercise Price of the Common Shares subscribed for and referred to in this Section 3.1(a)(ii), shall be deemed to be surrendered only upon
personal delivery thereof or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the Warrant Agency. 
  

	(b)	Notwithstanding any provision to the contrary contained in this Indenture, no Warrantholder may exercise any Warrant at any time when a Registration Statement is not effective, unless an exemption from the registration
requirements to the U.S. Securities Act is available and such holder provides evidence of the availability of such exemption satisfactory to the Corporation and the Warrant Agent. If a Registration Statement is not effective, such Warrantholder
shall be notified forthwith by the Warrant Agent that such Warrantholder is entitled to, at the sole option of the Corporation, either a redemption or cashless exercise of his or her Warrant, in whole or in part, in accordance with Section 3.9
(but subject to the restrictions set forth in Section 3.8). 

  
 - 14 - 

	(c)	Any Exercise Form referred to in Section 3.1(a) shall be signed by the Warrantholder and shall specify: 

  

	 	(i)	the number of Common Shares which the holder wishes to acquire (being not more than the number of Common Shares which the holder is entitled to acquire pursuant to the Warrant Certificate(s) surrendered);

  

	 	(ii)	the person or persons in whose name or names such Common Shares are to be issued; 

  

	 	(iii)	the address or addresses of such person or persons; and 

  

	 	(iv)	the number of Common Shares to be issued to each such person if more than one is so specified. 

The Warrantholder must comply with all applicable securities laws in connection with the issuance of Common Shares upon exercise of Warrants.

 Notwithstanding the foregoing, if any of the Common Shares subscribed for are to be issued to a person or persons other than the
Warrantholder, the signature(s) set out in the Exercise Form shall be guaranteed by an Eligible Institution, the Warrantholder shall comply with such reasonable requirements as the Warrant Agent may prescribe and shall pay to the Corporation or the
Warrant Agency on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation shall not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to the
Corporation, or the Warrant Agency on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid or that no tax is due. The duly completed and executed Transfer Form
shall be completed along with the Exercise Form. 
  

	(d)	Anything herein to the contrary notwithstanding, in the case of Global Warrants, exercise notices may be delivered and such Warrants may be surrendered for exercise in accordance with the Applicable Procedures.

  

	Section 3.2	Transfer Fees and Taxes 

 If any of the Common Shares subscribed for are to be issued to
a person or persons other than the Warrantholder, the Warrantholder shall comply with such reasonable requirements as the Warrant Agent may prescribe and shall pay to the Corporation or the Warrant Agency on behalf of the Corporation, all applicable
transfer or similar taxes and the Corporation shall not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to the Corporation, or the Warrant Agency on behalf of the Corporation,
the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid or that no tax is due. 
  

	Section 3.3	Warrant Agency 

 In connection with the exchange or transfer of Warrant Certificates and
exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the principal office of the Warrant Agent in the city of Denver, Colorado as the agency at which Warrant Certificates
may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as the Warrant Agency and shall
give notice to the Warrant Agent of any change of the Warrant Agency. 

  
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	Section 3.4	Effect of Exercise of Warrants 

  

	(a)	Upon the exercise of Warrants pursuant to Section 3.1 and subject to Section 3.5, the Common Shares to be issued shall be deemed to have been issued and the person or persons to whom such Common Shares are to
be issued shall be deemed to have become the holder or holders of record of such Common Shares on the Exercise Date unless the transfer registers of the Corporation shall be closed on such date, in which case the Underlying Securities shall be
deemed to have been issued and such person or persons deemed to have become the holder or holders of record of such Common Shares, on the date on which such transfer registers are reopened. 

 

	(b)	The Corporation shall, upon receipt of the Warrant Certificate, the payment of the Exercise Price (subject to Section 3.9) and the Exercise Form duly completed, as soon as practicable and in any event within three
(3) Business Days after the Exercise Date, cause to be mailed to the person or persons in whose name or names the Common Shares are to be registered (as indicated in the Exercise Form, completed and delivered in accordance with
Section 3.1(c)) or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of
Underlying Securities evidenced by the Warrant Certificate or if requested, evidence of the Underlying Securities so subscribed for held in the Book-Based System. In addition, if it is required by law, the Corporation shall cause to be delivered to
any Warrantholder in whose name the Underlying Securities issuable upon exercise of the Warrants are to be issued a prospectus that complies with the U.S. Securities Act. 

 

	Section 3.5	Partial Exercise of Warrants; Fractions 

  

	(a)	The holder of any Warrants may exercise his right to acquire Common Shares in part and may thereby acquire a number of Common Shares less than the aggregate number which such holder is entitled to acquire pursuant to
the surrendered Warrant Certificate(s). In the event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise, the holder of the Warrants upon such exercise shall, in addition, be entitled to receive,
without charge therefor, a new Warrant Certificate(s) in respect of the balance of the Warrants represented by the surrendered Warrant Certificate(s) and which were not then exercised. If any interest in a Global Warrant is exercised in part, the
amounts of such Global Warrant shall, in accordance with Applicable Procedures and instructions existing between the Depository and the Warrant Agent, be proportionately reduced and an endorsement shall be made on such Global Warrant, by the Warrant
Agent to reflect such reduction. 

  

	(b)	 Notwithstanding anything herein contained including any adjustment provided for in Article 4, the Corporation shall not be required, upon the exercise
of any Warrants, to issue fractions of Underlying Securities or to distribute certificates or Warrants which evidence a fractional Underlying Security. In the event that a fractional share results

  
 - 16 - 

	 	
upon the exercise of any Warrants, the issuance shall be rounded down to the nearest whole Common Share. If more than one Warrant shall be presented for exercise in full at the same time by the
same Warrantholder, the number of Underlying Securities that shall be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of Underlying Securities purchasable on exercise of the Warrants so presented.

  

	Section 3.6	Expiration of Warrants 

 Immediately after the Time of Expiry, all rights under any
Warrant in respect of which the right of acquisition herein and therein provided for shall not have been exercised shall cease and terminate and such Warrant shall be void and of no further force or effect except to the extent that the Warrantholder
has not received certificates representing the Common Shares held by it after a valid exercise of Warrants on an Exercise Date prior to the Time of Expiry, in which instances the Warrantholder’s rights hereunder shall continue until it has
received the Common Shares to which it is entitled hereunder. 
  

	Section 3.7	Accounting and Recording 

  

	(a)	The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised. Any securities or other instruments (including any property), from time to time received by the Warrant Agent shall be
received in trust for, and shall be segregated and kept apart by the Warrant Agent in trust for, the Warrantholders and the Corporation, as their interests may appear. 

 

	(b)	The Warrant Agent shall record the particulars of Warrants exercised which particulars shall include the names and addresses of the persons who become holders of Common Shares and the Exercise Date in respect thereof.
The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the Corporation therefor. 

  

	Section 3.8	Securities Restrictions 

 Notwithstanding any provision to the contrary contained in this
Indenture, no Common Shares will be issued pursuant to the exercise of any Warrant if the issuance of such securities would constitute a violation of the securities laws of any applicable jurisdiction, and, without limiting the generality of the
foregoing, the Corporation will legend the certificates representing the Common Shares if, in the opinion of counsel to the Corporation such legend is necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or
to comply with the requirements of any stock exchange on which the Common Shares are listed, provided that if, at any time, in the opinion of outside counsel to the Corporation, acting reasonably, such legends are no longer necessary in order to
avoid a violation of any such laws, or the holder of any such legended certificate, at his expense, provides the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of Counsel of recognized
standing satisfactory to the Corporation) to the effect that such holder is entitled to sell or otherwise transfer such securities in a transaction in which such legends are not required, such legended certificates may thereafter be surrendered to
the Corporation in exchange for a certificate which does not bear such legends. For greater certainty, should no Registration Statement be effective, the Corporation shall permit, at the Corporation’s sole discretion, either the Cashless
Exercise or redemption of Warrants held by Warrantholders as set forth in Section 3.9 and shall not be permitted to issue legended Underlying Securities in lieu thereof or in satisfaction thereof. 

  
 - 17 - 

	Section 3.9	Cashless Exercise or Redemption of Warrants 

  

	(a)	If at any time the Registration Statement is not effective, the Corporation will give notice to the Warrant Agent forthwith (but, in any event, within one Business Day) after learning that the Registration Statement is
not effective, and provide to the Warrant Agent a form of notice of intent to exercise (“Notice of Intent to Exercise Form”). The Warrant Agent will then forthwith give notice that no Registration Statement is effective, together
with the Notice of Intent to Exercise Form, in accordance with the provisions set out in Article 10, to each Warrantholder shown on the register of holders of Warrants kept by the Warrant Agent pursuant to this Indenture as soon as reasonably
practicable, but in any event such notice to Warrantholders must be sent within three Business Days after learning from the Corporation that the Registration Statement is not effective. Such notice must be sent by fax or such other agreed upon
method pursuant to the Applicable Procedures to any Depository that is a registered holder for the Depository to distribute to its Participants pursuant to the Applicable Procedures, provided, however, that if the Depository will not distribute the
notice that the Registration Statement is not effective and the Notice of Intent to Exercise Form to its Participants and notifies the Warrant Agent to such effect or the Warrant Agent is otherwise aware that the Depository has not made such
distribution pursuant to the Applicable Procedures, then the Warrant Agent shall request from the Depository a list of participating accounts in the Book-Based System and will promptly deliver such notice that the Registration Statement is not
effective and the Notice of Intent to Exercise Form directly to those Participants. 

  

	(b)	 If the Registration Statement ceases to be effective, prior to the Time of Expiry and for so long as the Registration Statement is not effective,
subject to applicable law, any holder of any Warrant may provide the Corporation with notice of intent to exercise such Warrant by surrendering the certificate representing such Warrant at any time during such period to the Warrant Agent at the
Warrant Agency, with a duly completed and executed Notice of Intent to Exercise Form, provided to each Warrantholder in accordance with Section 3.9(a), upon which the holder shall indicate that he or she is exercising his or her right to
exercise the Warrants. At such time of the receipt of the Notice of Intent to Exercise Form, the Warrant Agent at the Warrant Agency shall inform the Corporation of the Warrantholder’s intent to exercise. Within two Business Days of notice from
the Warrant Agent at the Warrant Agency of the provision of a Notice of Intent to Exercise Form, the Corporation shall elect, at its sole discretion, to either (i) permit the redemption of the Warrants as provided in this section or
(ii) permit the cashless exercise of the Warrants as provided in this section (“Cashless Exercise”). If the holder exercises the right provided for in this Section 3.9(b) in respect of a lesser number of Warrants than the
aggregate number of Warrants represented by the Warrant Certificate surrendered, the Warrantholder shall be entitled to receive a further Warrant Certificate in respect of the Warrants represented by the Warrant Certificate that have not been part
of a cashless exercise or redeemed. If the Warrant Agent receives a Warrant Certificate, a 

  
 - 18 - 

	 	
duly completed and executed Exercise Form and payment of the Exercise Price with respect to the exercise of any Warrant during the period after the Registration Statement is no longer effective
and before such holder is provided with a Notice of Intent to Exercise Form in accordance with Section 3.9(a), the Exercise Form shall be treated as a Notice of Intent to Exercise Form and the provisions of this Section 3.9 shall apply to
any such Warrant surrendered for exercise, and the Exercise Price shall be refunded to the Warrantholder without interest or deduction. 

  

	(c)	Forthwith following the election of the Corporation to permit Cashless Exercise by the Warrantholders or permit the redemption of the Warrants in accordance with Section 3.9(b), the Warrant Agent shall deliver to
the Corporation a notice setting out the particulars of the Warrants to be exercised or redeemed and the name and address of the Warrantholder, the number of Common Shares to be issued, if a Cashless Exercise, or the amount of money to be paid
pursuant to the redemption right (“Final Exercise Notice”). 

  

	(d)	Within five Business Days of receipt of the Final Exercise Notice referred to in (c), the Corporation shall cause either (i) in the case of a redemption, a cheque in the amount of money determined by multiplying
the number of Common Shares that would have been issued if the Warrants to be redeemed were exercised on the Redemption Date by the excess (if any) of the Current Market Price per Common Share on the Trading Day immediately preceding the Redemption
Date over the Exercise Price on the Redemption Date; or (ii) in the case of a Cashless Exercise, a certificate representing the number of Common Shares equal to the number of Common Shares which would, but for such Cashless Exercise, have been
issuable (“Total Share Number”) less the number of Common Shares equal to the quotient obtained by dividing (A) the product of the Total Share Number and Exercise Price by (B) the Current Market Price of the Common Shares
on the Cashless Exercise Date; to be mailed to such Warrantholder at the address specified in such Notice of Intent to Exercise Form, or, if so specified in such Notice of Intent to Exercise Form, to be made available for pick-up by such
Warrantholder at the Warrant Agency. 

  

	Section 3.10	Acceleration of Expiry Date by Corporation 

 In the event that the Common Shares trade in
the United States at a closing price of greater than US$2.75 per share for a period of 20 consecutive Trading Days at any time after the Closing Date, the Corporation may accelerate the Expiry Date of the Warrants by giving notice via a press
release to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Corporation. 

  
 - 19 - 

 ARTICLE 4 ADJUSTMENT OF EXERCISE RIGHTS 

 

	Section 4.1	Adjustment of Exercise Rights 

 The Exercise Price per Common Share and the number of
Common Shares or other property which may be subscribed for upon exercise of a Warrant shall be subject to adjustment from time to time upon the occurrence of any of the events and in the manner provided as follows: 

 

	(a)	If and whenever at any time prior to the Time of Expiry the Corporation shall: 

  

	 	(i)	issue, declare a dividend or make a distribution on its Common Shares in each case payable in Common Shares (or securities exchangeable for or convertible into Common Shares) at no additional cost to all or
substantially all of the holders of Common Shares, or 

  

	 	(ii)	subdivide, redivide or change its outstanding Common Shares into a greater number of Common Shares, or 

  

	 	(iii)	reduce, combine or consolidate its outstanding Common Shares into a lesser number, 

 (any of
such events in clauses 4.1(a)(i), (ii) and (iii) being called a “Share Reorganization”), then effective immediately after the record date or effective date, as the case may be, at which the holders of Common Shares are
determined for the purposes of the Share Reorganization, the Exercise Price shall be adjusted to a price determined by multiplying the applicable Exercise Price in effect on such effective date or record date by a fraction, the numerator of which
shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Share Reorganization and the denominator of which shall be the number of Common Shares outstanding immediately after giving effect to
such Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of additional Common Shares that would have been outstanding had such securities been exchanged for or
converted into Common Shares immediately after giving effect to such Share Reorganization). 
  

	(b)	If and whenever at any time prior to the Time of Expiry the Corporation shall fix a record date for the issuing of rights, options or warrants to all or substantially all of the holders of the Common Shares entitling
them for a period expiring not more than 45 days after such record date (the “Rights Period”) to subscribe for or purchase Common Shares (or securities convertible into or exchangeable for Common Shares) at a price per share (or
having a conversion or exchange price per share) which is less than 95% of the Current Market Price per Common Share on the record date for such issue (any of such events being called a “Rights Offering”), then effective immediately
after the end of the Rights Period the Exercise Price shall be adjusted to a price determined by multiplying the applicable Exercise Price in effect at the end of the Rights Period by a fraction the numerator of which shall be the sum of:

  

	 	(i)	the number of Common Shares outstanding as of the record date for the Rights Offering, and 

  

	 	(ii)	 the number determined by dividing (A) either the product of (i) the number of Common Shares issued during the Rights Period upon exercise of
the rights, warrants or options under the Rights Offering and (ii) the price at which such Common Shares are issued, or, as the case may be, the product of (iii) the number of Common Shares for or

  
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into which the convertible or exchangeable securities issued during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering are exchangeable or convertible
and (iv) the exchange or conversion price of the convertible or exchangeable securities so issued, by (B) the Current Market Price per Common Share as of the record date for the Rights Offering, and 

the denominator of which shall be the number of Common Shares outstanding (including the number of Common Shares actually issued or subscribed
for during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering) or which would be outstanding upon the conversion or exchange of all convertible or exchangeable securities issued during the Rights Period upon
exercise of the rights, warrants or options under the Rights Offering, as applicable, in each case after giving effect to the Rights Offering. 

Common Shares owned by or held (otherwise than as security) for the account of the Corporation or any Subsidiary of the Corporation shall be
deemed not to be outstanding for the purpose of any such computation. In order to give effect to the provisions of Section 4.1(f) in the circumstances described below, any holder who shall have exercised his right to purchase Underlying
Securities during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period therefor, in addition to the Underlying Securities to which he is otherwise entitled upon such exercise,
shall be entitled to that number of additional Underlying Securities equal to the result obtained when the difference, if any, between the Exercise Price in effect immediately prior to the end of such Rights Offering and the Exercise Price as
adjusted for such Rights Offering pursuant to this Section 4.1(b), is multiplied by the number of Common Shares purchased upon exercise of the Warrant held by such holder during such period, and the resulting product is divided by the Exercise
Price as adjusted for such Rights Offering pursuant to this Section 4.1(b). Such additional Common Shares shall be deemed to have been issued to the holder immediately following the end of the Rights Period and a certificate for such additional
Common Shares shall be delivered to such holder within 10 Business Days following the end of the Rights Period. 

  
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	(c)	If and whenever at any time prior to the Time of Expiry the Corporation shall fix a record date for the payment, issue or distribution to all or substantially all of the holders of the Common Shares of (i) a
dividend, (ii) cash or assets (including evidences of the Corporation’s indebtedness), or (iii) rights, options, warrants or other securities (including securities convertible into or exchangeable for Common Shares), and such payment,
issue or distribution does not constitute a Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special Distribution”), the Exercise Price shall be adjusted effective immediately after
such record date to a price determined by multiplying the applicable Exercise Price in effect on such record date by a fraction: 

  

	 	(i)	the numerator of which shall be: 

  

	 	(A)	the product of the number of Common Shares outstanding on such record date and the Current Market Price per Common Share on such record date; less 

 

	 	(B)	the fair market value, as determined in good faith by action of the directors whose determination shall be conclusive, subject to any required Regulatory Approval, to the holders of the Common Shares of such cash,
assets, rights, options, warrants or securities so paid, issued or distributed less the fair market value, as determined in good faith by action of the directors whose determination shall be conclusive, subject to any required Regulatory Approval,
of the consideration, if any, received therefor by the Corporation, and 

  

	 	(ii)	the denominator of which shall be the number of Common Shares outstanding on such record date multiplied by the Current Market Price per Common Share on such record date. 

Such adjustment shall be made successively whenever such a record date is fixed. To the extent that such payment, issuance or distribution is
not so made, the Exercise Price shall be readjusted effective immediately to the Exercise Price which would then be in effect based upon such payment, issuance or distribution actually made. 

 

	(d)	If and whenever at any time prior to the Time of Expiry an issuer bid or a tender or exchange offer (other than an odd lot offer or a normal course issuer bid) made by the Corporation or a Subsidiary of the Corporation
to all or substantially all of the Shareholders for all or any portion of the Common Shares where the cash and the value of any other consideration included in such payment per Common Share exceeds the Current Market Price per Common Share on the
Trading Day immediately preceding the commencement of the issuer bid or tender or exchange offer (any such issuer bid or tender or exchange offer being called an “Issuer Bid”), the Exercise Price shall be adjusted to a price
determined by multiplying the applicable Exercise Price in effect on the date of the completion of such Issuer Bid by a fraction, the numerator of which shall be the product of (i) the number of Common Shares outstanding immediately prior to
the completion of the Issuer Bid (without giving effect to any reduction in respect of any tendered or exchanged shares) and, (ii) the Current Market Price per Common Share on the Trading Day immediately preceding the commencement of the Issuer
Bid, and the denominator of which shall be the sum of (i) the fair market value (determined in good faith by the board of directors of the Corporation whose determination shall be conclusive, subject to any required Regulatory Approval, and
described in a resolution of the board of directors of the Corporation) of the aggregate consideration paid by the Corporation or subsidiary to holders of Common Shares upon the completion of such Issuer Bid, and (ii) the product of
(A) the difference between the number of Common Shares outstanding immediately prior to the completion of the Issuer Bid (without giving effect to any reduction in respect of tendered or exchanged shares) and the number of Common Shares
actually purchased by the Corporation or Subsidiary of the Corporation pursuant to the Issuer Bid, and (B) the Current Market Price Per Common Share on the Trading Day immediately preceding the commencement of the Issuer Bid. 

  
 - 22 - 

	(e)	If and whenever at any time prior to the Time of Expiry there shall be a reclassification of Common Shares outstanding at such time or change of the Common Shares into other shares or into other securities (other than a
Share Reorganization, a Rights Offering or a Special Distribution), or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation, arrangement
or merger which does not result in any reclassification of the outstanding Common Shares or a change of the Common Shares into other shares), or a sale, conveyance or transfer of the undertaking or assets of the Corporation as an entirety or
substantially as an entirety to another corporation or entity in which the holders of Common Shares are entitled to receive shares, other securities or property, including cash (other than transfers of the property or assets of the Corporation which
do not result in any reclassification of the outstanding Common Shares or a change of the Common Shares into other shares) (any of such events being herein called a “Capital Reorganization”), and subject to any required Regulatory
Approval, any holder who exercises his right to subscribe for and purchase Common Shares pursuant to the exercise of Warrants after the effective date of such Capital Reorganization shall be entitled to receive, and shall accept for the same
aggregate consideration in lieu of the number of Common Shares to which such holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such holder would have received as a result of
such Capital Reorganization had he exercised his right to acquire Underlying Securities immediately prior to the effective date or record date, as the case may be, of the Capital Reorganization and had he been the registered holder of such
Underlying Securities on such effective date or record date, as the case may be, subject to adjustment thereafter in accordance with provisions the same, or nearly as may be possible, as those contained in Section 4.1(b) and Section 4.1(c)
hereof. If determined appropriate by the directors, acting in good faith, appropriate adjustments shall be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 4.1, with respect to
the rights and interests thereafter of the holder of a Warrant to the end that the provisions set forth in this Section 4.1 shall thereafter correspondingly be made applicable as nearly as may be reasonably possible in relation to any shares,
other securities or other property thereafter deliverable upon the exercise of the Warrant. Any such adjustment shall be made by and set forth in an agreement supplemental hereto approved by action of the directors, acting in good faith, and shall
for all purposes be conclusively deemed to be an appropriate adjustment. 

  

	(f)	 If and whenever at any time prior to the Time of Expiry there shall occur a Share Reorganization, a Rights Offering, a Special Distribution or an
Issuer Bid and any such event results in an adjustment to the Exercise Price pursuant to the provisions of this Section 4.1, the number of Common Shares purchasable upon the exercise of each Warrant (at the adjusted Exercise Price) shall be
adjusted contemporaneously with the adjustment of the Exercise Price by multiplying the number of Common 

  
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Shares theretofore purchasable on the exercise thereof by a fraction, the numerator of which shall be the applicable Exercise Price in effect immediately prior to such adjustment and the
denominator of which shall be the applicable Exercise Price resulting from such adjustment. 

  

	(g)	In case the Corporation after the date of issue of the Warrants shall take any action affecting the Common Shares, other than action described in this Section 4.1, which in the opinion of the directors, acting
reasonably, would materially adversely affect the rights of the Warrantholders, the Exercise Price or the number of Common Shares purchasable upon the exercise of each Warrant shall be adjusted in such manner, if any, and at such time, by action of
the directors, acting reasonably, as they may determine to be equitable in the circumstances, but subject in all cases to any necessary regulatory approvals. 

  

	Section 4.2	Adjustment Rules 

 For the purposes of Section 4.1, any adjustment shall be made
successively whenever an event referred to therein shall occur, subject to the following provisions: 
  

	(a)	all calculations shall be made to the nearest 1/100th of a Common Share; 

  

	(b)	no adjustment to an Exercise Price shall be required unless such adjustment would result in a change of at least one per cent in the prevailing Exercise Price and no adjustment shall be made in the number of Common
Shares which may be subscribed for upon exercise of the Warrant unless it would require a change of at least 1/100th of a Common Share; provided, however, that any adjustments which, except for the provisions of this Section 4.2(b) would
otherwise have been required to be made shall be carried forward and taken into account in any subsequent adjustment; 

  

	(c)	if any question shall arise with respect to adjustments provided for in this Article 4, such question shall, absent manifest error, be conclusively determined by a firm of chartered accountants appointed by the
Corporation (who may be the Corporation’s Auditors) and acceptable to the Warrant Agent, acting reasonably; such chartered accountants shall have access to all necessary records of the Corporation and such determination shall be binding on the
Corporation, the Warrant Agent and the Warrantholders, absent manifest error. In the event that any such determination is made, the Corporation shall deliver a certificate to the Warrant Agent describing such determination and confirming such
consent; 

  

	(d)	if the Corporation shall set a record date to determine the holders of its Common Shares for the purpose of entitling them to receive any dividend or distribution or any subscription or purchase rights, options or
warrants and shall thereafter and before the distribution to such Shareholders of any such dividend, distribution or subscription or purchase rights legally abandon its plan to pay or deliver such dividend, distribution or subscription or purchase
rights, then no adjustment in the Exercise Price or the number of Common Shares purchasable upon exercise of the Warrant shall be required by reason of the setting of such record date; and 

  
 - 24 - 

	(e)	as a condition precedent to the taking of any action which would require any adjustment in any of the subscription rights pursuant to any of the Warrants, the Corporation shall take any corporate action which may, in
the opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital, and may validly and legally issue as fully paid and non-assessable, all of the Underlying Securities that the Warrantholders are
entitled to receive on full exercise thereof in accordance with the provisions hereof. 

  

	Section 4.3	Postponement of Subscription 

 In any case where the application of Section 4.1
results in an increase in the number of Underlying Securities taking effect immediately after the record date for a specific event, if any Warrant is exercised after that record date and prior to completion of the event, the Corporation may postpone
the issuance to the holder of the Warrant of the Common Shares to which such Warrantholder is entitled by reason of such adjustment but such Common Shares shall be so issued and delivered to that holder upon completion of that event, with the number
of such Common Shares calculated on the basis of the number of Common Shares on the date that the Warrant was adjusted for completion of that event and the Corporation shall deliver to the person or persons in whose name or names the Common Shares
are to be issued an appropriate instrument evidencing the right of such person or persons to receive such Common Shares and the right to receive any dividends or other distributions which, but for the provisions of this Section 4.3, such person
or persons would have been entitled to receive in respect of such Common Shares from and after the date that the Warrant was exercised in respect thereof. 
  

	Section 4.4	Notice of Adjustment of Exercise Rights 

  

	(a)	At least 14 days prior to the effective date or record date, as the case may be, of any event that requires or that may require an adjustment in any of the exercise rights pursuant to any of the Warrants, including the
number of Underlying Securities that may be acquired upon the exercise thereof, the Corporation shall: 

  

	 	(i)	file with the Warrant Agent a certificate of the Corporation specifying the particulars of such event (including the record date or the effective date for such event) and, if determinable, the required adjustment and
the computation of such adjustment; and 

  

	 	(ii)	give notice to the Warrantholders of the particulars of such event (including the record date or the effective date for such event) and, if determinable, the required adjustment, in accordance with the provisions set
out in Section 10.2. If any of the Warrants is in the form of a Global Warrant, then the Corporation shall modify such notice to the extent necessary to accord with the Applicable Procedures relating to the Global Warrants. 

 

	(b)	In case any adjustment for which a notice in Section 4.4(a) has been given is not then determinable, the Corporation shall promptly after such adjustment is determinable: 

 

	 	(i)	file a certificate of the Corporation with the Warrant Agent showing how such adjustment was computed; and 

  
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	 	(ii)	give notice to the Warrantholders of the adjustment, in accordance with the provisions set out in Section 10.2. 

  

	(c)	The Warrant Agent may act and rely for all purposes upon any certificates and any other documents filed by the Corporation pursuant to this Section 4.4. 

 

	Section 4.5	No Action after Notice 

 The Corporation shall not take any other corporate action that
might deprive any Warrantholder of the opportunity to exercise Warrants during the 14-day period after the giving of the notice set forth in Section 4.4(a). 
  

	Section 4.6	No Duty to Inquire 

 The Warrant Agent shall not at any time be under any duty or
responsibility to any Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1 and Section 4.2, or with respect to the nature or extent of any such adjustment when made, or with
respect to the method employed in making the same. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any securities or property which may at any time be issued or delivered upon the exercise
of any Warrant. 
  

	Section 4.7	Rights Issued in Respect of Underlying Securities on Exercise 

 Each Common Share issued
on the exercise of Warrants shall be entitled to receive the appropriate number of purchase rights (“Rights”), if any, that all Common Shares are entitled to receive, and the certificates representing such Common Shares shall bear
such legends, if any, in each case as may be provided by the terms of any shareholder rights agreement adopted by the Corporation, as the same may be amended from time to time (a “Rights Agreement”); provided that such Rights
Agreement requires that each Common Share issued on exercise of Warrants at any time prior to the distribution of separate certificates representing the Rights be entitled to receive such Rights, then, not withstanding anything else to the contrary
in this Indenture, there shall not be any adjustment made pursuant to this Article 4 as a result of the issuance of Rights, the distribution of separate certificates representing the Rights, the exercise or redemption of such Rights in accordance
with any such Rights Agreement, or the termination or invalidation of such Rights. 
 ARTICLE 5 RIGHTS OF THE CORPORATION AND
COVENANTS 
  

	Section 5.1	General Covenants 

 The Corporation covenants with the Warrant Agent that so long as any
Warrants remain outstanding: 
  

	(a)	it will allot and reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants; 

 

	(b)	it will cause the Common Shares and the certificates representing the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrant
Certificates and the terms hereof; 

  
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	(c)	upon payment of the Exercise Price (subject to Section 3.9), all Common Shares which shall be issued upon exercise of the rights to acquire provided for herein and in the Warrant Certificates shall be fully paid
and non-assessable; 

  

	(d)	it will maintain its corporate existence carry on and conduct its business in a proper, efficient and business-like manner and, in accordance with good business practice, keep or cause to be kept proper books of account
in accordance with United States generally accepted accounting practice, and, if and whenever required in writing by the Warrant Agent, file with the Warrant Agent copies of all annual and interim financial statements of the Corporation furnished to
its shareholders during the term of this Indenture; 

  

	(e)	subject to a Capital Reorganization described in Section 4.1(e) above or a tender offer, it will use its reasonable best efforts to ensure that all Common Shares outstanding or issuable from time to time (including
without limitation the Underlying Securities) continue to be or are listed and posted for trading on the NYSE MKT and the Toronto Stock Exchange; 

  

	(f)	subject to a Capital Reorganization described in Section 4.1(e) above or a tender offer, it will use its reasonable efforts to maintain its status as a reporting issuer or equivalent in good standing under the
federal securities laws of the United States and in each of the provinces of Canada, other than Quebec, and it will make all requisite filings to be made by it under applicable United States and Canadian securities legislation and stock exchange
rules including without limitation to report the exercise of the rights to acquire Common Shares pursuant to Warrants or otherwise; 

  

	(g)	if at any time the Registration Statement is not effective, it will give notice to the Warrant Agent forthwith (but, in any event, within one Business Day) after learning that the Registration Statement is not
effective, and provide to the Warrant Agent a form of Notice of Intent to Exercise Form (as set out in Section 3.9); 

  

	(h)	it will use reasonable best efforts to maintain the Registration Statement continuously effective under the U.S. Securities Act until the Expiry Date or exercise of all Warrants (provided, however, that nothing shall
prevent the Corporation’s amalgamation, arrangement, merger or sale, including any take-over bid, and any associated delisting or deregistration or ceasing to be a reporting issuer, provided that, so long as the Warrants are still outstanding
and represent a right to acquire securities of the acquiring company, the acquiring company shall assume our obligations under this Warrant Indenture); 

  

	(i)	 if, in the opinion of Counsel, any instrument is required to be filed with, or any permission, order or ruling is required to be obtained from any
securities administrator, regulatory agency or governmental authority in Canada or the United States or any other step is required under any federal or provincial law of Canada or any federal or state law of the United States before the Underlying
Securities may be 

  
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issued or delivered to a Warrantholder, the Corporation will use its reasonable best efforts to file such instrument, obtain such permission, order or ruling or take all such other actions, at
its expense, as are required; and 

  

	(j)	generally, it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture. 

  

	Section 5.2	Warrant Agent’s Remuneration and Expenses 

 The Corporation covenants that it will
pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent
in the administration or execution of the trusts hereby created (including the reasonable compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and
thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed, except any such expense, disbursement or advance as may arise out of or result from the Warrant Agent’s gross negligence, wilful misconduct or bad
faith. 
 Any amount due to the Warrant Agent under this Section 5.2 and unpaid for 30 days after a request for such payment has been
made shall bear interest at the then current rate charged by the Warrant Agent, and such interest amount shall be added to and form part of the Warrant Agent’s remuneration and shall become due and payable immediately by the Corporation. 

 

	Section 5.3	Performance of Covenants by Warrant Agent 

 If the Corporation shall fail to perform any
of its covenants contained in this Indenture, the Warrant Agent shall notify the Warrantholders of such failure on the part of the Corporation in accordance with Section 6.4 or may itself perform any of the covenants capable of being performed
by it but, subject to Section 9.2, shall be under no obligation to perform said covenants. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.2. No such performance, expenditure or
advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants herein contained. 
  

	Section 5.4	Optional Purchases by the Corporation 

 Subject to compliance with applicable securities
legislation, the Corporation may purchase from time to time by private contract or otherwise any of the Warrants. Any such purchase may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may
negotiate with such persons. Any Warrant Certificates representing the Warrants purchased pursuant to this Section 5.4 shall forthwith be delivered to and cancelled by the Warrant Agent. No Warrants shall be issued in replacement thereof. 

  
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 ARTICLE 6 ENFORCEMENT 

 

	Section 6.1	Suits by Warrantholders 

  

	(a)	No Warrantholder shall have any right to institute any action, suit or proceeding at law or in equity for the purpose of enforcing the execution of this Indenture or power hereunder or seeking the liquidation of the
Corporation, its winding-up, composition of its debts under any law relating to bankruptcy, insolvency, or reorganisation or relief of the debtors of the Corporation, or the seeking appointment of a receiver, receiver and manager, Warrant Agent,
custodian or similar official for the Corporation or any substantial part of the Corporation’s property or assets unless (i) the Warrantholders by Extraordinary Resolution shall have made a request to the Warrant Agent and the Warrant
Agent shall have been afforded reasonable opportunity to proceed or complete any action or suit for any such purpose whether or not in its own name; and (ii) the Warrantholders or any of them shall have furnished to the Warrant Agent, when so
requested by the Warrant Agent, sufficient funds and security and indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and (iii) the Warrant Agent shall have failed to act within
a reasonable time or where the Warrant Agent shall have failed to have actively pursued any such action, suit or proceeding. 

  

	(b)	Subject to the provisions of this Section and Section 7.10, all or any of the rights conferred upon a Warrantholder by the terms of a Warrant may be enforced by such Warrantholder by appropriate legal proceedings
without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Warrantholders from time to time. 

 

	Section 6.2	Immunity of Shareholders, etc. 

 The Warrant Agent and, by the acceptance of the Warrant
Certificates and as part of the consideration for the issue of the Warrants, the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or any past, present
or future shareholder, director, officer, employee or agent of the Corporation or of any “successor Corporation” (as such term is defined in Section 8.2) on any covenant, agreement, representation or warranty by the Corporation
contained herein or in the Warrant Certificates. 
  

	Section 6.3	Limitation of Liability 

 The obligations hereunder are not personally binding upon, nor
shall resort hereunder be had to, the private property of any of the past, present or future shareholders, directors, officers, employees or agents of the Corporation or of any successor corporation, but only the property of the Corporation or of
any successor corporation shall be bound in respect hereof. 

  
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	Section 6.4	Waiver of Default 

 Upon the happening of any default hereunder, the Warrant Agent shall
provide a notice as provided in Section 10.2 to the Warrantholders setting out, in reasonable detail, the particulars of such default and: 
  

	 	(i)	the holders of greater than 50% of the Warrants then outstanding shall have the power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive
any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or 

  

	 	(ii)	the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable, if, in the Warrant Agent’s opinion, the same shall have been cured or
adequate provision made therefor; provided that no delay or omission of the Warrant Agent or of the Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of
any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default
hereunder of the rights resulting therefrom. 

 ARTICLE 7 MEETINGS OF WARRANTHOLDERS 

 

	Section 7.1	Right to Convene Meetings 

 The Warrant Agent may at any time and from time to time, and
shall on receipt of a written request of the Corporation or of a Warrantholders’ Request and upon being indemnified to its reasonable satisfaction by the Corporation or by the Warrantholders signing such Warrantholders’ Request against the
cost which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Warrantholders. In the event of the Warrant Agent failing to so convene a meeting within ten (10) days after receipt of such written
request of the Corporation or such Warrantholders’ Request and indemnity given as aforesaid, the Corporation or such Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Denver, Colorado
or at such other place as may be approved or determined by the Warrant Agent. 
  

	Section 7.2	Notice 

 At least twenty-one calendar days prior notice of any meeting of Warrantholders
shall be given to the Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the
meeting has been called by the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as
is reasonably necessary to enable the Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article 7. 

 

	Section 7.3	Chairman 

 An individual (who need not be a Warrantholder) designated in writing by the
Warrant Agent shall be chairman of any meeting of Warrantholders and if no individual is so designated, or if the individual so designated is not present within 15 minutes from the time fixed for the holding of the meeting, the Warrantholders
present in person or by proxy shall choose some individual present to be chairman. 

  
 - 30 - 

	Section 7.4	Quorum 

 Subject to the provisions of Section 7.11, at any meeting of the
Warrantholders a quorum shall consist of Warrantholders present in person or by proxy and entitled to acquire at least 25% of the aggregate number of Common Shares which could be acquired pursuant to all the then outstanding Warrants, provided that
at least two persons entitled to vote thereat are personally present. If a quorum of the Warrantholders shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by Warrantholders or on a
Warrantholders’ Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day)
at the same time and place, to the extent possible, and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with
the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact
the business for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all then outstanding Warrants. 

 

	Section 7.5	Power to Adjourn 

 The chairman of any meeting at which a quorum of the Warrantholders is
present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 

 

	Section 7.6	Show of Hands 

 Every question submitted to a meeting shall be decided in the first place
by a majority of the votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the
chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. 

 

	Section 7.7	Poll and Voting 

 On every Extraordinary Resolution, and on any other question submitted
to a meeting and after a vote by show of hands when demanded by the chairman or by one or more of the Warrantholders acting in person or by proxy, a poll shall be taken in such manner as the chairman shall direct. Questions other than those required
to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll. 
 On a show of hands, every
person who is present and entitled to vote, whether as a Warrantholder or as proxy for one or more absent Warrantholders, or both, shall have one vote. On a poll, each Warrantholder present in person or represented by a proxy duly appointed by
instrument in writing shall be entitled to one vote in respect of each whole Common Share which he is entitled to acquire pursuant to the Warrant or Warrants then held 

  
 - 31 - 

 
or represented by it. A proxy need not be a Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held
or represented by him. 
 In the case of a Global Warrant, the Depository may appoint or cause to be appointed a person or persons as
proxies and shall designate the number of votes entitled to each such person, and each such person shall be entitled to be present at any meeting of holders and shall be the persons entitled to vote at such meeting in accordance with the number of
votes set out in the Depository’s designation. 
  

	Section 7.8	Regulations 

 The Warrant Agent, or the Corporation with the approval of the Warrant
Agent, may from time to time make and from time to time vary such regulations as it shall think fit for: 
  

	(a)	the setting of the record date for a meeting of Warrantholders for the purpose of determining Warrantholders entitled to receive notice of and to vote at the meeting; 

 

	(b)	the issue of voting certificates by any bank, trust company or other depositary satisfactory to the Warrant Agent stating that the Warrant Certificates specified therein have been deposited with it by a named person and
will remain on deposit until after the meeting, which voting certificate shall entitle the persons named therein to be present and vote at any such meeting and at any adjournment thereof or to appoint a proxy or proxies to represent them and vote
for them at any such meeting and at any adjournment thereof in the same manner and with the same effect as though the persons so named in such voting certificates were the actual bearers of the Warrant Certificates specified therein;

  

	(c)	the deposit of voting certificates and instruments appointing proxies at such place and time as the Warrant Agent, the Corporation or the Warrantholders convening the meeting, as the case may be, may in the notice
convening the meeting direct; 

  

	(d)	the deposit of voting certificates and instruments appointing proxies at some approved place or places other than the place at which the meeting is to be held and enabling particulars of such instruments appointing
proxies to be mailed or telecopied before the meeting to the Corporation or to the Warrant Agent at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were produced at the meeting;

  

	(e)	the form of the instrument of proxy; and 

  

	(f)	generally for the calling of meetings of Warrantholders and the conduct of business thereat. 

Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save
as such regulations may provide, the only persons who shall be recognized at any meeting as a Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Warrantholders or proxies of
Warrantholders. 

  
 - 32 - 

	Section 7.9	Corporation and Warrant Agent May be Represented 

 The Corporation and the Warrant Agent,
by their respective directors and officers, and the Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Warrantholders, but shall not be entitled to vote thereat, whether in respect of any Warrants held by them or
otherwise. 
  

	Section 7.10	Powers Exercisable by Extraordinary Resolution 

 In addition to all other powers
conferred upon them by any other provisions of this Indenture or by law, the Warrantholders at a meeting shall, subject to the provisions of Section 7.11, have the power, exercisable from time to time by Extraordinary Resolution: 

 

	(a)	to agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Warrantholders or the Warrant Agent in its capacity as Warrant Agent hereunder or on behalf of the Warrantholders against
the Corporation whether such rights arise under this Indenture or the Warrant Certificates or otherwise; 

  

	(b)	to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Warrantholders; 

  

	(c)	to direct or to authorize the Warrant Agent to enforce any of the covenants on the part of the Corporation contained in this Indenture or the Warrant Certificates or to enforce any of the rights of the Warrantholders in
any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right; 

  

	(d)	to waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions of this Indenture or the Warrant Certificates either unconditionally or upon any conditions
specified in such Extraordinary Resolution; 

  

	(e)	to restrain any Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any of the covenants on the part of the Corporation in this Indenture or the Warrant
Certificates or to enforce any of the rights of the Warrantholders; 

  

	(f)	to direct any Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges and expenses reasonably and properly
incurred by such Warrantholder in connection therewith; 

  

	(g)	to assent to any change in or omission from the provisions contained in the Warrant Certificates and this Indenture or any ancillary or supplemental instrument which may be agreed to by the Corporation, and to authorize
the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission; and 

  

	(h)	with the consent of the Corporation (which consent shall not be unreasonably withheld), to remove the Warrant Agent or its successor in office and to appoint a new Warrant Agent or Warrant Agents to take the place of
the Warrant Agent so removed. 

  
 - 33 - 

	Section 7.11	Meaning of Extraordinary Resolution 

  

	(a)	The expression “Extraordinary Resolution” when used in this Indenture means, subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed at a meeting of
Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article 7 at which there are present in person or by proxy Warrantholders entitled to acquire at least 25% of the aggregate number of Common Shares
which may be acquired pursuant to all the then outstanding Warrants and passed by the affirmative votes of not less than two-thirds of the votes cast upon such resolution. 

 

	(b)	If, at the meeting at which an Extraordinary Resolution is to be considered, Warrantholders entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all the then
outstanding Warrants are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in any other case it
shall stand adjourned to such day, being not less than 15 or more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than ten days’ prior notice shall be given of the time and place of such adjourned
meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which the
meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution
proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(a) shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Warrantholders entitled to acquire at least 25% of
the aggregate number of Common Shares which may be acquired pursuant to all the then outstanding Warrants are not present in person or by proxy at such adjourned meeting. 

 

	(c)	Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary. 

 

	Section 7.12	Powers Cumulative 

 Any one or more of the powers or any combination of the powers in
this Indenture stated to be exercisable by the Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be
deemed to exhaust the right of the Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time. 

  
 - 34 - 

	Section 7.13	Minutes 

 Minutes of all resolutions and proceedings at every meeting of Warrantholders
shall be made and duly entered in books to be provided from time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which
such resolutions were passed or proceedings had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to
have been duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken. 
  

	Section 7.14	Instruments in Writing 

 All actions which may be taken and all powers that may be
exercised by the Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Warrantholders entitled to acquire at least 66 2/3% of the aggregate number of Common Shares which may be acquired pursuant to all the
then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Warrantholders in person or by attorney duly appointed in writing, and the expression “Extraordinary Resolution” when used in this Indenture
shall include an instrument so signed. 
  

	Section 7.15	Binding Effect of Resolutions 

 Every resolution and every Extraordinary Resolution
passed in accordance with the provisions of this Article 7 at a meeting of Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Warrantholders in
accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to
give effect accordingly to every such resolution and instrument in writing. 
  

	Section 7.16	Holdings by Corporation Disregarded 

 In determining whether Warrantholders holding
Warrant Certificates evidencing the entitlement to acquire the required number of Common Shares are present at a meeting of Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution,
Warrantholders’ Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation or any Subsidiary of the Corporation, if any, shall be disregarded in accordance with the provisions of Section 10.6.

  
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 ARTICLE 8 SUPPLEMENTAL INDENTURES 

 

	Section 8.1	Provision for Supplemental Indentures for Certain Purposes 

 From time to time the
Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to the provisions hereof, and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures
or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes: 
  

	(a)	setting forth any adjustments resulting from the application of the provisions of Article 4; 

  

	(b)	adding to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel, are necessary or advisable in the premises, provided that the same are not in the opinion of the
Warrant Agent prejudicial to the interests of the Warrantholders as a group; 

  

	(c)	giving effect to any Extraordinary Resolution passed as provided in Article 7; 

  

	(d)	making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants
on any stock exchange, provided that such provisions are not, in the opinion of the Warrant Agent, prejudicial to the interests of the Warrantholders; 

  

	(e)	adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrant Certificates, and making any modification in the form of the Warrant Certificates which
does not affect the substance thereof; 

  

	(f)	modifying any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions herein contained, provided that such modification or relief shall be or
become operative or effective only if, in the opinion of the Warrant Agent, such modification or relief in no way prejudices any of the rights of the Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole
discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent when the same shall become operative; and 

 

	(g)	for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein, provided
that in the opinion of the Warrant Agent the rights of the Warrant Agent and of the Warrantholders are in no way prejudiced thereby. 

  

	Section 8.2	Successor Corporations 

 In the case of the consolidation, amalgamation, arrangement,
merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another corporation (“Successor Corporation”), the Successor Corporation resulting from such consolidation, amalgamation,
merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and
every covenant and condition of this Indenture to be performed and observed by the Corporation, and in any event shall be bound by the provisions hereof and all obligations for the due and punctual performance and observance of each and every
covenant and condition of this Indenture to be performance and observed by the Corporation. 

  
 - 36 - 

 ARTICLE 9 CONCERNING THE WARRANT AGENT 

 

	Section 9.1	Trust Indenture Legislation 

  

	(a)	If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. 

 

	(b)	The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable
Legislation. 

  

	Section 9.2	Rights and Duties of Warrant Agent 

  

	(a)	In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably prudent Warrant Agent and/or
custodian would exercise in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from, or require any other person to indemnify the Warrant Agent against, liability for its own gross negligent
action, its own gross negligent failure to act, or its own wilful misconduct or bad faith. 

  

	(b)	In addition to Section 6.1 above, the obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Warrantholders
hereunder shall be conditional upon the Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity reasonably satisfactory to the Warrant Agent
to protect and to hold harmless the Warrant Agent against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall
require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

 

	(c)	The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the
Warrants held by them, for which Warrants the Warrant Agent shall issue receipts. 

  

	(d)	Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the provisions of Applicable Legislation, of this
Section 9.2 and of Section 9.3. 

  

	(e)	The Warrant Agent shall incur no liability and it shall be fully protected in acting or not acting in accordance with any opinion or instruction of counsel or other expert, whether retained or employed by the
Corporation or the Warrant Agent, in relation to any matters arising in fulfilling its duties and obligations hereof. 

  
 - 37 - 

	Section 9.3	Evidence, Experts and Advisers 

  

	(a)	In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any provision hereof, and
in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation. 

  

	(b)	In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth of the statements and the accuracy of the opinions expressed in statutory declarations,
opinions, reports, written requests, consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request of the Warrant Agent. 

 

	(c)	Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or other documents, it
is intended that the trust, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be conditions precedent to the right of the Corporation to
have the Warrant Agent take the action to be based thereon. 

  

	(d)	Proof of the execution of an instrument in writing, including a Warrantholders’ Request, by any Warrantholder may be made by the certificate of a notary public, or other officer with similar powers, that the person
signing such instrument acknowledged to it the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the Warrant Agent may consider adequate. 

 

	(e)	The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of discharging its duties hereunder and may pay reasonable
remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such experts or advisers who have been appointed with due care by
the Warrant Agent. All costs and expenses related to such employment or retention shall become and form part of the Warrant Agent’s remuneration as described in Section 5.2 above. 

 

	Section 9.4	Documents, Monies, etc. Held by Warrant Agent 

 Any securities, documents of title or
other instruments that may at any time be held by the Warrant Agent subject to the trusts hereof may be placed in the deposit vaults of the Warrant Agent or of any chartered bank in the State of New York, the State of Colorado or a Canadian
chartered bank listed in Schedule I of the Bank Act (Canada) or deposited for safekeeping with any such bank. Unless herein otherwise expressly provided, any monies so held pending the application or withdrawal thereof under any provisions of this
Indenture, upon the direction of the Corporation, shall be or, with the consent of the Corporation, may be deposited in the name of the Warrant Agent in any FDIC insured chartered bank in the State of New York, the State of Colorado or Canadian
chartered bank listed in Schedule I of the Bank Act (Canada) at the rate of interest (if any) then current on similar deposits; or 

  
 - 38 - 

	Section 9.5	Actions by Warrant Agent to Protect Interest 

 The Warrant Agent shall have power to
institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Warrantholders. 

 

	Section 9.6	Warrant Agent Not Required to Give Security 

 The Warrant Agent shall not be required to
give any bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises. 
  

	Section 9.7	Protection of Warrant Agent 

 By way of supplement to the provisions of any law for the
time being relating to Warrant Agents it is expressly declared and agreed as follows: 
  

	(a)	the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates (except the representation contained in Section 9.9 or in the
certificate of the Warrant Agent on the Warrant Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation; 

 

	(b)	nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental
hereto; 

  

	(c)	the Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof; 

  

	(d)	the Corporation indemnifies and saves harmless the Warrant Agent and its officers from and against any and all liabilities, losses, costs, claims, actions, or demands whatsoever which may be brought against the Warrant
Agent or which it may suffer or incur as a result of or arising out of the performance of its duties and obligations under this Indenture, save only in the event of the gross negligent failure to act, or the wilful misconduct or bad faith of the
Warrant Agent. It is understood and agreed that this indemnification shall survive the termination or discharge of this Indenture or the resignation of the Warrant Agent; 

 

	(e)	The Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any certificate or certificates whether delivered by hand, mail or any other means; 

 

	(f)	The Warrant Agent shall not be liable for any error in judgement or for any act performed or step taken or omitted by it in good faith for any mistake, in fact or in law, or for anything it may do or refrain from doing
in connection herewith except arising out of its own gross negligence or wilful misconduct or bad faith; and 

  

	(g)	 The Warrant Agent will not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it by this
Indenture until it has been required so to do under the terms of this Indenture. The Warrant Agent will not be required to take notice of any default under this Indenture unless and until notified in writing of such default which notice will specify
the default desired to be brought 

  
 - 39 - 

	 	
to the attention of the Warrant Agent. In the absence of such notice, the Warrant Agent may for all purposes of this Indenture assume that no default has been made in the observance or
performance of any of the representations, warranties, covenants, agreements or conditions contained in this Indenture. Any such notice will in no way limit any discretion given to the Warrant Agent in this Indenture to determine whether or not to
take action with respect to any default. 

  

	Section 9.8	Replacement of Warrant Agent; Successor by Merger 

  

	(a)	The Warrant Agent may resign its trust and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not less than 60 days’ prior notice in
writing or such shorter prior notice as the Corporation may accept as sufficient. The Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing Warrant Agent and to appoint a new Warrant Agent. In the event of
the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Warrant Agent unless a new
Warrant Agent has already been appointed by the Warrantholders; failing such appointment by the Corporation, the retiring Warrant Agent or any Warrantholder may apply to a Court of the State of New York or a court of the Province of Ontario on such
notice as such a justice of that Court may direct, for the appointment of a new Warrant Agent; but any new Warrant Agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any new Warrant
Agent appointed under any provision of this Section 9.8 shall be a corporation authorized to carry on the business in its jurisdiction of incorporation. On any such appointment the new Warrant Agent shall be vested with the same powers, rights,
duties and responsibilities as if it had been originally named herein as Warrant Agent hereunder. 

  

	(b)	Upon the appointment of a successor Warrant Agent, the Corporation shall promptly notify the Warrantholders thereof in the manner provided for in Section 10.2 hereof. 

 

	(c)	Upon the payment by the Corporation to the retiring Warrant Agent of any and all outstanding fees or charges still properly owing to it, the retiring Warrant Agent shall undertake to transfer all requisite files,
inventory and other records to the succeeding Warrant Agent upon request. 

  

	(d)	Any corporation into or with which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom to which the Warrant Agent shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Warrant Agent under Section 9.8(a). 

  

	(e)	Any Warrant Certificates certified but not delivered by a predecessor Warrant Agent may be certified by the successor Warrant Agent in the name of the predecessor or successor Warrant Agent. 

  
 - 40 - 

	Section 9.9	Conflict of Interest 

  

	(a)	The Warrant Agent represents to the Corporation that at the time of execution and delivery hereof no material conflict of interest exists between its role as a Warrant Agent hereunder and its role in any other capacity
and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its trust hereunder to a successor
Warrant Agent approved by the Corporation and meeting the requirements set forth in Section 9.8(a). Notwithstanding the foregoing provisions of this Section 9.1(a), if any such material conflict of interest exists or hereafter shall exist,
the validity and enforceability of this Indenture and the Warrant Certificate shall not be affected in any manner whatsoever by reason thereof. 

  

	(b)	Subject to Section 9.1(a), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may contract and enter into financial transactions
with the Corporation or any Subsidiary of the Corporation without being liable to account for any profit made thereby. 

  

	Section 9.10	Acceptance of Trust 

 The Warrant Agent hereby accepts the trusts in this Indenture
declared and provided for and agrees to perform the same upon the terms and conditions herein set forth. 
  

	Section 9.11	Warrant Agent Not to be Appointed Receiver 

 The Warrant Agent and any person related to
the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertakings of the Corporation. 
  

	Section 9.12	Anti-Money Laundering and Anti-Terrorist Legislation 

 The Warrant Agent shall retain the
right not to act and shall not be liable for refusing to act if, due to lack of information or for any other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any
applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance
with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on thirty (30) days written notice to the Corporation, provided that (a) the Warrant Agent’s
written notice shall describe the circumstances of such non-compliance; and (b) if such circumstances are rectified to the Warrant Agent’s satisfaction within such ten (10) day period, then such resignation shall not be effective.

  

	Section 9.13	Accounts Opened for Corporation 

 The Corporation hereby represents to the Warrant Agent
that any account to be opened by, or interest to be held by, the Warrant Agent in connection with this Indenture, for or to the credit of the Corporation, either (a) is not intended to be used by or on behalf of any third party; or (b) is
intended to be used by or on behalf of a third party, in which case the Corporation hereto agrees to complete and execute forthwith a declaration in the Warrant Agent’s prescribed form as to the particulars of such third party. 

  
 - 41 - 

 ARTICLE 10 GENERAL 

 

	Section 10.1	Notice to the Corporation and the Warrant Agent 

  

	(a)	Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered or if sent by registered letter, postage prepaid or
if telecopied: 

 If to the Corporation: 

Uranerz Energy Corporation 
 Suite
1400, 800 West Pender Street 
 Vancouver, British Columbia 

V6C 2V6 
  

	 	     Attention:	        Sandra R. MacKay 

             Corporate Secretary 

             Telecopier: (604) 689-1722 

With a copy to (which shall constitute notice hereunder): 

Dorsey & Whitney LLP 

1400 Wewatta Street 
 Suite 400

 Denver, Colorado 80202 
  

	 	     Attention:	        Jason K. Brenkert 

             Telecopier: (303) 629-3450 

If to the Warrant Agent: 

Corporate Stock Transfer Inc. 

3200 Cherry Creek Drive South 

Suite 430 
 Denver, Colorado 80209

  

	 	     Attention:	        Carylyn Bell 

             Telecopier: (303) 282-5800 

and any such notice delivered in accordance with the foregoing shall be deemed to have been received on the date of delivery or, if mailed, on
the fifth Business Day following the actual posting of the notice, or if telecopied, the next Business Day after transmission provided that transmission has been completely and accurately transmitted. 

 

	(b)	The Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(a) of a change of address which, from the effective date of such notice and
until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture. 

  
 - 42 - 

	(c)	If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrant Agent or to the Corporation hereunder could reasonably be considered
unlikely to reach its destination, such notice shall be valid and effective only if it is delivered or sent by telecopier at the appropriate address or number provided in Section 10.1(a). 

 

	Section 10.2	Notice to Warrantholders 

  

	(a)	Unless otherwise provided herein, any notice to the Warrantholders under the provisions of this Indenture shall be valid and effective if delivered or if sent by telecopier or letter or circular through the ordinary
post addressed to such holders at their post office addresses appearing on the register hereinbefore mentioned and shall be deemed to have been effectively given on the date of delivery or, if mailed, five Business Days following actual posting of
the notice, or if telecopied, the next Business Day after transmission provided that transmission has been completely and accurately transmitted. 

  

	(b)	If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrantholders hereunder could reasonably be considered unlikely to reach its
destination, such notice shall be valid and effective only if it is delivered or sent by telecopier at the appropriate address or number. 

  

	Section 10.3	Counterparts 

 This Indenture may be executed in several counterparts, each of which when
so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. 

 

	Section 10.4	Satisfaction and Discharge of Indenture 

 Upon the earlier of: 

 

	(a)	the date by which there shall have been delivered to the Warrant Agent for exercise or destruction all Warrant Certificates theretofore certified hereunder; or 

 

	(b)	the Time of Expiry, 

 and if all certificates representing Common Shares and Warrants required
to be issued in compliance with the provisions hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions and if all payments required to be made in compliance with the provisions of Article 4 have
been made in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the
Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the
foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture. 

  
 - 43 - 

	Section 10.5	Provisions of Indenture and Warrants for the Sole Benefit of Parties, Agent and Warrantholders. 

Nothing in this Indenture or in the Warrant Certificates, expressed or implied, shall give or be construed to give to any person other than the
parties hereto and the Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole
benefit of the parties hereto and the Warrantholders. 
  

	Section 10.6	Warrants Owned by the Corporation or its Subsidiaries — Certificate to be Provided 

For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation or any Subsidiary of the Corporation in
Section 7.16, if any, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate: 

 

	(a)	the names (other than the name of the Corporation) of the registered holders of Warrants which, to the knowledge of the Corporation, are owned by or held for the account of the Corporation or any Subsidiary of the
Corporation; and 

  

	(b)	the number of Warrants owned legally or beneficially by the Corporation or any Subsidiary of the Corporation, 

and the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate without any additional evidence. 

 

	Section 10.7	Evidence of Ownership 

  

	(a)	Upon receipt of a certificate of any bank, trust company or other depositary satisfactory to the Warrant Agent stating that the Warrants specified therein have been deposited by a named person with such bank, trust
company or other depositary and will remain so deposited until the expiry of the period specified therein, the Corporation and the Warrant Agent may treat the person so named as the owner, and such certificate as sufficient evidence of the ownership
by such person of such Warrant during such period, for the purpose of any requisition, direction, consent, instrument or other document to be made, signed or given by the holder of the Warrant so deposited. 

 

	(b)	The Corporation and the Warrant Agent may accept as sufficient evidence of the fact and date of the signing of any requisition, direction, consent, instrument or other document by any person: 

 

	 	(i)	the signature of any officer of any bank, trust company, or other depositary satisfactory to the Warrant Agent as witness of such execution, the certificate of any notary public or other officer authorized to take
acknowledgments of deeds to be recorded at the place where such certificate is made that the person signing acknowledged to him the execution thereof, 

  
 - 44 - 

	 	(ii)	a statutory declaration of a witness of such execution, or 

  

	 	(iii)	such other documentation as is satisfactory to the Warrant Agent. 

  

	Section 10.8	Privacy Laws 

 The Corporation and the Warrant Agent acknowledge that Canadian federal
and/or provincial legislation and United States federal and/or state legislation that addresses the protection of individuals’ personal information (collectively, “Privacy Laws”) applies to obligations and activities under this
Indenture. Despite any other provision of this Indenture, neither party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Corporation shall, prior to transferring or causing to be
transferred personal information to the Warrant Agent, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have
previously been given upon which the parties can rely or are not required under the Privacy Laws. The Warrant Agent shall use commercially best efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Warrant Agent
agrees: (a) to have a designated chief privacy officer; (b) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or injury; (c) to use personal information solely for
the purposes of providing its services under or ancillary to this Indenture and not to use it for any other purpose except with the consent of or direction from the Corporation or the individual involved; (d) not to sell or otherwise improperly
disclose personal information to any third party; and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against loss, theft, or unauthorized access, use or modification.

  

	Section 10.9	Assignment 

 This Indenture may not be assigned by either party hereto without the
consent in writing of the other party, which consent shall not be unreasonably withheld. This Indenture shall enure to and bind the parties and their lawful successors and permitted assigns. 

 

	Section 10.10	No Waiver, etc. 

 No act, omission, delay, acquiescence of course of conduct on the part
of either party hereto, other than a specific written instrument, shall constitute a waiver of or consent to any breach or default by the other party hereto, or affect or limit the right of the party to insist on strict or timely performance of the
obligation of the other party. 
  

	Section 10.11	Language 

 The parties hereto have expressly requested that this Warrant Indenture, all
documents attached hereto, any notices or other documents to be given under this Warrant Indenture, and other documents related thereto be drawn up in the English language. Les parties aux présentes ont expressément exigé que le
présent acte relatif aux bons de souscription et tous les documents qui y sont affixés ainsi que tout avis donné en vertu dudit acte relatif aux bons de souscription ou tout autre document qui s’y rapporte, soient
rédigés en anglais. 

  
 - 45 - 

	Section 10.12	Further Assurances 

 Each of the parties hereto shall do or cause to be done all such
acts and things as the other party hereto reasonably requests in order to better evidence or effectuate the provisions and intent of this Indenture. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 46 - 

 IN WITNESS WHEREOF the parties hereto have executed this Indenture under their respective
corporate seals and the hands of their proper officers in that behalf. 
 DATED this
6th day of September, 2013. 
  

			
	URANERZ ENERGY CORPORATION
		
	By:	 	 /s/ Dennis Higgs

		 	Name: Dennis Higgs
		 	Title: Executive Chairman
		
	By:	 	 /s/ Benjamin Leboe

		 	Name: Benjamin Leboe
		 	Title: Senior Vice President & Chief Financial Officer
	
	CORPORATE STOCK TRANSFER INC.
		
	By:	 	 /s/ Carylyn Bell

		 	Name: Carylyn Bell
		 	Title: President
		
	By:	 	 /s/ H. Daniel Bell

		 	Name: H. Daniel Bell
		 	Title: Executive Vice President

  
 - 47 - 

 SCHEDULE “A” 

“Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to
the Corporation 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 is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.  
 Unless and until it is exchanged in whole or in part for Securities in definitive registered
form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor Depositary or a nominee of such successor
Depositary.” 
 WARRANT CERTIFICATE 

THIS IS SCHEDULE “A” to the Warrant Indenture made as of September 6, 2013 between Uranerz Energy Corporation and Corporate
Stock Transfer Inc., as Warrant Agent. 
 WARRANT CERTIFICATE 

URANERZ ENERGY CORPORATION 

(Incorporated under the laws of the State of Nevada) 

CUSIP 
 WARRANT CERTIFICATE NO.
                                         
                    
                                         
        WARRANTS entitling the holder to acquire, subject to adjustment, one (1) Common Share for each whole Warrant represented hereby. 

THIS CERTIFIES THAT, for value received,
                                         
        (hereinafter referred to as the “holder”), subject to the terms, covenants, conditions and provisions of that Warrant Indenture between Uranerz Energy Corporation, a Nevada Corporation
(the “Corporation”), and Corporate Stock Transfer Inc. (the “Warrant Agent”), dated September 6, 2013 (the “Indenture”), is entitled at any time prior to 5:00 p.m. (Denver time) on
March 6, 2016 (the “Time of Expiry”) to acquire in the manner and subject to the restrictions and adjustments set forth in the Indenture, one (1) fully paid and non-assessable common share (“Common Share”)
of the Corporation, as such shares were constituted on the Effective Date, upon payment of US$1.60 per share payable to the Corporation by way of a certified cheque, money order or bank draft. Any Warrants not exercised prior to the Time of Expiry
shall be void and of no effect. In the event that the Company’s common shares trade in the United States at a closing price of greater than US$2.75 per share for a period of 20 consecutive trading days at any time after the Closing Date, the
Company may accelerate the expiry date of the Warrants by giving notice via a press release to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which
such notice is given by the Company. Any terms utilized herein and not otherwise defined shall have the meanings ascribed thereto in the Indenture. 
 The
certificates representing the Common Shares issued may be obtained upon duly completing and executing the Exercise Form attached hereto and surrendering this Warrant Certificate to the Warrant Agent at the principal office of the Warrant Agent in
the city of 

 
Denver, Colorado (or such alternate place or additional place as may be designated from time to time), together with a certified cheque, bank draft or money order payable to the Corporation for
the applicable Exercise Price. These Warrants shall be deemed to be surrendered only upon personal delivery hereof or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above,
unless the Corporation accepts another form of delivery. Upon surrender of these Warrants for Common Shares, the person or persons in whose name or names the Common Shares issuable upon exercise of the Warrants are to be issued shall be deemed for
all purposes (except as provided in the Indenture) to be the holder or holders of record of such Common Shares and the Corporation has covenanted that it will (subject to the provisions of the Indenture) as soon as practicable and in any event
within three (3) Business Days after the Exercise Date cause a certificate or certificates representing such Common Shares to be delivered to the Warrant Agency or to be mailed to the person or persons at the address or addresses specified in
the Exercise Form. The registered holder of these Warrants may only acquire that number of Common Shares that is equal to the number of Common Shares which may be acquired for the Warrants represented by this Warrant Certificate. The registered
holder of these Warrants may acquire any lesser number of Common Shares than the total number of Common Shares that may be acquired upon the exercise of the Warrants represented by this Warrant Certificate. In such event, the holder shall be
entitled to receive a new Warrant Certificate for the balance of the Common Shares which may be acquired. No fractional Common Shares will be issued. 
 The
Warrants represented by this certificate are issued under and pursuant to the Indenture between the Corporation and the Warrant Agent. Reference is made to the Indenture and any instruments supplemental thereto for a full description of the rights
of the holders of the Warrants and the terms and conditions upon which the Warrants are, or are to be, issued and held, with the same effect as if the provisions of the Indenture and all instruments supplemental thereto were herein set forth. By
acceptance hereof, the holder assents to all provisions of the Indenture. A copy of the Indenture will be provided at no cost to a holder who makes a request for such copy to the Corporation. The Indenture provides for adjustments to the right of
exercise, including the amount of and class and kind of securities or other property issuable upon exercise, upon the happening of certain stated events, including the subdivision or consolidation of the Common Shares, certain distributions of
Common Shares or securities convertible into Common Shares or of other securities or assets of the Corporation, certain offerings of rights, warrants or options and certain reorganizations. IF ANY CONFLICT EXISTS BETWEEN THE PROVISIONS CONTAINED
HEREIN AND THE PROVISIONS OF THE INDENTURE, THE PROVISIONS OF THE INDENTURE SHALL GOVERN. 
 The Warrants evidenced hereby shall not be exercised by any
person during any time that no registration statement under the U.S. Securities Act registering the Common Shares issuable upon the exercise of the Warrants evidenced hereby is effective, unless an exemption from the registration requirements of the
U.S. Securities Act is available and such holder provides evidence of the availability of such exemption satisfactory to the Corporation and the Warrant Agent. During such time and prior to the Time of Expiry, any person holding such Warrants shall
have the right to provide notice to the Corporation of their intent to exercise, at which time the Corporation shall, at its own discretion, either permit such holder to 

  
 - 2 - 

 
exercise on a cashless basis such Warrant (provided that the Common Shares issued pursuant to such cashless exercise shall not be subject to any transfer restrictions in the United States or
Canada) or redeem such warrants in accordance with the terms of the Indenture. 
 The holder of this Warrant Certificate may, at any time prior to the Time
of Expiry, upon surrender hereof to the Warrant Agent at its principal office in the city of Denver, Colorado (or such alternate place or additional place as may be designated from time to time), exchange this Warrant Certificate for other Warrant
Certificates entitling the holder to acquire, in the aggregate, the same number of Common Shares as may be acquired under this Warrant Certificate. 
 The
holding of the Warrants evidenced by this Warrant Certificate shall not constitute the holder hereof a shareholder of the Corporation or entitle the holder to any right or interest in respect thereof except as expressly provided in the Indenture and
in this Warrant Certificate. 
 The parties hereto have expressly requested that this Warrant Certificate, all documents attached hereto, any notices or
other documents to be given under this Warrant Certificate, and other documents related thereto be drawn up in the English language. Les parties aux présentes ont expressément exigé que le présent certificat de bons de
souscription et tous les documents qui y sont affixés à ledit certificat de bons de souscription, ainsi que tout avis donné en vertu dudit certificat de bons de souscription ou tout autre document qui s’y rapporte, soient
rédigés en anglais. 

  
 - 3 - 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of the date hereof. 
  

			
	URANERZ ENERGY CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 COUNTERSIGNED: 
  

	
	CORPORATE STOCK TRANSFER INC.
	
	  

	Authorized Signatory

  
 - 4 - 

 EXHIBIT 1 

TO GLOBAL WARRANT 

URANERZ ENERGY CORPORATION 

CUSIP/ISIN: [—] 

ADJUSTMENTS 
  

									
	 Date
	  	Amount of Increase	  	Amount of Decrease	  	New Amount	  	Authorization
		  		  		  		  	
		  		  		  		  	

 Authorization: 
  

			
	CORPORATE STOCK TRANSFER INC.
		
		 	By:

 TRANSFER FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to 
  

			
	(full name of Transferee)	 	(full address of Transferee)

 Warrants of Uranerz Energy Corporation registered in the name of the undersigned on the records of Uranerz Energy Corporation
represented by the Warrant Certificate attached and irrevocably appoints the attorney of the undersigned to transfer the said securities on the books or register with full power of substitution. 

 

			
	Signature Guaranteed	 	(Signature of Registered Warrantholder)

 Instructions: 
  

	1.	The signature of the Warrantholder must be the signature of the person appearing on the face of this Warrant Certificate. 

  

	2.	If the Transfer Form is signed by an agent, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a judiciary or representative capacity, the certificate must be
accompanied by evidence of authority to sign satisfactory to the Warrant Agent and the Corporation. 

  

	3.	The signature of the holder on the Transfer Form must be guaranteed by an authorized officer of a Canadian Schedule 1 chartered bank, a major trust company in Canada, a member of the Securities Transfer Association
Medallion program, or a member of the Stock Exchange Medallion Program. 

  

	4.	Warrants shall only be transferable in accordance with applicable laws. 

  

	5.	In the United States, signature guarantees must be executed by members of a “Medallion Signature Guarantee Program” only. 

  
 - 2 - 

 EXERCISE FORM 
  

	TO:	Uranerz Energy Corporation and 

	    	Corporate Stock Transfer Inc. 

 The undersigned hereby exercises the right to acquire
Common Shares of Uranerz Energy Corporation (or such number of other securities or property to which such Warrants entitle the undersigned in lieu thereof or in addition thereto under the provisions of the Indenture referred to in the accompanying
Warrant Certificate) in accordance with and subject to the provisions of such Indenture and in connection therewith has enclosed a certified cheque, money order or bank draft payable to Uranerz Energy Corporation in an amount equal to
US$                    (or a price as adjusted pursuant to the Indenture) in respect of each Common Share to be issued. 

Number of Warrants Exercised: 

The Common Shares (or other securities or property) are to be issued as follows: 

Name: 
 Address in full: 

Social Insurance Number: 
 Number of Common Shares: 

Note: If further nominees intended, please attach (and initial) a schedule giving these particulars. 

 

			
	Signature Guaranteed	 	 (Signature of Warrantholder)
  

(Print full name)

 Instructions: 
  

	1.	The registered holder may receive its Common Shares by completing this form and surrendering this form and the Warrant Certificate representing the Warrants to Corporate Stock Transfer Inc. at its principal office at
Denver, Colorado. 

  

	2.	If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the registered holder of the Warrant Certificate, the signature of such holder on the Exercise Form must be guaranteed
by an authorized officer of a Canadian Schedule 1 chartered bank, a major trust company in Canada, a member of the Securities Transfer Association Medallion program, or a member of the Stock Exchange Medallion Program. 

	3.	If the Exercise Form is signed by an agent, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a judiciary or representative capacity, the certificate must be
accompanied by evidence of authority to sign satisfactory to the Warrant Agent and the Corporation. 

  

	4.	In the United States, signature guarantees must be executed by members of a “Medallion Signature Guarantee Program” only. 

  
 - 2 -EX-4.2

 Exhibit 4.2 

 
  

STARBUCKS CORPORATION 

$750,000,000 
 3.850%
SENIOR NOTES DUE 2023 
  
  

SECOND SUPPLEMENTAL INDENTURE 

Dated as of September 6, 2013 

To 
 INDENTURE 

Dated as of August 23, 2007 
  

 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS 
 Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1.

DEFINITIONS AND INCORPORATION BY REFERENCE
	  			
			
	Section 1.01	 	Relationship with Base Indenture	  	 	1	  
	Section 1.02	 	Definitions	  	 	2	  
	Section 1.03	 	Other Definitions	  	 	8	  
		
	 ARTICLE 2.

THE NOTES
	  			
			
	Section 2.01	 	Form and Dating	  	 	8	  
	Section 2.02	 	Transfer and Exchange	  	 	9	  
	Section 2.03	 	Issuance of Additional Notes	  	 	14	  
		
	 ARTICLE 3.

REDEMPTION AND PREPAYMENT
	  			
			
	Section 3.01	 	Notice of Redemption	  	 	14	  
	Section 3.02	 	Notes Redeemed in Part	  	 	14	  
	Section 3.03	 	Optional Redemption	  	 	14	  
	Section 3.04	 	Mandatory Redemption	  	 	15	  
		
	 ARTICLE 4.

PARTICULAR COVENANTS
	  			
			
	Section 4.01	 	Liens	  	 	15	  
	Section 4.02	 	Offer to Purchase Upon Change of Control Triggering Event	  	 	17	  
	Section 4.03	 	Sale and Lease-Back Transactions	  	 	18	  
		
	 ARTICLE 5.

SUCCESSORS
	  			
			
	Section 5.01	 	Merger, Consolidation or Sale of Assets	  	 	20	  
		
	 ARTICLE 6.

DEFAULTS AND REMEDIES
	  			
			
	Section 6.01	 	Events of Default	  	 	20	  
		
	 ARTICLE 7.

MISCELLANEOUS
	  			
			
	Section 7.01	 	Trust Indenture Act Controls	  	 	21	  
	Section 7.02	 	Governing Law	  	 	21	  
	Section 7.03	 	Successors	  	 	22	  
	Section 7.04	 	Severability	  	 	22	  
	Section 7.05	 	Counterpart Originals	  	 	22	  
	Section 7.06	 	Table of Contents, Headings, Etc	  	 	22	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

 EXHIBITS 
  

			
	Exhibit A	 	    FORM OF NOTE

  
 ii 

 SECOND SUPPLEMENTAL INDENTURE dated as of September 6, 2013, by and between Starbucks
Corporation, a Washington corporation (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (the “Trustee”). 

The Company has heretofore executed and delivered to the Trustee an indenture, dated as of August 23, 2007 (the “Base
Indenture”, and together with this Second Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one or more series of the Company’s securities. 

The Company desires and has requested the Trustee pursuant to Section 9.01 of the Base Indenture to join with it in the execution and
delivery of this Second Supplemental Indenture in order to supplement the Base Indenture as, and to the extent set forth herein to provide for the issuance and the terms of the Notes (as defined below). 

Section 9.01 of the Base Indenture provides that the Company and the Trustee, without the consent of any holders of the Company’s
Securities, may amend or waive certain terms and conditions in the Base Indenture as permitted by Sections 2.01 and 2.02 thereof. 
 The
execution and delivery of this Second Supplemental Indenture has been duly authorized by a resolution of the Board of Directors of the Company or a duly authorized committee thereof. 

All conditions and requirements necessary to make this Second Supplemental Indenture a valid, binding and legal instrument in accordance with
its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties hereto. 

The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as
defined herein) of the 3.850% Senior Notes due 2023 (the “Notes”): 
 ARTICLE 1. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made a part of this Second Supplemental
Indenture and the Company and the Trustee, by their execution and delivery of this Second Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any-provision of the Base Indenture conflicts with the express provisions of this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture will govern and be controlling. 

The Trustee accepts the amendment of the Base Indenture effected by this Second Supplemental Indenture and agrees to execute the trust created
by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in this Second Supplemental Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee in the
performance of the trust created by the Base Indenture, and 

 
without limiting the generality of the foregoing, the Trustee will not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of
which recitals or statements are made solely by the Company, or for or with respect to (1) the validity or sufficiency of this Second Supplemental Indenture or any of the terms or provisions hereof, (2) the proper authorization hereof by
the Company, (3) the due execution hereof by the Company or (4) the consequences (direct or-indirect- and whether deliberate or
inadvertent) of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

Section 1.02 Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in
the Base Indenture. The following terms have the meanings given to them in this Section 1.02: 
 “Additional
Notes” means any Notes (other than the Initial Notes) issued under this Second Supplemental Indenture in accordance with Sections 2.03 hereof, as part of the same series as the Initial Notes. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Attributable
Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the time of determination, the lesser of (A) the present value of the total net amount of lease payments required to be paid under
such lease during the remaining term thereof (after deducting the amount of rent to be received under non-cancellable subleases and including any period for which such lease has been extended), discounted at the greater of (x) the weighted
average interest rate per annum borne by the Notes or (y) the interest rate inherent in such lease, in each case, as determined by the Chief Financial Officer, Treasurer or Controller of the Company, compounded semiannually, or (B) the
sale price for the Principal Property so sold and leased multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such Sale and Lease-Back Transaction and the denominator of which is the base
term of such lease. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (i) the net amount determined assuming termination upon the first date such lease may be
terminated (in which case the net amount shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or
(ii) the net amount determined assuming no such termination. 
 For purposes of determining such Attributable Debt,
“lease payments” are the aggregate amount of the rent payable by the lessee with respect to the applicable period, after excluding amounts required to be paid on account-of
maintenance and repairs, water rates and similar utility charges. If and to the extent the amount of any lease payment during any future period is not definitely determinable under the lease in question, the amount of such, lease-payment will be estimated in such reasonable manner as the Chief Financial Officer, Treasurer or Controller of the Company may in good faith
determine. 

  
 2 

 “Base Indenture” has the meaning set forth in the preamble to this Second
Supplemental Indenture, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be
extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; and 

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such
Person. 
 “Change of Control” means the occurrence of one or more of the following events: 

(1) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in compliance with
the provisions of the Indenture); 
 (2) the approval by the holders of Capital Stock of the Company of any plan or proposal
for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of the Indenture); 

(3) any Person or Group shall become the owner, directly or indirectly, beneficially or of record, of shares representing more
than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; or 

(4) during any period of 24 consecutive months, a majority of the members of the Board of Directors or other equivalent
governing body of the Company cease to be 

  
 3 

 
composed of individuals (i) who were members of such Board of Directors or equivalent governing body on the first day of such period, (ii) whose election or nomination to such Board of
Directors or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of such Board of Directors or equivalent governing body or
(iii) whose election or nomination to such Board of Directors or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a
majority of such Board of Directors or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of such Board of Directors or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more
directors by or on behalf of the Board of Directors). 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change
of Control if (i) the Company becomes a wholly owned Subsidiary of a holding company and (ii) the holders of the Voting Stock of such holding company immediately following such transaction are substantially the same as the holders of the
Company’s Voting Stock immediately prior to such transaction. 
 “Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Common Stock” of any
Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of, such Person’s common stock, and includes, without limitation, all series and classes of such
Common Stock. 
 “Comparable Treasury Issue” means, with respect to each Reference Treasury Dealer, the
United States Treasury security selected by such Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of those Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury
Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations. 
 “Consolidated Net Tangible Assets” means, as of any date on which the Company effects a
transaction requiring such Consolidated Net Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable reserves) after deducting therefrom: (a) all current liabilities, except for current maturities of long-term
debt and obligations under capital leases; and (b) intangible assets, to the extent included in said aggregate amount of assets, all as set forth in the Company’s most recent consolidated balance sheet and computed in accordance with GAAP
applied on a consistent basis. 

  
 4 

 “Credit Agreement” means the Credit Agreement, dated as of
February 5, 2013, among the Company, as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, Wells Fargo Bank, N.A. and Citibank, N.A., as co-syndication Agents, Goldman Sachs Bank USA, JPMorgan Chase
Bank, N.A., The Bank of Nova Scotia, U.S. Bank National Association and Morgan Stanley MUFG Loan Partners, LLC, as co-documentation agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, and Citigroup
Global Markets Inc. as joint lead arrangers and joint book managers, and each of the other Lenders a party thereto, including any related letters of credit, notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time by one or more credit facilities, in which case, the credit agreement or similar agreement together with all other documents and
instruments related thereto shall constitute the “Credit Agreement” under the Indenture, whether with the same or different agents and lenders. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.02 hereof, substantially in the form of Exhibit A hereto except that such Note will not bear the Global Note Legend. 

“Depositary” means, with respect to the Notes, DTC and any successor thereto designated as depositary for the Notes
pursuant to Section 2.02 of this Second Supplemental Indenture. 
 “Funded Debt” means Indebtedness,
whether or not contingent, for money borrowed (including all obligations evidenced by bonds, debentures, notes or similar instruments) owed or guaranteed by the Company or any consolidated Subsidiary, and any of the debt which under GAAP would
appear as debt on the consolidated balance sheet of the Company. 
 “Global Note Legend” means the legend set
forth in Section 2.02(f), which is required to be placed on all Global Notes issued under this Second Supplemental Indenture. 

“Global Notes” means, individually and collectively, each of the Global Notes, in the form of Exhibit A hereto
issued in accordance with Section 2.01 hereof. 
 “Holder” means a Person in whose name a Note is registered.

 “Indenture” means the Base Indenture, as supplemented by this Second Supplemental Indenture, governing the Notes,
in each case, as amended, supplemented or restated from time to time. 
 “Indirect Participant” means a Person who
holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the first $750,000,000
aggregate principal amount of Notes issued under this Second Supplemental Indenture on the date hereof. 

  
 5 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in each case, if such Rating Agency ceases to rate the notes or fails to make a rating of such series of Notes publicly available for reasons outside of the Company’s
control, the equivalent investment grade credit rating by the replacement agency selected by the Company in accordance with the procedures described below. 

“Material Subsidiary” means each Subsidiary of the Company that meets either of the following tests: (a) its
assets equal or exceed three percent of total assets of the Company and its Subsidiaries on a consolidated basis, or (b) its revenues equal or exceed three percent of the total revenues of the Company and its Subsidiaries on a consolidated
basis; provided that (i) if the Subsidiaries that meet either of the tests in (a) or (b), when combined with revenues generated or assets owned directly by the Company (excluding any assets located or revenues generated at the Subsidiary
level), aggregate less than 90% of the total assets or total revenues of the Company and its Subsidiaries on a consolidated basis, the Company shall designate additional Subsidiaries to constitute Material Subsidiaries until such threshold is met,
and (ii) once a Subsidiary is deemed a Material Subsidiary, whether by virtue of the tests in (a) or (b) above, or a result of designation pursuant to part (i) of this proviso, such Subsidiary shall continue to constitute a
Material Subsidiary throughout the term of the Notes. 
 “Moody’s” means Moody’s Investors Service,
Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Nonrecourse Obligations” means
Indebtedness or lease payment obligations related to (i) the acquisition of a Principal Property not previously owned by the Company or any Subsidiary or (ii) the financing of a project involving the development or expansion of any
Principal Property owned by the Company or any Subsidiary, as to which the obligee with respect to such Indebtedness or obligation has no recourse to the Company or any Subsidiary or any of the Company’s or its Subsidiaries’ assets other
than such Principal Property so acquired, developed or expanded, as applicable. 
 “Notes” has the meaning
assigned to it in the preamble to this Second Supplemental Indenture. The Initial Notes and the Additional Notes will be treated as a single class for all purposes under this Second Supplemental Indenture, and unless the context otherwise requires,
all references to the Notes will include the Initial Notes and any Additional Notes. 
 “Participant” means,
with respect to the Depositary, a Person who has an account with the Depositary. 
 “Person” has the meaning
set forth in the Indenture and includes a “person” as used in Section 13(d)(3) of the Exchange Act. 

“Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other
Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Principal
Property” means any individual facility or real property, or portion thereof, owned or hereafter acquired by the Company or any Subsidiary and located within the United  

  
 6 

 
States of America, which, in the good faith opinion of the Company’s Chief Executive Officer, President, or Chief Financial Officer, is of material importance to the total business
conducted by the Company and its Subsidiaries taken as a whole, provided that no such individual facility or property will deemed of material importance if its gross book value (excluding therefrom any equipment and before deducting
accumulated depreciation) is less than 1.0% of the Consolidated Net Tangible Assets of the Company. With respect to any Sale and Lease-Back Transaction or series of related Sale and Lease-Back Transactions, the determination of whether any property
is a Principal Property shall be determined by reference to all properties affected by such transaction or series of transactions. As of the date hereof, the only Principal Properties of the Company consist of the Carson Valley Roasting Plant
located at 2525 Starbucks Way, Minden, Nevada, the York Roasting Plant, located at 3000 Espresso Way, York, Pennsylvania and the Sandy Run Roasting Plant located at 114 Sirens Lane, Gaston, South Carolina. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Reference Treasury Dealer” means (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan
Securities LLC, and Morgan Stanley & Co. LLC (or their respective affiliates which are Primary Treasury Dealers (as defined below)) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by a Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by that
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that redemption date. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and
its successors. 
 “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the
leasing by the Company or any Subsidiary of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Company or such Subsidiary to such Person and which lease is
required by GAAP to be capitalized on the balance sheet of such lessee. 
 “Second Supplemental Indenture”
means this Second Supplemental Indenture, dated as of the date hereof, by and among the Company and the Trustee, governing the Notes, as amended, supplemented or otherwise modified from time to time in accordance with the Base Indenture and the
terms hereof. 

  
 7 

 “Subsidiary” means any corporation, limited liability company or other
similar type of entity in which the Company and/or one or more of its subsidiaries together own voting stock, membership interests or other capital securities having the power to elect a majority of the Board of Directors or similar governing body
of such corporation, limited liability company or other similar type of entity, directly or indirectly. For the purposes of this definition, “voting stock” means stock or other capital securities which ordinarily have voting power
for the election of directors or similar governing body, whether at all times or only so long as no senior class of stock or other capital securities have such voting power by reason of any contingency. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

Section 1.03 Other Definitions. 
  

					
	 Term
	  	Defined
in Section	 
	 “Change of Control Date”
	  	 	4.02	  
	 “Change of Control Offer”
	  	 	4.02	  
	 “Change of Control Payment Date”
	  	 	4.02	  
	 “Change of Control Purchase Price”
	  	 	4.02	  
	 “DTC”
	  	 	2.02	  
	 “Event of Default”
	  	 	6.01	  
	 “Mortgage”
	  	 	4.01	  

 ARTICLE 2. 

THE NOTES 

Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit
A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes will be in denominations of $2,000 with integral multiples of $1,000
thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Second
Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Second Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of the Base Indenture, the provisions of the Note will govern and be controlling, and to the extent any provision of the Note conflicts with the express provisions of this Second Supplemental Indenture, the
provisions of this Second Supplemental Indenture will govern and be controlling. 

  
 8 

 (b) Global Notes. Notes issued in global form will be substantially in the form of
Exhibit A attached hereto (including the Global Note Legend thereon). Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon). Each Global Note will
represent such of the outstanding Notes as will be specified therein and each will provide that it will represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.02 hereof. 

Section 2.02 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the
Depositary that (A) it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (B) it is no longer a clearing
agency registered under the Exchange Act; or 
 (2) the Company in its sole discretion determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 
 Upon the
occurrence of either of the preceding events in (1) or (2) above, Definitive Notes will be issued in such names and in any approved denominations as the Depositary will instruct the Trustee. Global Notes also may be exchanged or replaced,
in whole or in part, as provided in Sections 2.08 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.02 or Section 2.08 or
2.11 of the Base Indenture, will be authenticated and delivered in the form of, and will be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.02(a); however, beneficial interests in a
Global Note may be transferred and exchanged as provided in Sections 2.02(b), (c) or (g) hereof. 

  
 9 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Second Supplemental Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global
Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions will be required to be delivered to the Registrar to effect the transfers described in this Section 2.02(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.02(b)(1).above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase. 
 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Second Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee will adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.02(g) hereof. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to
transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.02(b)(2) hereof, the Trustee will cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.02(g) hereof, and the Company will execute and, upon receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.02(c) will be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes
to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial
Interests. 

  
 10 

 A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global
Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the
applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
 If any
such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 2.02(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a-written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his
attorney, duly authorized in writing. In addition, the requesting Holder will provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.02(e). 

(f) Legends. The following legends will appear on the face of all Global Notes issued under this Second Supplemental Indenture
unless specifically stated otherwise in the applicable provisions of this Second Supplemental Indenture. 
 “THIS GLOBAL NOTE IS
HELD BY THE DEPOSITARY (AS DEFINED IN THE SECOND SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.02 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.02(a) OF THE SECOND
SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER 

  
 11 

 
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in .a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and, upon receipt of an Authentication Order,
the Trustee will authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 

(2) No service charge will be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Section 4.02 hereof and Sections 2.11, 3.06 and 9.05 of the Base Indenture). 

(3) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part. 

  
 12 

 (4) All Global Notes and Definitive Notes issued upon any registration of
transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Second Supplemental Indenture, as the Global Notes or Definitive Notes
surrendered upon such registration of transfer or exchange. 
 (5) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period of 15 days before the day of any selection
of Notes for redemption under Section 3.02 of the Base Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company will be affected by notice to the contrary. 
 (7) The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.03 of the Base Indenture. 

(8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.02 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (9) The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Second Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Second Supplemental Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (10) Neither the Trustee nor any Agent shall have
any responsibility for any actions taken or not taken by the Depositary. 

  
 13 

 Section 2.03 Issuance of Additional Notes. 

The Company will be entitled, upon delivery of an Officer’s Certificate and an Opinion of Counsel, to issue Additional Notes under
this Second Supplemental Indenture which will have identical terms as the Initial Notes issued on the date hereof, other than with respect to the date of issuance, and in some cases, issue price and the first interest payment date. The
Initial Notes issued on the date hereof and any Additional Notes issued will be treated as a single class for all purposes under this Second Supplemental Indenture. 

With respect to any Additional Notes, the Company will set forth in a resolution of its Board of Directors and an Officer’s Certificate,
a copy of each which will be delivered to the Trustee, the following information: 
 (a) the aggregate principal amount of such Additional
Notes to be authenticated and delivered pursuant to this Second Supplemental Indenture; and 
 (b) the issue price, the issue date and the
CUSIP number of such Additional Notes. 
 ARTICLE 3. 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notice of Redemption. 

The Company will deliver to the Trustee, at least 45 days prior to the redemption date (or such shorter period as the Trustee in its sole
discretion may allow), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03 of the Base Indenture. 

Section 3.02 Notes Redeemed in Part. 

No Notes of $2,000 or less can be redeemed in part. 

Section 3.03 Optional Redemption. 

At any time prior to July 1, 2023 (three months prior to the maturity date of the Notes), the Notes will be redeemable, in whole at any
time or in part from time to time, at the Company’s option, at a redemption price equal to the greater of: 
 (i) 100%
of the aggregate principal amount of the Notes to be redeemed; or 
 (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes being redeemed (not including any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, 
 plus, in each case, accrued and unpaid interest on the
Notes being redeemed to the redemption date. 

  
 14 

 Calculation of the foregoing shall be made by the Company or on the Company’s behalf
by such Person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee. 

At any time on or after July 1, 2023 (three months prior to the maturity date of the Notes), the Notes will be redeemable in whole at any
time or in part from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to the date of
redemption. 
 On and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption as
long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 
 Section 3.04
Mandatory Redemption. 
 Except as set forth in Section 4.02, the Company is not required to make any mandatory
redemption or sinking fund payments with respect to the Notes. 
 ARTICLE 4. 

PARTICULAR COVENANTS 

Section 4.01 Liens. 

(a) The Company will not, and will not permit any of its Subsidiaries to, issue, incur, create, assume or guarantee any Funded Debt
secured by a mortgage, deed of trust, security interest, pledge, lien, charge or other encumbrance (collectively, a “Mortgage”) upon any Principal Property or upon any shares of stock or Indebtedness of any Subsidiary that owns any
Principal Property (whether such Principal Property, shares or Indebtedness are now existing or owed or hereafter created or acquired) without in any such case effectively providing, concurrently with the issuance, incurrence, creation, assumption
or guaranty of any such Funded Debt, or the grant of such Mortgage, that the Notes (together with, if the Company shall so determine, any other Indebtedness of or guaranty by the Company or such Subsidiary ranking equally with the Notes) shall be
secured equally and-ratably with (or, at the Company’s option, prior to) such Funded Debt; provided that any Mortgage created for the benefit of the Holders of the Notes pursuant to this
provision shall provide by its terms that such Mortgage shall be automatically and unconditionally released and discharged upon the release and discharge of the Mortgage that resulted in such provision becoming applicable. The foregoing restriction,
however, will not apply to each of the following and therefore the following Mortgages (and the Funded Debt secured thereby), will be excluded from any computation under subsection (b) of this Section 4.01 and Section 4.03(b): 

(1) Mortgages on property, shares of stock or Indebtedness or other assets of any Person existing at the time such Person
becomes a Subsidiary; 
 (2) Mortgages on property, shares of stock or Indebtedness or other assets existing at the time of
acquisition thereof by the Company or a Subsidiary, or Mortgages thereon to secure the payment of all or any part of the purchase price thereof or the cost 

  
 15 

 
of construction, installation, renovation, improvement or development thereon or thereof, or Mortgages on property, shares of stock or Indebtedness or other assets to secure any Indebtedness
incurred or guaranteed prior to, at the time of, or within 360.days after, the latest of the acquisition thereof or, in the case of property, the completion of such construction, installation,
renovation, improvement or development or the commencement of substantial commercial operation of such property for the purpose of financing all or any part of the purchase price thereof, such construction, installation, renovation, improvement or
development; 
 (3) Mortgages in favor of the Company or a Subsidiary to secure Funded Debt owing to the Company or to a
Subsidiary; 
 (4) Mortgages existing on the date hereof; 

(5) Mortgages on property, shares of stock or Indebtedness or assets of a Person existing at the time such Person is merged
into or consolidated with the Company or a Subsidiary or at the time of a sale, lease or other disposition of properties of such Person as an entirety or substantially as an entirety to the Company or a Subsidiary; 

(6) Mortgages in favor of the United States of America or any state, territory or possession thereof (or the District of
Columbia), or any foreign government, or any department, agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof (or the District of Columbia) or any foreign government, to
secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price or the cost of constructing or improving
the property subject to such Mortgages (including, but not limited to, Mortgages incurred in connection with pollution control or industrial revenue bonds or similar financing); 

(7) Mortgages created in connection with a project financed with, and created to secure, a Nonrecourse Obligation; or 

(8) extensions, renewals, refundings, or replacements, in whole or in part, of any Mortgage referred to in the foregoing
clauses; provided, however, that (A) the principal amount of Funded Debt secured thereby shall not exceed the principal amount of Funded Debt, plus any premium or fee payable in connection with any such extension, refunding or
replacement, so secured at the time of such extension, renewal, refunding or replacement and (B) such extension, renewal, refunding, or replacement Mortgages will be limited to all or part of the same property, shares of stock or Indebtedness
or assets and improvement or development thereon or thereof which secured the Indebtedness so secured at the time of such extension, renewal, refunding or replacement. 

(b) Notwithstanding the restrictions set forth in the first sentence of the preceding paragraph, the Company or any Subsidiary may
issue, incur, create, assume or guarantee Funded Debt secured by a Mortgage which would otherwise be subject to such restrictions, without equally and ratably securing the .Notes, provided
that after giving effect thereto, the aggregate  

  
 16 

 
amount of all Funded Debt so secured by Mortgages (not including Funded Debt secured by Mortgages permitted under clauses (1) through (8) of the second sentence of paragraph
(a) above) plus the aggregate amount of all Attributable Debt in respect of Sale and Lease-Back Transactions relating to Principal Properties (excluding any Attributable Debt permitted to be incurred pursuant to clauses (1) through
(8) of paragraph (a) of Section 4.03 hereof) does not exceed 15 percent of the Company’s Consolidated Net Tangible Assets. 

Section 4.02 Offer to Purchase Upon Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event (the date of such occurrence, the “Change of Control
Date”), unless the Company has exercised its right to redeem the Notes pursuant to Section 3.03, each Holder shall have the right to require the Company to .purchase such
Holder’s Notes in whole or in part at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment Date”), pursuant to and in accordance with the offer described in this Section 4.02 (the “Change of Control Offer”). 

(b) Within 30 days following the Change of Control Date, or at the Company’s option, prior to any Change of Control but after public
announcement of the pending Change of Control, the Company shall send, by first class mail, a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state: 

(i) that the Change of Control Offer is being made pursuant to this Section 4.02 and that all Notes validly tendered will
be accepted for payment; 
 (ii) the Change of Control Purchase Price and the Change of Control Payment Date, which shall be
a Business Day that is no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law; 

(iii) that any Note not tendered will continue to accrue interest; 

(iv) that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change
of Control Payment Date unless the Company shall default in the payment of the Change of Control Purchase Price of the Notes and the only remaining right of the Holder is to receive payment of the Change of Control Purchase Price upon surrender of
the Notes to the Paying Agent; 
 (v) that Holders electing to have a portion of a Note purchased pursuant to a Change of
Control Offer may only elect to have such Note purchased in integral multiples of $1,000; 
 (vi) that if a Holder elects to
have a Note purchased pursuant to the Change of Control Offer it will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the-notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date; 

  
 17 

 (vii) that a Holder will be entitled to withdraw its election if the Company
receives, not later than the third Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes such Holder delivered for
purchase, and a statement that such Holder is withdrawing its election to have such Note purchased; and 
 (viii) that if
Notes are purchased only in part a new Note of the same type will be issued in a principal amount equal to the unpurchased portion of the Notes surrendered. 

(c) On or before the Change of Control Payment Date, the Company shall, to the extent lawful, accept for payment, all Notes or portions
thereof validly tendered pursuant to the Change of Control Offer, and shall deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 4.02. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the
Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased
portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. 
 (d)
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant
to an offer hereunder. To the extent the provisions of any securities laws or regulations conflict with the provisions under this Section 4.02, the Company shall comply with the applicable securities laws and regulations and shall not be deemed
to have breached its obligations under this Section 4.02 by virtue thereof. 
 (e) The Company shall not be required to make a Change
of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn
under its offer. 
 Section 4.03 Sale and Lease-Back Transactions. 

(a) The Company will not, and will not permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any
Principal Property. The foregoing restriction, however, will not apply to, and therefore there will be excluded from any computation under subsection (b) below and under subsection (b) of Section 4.01, any Sale and Lease-Back
Transaction (and any Attributable Debt relating thereto) if: 
 (1) the Company or a Subsidiary is permitted to create Funded
Debt secured by a Mortgage pursuant to any of clauses (1) through (8) inclusive under the second sentence of subsection (a) of Section 4.01 on the Principal Property involved in such Sale and Lease-Back Transaction, in an amount
at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the Notes; 

  
 18 

 (2) the proceeds of such Sale and Lease-Back Transaction are at least equal to
the fair market value of the affected Principal Property (as determined in good faith by the Company’s Chief Executive Officer, President, Chief Financial Officer, Treasurer or Controller) and the Company or a Subsidiary applies an amount equal
to the net proceeds of such Sale and Lease-Back Transaction with 360 days thereof to the prepayment or retirement of debt for borrowed money of the Company or a Subsidiary (other than debt that is subordinated to the Notes or debt owed to the
Company or a Subsidiary); 
 (3) the Company or a Subsidiary apply an amount equal to the net proceeds of such Sale and
Lease-Back Transaction within 360 days thereof to the purchase, construction, development, expansion or improvement of other property; 

(4) such Sale and Lease-Back Transaction involves a lease for a term, including renewals, of not more than three years; 

(5) such Sale and Lease-Back Transaction is between the Company and a Subsidiary, or between Subsidiaries; 

(6) such Sale and Lease-Back Transaction is executed at the time of, or within 12 months after the latest of the acquisition,
the completion of construction or improvement, or the commencement of substantial commercial operation, of the Principal Property covered thereby; 

(7) the lease in such Sale and Lease-Back Transaction secures or relates to industrial revenue or pollution control bonds if
the Company is permitted to incur a Mortgage in connection with such industrial revenue or pollution control bonds pursuant to clause (6) of the second sentence of subsection (a) of Section 4.01; or 

(8) the lease payment in such Sale and Lease-Back Transaction is created in connection with a project financed with, and such
obligation constitutes, a Nonrecourse Obligation. 
 (b) Notwithstanding the restrictions in the first sentence of subsection (a), the
Company or any Subsidiary may enter into any Sale and Lease-Back Transaction with respect to any Principal Property which would otherwise be subject to such restrictions, provided that after giving effect thereto, the aggregate amount of all
Attributable Debt with respect to all such Sale and Lease-Back Transactions (not including any Attributable Debt permitted to be incurred pursuant to clauses (1) through (8) of subsection (a) above) plus the aggregate amount of all
secured Funded Debt incurred pursuant to subsection (a) of Section 4.01 (excluding Funded Debt secured by Mortgages permitted by clauses (1) through (8) of the second sentence of subsection (a) thereunder) does not exceed 15
percent of the Consolidated Net Tangible Assets. 

  
 19 

 ARTICLE 5. 

SUCCESSORS 
 Section 5.01
Merger, Consolidation or Sale of Assets. 
 The Company shall not merge or consolidate with any other Person or Persons
(whether or not affiliated with the Company) or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property or assets to any other Person or Persons (whether or not affiliated with the Company), unless: 

(i) either: (a) the transaction is a merger or consolidation and the Company is the surviving entity; or (b) the successor Person
(or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the Company’s property or assets) is a corporation organized under the laws of the United States, any state thereof or the District of Columbia and
expressly assumes, by a supplemental indenture satisfactory to the Trustee, all of the Company’s obligations under the Notes and the Indenture; 

(ii) immediately after giving effect to the transaction and treating the Company’s obligations in connection with or as a result of such
transaction as having been incurred as of the time of such transaction, no Event of Default (and no event or condition which, after notice or lapse of time or both, would become an Event of Default) shall have occurred and be continuing under the
Indenture; and 
 (iii) an Officer’s Certificate is delivered to the Trustee to the effect that both of the conditions set forth in
clauses (i) and (ii) above have been satisfied. 
 In the event of any of the above transactions, if there is a successor Person
as described in clause (i)(b) immediately above, then the successor will expressly assume all of the Company’s obligations under the Indenture and automatically be substituted for the Company in the Indenture and as issuer of the Notes.
Further, if the transaction is in the form of a sale or conveyance, after any such transfer (except in the case of a lease), the Company will be discharged from all obligations and covenants under the Indenture and all Notes issued thereunder. 

ARTICLE 6. 
 DEFAULTS AND
REMEDIES 
 Section 6.01 Events of Default. 

The Notes shall not have the benefit of the Events of Default set forth in the Base Indenture. Instead, each of the following is an
“Event of Default” with respect to the Notes: 
 (a) the failure to pay interest on any Notes when the same becomes
due and payable and the default continues for a period of 90 days; 
 (b) failure in the payment when due of principal of or premium, if
any, on the Notes; 

  
 20 

 (c) default in the performance or breach of any covenant or warranty of the Company relating to
the Notes, which default continues uncured for a period of 90 days after receipt by the Company of written notice given by the Trustee or Holders of such Notes after the Company and the Trustee receive written notice from the Holders of not less
than a majority in aggregate principal amount of the Notes outstanding; or 
 (d) the Company or any Material Subsidiary: 

(i) commences a voluntary case in bankruptcy, 

(ii) consents to the entry of an order for relief against it in an involuntary bankruptcy case, 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(iv) makes a general assignment for the benefit of its creditors, or 

(v) generally is unable to pay its debts as they become due; or 

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

(i) is for relief against the Company or any Material Subsidiary; 

(ii) appoints a custodian of the Company or any Material Subsidiary for all or substantially all of the property of the Company
or of such Material Subsidiary, as applicable; or 
 (iii) orders the liquidation of the Company or any Material Subsidiary;

 and the order or decree remains unstayed and in effect for 90 consecutive days. 

ARTICLE 7. 
 MISCELLANEOUS

 Section 7.01 Trust Indenture Act Controls. 

If any provision of this Second Supplemental Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the
imposed duties will control. 
 Section 7.02 Governing Law. 

THE INTERNAL LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE AND THE NOTES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 21 

 Section 7.03 Successors. 

All agreements of the Company in this Second Supplemental Indenture and the Notes will bind its successors. All agreements of the Trustee in
this Second Supplemental Indenture will bind its successors. 
 Section 7.04 Severability. 

In case any provision in this Second Supplemental Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 7.05
Counterpart Originals. 
 The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy will
be an original, but all of them together represent the same agreement. 
 Section 7.06 Table of Contents, Headings,
Etc. 
 The Table of Contents and Headings of the Articles and Sections of this Second Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part of this Second Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 22 

 Dated: September 6, 2013 

 

			
	STARBUCKS CORPORATION
		
	By:	 	 /s/ Richard Lautch

			
	Name:	 	Richard Lautch
	Title:	 	vp, treasurer

 Signature Page to Supplemental Indenture 

 Dated: September 6, 2013 

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as

Trustee

	
	By: Deutsche Bank National Trust Company
		
	By:	 	 /s/ Irina Golovashchuk

			
	Name:	 	Irina Golovashchuk
	Title:	 	Vice President
		
	By:	 	 /s/ Jeffrey Schoenfeld

			
	Name:	 	Jeffrey Schoenfeld
	Title:	 	Assistant Vice President

 Signature Page to Supplemental Indenture 

 EXHIBIT A 

(Face of Note) 
 [Insert the Global
Note Legend, if applicable, pursuant to the provisions of the Second Supplemental Indenture] 
 CUSIP 855244 AD1 

3.850% Senior Notes due 2023 
  

			
	
No.                    
	 	$                    

 STARBUCKS CORPORATION 

promises to pay to CEDE & CO. or registered assigns, the principal sum of
                     Dollars on October 1, 2023 

Interest Payment Dates: April 1 and October 1 
 Record
Dates: March 15 and September 15 
 Dated: September 6, 2013 

  
 A-1 

 
			
	STARBUCKS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Date: September 6, 2013 

  
 A-2 

 This is one of the Global 

Notes referred to in the 
 within-mentioned Second Supplemental
Indenture: 
 Dated: September 6, 2013 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, as Trustee 
  

			
	By: Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 (Reverse of Note) 

3.850% Senior Notes due 2023 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Starbucks Corporation, a Washington corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 3.850% per annum from the date hereof until maturity. The Company will pay interest semiannually on April 1 and October 1 of each
year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date will
be April 1, 2014. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it will
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. 
 2. METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the
Persons who are registered Holders of Notes at the close of business on the March 15 or September 15 preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes will be payable at the office or agency of the Paying Agent and Registrar within the
Borough of Manhattan in the City of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders of the Notes at their respective addresses set forth in the register of Holders of Notes; provided
that all payments of principal, premium and interest with respect to Notes the Holders of which have given wire transfer instructions to the Trustee will be required to be made by wire transfer of immediately available funds to the accounts
specified by the Holders thereof. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This Note is one of a duly authenticated series of securities of the Company
issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of August 23, 2007 between the Company and the Trustee, as amended by the Second Supplemental Indenture (the
“Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), dated as of September 6, 2013, between the Company and

  
 A-4 

 
the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
Sections.77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Base Indenture, the provisions of the Note will govern and be controlling, and to the extent any provision of the Notes conflicts with the Second Supplemental Indenture, the provisions of the Second
Supplemental Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the express provisions of the Second Supplemental Indenture, the provisions of the Second Supplemental Indenture will govern
and be controlling. The Company will be entitled to issue Additional Notes pursuant to Section 2.03 of the Second Supplemental Indenture. 

5. OPTIONAL REDEMPTION. 

At any time prior to July 1, 2023 (three months prior to the maturity date of the Notes), the Notes will be redeemable, in whole at any
time or in part from time to time, at the Company’s option, at a redemption price equal to the greater of: 
 (i) 100%
of the aggregate principal amount of the Notes to be redeemed; or 
 (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes being redeemed (not including any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, 
 plus, in each case, accrued and unpaid interest on the
Notes being redeemed to the redemption date. 
 Calculation of the foregoing shall be made by the Company or on the Company’s
behalf by such Person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee. 

At any time on or after July 1, 2023 (three months prior to the maturity date of the Notes), the Notes will be redeemable in whole at any
time or in part from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to the date of
redemption. 
 On and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption as
long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 
 6. MANDATORY
REDEMPTION. Except as set forth in paragraph 7, the Company shall not be required to make mandatory redemption payments with respect to the Notes. 

  
 A-5 

 7. REPURCHASE AT OPTION OF HOLDER. 

Upon the occurrence of a Change of Control Triggering Event, the Company will be required to offer to purchase all of the outstanding Notes at
a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. 

8. NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption
date to each Holder whose Notes are to be redeemed at its registered address. No Notes of a principal amount of $2,000 or less shall be redeemed in part. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000. Notes may be transferred or exchanged as provided in the Second Supplemental Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Second Supplemental Indenture. The Company need not exchange or transfer any Note or portion of a Note selected for redemption,
except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a
record date and the corresponding Interest Payment Date. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Base Indenture may be amended as provided
therein. Subject to certain exceptions, the Second Supplemental Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding, including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, voting as a single class, and compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of
a majority in principal amount of the then outstanding Notes, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, voting as a single class. Without the consent of any
Holder of a Note, the Second Supplemental Indenture or the Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes;
(iii) to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets; (iv) to make any change that would provide
any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Second Supplemental Indenture of any such Holder; (v) to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the Trust Indenture Act; (vi) to provide for the issuance of Additional Notes in accordance with the Second Supplemental Indenture; or
(vii).to evidence and provide for the acceptance of appointment by a successor: trustee with respect to the Notes. 

  
 A-6 

 12. DEFAULTS AND REMEDIES. An “EVENT OF DEFAULT” occurs if:
(i) default for a period of 90 days in the payment when due of interest on the Notes; (ii) default in the payment when due of principal of or premium, if any, on the Notes; (iii) the Company fails for 90 days after receipt of notice
to the Company to comply with any covenant or warranty of the Company in the Indenture; or (iv) certain events of bankruptcy or insolvency occur with respect to the Company or any Material Subsidiary. 

If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes
may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company or any Material Subsidiary, all outstanding Notes
will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a
Default or Event of Default relating to the payment of principal, premium or interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes
waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is required no later than five days after becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of
Default. 
 13. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

14. NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company, as such, will not
have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 15.
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

16. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an 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 Gifts to Minors Act). 

  
 A-7 

 17. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. The Company will furnish to any Holder upon written
request and without charge a copy of the Base Indenture and the Second Supplemental Indenture. Requests may be made to: 

Starbucks Corporation 
 2401 Utah
Avenue South 
 Seattle, Washington 98134 

Facsimile No.: (206) 318-1045 

Attention: General Counsel 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:
                                         
                                         
                                         
                      

(Insert assignee’s legal name) 
  

 
 (Insert
assignee’s soc. sec. or tax I.D. no.) 
  
  

 
  
  

 
  

 
 (Print or type
assignee’s name, address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             
 to transfer this Note on the books of the Company: The agent may substitute
another to act for him. 
  

							
	Date:	 	  
	 		 	
				
		 		 	Your Signature:	 	  

		 		 		 	(sign exactly as your name appears on the face of this senior note)
				
		 		 	Tax Identification No.:	 	  

				
		 		 	Signature Guarantee:	 	  

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-9 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.02 of the Second Supplemental Indenture, check the
box below: 
 Section 4.02 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.02 of the Second Supplemental
Indenture, state the amount you elect to have purchased: $ 
  

							
	Date:	 	  
	 		 	
				
		 		 	Your Signature:	 	  

		 		 		 	(sign exactly as your name appears on the face of this senior note)
				
		 		 	Tax Identification No.:	 	  

				
		 		 	Signature Guarantee:	 	  

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10

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