Document:

20170815 Ex 101

		

			Exhibit 10.1

		

		
			EXECUTIVE EMPLOYMENT AGREEMENT
		

		
			This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into August 15, 2017 by and between PEAK RESORTS, INC., a Missouri corporation (the “Company”) and STEPHEN J. MUELLER (“Executive”).
		

		
			The parties hereto agree as follows:
		

		
			1.Employment.
		

		
			(a)The Company hereby employs Executive to serve as Executive Vice President of the Company on the terms and conditions set forth herein. In such capacity, Executive shall have the responsibilities normally associated with such position, subject to the direction and supervision of the President of the Company. Executive shall also serve as a member of the Board of Directors of the Company (the “Board”).
		

		
			(b)Executive accepts employment hereunder and agrees that, during the term of Executive’s employment, Executive will observe and comply with the policies and rules of the Company and devote sufficient time and best efforts to the performance of Executive’s duties hereunder, which duties shall be performed in an efficient and competent manner and to the best of Executive’s ability. During the term of this Agreement, Executive will not, without the prior written consent of the Board, directly or indirectly engage in any manner in any business or other endeavor related to or involved in the skiing industry, either as an owner, employee, officer, director, independent contractor, agent, partner, advisor, or in any other capacity calling for the rendition of Executive’s personal services. This restriction shall not preclude Executive from having passive investments, and devoting reasonable time to the supervision thereof (so long as such does not create a conflict of interest or interfere with Executive’s obligations hereunder), in any business or enterprise that is not in competition with any business or enterprise of the Company or any of its parents, subsidiaries or affiliates (collectively, the “Companies”). This Agreement shall not limit Executive’s community or charitable activities so long as such activities do not impair or interfere with Executive’s performance of the services contemplated by this Agreement.
		

		
			2.Term. The effective date of this Agreement shall be October 3, 2017  (“Employment Commencement Date”) and, unless terminated earlier, shall continue for a three (3) year period terminating on October 2, 2020.
		

		
			3.Compensation.
		

		
			For all services rendered by Executive to or on behalf of the Companies, the Company shall provide or cause to be provided to Executive, subject to any and all withholdings and deductions required of the Company or its affiliates by law with all other income tax consequences being borne by Executive, the following:
		

		
			(a)Base Salary.  Executive shall receive a base salary of: (i) Two Hundred Twenty Five Thousand and 00/100 Dollars ($225,000.00) per year for the first year, (ii) Two Hundred Thousand and 00/100 Dollars ($200,000.00) per year for the second year, and (iii) One Hundred Seventy Five Thousand and 00/100 Dollars ($175,000.00) per year for the third year  (the “Base Salary”), payable in accordance with the normal payroll practices of the Company and net 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

 

		of applicable withholding and deductions.  Any bonus shall be at the sole discretion of the Compensation Committee of the Board (the “Compensation Committee”) and Executive acknowledges the Compensation Committee or the Board is not obligated to award any bonus to Executive. The Base Salary shall not be lowered during the term of this Agreement without Executive’s written consent.
		

		
			(b)Compensation Plans.  Executive may participate in any incentive, equity or other compensation plans as the Company may implement relative to executive officers and receive cash, equity or other awards including, but not limited to, an automobile allowance similar in amount and scope as Executive’s current automobile allowance as the Compensation Committee and Board deem appropriate, in their discretion.
		

		
			(c)Expense Reimbursement.  Executive shall have a travel and entertainment budget that is reasonable in light of Executive’s position and responsibilities and shall be reimbursed for all reasonable business-related travel and entertainment expenses incurred by Executive thereunder upon submission of appropriate documentation thereof in compliance with applicable Company policies.
		

		
			4.Termination.
		

		
			(a)Termination for Cause.  The Company may terminate Executive’s employment at any time for “Cause”. For purposes of this Agreement, “Cause” shall mean: (i) any conduct related to the Company involving gross negligence, gross mismanagement, or the unauthorized disclosure of confidential information or trade secrets; (ii) dishonesty or a violation of the Company’s Code of Ethics and Business Conduct that has resulted in, or reasonably could be expected to result in, a detrimental impact on the reputation, goodwill or business position of any of the Companies; (iii) gross obstruction of business operations or illegal or disreputable conduct by Executive that impairs, or reasonably could be expected to impair, the reputation, goodwill or business position of any of the Companies including any acts that violate any policy of the Companies relating to discrimination or harassment; (iv) the commission of a felony or a crime involving moral turpitude or the entrance of a plea of guilty or nolo contedere to a felony or a crime involving moral turpitude; or (v) any action involving a material breach of the terms of this Agreement including material inattention to or material neglect of duties and Executive shall not have remedied such breach within 30 days after receiving written notice from the President specifying the details thereof. In the event of a termination for Cause, Company shall pay Executive only Executive’s then-current Base Salary through the date of such termination. Further, Executive acknowledges that in the event of such a termination for Cause, Company shall not pay Executive (i) any bonus payment for the year of termination or subsequent years under any plan in which Executive is then participating or (ii) any unvested shares or portions of any equity grant not yet vested (including RSUs, SARs, stock options or any other form of equity or long-term incentive) made by the Company to Executive under any equity compensation plan of the Company (“Unvested Equity Grants”).
		

		
			(b)Termination Without Cause. The Company may terminate Executive’s employment at any time without Cause by giving Executive at least thirty (30) day’s prior written notice specifying the effective date of such termination. In the event of a termination without Cause, Company shall pay to Executive his then-current Base Salary through the effective date of 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

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		such termination. Additionally, provided that Executive and the Company have  executed (and, if applicable, thereafter have not revoked) a written release in connection with such termination substantially in the form attached hereto as Annex I (the “Mutual Release”), Company shall also pay Executive: (i) a bonus as may be determined by the Compensation Committee or Board prorated for the portion of the Company’s fiscal year through the effective date of such termination, which prorated bonus shall, if applicable, be based on applying the level of achievement of the performance targets (with respect to both Executive and the Companies) to Executive’s target bonus for the year of such termination (the “Pro-Rated Bonus”)  payable in a lump sum at the same time as bonuses are paid to the Company’s senior executives generally and (ii) the lesser of (A) the remaining amount of Base Salary due to Executive hereunder notwithstanding Executive’s termination or (B) thirty  (30) months of Executive’s Base Salary due to Executive notwithstanding Executive’s Termination, payable in a lump sum no later than seventy five (75) days after the effective date of such termination.  In addition, all Unvested Equity Grants shall automatically become fully vested upon termination pursuant to this Section 3(b).
		

		
			(c)Termination By Executive For Good Reason. Executive may terminate his Employment at any time for “Good Reason” by giving the Company written notice of such termination.  For purposes of this Agreement, “Good Reason” shall mean: (i) the Company has breached its obligations hereunder in any material respect; (ii) the Company has decreased Executive’s then current Base Salary; and/or (iii) the Company has effected a material diminution in Executive’s reporting responsibilities, authority, or duties as in effect immediately prior to such change.  However, Executive may not terminate this Agreement for Good Reason unless:  (A) Executive has provided written notice to the Company of his intent to terminate the Agreement under this provision and identify the specific condition Executive believes to constitute Good Reason; (B) the Company has been given at least 30 days after receiving such notice to cure such condition; and (C) the Company fails to reasonably cure the condition.  If Executive terminates his employment under this Section 3(c) and Executive and Company have executed (and, if applicable, thereafter have not revoked) the Mutual Release, Company shall pay Executive:  (i) Executive’s then current Base Salary through the effective date of such termination, (ii) if entitled to receive a bonus as may be determined by the Compensation Committee or Board, a Pro-Rated Bonus payable in a lump sum at the same time as bonuses are paid to the Company’s senior executives generally, and (iii) the lesser of (a) the remaining amount of Base Salary due to Executive hereunder notwithstanding Executive’s termination or (B) thirty  (30) months of Executive’s then current Base Salary payable in a lump sum no later than seventy five (75) days after the effective date of such termination.  In addition, all Unvested Equity Grants, if any, shall automatically become fully vested upon termination pursuant to this Section 3(c).
		

		
			(d)Termination By Executive Without Good Reason.  Executive may also terminate his Employment at any time without Good Reason by giving the Company at least thirty  (30) days’ prior written notice.  In such event, Company shall pay Executive only Executive’s then-current Base Salary through the date of such termination.  Further, Executive acknowledges that in the event of such termination without Good Reason, Company shall not pay Executive any bonus payment for the year of termination or subsequent years under any incentive compensation plan in which Executive is then participating.
		

		
			(e)Termination Due To Disability.  In the event Executive becomes “Totally and Permanently Disabled” (as reasonably determined by the Board acting in good faith), the 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

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		Company may terminate Executive’s employment upon written notice to Executive.  In the event of Executive’s termination under this Section 3(e),  Company shall pay Executive his then-current Base Salary through the effective date of such termination. In the event Executive and Company have executed (and, if applicable, thereafter have not revoked) the Mutual Release, Company shall also pay Executive: (i) if entitled to receive a bonus as may be determined by the Compensation Committee or Board, a Pro-Rated Bonus payable in a lump sum at the same time as bonuses are paid to the Company’s senior executives generally, and (ii) Executive’s then-current Base Salary, net of short term disability payments remitted to Executive by the Company pursuant to the Company’s Short-Term Disability Plan, through the earlier of: (y) the scheduled expiration date of this Agreement (but in no event less than twelve (12) months from the date of disability) or (z) the date on which Executive’s long-term disability insurance payments commence.  In addition,  all Unvested Equity Grants, if any, shall automatically become fully vested upon termination pursuant to this Section 3(e).
		

		
			(f)Termination Due To Death.  Executive’s employment shall automatically terminate upon the death of Executive. In such event, Company shall pay Executive’s estate, heirs, assigns or legatees, as the case may be, Executive’s then-current Base Salary through the effective date of such termination. In the event Executive’s personal representative and Company execute a release substantially in the form of the Mutual Release, Company shall pay Executive’s estate, heirs, assigns or legatees, as the case may be, if entitled to receive a bonus as may be determined by the Compensation Committee or Board, a Pro-Rated Bonus. In addition, all Unvested Equity Grants, if any, shall automatically become fully vested upon termination pursuant to this Section 3(f).
		

		
			(g)Other Benefits.  Upon Executive’s termination pursuant to Section 3(b) or 3(c), and in the event Executive and Company have executed (and, if applicable, thereafter have not revoked) the Mutual Release, the Company shall pay Executive, in lump sum, one year’s COBRA premiums for continuation of health and dental coverage in existence at the time of such termination, as determined as of Executive’s date of termination. This payment will be remitted to Executive at the same time Executive is paid pursuant to Sections 3(b)  or 3(c).   Except as expressly set forth in this Section 3, Executive shall not be entitled to receive any compensation or other benefits in connection with the termination of Executive’s employment.
		

		
			(h)Provisions of Agreement that Survive Termination. No termination of Executive shall affect any of the rights and obligations of the parties hereto under Sections 5, 6, 7 and 8, and such rights and obligations shall survive such termination in accordance with the terms of such sections.  In the event an enforcement remedy is sought under Sections 5, 6, 7 or 8, the time periods provided for in those Sections shall be extended by one day for each day Employee failed to comply with the restriction at issue.
		

		
			(i)Termination in Connection with a Change in Control.  In the event of a termination of Executive's employment by the Company without Cause or by Executive for Good Reason or notice by the Company of non-renewal of this Agreement, all within one hundred eighty  (180) days of a consummation of a Change in Control of the Company and provided that Executive and the Company execute (and, if applicable, thereafter not revoke) the Mutual Release, Executive shall be entitled to receive (i) Executive's then-current Base Salary through the effective date of such termination or non-renewal, (ii) if entitled to receive a bonus as may be determined by the 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

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		Compensation Committee or Board of Directors of the Company, a Pro-Rated Bonus, (iii) a lump sum payment equal to thirty  (30) months of Executive's then current Base Salary plus an amount equal to the cash bonus paid to Executive in the prior calendar year, if any, payable no later than seventy five (75) days after the effective date of such termination or non-renewal occurs, and (iv) to the extent not already vested, full vesting of all Unvested Equity Grants, if any.  For purposes of this Agreement, “Change in Control” shall mean an event or series of events by which:
		

		
			(A) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent, or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 51% or more of the equity securities of the Company entitled to vote for members of the Board or equivalent governing body of the Company on a fully-diluted basis;
		

		
			(B) a majority of members of the Company’s Board of Directors is replaced during any twelve (12) month period by members of the Board of Directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors prior to the date of the appointment or election;
		

		
			(C) any person or two or more persons acting in concert shall have acquired, by contract or otherwise, control over the equity securities of the Company entitled to vote for members of the Board or equivalent governing body of the Company on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) representing 51% or more of the combined voting power of such securities; or
		

		
			(D) the Company sells or transfers (other than by mortgage or pledge) all or substantially all of its properties and assets to, another “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act).
		

		
			5.Restrictive Covenants.
		

		
			(a)Executive covenants that during Executive’s employment with the Company and for a period of two (2) years following the termination of Executive, for any reason,  Executive will not, except with the prior written consent of the Board, directly or indirectly own, manage, operate, join, control, finance or participate in the ownership, management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit his name to be used in connection with, any business or enterprise that is engaged in a “Competing Enterprise,” which is defined as an entity whose operations are conducted solely within the ski industry in North America.  For the sake of clarity, real estate companies which are not wholly owned, directly or indirectly, by an entity in the ski industry are not considered a Competing Enterprise for the purposes of this Agreement,  and an entity shall not be deemed to be “in the ski industry” solely by virtue of developing residential or lodging facilities which may be in or near ski areas or used in whole or part by skiers.
		

		
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			The foregoing restrictions shall not be construed to prohibit the ownership by Executive of less than five percent (5%) of any class of securities of any corporation which is 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

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		engaged in a Competing Enterprise having a class of securities registered pursuant to the Securities Exchange Act of 1934, provided that such ownership represents a passive investment and that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part in its business (other than exercising his rights as a shareholder), or seeks to do any of the foregoing.
		

		
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			(b)Executive acknowledges the Company’s employees are a valuable resource to the Company. Accordingly, Executive covenants that during Executive’s employment with the Company and for the period of two (2) years following the termination of Executive,  for any reason, Executive will not, directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees who are employed at the managerial level or executive level of the Company to leave their employment, or hire or take away such employees, or attempt to solicit, induce, recruit, encourage, hire or take away such employees of the Company, either for the benefit of Executive or for any other person or entity.
		

		
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			(c)Executive recognizes that information about the Company’s customers and clients is considered Confidential Information, defined below, and may be a trade secret of the Company.  Accordingly, Executive covenants that during Executive’s employment with the Company and for the period of two (2) years following the termination of Executive, for any reason, Executive will not, directly or indirectly service, call on, solicit, divert or take away, any Covered Clients or Customers of Company.  For purposes of this Agreement, “Covered Clients or Customers” means those persons or entities: (a) to whom or which the Company has provided services, (b) about whom or which Executive received Confidential Information, or (c) with whom or which Executive had contact,  either directly or indirectly.
		

		
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			(d)Executive acknowledges the restrictions, prohibitions and other provisions hereof, are reasonable, fair and equitable in terms of duration, scope and geographic area; are necessary to protect the legitimate business interests of the Company; and are a material inducement to the Company to enter into this Agreement.
		

		
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			(e)In the event Executive breaches any provision of this Section 5, in addition to any other remedies that the Company may have at law or in equity, Executive shall promptly reimburse the Company for any severance payments received from, or payable by, the Company. In addition, the Company shall be entitled, in its sole discretion, to offset all or any portion of the amount of any unpaid reimbursements against any amount owed by the Company to Executive.
		

		
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			6.Release of Personal Guarantees.  Upon execution of this Agreement Company shall endeavor with reasonable efforts to obtain a release of all Executive’s personal guarantees of obligations of the Company.  To the extent Company is unable to obtain such releases of personal guarantees, Company shall, upon demand by Executive, indemnify and reimburse Executive for the amount Executive pays for any such obligations.  
		

		
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			7.Document Return; Resignations.
		

		
			(a)Upon termination of Executive’s employment hereunder for any reason, or upon the Company’s earlier request, Executive shall promptly surrender to the Company all letters, 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

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		papers, documents, instruments, records, books, products, data and work product stored on electronic storage media, and any other materials owned by any of the Companies or used by Executive in the performance of Executive’s duties under this Agreement.
		

		
			(b)Upon termination of Executive hereunder for any reason, Executive shall be deemed to have resigned from all officer, director, management or board positions to which Executive may have been elected or appointed by reason of Executive’s employment or involvement with the Company, specifically including but not limited to the Board, the boards of any of the Companies and any other boards, districts, homeowner and/or industry associations in which Executive serves as a result of or in his capacity as Executive Vice President  (collectively, the “Associations”).  Executive shall promptly execute and deliver to the Company or its designee any other document including, without limitation, a letter of resignation, reasonably requested by the Company to effectuate the purposes of this Section 6(b).  If the Company is unable, after reasonable effort, to secure Executive’s signature on any document that the Company deems to be necessary to effectuate the purposes of this Section 6(b), Executive hereby designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf to execute, verify and submit to any appropriate third party any such document, which shall thereafter have the same legal force and effect as if executed by Executive.
		

		
			8.Confidentiality and Assignment of Intellectual Property.
		

		
			(a)During Executive’s employment with the Company, and at all times following the termination of Executive’s employment hereunder for any reason, Executive shall not use for Executive’s own benefit or for the benefit of any subsequent employer, or disclose, directly or indirectly, to any person, firm or entity, or any officer, director, stockholder, partner, associate, employee, agent or representative thereof, any confidential information or trade secrets of any of the Companies or the Associations, other than as reasonably necessary to perform Executive’s duties under this Agreement.  As used herein, the term “Confidential Information” includes budgets, business plans, strategies, analyses of potential transactions, costs, personnel data, and other proprietary information of the Company that is not in the public domain.
		

		
			(b)For purposes of this Section 8(b), “Company Inventions” means all ideas, processes, trademarks and service marks, inventions, discoveries, and improvements to any of the foregoing, that Executive learns of, conceives, develops or creates alone or with others during Executive’s employment with the Company (whether or not conceived, developed or created during regular working hours) that directly or indirectly arise from or relate to:  (i) the Company’s business, products or services; or (ii) work performed for the Company by Executive or any other Company employee, agent or contractor; or (iii) the use of the Company’s property or time; or (iv) access to the Company’s Confidential Information. Executive hereby assigns to the Company Executive’s entire right, title and interest in all Company Inventions, which shall be the sole and exclusive property of the Company whether or not subject to patent, copyright, trademark or trade secret protection.  Executive also acknowledges that all original works of authorship that are made by Executive (solely or jointly with others), within the scope of Executive’s employment with the Company, and that are protectable by copyright, are “works made for hire,” as that term is defined in the United States Copyright Act (18 U.S.C. §§. 101, et
		

		

		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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		seq.).  To the extent that any such works, by operation of law, cannot be “works made for hire,” Executive hereby assigns to Company all right, title, and interest in and to such works and to any related copyrights. Executive shall promptly execute, acknowledge and deliver to the Company all additional instruments or documents deemed at any time by the Company in its sole discretion to be necessary to carry out the intentions of this paragraph.
		

		
			9.Non-Disparagement.
		

		
			Following the termination of Executive’s employment hereunder for any reason, Executive agrees that Executive shall not make any statements disparaging of any of the Companies, their respective boards, their businesses, and the officers, directors, stockholders, or employees of any of the Companies or the Associations. In response to inquiries from prospective employers, which shall be referred by Executive only to the Chief Executive Officer of the Company, the Company shall confirm only dates of employment, job title, and job responsibilities. Subject to the terms of this Section 8, Executive, as appropriate, may respond truthfully to inquiries from prospective employers of Executive, and the Company and Executive may respond truthfully as may be required by any governmental or judicial body acting in its official capacity. Nothing in this Agreement shall prohibit Executive from responding to a subpoena, court order or similar legal process; provided,  however, that prior to Executive making any disclosures required by a subpoena or other court order relating to the Company, Executive shall provide the Company with written notice of the subpoena, court order or similar legal process sufficiently in advance of such disclosure to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process.
		

		
			10.Non-Assignability.
		

		
			It is understood that this Agreement has been entered into personally by the parties.  Neither party shall have the right to assign, transfer, encumber or dispose of any duties, rights or payments due hereunder, which duties, rights and payments with respect hereto are expressly declared to be non-assignable and non-transferable, being based upon the personal services of Executive, and any attempted assignment or transfer shall be null and void and without binding effect on either party; provided, however, that the Company may assign this Agreement to any parent, subsidiary, affiliate or successor corporation.
		

		
			11.Injunctive Relief.
		

		
			Executive acknowledges the remedy at law for any violation or threatened violation of Sections 5, 7, 8, 9 and/or 10 of this Agreement may be inadequate and that, accordingly, the Company would by reason of such breach, or threatened breach, be entitled to (i) injunctive relief by temporary restraining order, temporary injunction and/or permanent injunction in a court of appropriate jurisdiction without the need to post bond or other surety and (ii) any other legal and equitable relief to which the Company may be entitled, including without limitation any and all monetary damages which the Company may incur as a result of said breach or threatened breach.  The above stated remedies shall be in addition to, and not in limitation of, any other rights or remedies to which either party is or may be entitled at law, in equity, or under this Agreement. For purposes of such injunctive relief, Executive irrevocably agrees that any legal action or proceeding for injunctive or other equitable relief shall be brought and determined exclusively in state and 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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		federal courts located in St. Louis Missouri.  Executive irrevocably submits with regard to any such action or proceeding for Executive, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that Executive will not bring any action relating to this Agreement in any court other than the aforesaid courts.  Each of the parties hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that party is not personally subject to the jurisdiction of the above-named courts for any reason, and (b) to the fullest extent permitted by the applicable law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.
		

		
			12.Indemnification.
		

		
			The Company shall indemnify and hold harmless Executive in connection with legal proceedings seeking to impose liability on Executive in such Executive’s capacity as a director, officer,  employee, or personal guarantor of any obligation of the Companies to the fullest extent permitted under the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as may be further amended or restated from time to time.  In furtherance thereof, the Company and Executive each agree to execute and deliver an Indemnification Agreement by and between the Company and Executive, attached hereto as Exhibit A and incorporated herein by reference, concurrently with the execution and delivery of this Agreement.  To the extent any provision set forth in the Indemnification Agreement is in conflict with any provision set forth in this Agreement, the provision set forth in the Indemnification Agreement shall govern.  Further, Executive shall be entitled to coverage under the Directors and Officers Liability Insurance program to the same extent as other senior executives of the Companies.  However, in order to receive indemnification under this provision, (i) Executive must notify the Company immediately, in writing, of any legal proceedings seeking to impose liability on Executive in such Executive’s capacity as a director, officer or employee of the Company and (ii) is not permitted to settle any claims without written consent from the Company except for payments made pursuant to Executive’s personal guarantee of the Company’s obligations.  
		

		
			13.Complete Agreement.
		

		
			This Agreement constitutes the full understanding and entire agreement of the parties, and supersedes and is in lieu of any and all other understandings or agreements between the Company and Executive.  Nothing herein is intended to limit any rights or duties Executive has under the terms of any applicable incentive compensation, benefit plan or other similar agreements.
		

		
			14.Disputes.
		

		
			Notwithstanding Section 10 reserving the right to seek injunctive relief, the agreement under this section is made in accordance with R.S.Mo. §435.350 et seq. and shall be binding upon the parties hereto. This section of this Agreement will be enforceable for the duration of Executive’s employment with Company, and thereafter with respect to any such claims arising from or relating to Executive’s employment or cessation of employment with Company.  THE PARTIES ACKNOWLEDGE THAT THEY must arbitrate all such employment-
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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		related claims, and THAT THEY may not file a lawsuit in court, other than for the purposes of seeking injunctive relief under section 9.
		

		
			All disputes relating to or arising from this Agreement and/or Executive’s employment with the Company shall be resolved, upon written request by either party, by final and binding arbitration by the American Arbitration Association in St. Louis, Missouri (“AAA”) in accordance with the AAA Arbitration Rules and Procedures as in effect at the time of the arbitration. The AAA arbitration fees shall be paid equally by the parties hereto.  Arbitration hereunder shall take place before one AAA arbitrator mutually agreed upon by the parties within 30 days after receipt of the written request for arbitration by one of the parties hereto.  If the parties are unable or fail to agree upon the arbitrator within such time, the parties shall submit a request at the end of such period to AAA to select the arbitrator within 15 days thereafter.  The arbitration and determination rendered by the AAA arbitrator shall be final and binding on the parties and judgment may be entered upon such determination in any court having jurisdiction thereof (and such judgment enforced, if necessary, through judicial proceedings).  It is understood and acknowledged that the arbitrator shall be specifically empowered to designate and award any remedy available at law or in equity, including specific performance.  The arbitrator may award costs and expenses of the arbitration proceeding (including, without limitation, reasonable attorneys’ fees) to the prevailing party. In the event that any court determines that this arbitration procedure is not binding, or otherwise allows any litigation regarding a dispute, claim, or controversy covered by this Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury in or with respect to such litigation.
		

		
			15.Amendments.
		

		
			Any amendment to this Agreement shall be made only in writing and signed by each of the parties hereto.
		

		
			16.Governing Law.
		

		
			The internal laws of the State of Missouri law shall govern the construction and enforcement of this Agreement.
		

		
			17.Notices.
		

		
			Any notice required or authorized hereunder shall be deemed delivered when deposited, postage prepaid, in the United States mail, certified, with return receipt requested, addressed to the parties as follows:
		

		
			If to Executive:
		

		
			Stephen J. Mueller
		

		
			16640 Bartizan Drive
		

		
			Wildwood, MO  63038 
		

		
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			If to Company:With a copy to:
		

		

		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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		Peak Resorts, Inc.David L. Jones, Esq.
		

		
			17409 Hidden Valley DriveSandberg Phoenix & von Gontard P.C.
		

		
			Wildwood, MO  63025120 S. Central Ave., Ste. 1420
		

		
			St. Louis, MO  63105
		

		
			18.Code Section 409A.
		

		
			(a)This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and related U.S. Treasury regulations or pronouncements (“Section 409A”) and any ambiguous provision will be construed in a manner that is compliant with or exempt from the application of Section 409A.  Any reference to an Executive’s termination of employment shall mean a cessation of the employment relationship between the Executive and the Company which constitutes a “separation from service” as determined in accordance with Section 409A.
		

		
			(b)Anything in this Agreement to the contrary notwithstanding, if on the date of termination of Executive’s employment with the Company, as a result of such termination, Executive would receive any payment that, absent the application of this Section 18 would be subject to interest and additional tax imposed pursuant to Section 409A(a) as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be made prior to the date that is the earliest of (1) 6 months after the date of termination of Executive’s employment, (2) Executive’s death, or (3) such other date as will cause such payment not to be subject to such interest and additional tax.
		

		
			19.Excise Tax.
		

		
			(a)Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or distribution (including, without limitation, the acceleration of any payment, award, distribution or benefit), by the Company or its subsidiaries to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 19) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any corresponding provisions of state or local tax law, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as, the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any Excise Tax, income tax or employment tax) imposed upon the Gross-Up Payment and any interest or penalties imposed with respect to such taxes, Executive retains from the Gross-Up Payment an amount equal to the excess, if any, of (i) the Excise Tax imposed upon the Payments, and (ii) the Excise Tax, if any, that would have been imposed on the Payments if the Executive had not served as a non-employee director of the Company prior to the Effective Date (and, therefore, Executive’s non-employee director compensation had not been taken into account in the Excise Tax computation).  The payment of a Gross-Up Payment under this Section 19(a) shall not be conditioned upon Executive’s termination of employment.  Notwithstanding the foregoing provisions of this Section 19, if it shall be determined that Executive is entitled to a Gross-Up Payment, but that the portion of the Payments that would be treated as “parachute payments” under Section 2800 of the Code does not exceed 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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			11

		

 

		the Safe Harbor Amount (as defined in the following sentence) by more than $100,000, then no Gross-up Payment shall be made to Executive and the amounts payable under this Agreement shall be reduced so that the Payments, in the aggregate, are reduced to the Safe Harbor Amount.  The “Safe Harbor Amount” is the greatest amount of payments in the nature of compensation that are contingent on a Change in Control for purposes of Section 280G of the Code that could be paid to Executive without giving rise to any Excise Tax.  The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the cash payments under Section 3.  For purposes of reducing the payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced.  If the reduction of the amounts payable under this Agreement would not result in a reduction of the Payments to the Safe Harbor Amount, no amounts payable under this Agreement shall be reduced pursuant to this Section 19(a).
		

		
			(b)Subject to the provisions of Section 19(c), all determinations required to be made under this Section 19, including the determination of whether a Gross-Up Payment is required and of the amount of any such Gross-Up Payment, shall be made by the Company’s independent auditors or such other accounting firm agreed by the parties hereto (the “Accounting Firm”), which shall provide detailed supporting calculations to the Company within 15 business days after the receipt of notice from the Company that Executive has received a Payment, or such earlier time as is requested by the Company, provided that any determination that an Excise Tax is payable by Executive shall be made on the basis of substantial authority.  The Company will promptly provide copies of such supporting calculations to Executive.  The Initial Gross-Up Payment, if any, as determined pursuant to this Section 19(b), shall be paid to Executive (or for the benefit of the Executive to the extent of the Company’s withholding obligation with respect to applicable taxes) no later than the later of (i) the due date for the payment of any Excise Tax, and (ii) the receipt of the Accounting Firm’s determination.  If the Accounting firm determines that no Excise Tax is payable by Executive, it shall furnish the Company with a written opinion that substantial authority exists for Executive not to report any Excise Tax on his Federal income tax return and, as a result, the Company is not required to withhold Excise Tax from payments to Executive.  The Company will promptly provide a copy of any such opinion to Executive.  Any determination by the Accounting Firm meeting the requirements of this Section 19(b) shall be binding upon the Company and Executive.  As a result of the uncertainly in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder.  In the event that the Company exhausts its remedies pursuant to Section 19(c) and Executive thereafter is required to make a payment of Excise Tax, the Accounting Firm shall determine the amount of the Underpayment, if any, that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive.  The fees and disbursements of the Accounting Firm shall be paid by the Company.
		

		
			(c)Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment.  Such notification shall be given as soon as practicable but not Later than ten business days after Executive receives written notice of such claim and shall apprise the Company of the nature of such claim and the date on which such Claim is requested to be paid.  Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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			12

		

 

		with respect to such claim is due).  If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall:
		

		
			(i) give the Company any information reasonably requested by the Company relating to such claim, 
		

		
			(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company,
		

		
			(iii) cooperate with the Company in good faith in order effectively to contest such claim, and
		

		
			(iv) permit the Company to participate in any proceedings relating to such claim; provided, however that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax, income tax or employment tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and expenses.  Without limitation on the foregoing provisions of this Section 19(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax, income tax or employment tax, including interest or penalties with respect thereto, imposed with respect to such advance (except that if such a loan would not be permitted under applicable law, the Company may not direct Executive to pay the claim and sue for a refund); and further provided that any extension of the statute of limitations relating to the payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.
		

		
			(d)If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 19(c), Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements to Section 19(c)) promptly pay the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).  If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 19(c), a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such 
		

		 

		

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			13

		

 

		determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid.
		

		
			20.No Duty to Mitigate.
		

		
			Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event Executive does mitigate any such damages.
		

		
			21.Binding Effect.
		

		
			This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives.
		

		
			22.Counterparts.
		

		
			This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto.
		

		
			23.Construction.
		

		
			Headings in this Agreement are for convenience only and shall not control the meaning of this Agreement.  Whenever applicable, masculine and neutral pronouns shall equally apply to the feminine genders; the singular shall include the plural and the plural shall include the singular.  The parties have reviewed and understand this Agreement, and each has had a full opportunity to negotiate this Agreement’s terms and to consult with counsel of their own choosing.  Therefore, the parties expressly waive all applicable common law and statutory rules of construction that any provision of this Agreement should be construed against this Agreement’s drafter, and agree that this Agreement and all amendments thereto shall be construed as a whole, according to the fair meaning of the language used.
		

		
			﻿
		

		
			﻿
		

		
			24.Severability and Modification by Court.
		

		
			If any court of competent jurisdiction declares any provision of this Agreement invalid or unenforceable, the remainder of this Agreement shall remain fully enforceable.  To the extent that any such court concludes that any provision of this Agreement is void or voidable, the court shall reform such provision(s) to render the provision(s) enforceable, but only to the extent absolutely necessary to render the provision(s) enforceable and only in view of the parties’ express desire that the Company be protected to the greatest extent allowed by law from unfair competition, unfair solicitation and/or the misuse or disclosure of its confidential information and records containing such information.
		

		

		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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			14

		

 

		﻿
		

		
			﻿
		

		
			﻿
		

		
			[signature page follows.]
		

		

		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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			15

		

 

		THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.
		

		
			﻿
		

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

		
			﻿
		

		
			PEAK RESORTS, INC.:
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			By:  _/s/ Timothy D. Boyd_________
		

		
			                                                                                            Timothy D. Boyd, President
		

		
			﻿
		

		
			﻿
		

		
			EXECUTIVE:
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 /s/ Stephen J. Mueller_____________
		

		
			Stephen J. Mueller
		

		

		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

			16

		

 

		Annex I
		

		
			﻿
		

		
			MUTUAL RELEASE
		

		
			﻿
		

		
			This mutual release (this “Release”) is entered into as of this day of ______, 20____ (the “Release Date”) by ____________________ (“Employee”), on the one hand and Peak Resorts, Inc. (“Peak”) on the other hand.
		

		
			﻿
		

		
			1.Reference is hereby made to Executive Employment Agreement, dated  _______, 20___ (the “Executive Employment Agreement”) by the parties hereto setting forth the agreements among the parties regarding the termination of the employment relationship between Employee and Peak. Capitalized terms used but not defined herein have the meanings ascribed to them in Executive Employment Agreement.
		

		
			﻿
		

		
			2.Employee, for him, his spouse, heirs, executors, administrators, successors, and assigns, hereby releases and discharges Peak and its respective direct and indirect parents and subsidiaries, and other affiliated companies, and each of their respective past and present officers, directors, agents and employees, from any and all actions, causes of action, claims, 
		

		
			demands, grievances, and complaints, known and unknown, that Employee or his spouse, heirs, executors, administrators, successors, or assigns ever had or may have at any time through the Release Date. Employee acknowledges and agrees that this Release is intended to and does cover, but is not limited to: (i) any claim of employment discrimination of any kind whether based on a federal, state, or local statute or court decision, including the Age Discrimination in Employment Act with appropriate notice and rescission periods observed; (ii) any claim, whether statutory, common law, or otherwise, arising out of the terms or conditions of Employee’s employment and/or Employee’s separation from Peak including, but not limited to, any claims in the nature of tort or contract claims, wrongful discharge, promissory estoppel, intentional or negligent infliction of emotional distress, and/or breach of covenant of good faith and fair dealing. The enumeration of specific rights, claims, and causes of action being released shall not be construed to limit the general scope of this Release.  It is the intent of the parties that, by this Release, Employee is giving up all rights, claims and causes of action occurring prior to the Release Date, whether or not any damage or injury therefrom has yet occurred.  Employee accepts the risk of loss with respect to both undiscovered claims and with respect to claims for any harm hereafter suffered arising out of conduct, statements, performance or decisions
		

		
			occurring before the Release Date.
		

		
			﻿
		

		
			3.Peak hereby releases and discharges Employee, his spouse, heirs, executors, administrators, successors, and assigns, from any and all actions, causes of actions, claims, demands, grievances and complaints, known and unknown, that Peak ever had or may have at any time through the Release Date.  Peak acknowledges and agrees that this Release is intended
		

		
			to and does cover, but is not limited to: (i) any claim, whether statutory, common law, or otherwise, arising out of the terms or conditions of Employee’s employment and/or Employee’s separation from Peak, and (ii) any claim for attorneys’ fees, costs, disbursements, or other like expenses.  The enumeration of specific rights, claims, and causes of action being released shall not be construed to limit the general scope of this Release.  It is the intent of the parties that, by this Release, Peak is giving up all of its respective rights, claims, and causes of action occurring 
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

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			17

		

 

		prior to the Release Date, whether or not any damage or injury therefrom has yet occurred.  Peak accepts the risk of loss with respect to both undiscovered claims and with respect to claims for any harm hereafter suffered arising out of conduct, statements, performance or decisions occurring before the Release Date.
		

		
			﻿
		

		
			4.This Release shall in no event (i) apply to any claim by either Employee or Peak arising from any breach by the other party of its obligations under Executive Employment Agreement occurring on or after the Release Date, (ii) waive Employee’s claim with respect to compensation or benefits earned or accrued prior to the Release Date to the extent such claim survives termination of Employee’s employment under the terms of Executive Employment Agreement, or (iii) waive Employee’s right to indemnification under the by-laws of the Company.
		

		
			﻿
		

		
			5.Enforceability of Release:
		

		
			﻿
		

		
			(a)You acknowledge that you have been advised to consult with an attorney before signing this Release.
		

		
			﻿
		

		
			(b)You acknowledge the adequacy and sufficiency of the consideration outlined in Executive Employment Agreement for your promises set forth in this Release and that the Company is not otherwise obligated to pay such sums.
		

		
			﻿
		

		
			(c)You acknowledge that you have been offered at least twenty-one (21) days to consider this Release, that you have read Executive Employment Agreement and this Release, and understand its terms and significance, and that you have executed this Release and with full knowledge of its effect, after having carefully read and considered all terms of this Release and, if you have chosen to consult with an attorney, your attorney has fully explained all terms and their significance to you.
		

		
			﻿
		

		
			(d)You hereby certify your understanding that you may revoke this Release, as it applies to you, within seven (7) days following execution of this Release and that this Release shall not become effective or enforceable until that revocation period has expired.  Any revocation should be sent, in writing, to Peak Resorts, Inc., 17409 Hidden Valley Drive, Wildwood, MO  63025, with a copy to:  David L. Jones, Esq., Sandberg Phoenix & von Gontard P.C., 120 S. Central Ave., Ste. 1420, St. Louis, MO 63105.  You also understand that, should you revoke this Release within the seven-day period, this Release, as it applies to you, would be voided in its entirety and the sums set forth in Executive Employment Agreement would not be paid or owed to you.
		

		
			﻿
		

		
			6.This Mutual Release shall be effective as of the eighth day following the Release Date and only if executed by both parties.
		

		
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			Executive Employment Agreement – Stephen J. Mueller

		

		

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			18

		

 

		IN WITNESS WHEREOF, each party hereto, intending to be legally bound, has executed this Mutual Release on the date indicated below.
		

		
			﻿
		

		
			STEPHEN J. MUELLERPEAK RESORTS, INC.
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			_________________________________By: ________________________________
		

		
			﻿
		

		
			Date: ____________________________Date: _______________________________
		

		
			﻿
		

		
			﻿
		

		 

		

			Executive Employment Agreement – Stephen J. Mueller

		

		

			Peak Resorts, Inc.

		

		

			19EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

HERITAGE INSURANCE HOLDINGS, INC., 

as Issuer, 
 HERITAGE MGA, LLC,

 as Guarantor, 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE 

Dated as of August 16, 2017 

5.875% Convertible Senior Notes due 2037 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 	  	 	  	PAGE	 
		  	ARTICLE 1	  			
		  	DEFINITIONS	  			
			
	 Section 1.01.
	  	Definitions	  	 	2	
	 Section 1.02.
	  	References to Interest	  	 	15	
			
		  	ARTICLE 2	  			
		  	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  			
			
	 Section 2.01.
	  	Designation and Amount	  	 	16	
	 Section 2.02.
	  	Form of Notes	  	 	16	
	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	17	
	 Section 2.04.
	  	Execution, Authentication and Delivery of Notes	  	 	18	
	 Section 2.05.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	19	
	 Section 2.06.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	25	
	 Section 2.07.
	  	Temporary Notes	  	 	26	
	 Section 2.08.
	  	Cancellation of Notes Paid, Converted, Etc	  	 	26	
	 Section 2.09.
	  	CUSIP Numbers	  	 	26	
	 Section 2.10.
	  	Additional Notes; Purchases	  	 	27	
			
		  	ARTICLE 3	  			
		  	SATISFACTION AND DISCHARGE	  			
			
	 Section 3.01.
	  	Satisfaction and Discharge	  	 	27	
			
		  	ARTICLE 4	  			
		  	PARTICULAR COVENANTS OF THE COMPANY	  			
			
	 Section 4.01.
	  	Payment of Principal and Interest	  	 	28	
	 Section 4.02.
	  	Maintenance of Office or Agency	  	 	28	
	 Section 4.03.
	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	28	
	 Section 4.04.
	  	Provisions as to Paying Agent	  	 	29	
	 Section 4.05.
	  	Existence	  	 	30	
	 Section 4.06.
	  	Rule 144A Information Requirement and Annual Reports	  	 	30	
	 Section 4.07.
	  	Stay, Extension and Usury Laws	  	 	32	
	 Section 4.08.
	  	Compliance Certificate; Statements as to Defaults	  	 	32	
	 Section 4.09.
	  	Further Instruments and Acts	  	 	32	

  
 i 

							
		  	ARTICLE 5	  			
		  	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	  			
			
	 Section 5.01.
	  	Lists of Holders	  	 	33	
	 Section 5.02.
	  	Preservation and Disclosure of Lists	  	 	33	
			
		  	ARTICLE 6	  			
		  	DEFAULTS AND REMEDIES	  			
			
	 Section 6.01.
	  	Events of Default	  	 	33	
	 Section 6.02.
	  	Acceleration; Rescission and Annulment	  	 	35	
	 Section 6.03.
	  	Additional Interest	  	 	36	
	 Section 6.04.
	  	Payments of Notes on Default; Suit Therefor	  	 	36	
	 Section 6.05.
	  	Application of Monies Collected by Trustee	  	 	38	
	 Section 6.06.
	  	Proceedings by Holders	  	 	39	
	 Section 6.07.
	  	Proceedings by Trustee	  	 	40	
	 Section 6.08.
	  	Remedies Cumulative and Continuing	  	 	40	
	 Section 6.09.
	  	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	40	
	 Section 6.10.
	  	Notice of Defaults	  	 	41	
	 Section 6.11.
	  	Undertaking to Pay Costs	  	 	41	
			
		  	ARTICLE 7	  			
		  	CONCERNING THE TRUSTEE	  			
			
	 Section 7.01.
	  	Duties and Responsibilities of Trustee	  	 	41	
	 Section 7.02.
	  	Reliance on Documents, Opinions, Etc	  	 	43	
	 Section 7.03.
	  	No Responsibility for Recitals, Etc	  	 	44	
	 Section 7.04.
	  	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	45	
	 Section 7.05.
	  	Monies and Shares of Common Stock to Be Held in Trust	  	 	45	
	 Section 7.06.
	  	Compensation and Expenses of Trustee	  	 	45	
	 Section 7.07.
	  	Officers’ Certificate as Evidence	  	 	46	
	 Section 7.08.
	  	Eligibility of Trustee	  	 	46	
	 Section 7.09.
	  	Resignation or Removal of Trustee	  	 	46	
	 Section 7.10.
	  	Acceptance by Successor Trustee	  	 	47	
	 Section 7.11.
	  	Succession by Merger, Etc	  	 	48	
	 Section 7.12.
	  	Trustee’s Application for Instructions from the Company	  	 	48	
			
		  	ARTICLE 8	  			
		  	CONCERNING THE HOLDERS	  			
			
	 Section 8.01.
	  	Action by Holders	  	 	49	
	 Section 8.02.
	  	Proof of Execution by Holders	  	 	49	
	 Section 8.03.
	  	Who Are Deemed Absolute Owners	  	 	49	
	 Section 8.04.
	  	Company-Owned Notes Disregarded	  	 	50	
	 Section 8.05.
	  	Revocation of Consents; Future Holders Bound	  	 	50	

  
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		  	ARTICLE 9	  			
		  	HOLDERS’ MEETINGS	  			
			
	 Section 9.01.
	  	Purpose of Meetings	  	 	50	
	 Section 9.02.
	  	Call of Meetings by the Company or the Trustee	  	 	51	
	 Section 9.03.
	  	Call of Meetings by Company or Holders	  	 	51	
	 Section 9.04.
	  	Qualifications for Voting	  	 	51	
	 Section 9.05.
	  	Regulations	  	 	51	
	 Section 9.06.
	  	Voting	  	 	52	
	 Section 9.07.
	  	No Delay of Rights by Meeting	  	 	52	
			
		  	ARTICLE 10	  			
		  	SUPPLEMENTAL INDENTURES	  			
			
	 Section 10.01.
	  	Supplemental Indentures Without Consent of Holders	  	 	53	
	 Section 10.02.
	  	Supplemental Indentures with Consent of Holders	  	 	53	
	 Section 10.03.
	  	Effect of Supplemental Indentures	  	 	55	
	 Section 10.04.
	  	Notation on Notes	  	 	55	
	 Section 10.05.
	  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	55	
			
		  	ARTICLE 11	  			
		  	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  			
			
	 Section 11.01.
	  	Company May Consolidate, Etc. on Certain Terms	  	 	55	
	 Section 11.02.
	  	Successor Corporation to Be Substituted	  	 	56	
	 Section 11.03.
	  	Opinion of Counsel to Be Given to Trustee	  	 	57	
			
		  	ARTICLE 12	  			
		  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  			
			
	 Section 12.01.
	  	Indenture and Notes Solely Corporate Obligations	  	 	57	
			
		  	ARTICLE 13	  			
		  	GUARANTEE OF NOTES	  			
			
	 Section 13.01.
	  	Guarantee	  	 	57	
	 Section 13.02.
	  	Subrogation	  	 	59	
	 Section 13.03.
	  	Limitation on Subsidiary Guarantor Liability	  	 	59	
	 Section 13.04.
	  	Reinstatement	  	 	59	
	 Section 13.05.
	  	Successors and Assigns	  	 	59	
	 Section 13.06.
	  	Release	  	 	60	
			
		  	ARTICLE 14	  			
		  	CONVERSION OF NOTES	  			
			
	 Section 14.01.
	  	Conversion Privilege	  	 	60	
	 Section 14.02.
	  	Conversion Procedure; Settlement Upon Conversion	  	 	63	

  
 iii 

							
	 Section 14.03.
	  	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Adjustment Events	  	 	69	
	 Section 14.04.
	  	Adjustment of Conversion Rate	  	 	71	
	 Section 14.05.
	  	Adjustments of Prices	  	 	81	
	 Section 14.06.
	  	Shares to Be Fully Paid	  	 	81	
	 Section 14.07.
	  	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	81	
	 Section 14.08.
	  	Certain Covenants	  	 	84	
	 Section 14.09.
	  	Responsibility of Trustee	  	 	84	
	 Section 14.10.
	  	Notice to Holders Prior to Certain Actions	  	 	85	
	 Section 14.11.
	  	Stockholder Rights Plans	  	 	85	
	 Section 14.12.
	  	Public Acquirer Change of Control	  	 	86	
			
		  	ARTICLE 15	  			
		  	PURCHASE OF NOTES AT OPTION OF HOLDERS	  			
			
	 Section 15.01.
	  	Purchase at Option of Holders on Certain Dates	  	 	88	
	 Section 15.02.
	  	Purchase at Option of Holders Upon a Fundamental Change	  	 	90	
	 Section 15.03.
	  	Withdrawal of Purchase Notice or Fundamental Change Purchase Notice	  	 	92	
	 Section 15.04.
	  	Deposit of Purchase Price or Fundamental Change Purchase Price	  	 	93	
	 Section 15.05.
	  	Covenant to Comply with Applicable Laws Upon Purchase of Notes	  	 	94	
	 Section 15.06.
	  	Paying Agent	  	 	94	
			
		  	ARTICLE 16	  			
		  	OPTIONAL REDEMPTION	  			
			
	 Section 16.01.
	  	Optional Redemption	  	 	94	
	 Section 16.02.
	  	Notice of Optional Redemption; Selection of Notes	  	 	95	
	 Section 16.03.
	  	Payment of Notes Called for Redemption	  	 	96	
	 Section 16.04.
	  	Restrictions on Redemption	  	 	96	
			
		  	ARTICLE 17	  			
		  	MISCELLANEOUS PROVISIONS	  			
			
	 Section 17.01.
	  	Provisions Binding on Company’s Successors	  	 	97	
	 Section 17.02.
	  	Official Acts by Successor Corporation	  	 	97	
	 Section 17.03.
	  	Addresses for Notices, Etc	  	 	97	
	 Section 17.04.
	  	Governing Law; Jurisdiction	  	 	98	
	 Section 17.05.
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	98	
	 Section 17.06.
	  	Legal Holidays	  	 	99	
	 Section 17.07.
	  	No Security Interest Created	  	 	99	
	 Section 17.08.
	  	Benefits of Indenture	  	 	99	
	 Section 17.09.
	  	Table of Contents, Headings, Etc	  	 	99	
	 Section 17.10.
	  	Authenticating Agent	  	 	99	
	 Section 17.11.
	  	Execution in Counterparts	  	 	100	
	 Section 17.12.
	  	Severability	  	 	101	

  
 iv 

							
	 Section 17.13.
	  	Waiver of Jury Trial	  	 	101	
	 Section 17.14.
	  	Force Majeure	  	 	101	
	 Section 17.15.
	  	Calculations	  	 	101	
	 Section 17.16.
	  	USA PATRIOT Act	  	 	101	

 EXHIBIT 

 

							
	 Exhibit A
	  	Form of Note	  	 	A-1	 

  
 v 

 INDENTURE dated as of August 16, 2017 among HERITAGE INSURANCE HOLDINGS, INC., a Delaware
corporation, as issuer (the “Company,” as more fully set forth in Section 1.01), HERITAGE MGA, LLC, a limited liability company organized under the laws of the State of Florida, as guarantor hereunder (the
“Guarantor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). 

W I T N E S S E T H: 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 5.875% Convertible Senior Notes due
2037 (the “Notes”), initially in an aggregate principal amount not to exceed $125,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchaser pursuant to the
exercise of its option to purchase additional Notes as set forth in the Purchase Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the
execution and delivery of this Indenture; and 
 WHEREAS, the Guarantor has duly authorized the execution and delivery of this
Indenture and the Guarantee hereunder; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the
Form of Notice of Conversion, the Form of Fundamental Change Purchase Notice, the Form of Purchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

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

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

 ARTICLE 1 

DEFINITIONS 

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

“Acquirer” shall have the meaning set forth in the definition of “Public Acquirer Change of Control.”

 “Additional Interest” means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and
Section 6.03, as applicable. 
 “Additional Shares” shall have the meaning specified in Section 14.03(a). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or
required to be made, as the case may be, hereunder. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any
similar federal or state law for the relief of debtors. 
 “Bid Solicitation Agent” means the Person
appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The Trustee shall initially act as the Bid Solicitation Agent. 

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

“Business Day” means, with respect to any Note, any day other than (x) a Saturday, (y) a Sunday or
(z) a day on which state or federally chartered banking institutions in New York, New York are not required to be open.  

  
 2 

 “Capital Stock” means, for any entity, any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

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

A “Change in Control” shall be deemed to have occurred if any of the following occurs after the date of this
Indenture: 
 (a) any “person” or “group” within the meaning of Section 13(d) of the Exchange
Act is or becomes the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of shares of the Company’s voting stock representing 50% or more of the total voting power of all outstanding classes of the
Company’s voting stock entitled to vote generally in elections of directors, or has the power, directly or indirectly, to elect a majority of the members of the Board of Directors; 

(b) the consummation of: (A) any recapitalization, reclassification or change of the Common Stock (other than changes
resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation, merger or similar
transaction involving the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided that a transaction described in clause (B) above pursuant
to which the Persons that “beneficially owned,” directly or indirectly, the shares of the Company’s voting stock immediately prior to such transaction “beneficially own,” directly or indirectly, shares of voting stock
representing at least a majority of the total voting power of all outstanding classes of voting stock of the surviving or transferee Person and such holders’ proportional voting power immediately after such transaction vis-à-vis each
other with respect to the securities they receive in such transaction shall be in substantially the same proportions as their respective voting power vis-à-vis each other immediately prior to such transaction shall not constitute a
“Change in Control”; 
 (c) the first day on which a majority of the members of the Board of Directors are not
Continuing Directors; or 
 (d) the Board of Directors or the holders of the Capital Stock of the Company approve any plan or
proposal for the liquidation or dissolution of the Company (whether or not in compliance with this Indenture); 
 provided, however, that a
Change in Control shall not be deemed to have occurred if at least 90% of the consideration paid for the Common Stock in a transaction or transactions described under clause (b) above, excluding cash payments for any fractional share and cash
payments made pursuant to dissenters’ appraisal rights, consists of shares of common stock traded on The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or 

  
 3 

 
any of their respective successors), or will be so traded immediately following such transaction, and, as a result therefrom, such consideration becomes the Reference Property for the Notes.
Solely for purposes of clauses (a) and (c) above, the words “or a committee of such board duly authorized to act for it hereunder” in the definition of “Board of Directors” shall be disregarded. If any Public Acquirer
Change of Control for which the Company validly elects for the provisions of Section 14.12 to apply occurs or any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related
Make-Whole Adjustment Event Period (or, in the case of such a Public Acquirer Change of Control or a transaction that would have been a Fundamental Change or a Make-Whole Adjustment Event but for the proviso immediately following clause (d) of
the definition of Change in Control, following the effective date of such transaction), references to the Company in this definition shall instead be references to such other entity. 

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

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

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

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

“Closing Sale Price” of the Common Stock on any date means the closing per share sale price (or, if no closing sale
price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) at 4:00 p.m. (New York City time) on such date as reported in composite transactions for the
Relevant Market or, if the Common Stock is not listed on a Relevant Market on the relevant date, as reported by OTC Markets Group Inc. at 4:00 p.m. (New York City time) on such date (or in either case the then-standard closing time for regular
trading on the relevant exchange or trading system). If the closing sale price of the Common Stock is not so reported, the “Closing Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common
Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 

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

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

“Common Stock” means the common stock of the Company, par value $0.0001 per share, at the date of this Indenture, subject to
Section 14.07 and Section 14.12. 
 “Company” shall have the meaning specified in the first paragraph of this Indenture,
and subject to the provisions of Article 11, shall include its successors and assigns. 
 “Company Notice” shall
have the meaning specified in Section 15.01(a). 
 “Company Order” means a written order of the Company, signed by
(a) the Company’s Chief Executive Officer, President, Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”)
and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee. 

  
 4 

 “Continuing Director” means, as of any date of determination, any member
of the Board of Directors who (a) was a member of the Board of Directors on the date of this Indenture or (b) was nominated for election or elected to the Board of Directors with the approval of a majority of the Continuing Directors who
were members of the Board of Directors at the time of such nomination or election. Solely for purposes of this definition, the phrase “or a committee of such board duly authorized to act for it hereunder” in the definition of “Board
of Directors” shall be disregarded. 
 “Conversion Agent” shall have the meaning specified in Section 4.02.

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

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

“Conversion Period” with respect to any Note surrendered for conversion means: (a) if the relevant Conversion
Date occurs other than during the Uniform Conversion Period, the Maturity Conversion Period or a Redemption Period, the 40 consecutive Trading Day period beginning on, and including, the third Trading Day immediately following such Conversion Date;
(b) subject to clause (c), if the relevant Conversion Date occurs during the Uniform Conversion Period, the 40 consecutive Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding August 5, 2022;
(c) if the relevant Conversion Date occurs during a Redemption Period, the 40 consecutive Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the relevant Redemption Date; and (d) if the relevant
Conversion Date occurs during the Maturity Conversion Period, the 40 consecutive Trading Day period beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 

“Conversion Price” means as of any time, $1,000, divided by the Conversion Rate in effect at such
time. 
 “Conversion Rate” shall have the meaning specified in Section 14.01(a). 

“Corporate Trust Office” means the corporate trust office of the Trustee at which at any time its corporate trust
business shall be administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: Heritage Insurance Holdings, Inc. Administrator, or such other address as the Trustee may designate from
time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).

 “Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global
Notes, or any successor entity thereto. 

  
 5 

 “Daily Conversion Value” means, for each Trading Day during the
Conversion Period, one-fortieth (1/40th) of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP on such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 40. 

“Daily Net Share Number,” for each $1,000 principal amount of Notes validly surrendered for conversion, and for each
Trading Day during the Conversion Period, means a number of shares of Common Stock equal to (a) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (b) the Daily VWAP for such
Trading Day. 
 “Daily Settlement Amount,” for each $1,000 principal amount of Notes validly surrendered for
conversion, and for each Trading Day during the Conversion Period, shall consist of: 
 (a) if the Daily Conversion
Value for such Trading Day exceeds the Daily Measurement Value, the sum of (i) a cash payment in an amount equal to the Daily Measurement Value, and (ii) a number of shares of Common Stock equal to the Daily Net Share Number; or 

(b) if the Daily Conversion Value for such Trading Day is less than or equal to the Daily Measurement Value, a cash payment
equal to the Daily Conversion Value. 
 “Daily VWAP” of the Common Stock (or Public Acquirer Common Stock or any
security that is part of the Reference Property underlying the Notes, if applicable), in respect of any Trading Day, means the per share volume-weighted average price of the Common Stock (or Public Acquirer Common Stock or other security) as
displayed under the heading “Bloomberg VWAP” on Bloomberg Page “HRTG Equity AQR” (or its equivalent successor if such page is not available, or the Bloomberg Page for any Public Acquirer Common Stock or security that is part of
such Reference Property, if applicable) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day or, if such volume-weighted average price is unavailable (or
such Reference Property is not a security), the market value of one share of the Common Stock (or one share of Public Acquirer Common Stock or one unit of such Reference Property) on such Trading Day as determined in good faith by the Board of
Directors in a commercially reasonable manner, using, if practicable, a volume-weighted average price method (unless such Reference Property is not a security). The “Daily VWAP” shall be determined without regard to after-hours
trading or any other trading outside the regular trading session. 
 “Default” means any event that is, or
after notice or passage of time, or both, would be, an Event of Default. 
 “Defaulted Amounts” means any
amounts on any Note (including, without limitation, the Redemption Price, the Purchase Price on any Purchase Date, the Fundamental Change Purchase Price, principal and interest) that are payable but are not punctually paid or duly provided for
(taking into account any grace period). 

  
 6 

 “Depositary” means, with respect to each Global Note, the Person specified in
Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include
such successor. 
 “Dividend Threshold Amount” shall have the meaning specified in Section 14.04(d). 

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

 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended. 

“Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means, with respect to any issuance, dividend or distribution, the first date on which shares of
the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution, from the Company or, if applicable, from the seller of Common Stock on such exchange or
market (in the form of due bills or otherwise) as determined by such exchange or market. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Expiration
Date” shall have the meaning specified in Section 14.04(e). 
 “Expiration Time” shall have the meaning specified
in Section 14.04(e). 
 “Final Settlement Method Election Date” means the 45th Scheduled Trading Day immediately
preceding the Maturity Date. 
 “Flexible Settlement Deadline” shall have the meaning specified in Section
14.02(a). 
 “Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached
as Attachment 4 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Purchase
Notice” means the “Form of Fundamental Change Purchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

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

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

  
 7 

 “Form of Purchase Notice” means the “Form of Purchase Notice”
attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Free Convertibility Date”
shall have the meaning specified in Section 14.01(a). 
 “Fundamental Change” means the occurrence of a
Change in Control or a Termination of Trading. 
 “Fundamental Change Company Notice” shall have the meaning
specified in Section 15.02(c). 
 “Fundamental Change Purchase Date” shall have the meaning specified in Section 15.02(a).

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

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

“Global Note” shall have the meaning specified in Section 2.05(b). 

“Guarantee” means the full and unconditional guarantee by the Guarantor of the Company’s obligations under this
Indenture and the Notes, pursuant to Article 13 of this Indenture. 
 “Guaranteed Obligations” shall have the
meaning specified in Section 13.01(a)(i). 
 “Guarantor” shall have the meaning specified in the first paragraph of
this Indenture, and subject to the provisions of Article 13, shall include its successors and assigns. 
 “Holder,”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Register. 

“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so
amended or supplemented. 
 “Initial Conversion Value” means the product of (i) the Conversion Rate and
(ii) $11.26. 
 “Initial Purchaser” means Citigroup Global Markets Inc. 

“Interest Payment Date” means each February 1 and August 1 of each year, or if any such day is not a
Business Day, the immediately following Business Day, commencing on February 1, 2018. 
 “M&A
Redemption” shall have the meaning specified in Section 16.01(a). 
 “M&A Redemption Price”
shall have the meaning specified in Section 16.01(a). 

  
 8 

 “Make-Whole Adjustment Event” means (a) any Change in Control (as
defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without giving effect to the proviso in clause (b) of the definition thereof) and (b) any Termination of
Trading. 
 “Make-Whole Adjustment Event Period” shall have the meaning specified in Section 14.03(a).

 “Market Disruption Event” means, for the purposes of determining amounts due upon conversion (a) a
failure by the Relevant Market to open for trading or (b) the occurrence or existence for more than one half-hour period in the aggregate on any Scheduled Trading Day for the Common Stock of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by The New York Stock Exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or
exists at any time prior to 1:00 p.m. (New York City time) on such day. 
 “Maturity Conversion Period” means
the period beginning on, and including, the Final Settlement Method Election Date to the close of business on the second Business Day immediately preceding the Maturity Date. 

“Maturity Date” means August 1, 2037. 

“Merger Common Stock” shall have the meaning specified in Section 14.07(e)(i). 

“Merger Valuation Percentage” for any Share Exchange Event shall be equal to (x) the arithmetic average of the
Closing Sale Prices of one share of such Merger Common Stock over the relevant Merger Valuation Period (determined as if references to “Common Stock” in the definition of “Closing Sale Price” were references to the “Merger
Common Stock” for such Share Exchange Event), divided by (y) the arithmetic average of the Closing Sale Prices of one share of Common Stock over the relevant Merger Valuation Period. 

“Merger Valuation Period” for any Share Exchange Event means the five consecutive Trading Day period immediately
preceding, but excluding, the effective date for such Share Exchange Event. 
 “NBIC Acquisition” means the
acquisition of NBIC Holdings, Inc. by the Company as set forth in the NBIC Acquisition Agreement. 
 “NBIC Acquisition
Agreement” means the Agreement and Plan of Merger dated as of August 8, 2017, by and among Heritage Insurance Holdings, Inc., Gator Acquisition Merger Sub, Inc., NBIC Holdings, Inc. and PBRA, LLC, as amended from time to time.

 “Note” or “Notes” shall have the meaning specified in the first paragraph of the recitals of
this Indenture. 
 “Note Register” shall have the meaning specified in Section 2.05(a). 

  
 9 

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

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

“Offering Memorandum” means the preliminary offering memorandum dated August 9, 2017, as supplemented by the
related pricing term sheet dated August 10, 2017, relating to the offering and sale of the Notes. 

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

“Officers’ Certificate,” means (1) when used with respect to the Company, a certificate that is delivered to the
Trustee and that is signed by (a) two Officers of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or the Controller of the Company and (2) when
used with respect to the Guarantor, a certificate that is delivered to the Trustee and that is signed by (x) two Officers of the Guarantor or (b) one Officer of the Guarantor and one of the Treasurer, any Assistant Treasurer, the
Secretary, any Assistant Secretary or the Controller of the Guarantor. Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section. One of the Officers giving an
Officers’ Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 

“open of business” means 9:00 a.m. (New York City time). 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company
or the Guarantor, as the case may be, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such
Section 17.05. 
 “Optional Redemption” means any M&A Redemption or Par Redemption. 

“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any
particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes theretofore
canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes, or portions thereof, that have become due
and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the
Company shall act as its own Paying Agent); 

  
 10 

 (c) Notes that have been paid pursuant to Section 2.06 or Notes in lieu of which,
or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course;

 (d) Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; 

(e) Notes redeemed pursuant to Article 16; and 

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

“Par Redemption” shall have the meaning specified in Section 16.01(b). 

“Par Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01(b), 100% of the principal amount
of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date,
in which case interest accrued to the Interest Payment Date shall be paid to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Par Redemption Price shall be equal to 100% of the principal amount of such
Notes). 
 “Paying Agent” shall have the meaning specified in Section 4.02, subject to Section 15.06. 

“Permitted Exchange” means any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or any of their respective successors). 
 “Person” means an individual, a corporation, a limited
liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Physical Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000
principal amount and integral multiples in excess thereof. 
 “Place of Payment” means, with respect to the
Notes, the location of the office or agency maintained by the Company pursuant to Section 4.02. The “Place of Payment” shall initially be the location of the Corporate Trust Office. 

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

  
 11 

 “Public Acquirer Change of Control” means a Make-Whole Adjustment Event
pursuant to clause (a) of the definition thereof by virtue of a transaction described in clause (b) of the definition of Change in Control in which the surviving entity or acquirer (the “Acquirer”) has Public
Acquirer Common Stock. 
 “Public Acquirer Common Stock” means, in respect of any applicable Make-Whole
Adjustment Event, a class of common stock of the Acquirer in such Make-Whole Adjustment Event that is traded on a Permitted Exchange or that will be so traded when issued or exchanged in connection with such transaction or event. If the Acquirer
does not itself have a class of common stock satisfying the foregoing requirement, such Acquirer shall be deemed to have Public Acquirer Common Stock if a corporation organized and existing under the laws of the United States, any state of the
United States or the District of Columbia that fully and unconditionally guarantees the Notes and directly or indirectly owns at least a majority of the Acquirer has a class of common stock satisfying the foregoing requirement and, in such case, all
references to Public Acquirer Common Stock shall refer to such class of common stock. Majority owned for purposes of this definition shall mean having “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of more than
50% of the total voting power of all shares of the respective entity’s capital stock that are entitled to vote generally in the election of directors. 

“Purchase Agreement” means that certain Purchase Agreement, dated as of August 10, 2017, among the Company, the
Guarantor and the Initial Purchaser. 
 “Purchase Date” shall have the meaning specified in Section
15.01(a). 
 “Purchase Notice” shall have the meaning specified in Section 15.01(a). 

“Purchase Price” shall have the meaning specified in Section 15.01(a). 

“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of
Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other
property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or
otherwise). 
 “Redemption Conversion Value” means, with respect to any Redemption Date, the sum of the Daily
Conversion Values for each Trading Day in the Conversion Period that would apply to a conversion of Notes on or after the Company’s issuance of the relevant Redemption Notice and prior to the close of business on the second Business Day
immediately preceding such Redemption Date. 
 “Redemption Date” shall have the meaning specified in Section
16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Period” means, in respect of any Optional Redemption, the period from, and including, the date of the
Company’s issuance of a Redemption Notice in respect of such Optional Redemption to the close of business on the second Business Day prior to the relevant Redemption Date. 

  
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 “Redemption Price” means (a) in respect of any M&A Redemption,
the applicable M&A Redemption Price and (b) in respect of any Par Redemption, the applicable Par Redemption Price. 

“Reference Property” shall have the meaning specified in Section 14.07(a). 

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

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

“Relevant Market” means, as of any day, The New York Stock Exchange or, if the Common Stock is not listed on The New
York Stock Exchange on such day, the principal other U.S. national or regional securities exchange on which the Common Stock is then listed for trading. 

“Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(c). 

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

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

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

“Scheduled Trading Day” means any day that is scheduled to be a Trading Day on the Relevant Market. If the Common
Stock is not listed on a Relevant Market, “Scheduled Trading Day” means a Business Day. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Settlement Amount” shall have the meaning specified in Section 14.02(a)(iv). 

  
 13 

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

“Settlement Notice” shall have the meaning specified in Section 14.02(a)(iii)(A). 

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

“Shareholder Approval” shall have the meaning specified in Section 14.02(a). 

“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant
subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 
 “Specified Dollar
Amount” means the maximum amount of cash per $1,000 principal amount of Notes to be received upon conversion, excluding cash in lieu of fractional shares, as specified in the Settlement Notice related to any converted Notes. 

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

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

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

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

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

“Termination of Trading” means the Common Stock (or other common stock underlying the Notes) ceases to be listed or
quoted on a Permitted Exchange. 
 “Trading Day” means a day on which (i) the Relevant Market is open
for trading with a scheduled closing time of 4:00 p.m. (New York City time) or the then-standard closing time for regular trading on the Relevant Market and (ii) a Closing Sale Price for the Common Stock is available on the Relevant Market;
provided that if the Common Stock is not listed on a Relevant Market, “Trading Day” means a Business Day; and provided further that for purposes of determining Settlement Amounts only,
“Trading Day” means a day on which (x) there is no Market Disruption Event and (y) the Relevant Market is open for trading with a scheduled closing time of 4:00 p.m. (New York City time) or the then-standard closing time
for regular trading on the Relevant Market or, if the Common Stock is not listed on a Relevant Market, “Trading Day” means a Business Day. 

  
 14 

 “Trading Price” of the Notes means, on any date of
determination, the average of the secondary market bid quotations per $1,000 principal amount of Notes received by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m. (New York City time) on such
determination date from three independent nationally recognized securities dealers the Company selects for this purpose (and the Company shall provide the Bid Solicitation Agent the names and contact information of the selected dealers);
provided that if at least three such bids cannot reasonably be obtained by the Bid Solicitation Agent, but two such bids can reasonably be obtained, then the average of those two bids shall be used; provided further that, if at least
two such bids cannot reasonably be obtained, but one such bid can reasonably be obtained by the Bid Solicitation Agent, then such bid shall be used.  

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

“Trigger Event” shall have the meaning specified in Section 14.04(c). 

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

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

“Uniform Conversion Period” means the period beginning on, and including, the Uniform Settlement Method Election Date
to the close of business on the second Business Day immediately preceding August 5, 2022. 
 “Uniform Settlement
Method Election Date” means the 45th Scheduled Trading Day immediately preceding August 5, 2022. 
 “unit of
Reference Property” shall have the meaning specified in Section 14.07(a). 
 “Valuation Period” shall have the
meaning specified in Section 14.04(c). 
 “Wholly Owned Subsidiary” means, with respect to any Person, any
Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

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

  
 15 

 ARTICLE 2 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND
EXCHANGE OF NOTES 
 Section 2.01. Designation and Amount. The Notes shall be
designated as the “5.875% Convertible Senior Notes due 2037.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $125,000,000 (as increased by an amount equal to the
aggregate principal amount of any additional Notes purchased by the Initial Purchaser pursuant to the exercise of its option to purchase additional Notes as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes
authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall
be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Any
Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to
comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 Any of the
Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which
the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 

Each Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall
represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect redemptions,
purchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or
the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price, the Purchase Price and the Fundamental
Change Purchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is
provided for herein. 

  
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 Section 2.03. Date and Denomination of Notes; Payments of Interest and Defaulted
Amounts. (a) The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and
shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days
actually elapsed in a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor Note) is registered on the Note
Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date, notwithstanding any conversion of such Note at any time after the
close of business on the applicable Regular Record Date. In the case of Physical Notes, payments in respect of principal and interest shall be made in U.S. dollars (i) at the office or agency maintained by the Company for such purposes in the
Place of Payment, which shall initially be the Corporate Trust Office or, at the Company’s option, by check mailed to the Holder’s address as it appears in the Note Register or (ii) upon any application to the Note Registrar not later
than the relevant Regular Record Date by a Holder of more than $1,000,000 in principal amount of Notes, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect
until such Holder notifies, in writing, the Note Registrar to the contrary. Payments in respect of the principal and interest on any Global Note shall be made by wire transfer of immediately available funds through the Paying Agent to the account of
the Depositary or its nominee. 
 (c) Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date
but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be
paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 
 (i) The Company may
elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The 

  
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Company shall notify the Trustee in writing at least five Business Days prior to the date for sending such notice to Holders (or such shorter period agreed to by the Trustee) of such special
record date and the date for payment and the Company shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be sent to each Holder not less than 10 days prior to such special record date. Notice
of the proposed payment of such Defaulted Amounts and the special record date therefor having been so given, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the
close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 

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

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the
Company hereunder. 
 Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form
of Note attached as Exhibit A hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or
obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall have signed any of the Notes
shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who
signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date
of the execution of this Indenture any such person was not such an Officer. 

  
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 Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any
form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein
provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for registration
of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee, upon receipt of a Company Order, shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this
Indenture. 
 Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All
Notes presented or surrendered for registration of transfer or for exchange, purchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing. 

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

None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of
(i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for purchase (and not withdrawn) in
accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part pursuant to Section 16.01(b). 

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

  
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 (b) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the
nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with
this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 
 (c) Every Note
that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d),
collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or
otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section
2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 

Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the
last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any certificate evidencing such Note
(and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially
the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to
the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 

THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

  
 20 

 (2) AGREES FOR THE BENEFIT OF HERITAGE INSURANCE HOLDINGS, INC. (THE
“COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

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

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

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

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

No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on
the Form of Assignment and Transfer has been checked. 
 Any Note (or security issued in exchange or substitution therefor) (i) as to
which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section
2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth in clause (i) through (iii) of the
immediately preceding sentence have been satisfied, and, upon such instruction, the 

  
 21 

 
Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(c) and shall not be
assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock
issued upon conversion of the Notes has been declared effective under the Securities Act. The Company shall comply with the applicable procedures of the Depositary to effect the removal of the restrictive legend as contemplated by this paragraph.

 Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may
not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to
act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for
Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as
depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days or
(iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon
receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to
the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled. 

Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and
in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

  
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 At such time as all interests in a Global Note have been converted, canceled, purchased, redeemed
or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any
interest in a Global Note is exchanged for Physical Notes, converted, canceled, purchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note,
the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be
made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 (d) Until the Resale Restriction
Termination Date, any stock certificate representing Common Stock issued upon conversion of a Note shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has
become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the
Securities Act, or such Common Stock has been issued upon conversion of a Note that has transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the
time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any
transfer agent for the Common Stock): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

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

(2) AGREES FOR THE BENEFIT OF HERITAGE INSURANCE HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER,
SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS
ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

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

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

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

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

(e) Any Note or Common Stock issued upon the conversion or exchange of a Note that is purchased or owned by the Company any Affiliate of the
Company (or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by the Company or such Affiliate (or such Person, as the case may be), as the case may be. The Company shall cause any Note
that is purchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08. 
 Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Note Registrar shall be responsible for ascertaining whether any transfer complies with the registration provisions of, or exemptions from, the Securities Act, applicable state
securities laws, ERISA (or, in the case of a governmental plan or a church plan (as described in ERISA Sections 3(32) and 3(33), respectively) any substantially similar federal, state or local law), the Internal

  
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Revenue Code of 1986, as amended, or the Investment Company Act of 1940, as amended; provided that if a certificate is specifically required by the express terms of this Section 2.05
to be delivered to the Trustee by a purchaser or transferee of a Note, the Trustee shall be under a duty to receive and examine the same to determine whether on its face it conforms to the express terms of this Indenture and shall promptly notify
the party delivering the same if such transfer does not comply with such terms. 
 Except as expressly set forth in this Indenture,
members of, or participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may be
treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of a Global Note for all purposes whatsoever. 

Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or
stolen, upon request and satisfaction of the conditions of the immediately succeeding sentence, the Company shall execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a
new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen, at the expense of the Holder of such Note.
In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such indemnity as may be required by them to save each of them harmless from any loss, liability, cost
or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their
satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 
 The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in
connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about
to mature or has been surrendered for required purchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note,
pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company,
to the Trustee and, if applicable, to such authenticating agent such indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of
destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

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

Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an
authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the
form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the
Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such
authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section
4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense and without
any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder. 

Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company, Note Registrar, Paying Agent and Conversion Agent
(if other than the Trustee) shall cause all Notes surrendered to them by Holders for the purpose of payment, required purchase, redemption, registration of transfer or exchange or conversion to be surrendered to the Trustee for cancellation. All
Notes delivered to the Trustee shall be canceled promptly by it upon receipt of a Company Order (and no one besides the Trustee shall cancel Notes surrendered as set forth in this Section 2.08), and no Notes shall be authenticated in exchange
thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures. The Trustee shall deliver a certificate of cancellation to the Company, at the
Company’s written request in a Company Order.  
 Section 2.09. CUSIP Numbers. The Company in issuing the
Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the
Trustee in writing of any change in the “CUSIP” numbers. 

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

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an Officers’
Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute such instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and
delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the
Trustee cash or delivered to Holders shares of Common Stock, as applicable, after all outstanding Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Purchase Date, any Fundamental Change Purchase Date, upon
conversion (and determination of the related Settlement Amounts) or otherwise, cash or (in the case of conversion) cash and/or shares of Common Stock, sufficient to pay all of the outstanding Notes or satisfy all Conversion Obligations, as the case
may be, and pay all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

  
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 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it will cause to be paid the
principal (including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided
herein and in the Notes.  
 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the Place
of Payment an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or required purchase (“Paying Agent”) or for conversion
(“Conversion Agent”). The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office or the office or agency of the Trustee in the Place of Payment; provided that
the Corporate Trust Office shall not be an office or agency of the Company for service of legal process against the Company or the Guarantor. 

The Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be
presented or surrendered for any or all such purposes, may from time to time rescind such designations and may approve any change in the office through which any Note Registrar, Paying Agent or Conversion Agent acts; provided
that no such designation, rescission or approval shall in any manner relieve the Company of its obligation to maintain an office or agency in the Place of Payment for such purposes. The Company will give prompt written notice to the Trustee of any
such designation, rescission or approval and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or
agencies, as applicable. 
 The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and
Conversion Agent and the Corporate Trust Office as the office or agency in the Place of Payment where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or required purchase or for conversion. 

The Company shall maintain a Place of Payment, and a place where notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served, in the contiguous United States of America at all times at which any Note is outstanding. The Company shall give prompt written notice to the Holders, the Trustee and the Paying Agent and Conversion Agent (if other than the
Trustee) of any change in the Place of Payment. 
 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder. 

  
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 Section 4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a
Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

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

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Redemption Price,
the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price, the Purchase Price
and the Fundamental Change Purchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such
deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m. (New York City time) on such date. 

(b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price,
the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal
(including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of
any failure by the Company to make any payment of the principal (including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become
due and payable. 
 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such
sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only
with respect to such sums or amounts. 

  
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 (d) Subject to the requirements of any applicable abandoned property and escheatment laws, any
money deposited with the Trustee or any Paying Agent and any shares of Common Stock held by any transfer agent for such purpose, or then held by the Company, in trust for the payment of the principal (including the Redemption Price, the Purchase
Price and the Fundamental Change Purchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Redemption Price, the
Purchase Price and the Fundamental Change Purchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officers’ Certificate, or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money and such transfer agent with respect to such shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease. 

Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect its corporate existence. 
 Section 4.06. Rule 144A Information Requirement and Annual Reports.
(a) If at any time the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at
such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, furnish to Holders, beneficial owners and prospective purchasers of the Notes or any shares of Common Stock issuable upon
conversion of the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or such Common Stock pursuant to Rule 144A. The Company shall take such
further action as any Holder or beneficial owner of such Notes or such Common Stock may reasonably request to the extent from time to time required to enable such Holders or beneficial owners to sell such Notes or such Common Stock in accordance
with Rule 144A, as such rule may be amended from time to time. 
 (b) So long as any Notes are outstanding, the Company shall
(i) file with the Commission within the time periods prescribed by its rules and regulations and (ii) deliver to the Trustee and furnish to the Holders of the Notes within 15 days after the date on which the Company would be required to
file the same with the Commission pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), all quarterly and annual financial information required to be contained in Forms 10-Q and
10-K and, with respect to the annual consolidated financial statements only, a report thereon by the Company’s independent auditors. The Company shall not be required to file any report or other information with the Commission if the Commission
does not permit such filing, although such reports shall be required to be delivered to the Trustee. Documents filed by the Company with the Commission via the Commission’s EDGAR system shall be deemed to have been delivered to the Trustee and
furnished to the Holders of the Notes for purposes of this Section 4.06(b) as of the time such documents are filed via the EDGAR system, and the Trustee shall have no responsibility to verify that such filings have been made. 

  
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 (c) Delivery of the reports, information and documents described in subsection (b) above to the
Trustee is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). 

(d) If, at any time during the six-month period beginning on, and including, the date that is six months after the last original issuance date
of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder and other
than reports on Form 8-K), as applicable, or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (as a
result of restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at a rate equal to 0.50% per annum
of the aggregate principal amount of the Notes then outstanding for each day during such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable by Holders other than the
Company’s Affiliates (or Holders that have been the Company’s Affiliates at any time during the three months preceding) without restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes. As used in this
Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission
pursuant to Section 13 or 15(d) of the Exchange Act. 
 (e) If, at any time on or after the 365th day after the last original issuance
date of the Notes: 
 (i) the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, 

(ii) the Notes are assigned a restricted CUSIP number, or 

(iii) the Notes are not otherwise freely tradable pursuant to Rule 144 without restrictions by Holders other than the
Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (as a result of restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes) 

(each condition set forth in clauses (i) through (iii) above, a “Restricted Event”), the Company shall pay Additional Interest on the
Notes for each day on which such Restricted Event is continuing, at an annual rate equal to 0.50% per annum of the aggregate principal amount of Notes outstanding.  

(f) Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on
the Notes. 

  
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 (g) The Additional Interest that is payable in accordance with Section 4.06(d) or
Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided that in no event shall Additional Interest accrue on
any day under the terms of this Indenture at an annual rate in excess of 0.50% per annum for any violation or default caused by or the Company’s failure to be current in respect of the Company’s Exchange Act reporting obligations.

 (h) If Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver
to the Trustee an Officers’ Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the
Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company
shall deliver to the Trustee an Officers’ Certificate setting forth the particulars of such payment. 
 Section 4.07.
Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the
covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.08. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days
after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2017) an Officers’ Certificate stating whether the signers thereof have knowledge of any Default that occurred during the previous year
and whether the Company, to such signers’ knowledge, is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture and, if so, specifying each such failure and the nature thereof. 

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

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

  
 32 

 ARTICLE 5 

LISTS OF HOLDERS AND REPORTS BY THE
COMPANY AND THE TRUSTEE 
 Section 5.01. Lists of Holders.
The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after each January 15 and July 15 in each year beginning with January 15, 2018, and at such other
times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it
hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices)
prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list
furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of Default”
with respect to the Notes: 
 (a) failure by the Company to pay the principal of any Note when due; 

(b) failure by the Company to pay or deliver, as the case may be, the Settlement Amount owing upon conversion of any Note (including any
Additional Shares or cash in lieu thereof), and such failure continues for three Business Days; 
 (c) failure by the Company to pay any
interest on any Note when due, and such failure continues for 30 days; 
 (d) failure by the Company to pay any Fundamental Change Purchase
Price or Purchase Price of any Note when due; 
 (e) failure by the Company to pay the Redemption Price upon an Optional Redemption of the
Notes; 
 (f) failure by the Company to provide timely notice of a specified corporate event in accordance with Section 14.01(b)(ii),
Section 14.01(b)(iii) or Section 14.01(b)(v), a Fundamental Change in accordance with Section 15.02(c), a Make-Whole Adjustment Event in accordance with Section 14.03(b) or a Public Acquirer Change of Control in accordance with Section 14.12; 

  
 33 

 (g) failure by the Company to perform any other covenant required of the Company in this
Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically described in subsections (a) through (f) above) and such failure continues for 60 days after written notice from the Trustee, or the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding, has been received by the Company; 
 (h) any indebtedness for
money borrowed by, or any other payment obligation of, the Company or any Significant Subsidiary of the Company (or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary), in an outstanding
principal amount, individually or in the aggregate, in excess of $15 million (or its foreign currency equivalent) is not paid at final maturity (or when otherwise due) or is accelerated; provided that no such default shall constitute an Event of
Default unless such default is not cured or waived within 30 days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

(i) the Company fails or any Significant Subsidiary of the Company (or any group of Subsidiaries of the Company that, taken together, would
constitute a Significant Subsidiary) fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the uninsured or unbonded portion of which is in excess of $15 million (or its foreign currency
equivalent) in the aggregate, if the judgments are not paid, discharged or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to
appeal have been extinguished; 
 (j) the Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Company
that, taken together, would constitute a Significant Subsidiary) shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor, any such Significant Subsidiary or
any such group or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor, any such
Significant Subsidiary or any such group or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it,
or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; 
 (k) an
involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary) seeking
liquidation, reorganization or other relief with respect to the Company, the Guarantor, such Significant Subsidiary or such group or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor, such Significant Subsidiary or such group or any substantial part of its property, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of 60 consecutive days; or 

  
 34 

 (l) except as permitted in this Indenture, the Guarantee shall be held in any judicial proceeding
to be unenforceable or invalid or shall cease for any reason to be in full force and effect, or the Guarantor, or any Person acting on its behalf, shall deny or disaffirm its obligation under the Guarantee. 

Section 6.02. Acceleration; Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(j) or Section 6.01(k) with respect to the Company), unless the principal of all of the Notes shall have already become due and
payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may
declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, anything contained in
this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(j) or Section 6.01(k) with respect to the Company occurs and is continuing, 100% of the principal of, and accrued and unpaid interest,
if any, on, all Notes shall become and shall automatically be immediately due and payable. 
 The immediately preceding paragraph, however,
is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter
provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration
(with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee
pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the
principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately
succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and
annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment
shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any
Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, or accrued and unpaid interest on, any Notes,
(ii) a failure to purchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 

  
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 Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in
the Notes to the contrary, to the extent the Company elects, the sole remedy under this Indenture for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, (a) for the
90 days after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the aggregate principal amount of the Notes outstanding for each day
during such 90-day period on which such Event of Default is continuing beginning on, and including, the date on which such an Event of Default first occurs and (b) for the period from, and including, the 91st day after the occurrence of such an
Event of Default to, but not including, the 181st day after the occurrence of such an Event of Default (or, if applicable, the earlier date on which such Event of Default relating to the Company’s obligations as set forth in Section 4.06(b) is
cured or waived), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the aggregate principal amount of the Notes outstanding for each day during such additional 90-day period on
which such Event of Default is continuing. Subject to the immediately succeeding sentence, Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d)
or Section 4.06(e). In no event shall Additional Interest accrue on any day under the terms of this Indenture (taking any Additional Interest pursuant to this Section 6.03 together with any Additional Interest payable pursuant to Section 4.06(d) or
Section 4.06(e)) at an annual rate in excess of 0.50% per annum for any violation or default caused by or the Company’s failure to be current in respect of the Company’s Exchange Act reporting obligations. If the Company so elects,
such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes. If the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section
4.06(b) is continuing on the 181st day after such Event of Default first occurred, the Notes shall be immediately subject to acceleration as provided in Section 6.02 and shall cease to accrue Additional Interest pursuant to this Section 6.03. The
provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the
Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately
subject to acceleration as provided in Section 6.02. 
 In order to elect to pay Additional Interest as the sole remedy during the first 180
days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must notify in writing all Holders of the Notes, the Trustee and the Paying Agent of such election on or before the close of business on
the date on which such Event of Default would otherwise occur. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

Section 6.04. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a), (c), (d) or (e) of
Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on
any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to
pay such amounts forthwith upon such 

  
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demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor
upon the Notes, wherever situated. 
 In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the
creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and
unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on
the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under
Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including
any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings
shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may
be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the
Notes. 
 In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings. 

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders
and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as
though no such proceeding had been instituted. 
 Section 6.05. Application of Monies Collected by Trustee. Any monies or
property collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of the
several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 
 First, to the
payment of all amounts due the Trustee under Section 7.06; 
 Second, in case the principal of the outstanding Notes shall not have
become due and be unpaid, to the payment of interest on, and any cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the
extent that such interest has been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

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

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

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if
applicable, the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price) or interest when due, or the right to convert a Note or to receive payment or delivery of the consideration due upon conversion or the right of a
beneficial owner of a Note to exchange its beneficial interest in a Global Note for a Physical Note pursuant to Section 2.05(c) if an Event of Default has occurred and is continuing, no Holder of any Note shall have any right by virtue of or by
availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar
official, or for any other remedy hereunder, unless:  
 (a) such Holder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate principal amount of the
Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and such Holders shall have offered to the Trustee such indemnity satisfactory to it (as
reasonably determined by the Trustee) against any loss, liability or expense to be incurred therein or thereby; and 
 (c) the Trustee shall
have failed to institute such proceeding within 60 days after such notice, request and offer and shall not have received from the Holders of a majority in aggregate principal amount of the Notes then outstanding a direction inconsistent with such
request within 60 days after such notice, request and offer, 
 it being understood and intended, and being expressly covenanted by the taker and Holder of
every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any
other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders
(except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery,
as the case may be, of (x) the principal (including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon
conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective
dates against the Company shall not be impaired or affected without the consent of such Holder. 

  
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 Section 6.07. Proceedings by Trustee. In case of an Event of Default, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law
or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable
right vested in the Trustee by this Indenture or by law. 
 Section 6.08. Remedies Cumulative and Continuing. Except as
provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and
remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of
any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence
therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by
the Holders. 
 Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority
of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction and (c) the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the
Holders unless such Holders have offered to the Trustee indemnity satisfactory to it (as reasonably determined by the Trustee) against any fees, losses, liabilities or expenses (including reasonable and documented attorney’s fees and expenses)
that might be incurred by it in compliance with such request or direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability. The Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of
Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Redemption Price, any Purchase Price and any Fundamental Change Purchase Price) of, the Notes
when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes within the time period required by this
Indenture or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an 

  
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outstanding Note affected and, in connection with such waiver, the Trustee shall be entitled to receive from the Company the documents set forth in Section 10.05. Upon any such waiver the
Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.
Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not
continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.10. Notice of Defaults. If a Default occurs and is continuing and is actually known to a Responsible Officer of
the Trustee, the Trustee shall, within 90 days after such Default becomes known to a Responsible Officer of the Trustee, send to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a
Responsible Officer of the Trustee, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption Price, the
Purchase Price and the Fundamental Change Purchase Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 

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

ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after
the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set 

  
 41 

 
forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers conferred on it by this Indenture, and use the
same degree of care in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

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

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

  
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 (f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to
this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of
such event; 
 (g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a
non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its
maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 
 (h) in the event that
the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such
Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent. 
 The Trustee shall be under no
obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity satisfactory to it (as reasonably determined by the Trustee) against
any fees, losses, liabilities or expenses (including reasonable and documented attorney’s fees and expenses) that might be incurred by it in compliance with such request or direction. 

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

  
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 (d) the Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (e) the Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian,
nominee or attorney appointed by it with due care hereunder; 
 (f) the permissive rights of the Trustee enumerated herein shall not be
construed as duties; 
 (g) whenever in the administration of this Indenture or the Notes the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith or willful misconduct on its part,
conclusively rely upon an Officers’ Certificate; 
 (h) the Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specific actions pursuant to this Indenture or the Notes; and 

(i) the Trustee shall not be required to give any bond or surety in respect of the execution of trusts and powers under this Indenture. 

In no event shall the Trustee be liable for any special, punitive, indirect or consequential loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to
the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by any
Holder of the Notes and such notice indicates that it is a “notice of default” (or similar phraseology). 

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

  
 44 

 Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or
Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if
it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar. 
 Section 7.05.
Monies to Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 

Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually
agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of
the provisions of this Indenture in any capacity hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or
advance as shall have been caused by its gross negligence or willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and
its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense (including reasonable and documented attorneys’ fees and expenses) incurred without gross negligence or willful
misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any
other capacity hereunder, including, without limitation, (i) the costs and expenses of defending themselves against any claim of liability in the premises, (ii) enforcement of this indemnity and (iii) claims involving the Company and
a third party. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are
hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to receive
payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture
and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the
officers, directors, agents and employees of the Trustee. 

  
 45 

 Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(j) or Section 6.01(k) occurs, the expenses and the compensation for the services are intended to constitute
expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section 7.07. Officers’ Certificate as
Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted
by it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall
at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If
such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article. 
 Section 7.09. Resignation or Removal of Trustee.
(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, at the cost of the Company, upon ten
Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since
the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall
occur: 
 (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to
resign after written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 

  
 46 

 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder
who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section
8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the
Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

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

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

  
 47 

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

Section 7.11. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate
trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided
that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have
been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee
hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or
consolidation. 
 Section 7.12. Trustee’s Application for Instructions from the Company. Any application by
the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of
the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable to
the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any
officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the
effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

  
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 ARTICLE 8 

CONCERNING THE HOLDERS 

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

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

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note,
for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so
made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon
any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation,
proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

  
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 Section 8.04. Company-Owned Notes Disregarded. In determining whether the Holders of
the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any
Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
consent, waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee
shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a
dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and
identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive
evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

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

ARTICLE 9 

HOLDERS’ MEETINGS 

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

  
 50 

 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the
provisions of Section 10.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified
aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 
 Section 9.02. Call
of Meetings by the Company or the Trustee. The Company or the Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Company or the Trustee, as the case
may be, shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section
8.01, shall be mailed to Holders of such Notes at their addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Company. Such notices shall be mailed not less than 20 nor more than 90 days prior to the date fixed
for the meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person
or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived
notice. 
 Section 9.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to
be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting
to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02. 
 Section 9.04.
Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as
proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

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

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

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

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

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

  
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 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. The Company, when authorized by the resolutions of the
Board of Directors, the Trustee and the Guarantor, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto, without notice to, or the consent of, Holders, for one or more of the
following purposes: 
 (a) to cure any ambiguity, omission, defect or inconsistency in this Indenture, including to eliminate any
conflict with the terms of the Trust Indenture Act; 
 (b) to provide for the assumption by a Successor Company of the obligations of the
Company under this Indenture pursuant to Article 11 or the assumption by a successor Guarantor of the obligations of the Guarantor in accordance with Section 13.05; 

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

(d) to secure the Notes; 
 (e)
to add to the covenants of the Company for the benefit of the Holders or surrender any right or power conferred upon the Company; 
 (f) to
make any change that does not adversely affect the rights of any Holder; 
 (g) upon the occurrence of a Share Exchange Event or Public
Acquirer Change of Control, solely to (i) provide that the Notes are convertible into Reference Property or Public Acquirer Common Stock, as the case may be, subject to the provisions of Section 14.02, and (ii) effect the related changes
to the terms of the Notes described in Section 14.07 or Section 14.12, as the case may be, in each case, in accordance with the provisions of this Indenture; or 

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

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

Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the
Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a purchase of, or tender or

  
 53 

 
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors, the Trustee and the Guarantor, at the Company’s expense, may from time to time and
at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any
manner the rights of the Holders, or waiving the Company’s compliance in any instance with any provision of this Indenture or the Notes, without notice to the other Holders of the Notes; provided, however, that, without the
consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:  
 (a) change the stated maturity date
of the principal of or interest on the Notes; 
 (b) reduce the principal amount of or interest on the Notes; 

(c) reduce the amount of principal payable upon acceleration of the maturity of the Notes; 

(d) change the currency of payment of principal of or interest on the Notes or change any Note’s Place of Payment; 

(e) impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on, or with respect to, the Notes; 
 (f) modify the provisions with
respect to the purchase rights of the Holders as provided in Article 15 in a manner adverse to Holders; 
 (g) reduce the Redemption Price
of any Note or modify the provisions of Article 16 in a manner adverse to Holders; 
 (h) change the ranking of the Notes; 

(i) adversely affect the right of Holders to convert their Notes hereunder (including the determination of amounts owed upon settlement of
conversions), or reduce the Conversion Rate; 
 (j) modify provisions with respect to modification, amendment or waiver (including this
Article 10 and Section 6.02 and Section 6.09), except to increase the percentage of Holders the consent of which is required for modification, amendment or waiver or to provide for consent of each affected Holder; or 

(k) other than in accordance with the provisions of this Indenture, eliminate the Guarantee or modify the Guarantee in a manner adverse to
Holders. 
 Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid
and subject to Section 10.05, the Trustee and the Guarantor shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

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

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company, the
Guarantor and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental
indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then
outstanding, upon surrender of such Notes then outstanding. 
 Section 10.05. Evidence of Compliance of Supplemental Indenture to Be
Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this Article 10 and is permitted or authorized by this Indenture, and such Opinion of Counsel shall state that the supplemental indenture is a legal, valid and binding obligation of the Company. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not
consolidate with, enter into a binding share exchange with, or merge with or into, another Person or sell, assign, convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any successor Person,
unless: 
 (a) the successor Person (the “Successor Company”) shall be (i) a corporation organized and existing
under the laws of the United States of America, any State of the United States of America or the District of Columbia or (ii) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the
laws of the territory of Bermuda or the Cayman Islands and, in each case, if other than the Company, shall expressly assume, by supplemental indenture delivered to the Trustee all of the obligations of the Company under the Notes and
this Indenture; 

  
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 (b) in the case of a transaction described in clause (ii) of Section 11.01(a), no
withholding or deduction shall be required in respect of any payments or deliveries under or with respect to the Notes and there shall otherwise be no adverse tax consequences to Holders or the Common Stock resulting from such transaction, and the
Company has obtained and delivered to the Trustee an opinion of tax counsel experienced in such matters to the effect of the foregoing; and 

(c) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture. 
 For purposes of this Section 11.01, the sale, assignment, conveyance, transfer, lease or other disposition of the properties
and assets of one or more Subsidiaries of the Company that would, if the Company had held such properties and assets directly, have constituted the sale, assignment, conveyance, transfer, lease or other disposition of the properties and assets of
the Company substantially as an entirety, shall be deemed to be the sale, assignment, conveyance, transfer, lease or other disposition of the properties and assets of the Company substantially as an entirety to another Person. 

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

  
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the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities
as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 
 In case of any such consolidation, binding
share exchange, merger, sale, assignment, conveyance, transfer, lease or other disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 11.03. Opinion of Counsel to Be Given to Trustee. No such consolidation, binding share exchange, merger, sale, assignment,
conveyance, transfer, lease or other disposition shall be effective unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, binding share exchange, merger, sale,
assignment, conveyance, transfer, lease or other disposition and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11 and,
with respect to such Opinion of Counsel, that such supplemental indenture is the legal, valid and binding obligation of the Successor Company. 

ARTICLE 12 

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

ARTICLE 13 

GUARANTEE OF NOTES 

Section 13.01. Guarantee. (a) Subject to this Article 13, the Guarantor hereby fully and unconditionally guarantees to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or
thereunder, that: 
 (i) the principal of (including the Redemption Price, the Purchase Price and the Fundamental
Change Purchase Price, if applicable), and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and
all 

  
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other obligations (including, without limitation, fees, expenses, indemnities and the payment and/or delivery of the cash, shares of Common Stock or combination thereof due upon conversion of the
Notes) of the Company to the Holders or the Trustee hereunder or thereunder (together, the “Guaranteed Obligations”) will be promptly paid and/or otherwise satisfied, as the case may be, in full, all in accordance with the terms
hereof and thereof; and 
 (ii) in case of any extension of time of payment and/or delivery or renewal of any Notes or any of
such other obligations, that same will be promptly paid and/or otherwise satisfied, as the case may be, in full when due in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Failing payment and/or delivery, as the case may be, when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor
shall be obligated to pay and/or deliver, as the case may be, the same immediately. The Guarantor agrees that this is a guarantee of payment and/or delivery, as the case may be, and not a guarantee of collection. 

(b) The Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of
or proof of reliance by the Trustee or any Holder upon the guarantee contained in this Article 13 or acceptance of the guarantee contained in this Article 13; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Article 13; and all dealings between the Company and the Guarantor, on the one hand, and the Trustee and the Holders, on the
other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Article 13. The Guarantor waives diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon the Company or the Guarantor with respect to the Guaranteed Obligations. The Guarantor understands and agrees that the guarantee contained in this Article 13 shall be construed as a continuing, absolute and unconditional
guarantee of payment and performance without regard to (i) the validity or enforceability of the Indenture or the Notes, any of the Guaranteed Obligations or guarantee or right of offset with respect thereto at any time or from time to time
held by any Holder, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance in full of all Guaranteed Obligations) which may at any time be available to or be asserted by the Company or any other Person against
any Holder, or (iii) any other circumstance whatsoever (with or without notice to or knowledge of the Company or the Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the
Guaranteed Obligations, or of the Guarantor under the guarantee contained in this Article 13, in bankruptcy or in any other instance other than the express written release of the Guarantor from its Guarantee pursuant to and to the extent set forth
in Section 13.06. To the fullest extent permitted by applicable law, when making any demand hereunder or otherwise pursuing its rights and remedies hereunder against the Guarantor, any Holder may, but shall be under no obligation to, make a similar
demand on or otherwise pursue such rights and remedies as it may have against the Company or any other Person or against any guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by any Holder to make
any such demand, to pursue such other rights or remedies or to collect any payments from the Company or any other Person or to realize upon any such guarantee or to exercise any such right of offset, or any

  
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release of the Company or any such guarantee or right of offset, shall not relieve the Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of any Holder against the Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

Section 13.02. Subrogation. Notwithstanding any payment or delivery made by the Guarantor hereunder or any set-off or
application of funds of the Guarantor by the Trustee or Holders, the Guarantor shall not be entitled to be subrogated to any of the rights of the Trustee or Holders against the Company or any guarantee or right of offset held by the Trustee or
Holders for the payment or delivery, as the case may be, of the Guaranteed Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Company in respect of payments made by the Guarantor hereunder,
until payment and/or satisfaction, as the case may be, in full of all Guaranteed Obligations. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time prior to payment and/or satisfaction, as the case may be, in
full of all Guaranteed Obligations, such amount shall be held by the Guarantor in trust for the Trustee and the Holders, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Trustee
in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with Section 6.05 hereof. 

Section 13.03. Limitation on Subsidiary Guarantor Liability. The Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law to the extent applicable to the Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor will be limited to the
maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the obligations of the Guarantor under the Guarantee not constituting a
fraudulent transfer or conveyance. 
 Section 13.04. Reinstatement. The guarantee contained in this Article 13 shall continue to
be effective, or be reinstated, as the case may be, if at any time payment or delivery, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by any Holder or the Trustee upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or the Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or the
Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 Section 13.05.
Successors and Assigns. This Article 13 shall be binding upon the Guarantor and its successors and assigns and shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and
conditions of this Indenture. 

  
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 Section 13.06. Release. (a) The Guarantor shall be automatically released from
the Guarantee: 
 (i) upon the sale or other disposition (including by way of consolidation or merger), in one transaction or
a series of related transactions, of a majority of the total voting power of the common stock or other equity interests of the Guarantor to any Person other than the Company or an Affiliate of the Company; 

(ii) upon the sale or other disposition of all or substantially all of the assets of the Guarantor (including by way of
consolidation or merger), in one transaction or a series of related transactions to any Person other than to the Company or an Affiliate of the Company; or 

(iii) upon satisfaction and discharge of this Indenture in accordance with Article 3 hereof. 

(b) Upon release of the Guarantee pursuant to Section 13.06(a), the Trustee shall promptly execute any documents reasonably requested by the
Company or the Guarantor in order to evidence the release of the Guarantor from its obligations under the Guarantee; provided that the Trustee shall not be obligated to execute or deliver any document evidencing the release of the Guarantee
pursuant to Section 13.06(a) unless the Company has delivered an Officers’ Certificate and an Opinion of Counsel to the effect that such release is in accordance with the provisions of this Indenture. 

ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder
of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding February 1, 2037 (the “Free Convertibility Date”), and other than during the period from, and including,
February 1, 2022 to the close of business on the second Business Day immediately preceding August 5, 2022, under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the conditions described
in Section 14.01(b), at any time during the period from, and including, February 1, 2022 to the close of business on the second Business Day immediately preceding August 5, 2022, and on or after the Free Convertibility Date and prior to
the close of business on the second Business Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 67.0264 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion
Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”). 

  
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 (b) (i) If, prior to the close of business on the Business Day immediately preceding the
Free Convertibility Date, the Trading Price per $1,000 principal amount of Notes for the Notes on each Trading Day during any five consecutive Trading Day period is less than 98% of the Closing Sale Price of the Common Stock on such Trading Day
multiplied by the Conversion Rate in effect on such Trading Day, a Holder may surrender all or any portion of its Notes for conversion at any time during the following ten consecutive Business Days. The Trading Prices shall be determined by
the Company, pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture, based on the bids it receives from the Bid Solicitation Agent (if other than the Company). The Company shall provide written notice to
the Bid Solicitation Agent of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for each. The Bid Solicitation Agent shall
have no obligation to obtain bids to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination in writing and provided the Bid Solicitation Agent the names and contact information of the
selected dealers, and the Company shall have no obligation to make such request unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of
the product of the then-current Conversion Rate multiplied by the Closing Sale Price of the Common Stock on such Trading Day. At such time, the Company shall instruct the Bid Solicitation Agent to solicit bids to determine the Trading Price
per $1,000 principal amount of Notes beginning on such Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Closing Sale Price of the Common
Stock and the Conversion Rate. If on any date of determination (i) the Bid Solicitation Agent does not receive at least one bid for $5,000,000 principal amount of Notes from an independent nationally recognized securities dealer pursuant to the
definition of “Trading Price,” (ii) the Company fails to request the Bid Solicitation Agent to receive bids when required as provided in the preceding sentence or fails to provide the Bid Solicitation Agent with the names and contact
information of the selected dealers as required by this clause (b)(i), or (iii) the Company requests the Bid Solicitation Agent to obtain bids when required as provided in the preceding sentence and the Bid Solicitation Agent fails to obtain
such bids, then, in each case, the Trading Price condition set forth above shall be deemed to have been met and the Notes shall be convertible pursuant to this clause (b)(i) for the next ten consecutive Business Days following such date of
determination. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition set
forth above has been met, the Trading Price per $1,000 principal amount of Notes on any Trading Day is greater than or equal to 98% of the product of the Closing Sale Price of the Common Stock and the Conversion Rate in effect on such Trading Day,
the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing.  

(ii) If, prior to the close of business on the Business Day immediately preceding the Free Convertibility Date, the Company
elects to issue or distribute, as the case may be, to all or substantially all holders of the Common Stock: 
 (A) rights,
options or warrants entitling them to subscribe for or purchase, for a period expiring within 60 days after the declaration date for such issuance, Common Stock at a price per share that is less than the Closing Sale Price of the Common Stock on the
declaration date for such issuance; or 

  
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 (B) cash, debt securities (or other evidences of indebtedness) or other assets or
securities (including, for the avoidance of doubt, any rights, options or warrants that are not described in Section 14.01(b)(ii)(A), but excluding dividends or distributions described in Section 14.04(a)), which distribution has a per share value,
as reasonably determined in good faith by the Board of Directors, exceeding 10% of the Closing Sale Price of the Common Stock as of the Trading Day immediately preceding the declaration date for such distribution, 

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

(iii) If a transaction or event that constitutes a Fundamental Change or a Make-Whole Adjustment Event (including, for the
avoidance of doubt, any Public Acquirer Change of Control) occurs prior to the close of business on the Business Day immediately preceding the Free Convertibility Date, regardless of whether a Holder has the right to require the Company to purchase
the Notes pursuant to Section 15.02, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from and after the date that is 50 Scheduled Trading Days prior to the anticipated effective date of the transaction or
event (or, if later, the Business Day after the Company gives notice of such transaction) until the close of business on the Business Day immediately preceding the related Fundamental Change Purchase Date or, if there is no such Fundamental Change
Purchase Date, the 35th Scheduled Trading Day immediately following the actual effective date of such transaction or event. To the extent practicable, the Company shall give written notice to Holders, the Trustee and the Conversion Agent (if other
than the Trustee) of the anticipated effective date for such transaction or event no less than 50 Scheduled Trading Days prior to the anticipated effective date or, if the Company does not have knowledge of such transaction or event at least 50
Scheduled Trading Days prior to the anticipated effective date, within three Business Days of the date upon which the Company receives notice, or otherwise becomes aware, of such transaction or event (but in no event later than the actual effective
date of such transaction or event). 
 (iv) Prior to the close of business on the Business Day immediately preceding the Free
Convertibility Date, a Holder may surrender all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2017 if the Closing Sale Price of the Common Stock,
for at least 20 Trading Days (whether or not consecutive) in the period of 30 consecutive Trading Days ending on the last Trading Day of the calendar quarter immediately preceding the calendar quarter in which the conversion occurs, is more than
130% of the Conversion Price on each applicable Trading Day. The Company shall determine at the 

  
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beginning of each calendar quarter commencing after September 30, 2017 whether the Notes may be surrendered for conversion in accordance with this clause (iv) and shall notify in writing the
Holders, the Trustee and the Conversion Agent (if other than the Trustee) if the Notes become convertible in accordance with this clause (iv). 

(v) If the Company is a party to a consolidation, merger, combination, binding share exchange, or sale, assignment, conveyance,
transfer, lease or other disposition of all or substantially all of its property and assets that does not constitute a Fundamental Change or a Make-Whole Adjustment Event, in each case, pursuant to which the Common Stock would be converted into
cash, securities or other property, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from and after the date that is 50 Scheduled Trading Days prior to the anticipated effective date of the transaction until
the close of business on the 35th Scheduled Trading Day immediately following the effective date of such transaction. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 50 Scheduled
Trading Days prior to the anticipated effective date of such transaction. 
 (vi) If the Company calls any or all of the
Notes for redemption pursuant to Article 16, then a Holder may surrender all or any portion of its Notes for conversion at any time prior to the close of business on the second Business Day prior to the Redemption Date, even if the Notes are not
otherwise convertible at such time. After that time, the right to convert shall expire, unless the Company defaults in the payment of the applicable Redemption Price, in which case a Holder of Notes may convert its Notes until such Redemption Price
has been paid or duly provided for. 
 Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a) If the Company has not received the requisite approval from its shareholders in accordance with Section 312.03 of The New York Stock
Exchange Listed Company Manual prior to February 1, 2037 (“Shareholder Approval”) to issue 20% or more of its Common Stock upon conversion of the Notes prior to the relevant Conversion Date (or, if earlier, (x) the Uniform
Settlement Method Election Date in respect of all conversions for which clause (b) of the definition of Conversion Period applies, (y) the date on which the Company issues a Redemption Notice in respect of all conversions for which clause
(c) of the definition of Conversion Period applies or (z) the Final Settlement Method Election Date in respect of all conversions for which clause (d) of the definition of Conversion Period applies) (such Conversion Date or other
applicable earlier date in respect of such conversion, the “Flexible Settlement Deadline”), and subject to this Section 14.02, Section 14.03(b), Section 14.07(a) and Section 14.12, upon conversion of any Note, the Company shall pay
to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, solely an amount of cash as if the Company had elected Cash Settlement as set forth in this Section 14.02. If the Company has received Shareholder
Approval prior to the relevant Flexible Settlement Deadline in respect of any conversions, and subject to this Section 14.02, Section 14.03(b), Section 14.07(a) and Section 14.12, upon any such conversion of any Note, the Company shall pay or
deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering
any fractional share of Common Stock in accordance with subsection (j) of 

  
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this Section 14.02 (“Stock Settlement”) or a combination of cash and shares of Common Stock, if any, together with cash, if applicable, in lieu of delivering any fractional share
of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section 14.02. If the Company receives Shareholder Approval on any day, it shall so notify the
Holders, the Trustee and the Conversion Agent prior to the close of business on the next succeeding Business Day. 
 (i) All
conversions for which the relevant Conversion Date occurs during the Uniform Conversion Period, the Maturity Conversion Period or a Redemption Period shall be settled using the same Settlement Method. 

(ii) For all conversions for which the Conversion Date occurs prior to the Final Settlement Method Election Date, the Company
shall use the same Settlement Method for all conversions with the same Conversion Date. Except for any conversions during the Uniform Conversion Period, the Maturity Conversion Period or a Redemption Period, or following an irrevocable election
pursuant to Section 14.02(a)(iii)(D), the Company shall not have any obligation to use the same Settlement Method following the Company’s receipt of Shareholder Approval with respect to conversions with different Conversion Dates. 

(iii) 

(A) Following the Company’s receipt of Shareholder Approval prior to the applicable Flexible Settlement Deadline,
unless the Company has made an irrevocable election pursuant to Section 14.02(a)(iii)(D), the Company shall, (i) on or prior to the Uniform Settlement Method Election Date, deliver a notice (a “Settlement Notice”) of the
relevant Settlement Method in respect of all conversions for which the relevant Conversion Date occurs during the Uniform Conversion Period (other than, for the avoidance of doubt, conversions occurring during a Redemption Period) to the Trustee
(and the Conversion Agent, if not the Trustee) and the Holders, (ii) on or prior to the Final Settlement Method Election Date, deliver a Settlement Notice in respect of all conversions for which the relevant Conversion Date occurs during the
Maturity Conversion Period, to the Trustee (and the Conversion Agent, if other than the Trustee) and the Holders and (iii) in any Redemption Notice, include a notice of the relevant Settlement Method in respect of all conversions for which the
relevant Conversion Date occurs in the applicable Redemption Period, to the Trustee (and the Conversion Agent, if other than the Trustee) and the Holders. If the Company has received Shareholder Approval prior to the applicable Flexible Settlement
Deadline and the Company does not deliver to the Trustee (and the Conversion Agent, if other than the Trustee) and all Holders a Settlement Notice on or prior to the Uniform Settlement Method Election Date, on or prior to the Final Settlement
Election Date or in the applicable Redemption Notice, as the case may be, the Company shall, with respect to any conversions in respect of the applicable period, be deemed to have elected Combination Settlement in respect of its Conversion
Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000, unless the Company shall have previously  

  
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irrevocably elected a different Specified Dollar Amount pursuant to Section 14.02(a)(iii)(D). If the Company delivers a Settlement Notice pursuant to this Section 14.02(a)(iii)(A) electing
Combination Settlement in respect of such a Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall
be deemed to be $1,000. 
 (B) Following the Company’s receipt of Shareholder Approval prior to the applicable Flexible
Settlement Deadline, if, in respect of any conversion with a Conversion Date other than during the Uniform Conversion Period, the Maturity Conversion Period or a Redemption Period, the Company elects to deliver a Settlement Notice in respect of such
Conversion Date, unless the Company has previously made an irrevocable election pursuant to Section 14.02(a)(iii)(D), the Company shall deliver such Settlement Notice to converting Holders and the Trustee (and the Conversion Agent, if other than the
Trustee) no later than the close of business on the second Trading Day immediately following the relevant Conversion Date. If the Company has received Shareholder Approval prior to the relevant Conversion Date and the Company does not elect a
Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Stock Settlement and the Company shall be deemed to have elected Combination Settlement
in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. If the Company delivers a Settlement Notice pursuant to this Section 14.02(a)(iii)(B) electing Combination
Settlement in respect of such a Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to
be $1,000. 
 (C) Each Settlement Notice shall specify the relevant Settlement Method and in the case of an election of
Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. 

(D) In respect of any conversion, the Company may, after its receipt of Shareholder Approval but prior to the applicable
Flexible Settlement Deadline for such conversion, at its option, irrevocably elect Combination Settlement with a particular Specified Dollar Amount for all such conversions with a Conversion Date subsequent to such notice, by delivering a notice of
such election (including the Specified Dollar Amount) to the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If the Company delivers a notice pursuant to this Section 14.02(a)(iii)(D) irremovably electing Combination
Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.

  
 65 

 (iv) The amount of cash and/or number of shares of Common Stock that the Company
shall deliver in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as follows: 

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

(B) if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by
Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each Trading Day during the related Conversion
Period; and 
 (C) if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of
such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each
Trading Day during the related Conversion Period. 
 (v) The Daily Settlement Amounts (if applicable) and the Daily
Conversion Values (if applicable) shall be determined by the Company promptly following the last day of the Conversion Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and
the amount of cash payable in lieu of delivering any fractional share of Common Stock, the Company shall notify in writing the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion
Values, as the case may be, and the amount of cash payable in lieu of delivering fractional shares of Common Stock. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(b) Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall
(i) in the case of a Global Note, effect a book-entry transfer of such Note to the Conversion Agent through the facilities of the Depositary and comply with the procedures of the Depositary in effect at that time and, if required, pay funds
equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the
Conversion Agent as set forth in the Form of Notice of Conversion (or an electronic version thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be
converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes,
duly endorsed to the Company or in blank (and 

  
 66 

 
accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents and
(4) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h). The Trustee (and if different, the Conversion Agent) shall notify the Company of any
conversion pursuant to this Article 14 on the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Purchase Notice or Fundamental Change
Purchase Notice to the Company in respect of such Notes and has not validly withdrawn such Purchase Notice or Fundamental Change Purchase Notice, as applicable, in accordance with Section 15.03. 

If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes
shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in
respect of the Conversion Obligation (i) in the case of Stock Settlement, on the third Business Day immediately following the relevant Conversion Date or (ii) in the case of any other Settlement Method, on the third Business Day
immediately following the last Trading Day of the Conversion Period. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or nominees,
certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation. 

(d) In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to
or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by
the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection
therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion. 

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

  
 67 

 (f) Except as provided in Section 14.04, no adjustment shall be made for dividends on any shares
of Common Stock issued upon the conversion of any Note as provided in this Article 14. 
 (g) Upon the conversion of an interest in a Global
Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of
Notes effected through any Conversion Agent other than the Trustee. 
 (h) Upon conversion, a Holder shall not receive any additional
cash payment for accrued and unpaid interest, if any, except as set forth below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued
and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if
Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest
Payment Date notwithstanding the conversion. Notes surrendered for conversion after the close of business on any Regular Record Date but prior to the open of business on the immediately following Interest Payment Date must be accompanied by funds
equal to the interest that will be payable on the Notes so converted; provided that no such payment shall be required: (1) if the Company has specified a Fundamental Change Purchase Date following a Fundamental Change that is after a
Regular Record Date and on or prior to the date the corresponding interest payment is made; (2) with respect to any Notes surrendered for conversion following the Regular Record Date immediately preceding the Maturity Date or the Regular Record
Date immediately preceding August 1, 2022; (3) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the date the corresponding interest payment is made; or (4) only to the extent of any
Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding August 1, 2022 or the Maturity
Date shall receive the full interest payment due on August 1, 2022 or the Maturity Date, as the case may be, regardless of whether their Notes have been converted following such Regular Record Date, and converting Holders shall not be required
to pay the Company an equivalent interest amount. 
 (i) The Person in whose name the shares of Common Stock shall be issuable upon
conversion shall be treated as a stockholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Stock Settlement) or the last Trading Day of the relevant
Conversion Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

  
 68 

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

Section 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Adjustment
Events. (a) Except as described in Section 14.12, if the Effective Date of a Make-Whole Adjustment Event occurs on or prior to August 5, 2022 and a Holder elects to convert its Notes in connection with a Make-Whole Adjustment Event,
the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as
described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Adjustment Event if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the
Effective Date of the Make-Whole Adjustment Event to, and including, the Business Day immediately preceding the related Fundamental Change Purchase Date, or if the Make-Whole Adjustment Event does not also constitute a Fundamental Change, the 35th
Scheduled Trading Day immediately following the Effective Date of such Make-Whole Adjustment Event) (such period, the “Make-Whole Adjustment Event Period”).  

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Adjustment Event pursuant to Section 14.01(b)(iii), (x) prior
to the Company’s receipt of Shareholder Approval, the Company shall satisfy the related Conversion Obligation by Cash Settlement and (y) following the Company’s receipt of Shareholder Approval, the Company shall, at its option,
satisfy the related Conversion Obligation by Stock Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02; provided, however, that if, at the effective time of a Make-Whole Adjustment Event described in
clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Adjustment Event is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Adjustment Event,
the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for
Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be paid to Holders in cash on the third Business Day following the Conversion Date and no Conversion Period shall apply to such conversions.
The Company shall notify in writing the Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) as soon as practicable following the Effective Date of any Make-Whole Adjustment Event. 

  
 69 

 (c) The number of Additional Shares, if any, by which the Conversion Rate shall be increased for
conversions in connection with a Make-Whole Adjustment Event shall be determined by reference to the table below, based on the date on which the Make-Whole Adjustment Event occurs or becomes effective (the “Effective Date”) and
(i) the price paid per share of the Common Stock in the Change in Control in the case of a Make-Whole Adjustment Event described in clause (b) of the definition of “Change in Control,” in the event that the Common Stock is
acquired for cash in such Make-Whole Adjustment Event, or (ii) the average of the Closing Sale Prices of the Common Stock over the five Trading Day period ending on the Scheduled Trading Day immediately preceding the Effective Date of such
Make-Whole Adjustment Event, in the case of any other Make-Whole Adjustment Event (the amount determined under clause (i) or clause (ii) of this sentence, as applicable, the “Stock Price”). The Board of Directors shall make
appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date,
Effective Date (as such term is used in Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period. 

(d) The Stock Prices set forth in the first row of the table below (i.e., the column headers) and the number of Additional Shares in
the table below shall be adjusted as of any date on which the Conversion Rate of the Notes is adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the
numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below
shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04. 
 (e) The following table
sets forth the number of Additional Shares of Common Stock to be added to the Conversion Rate for each $1,000 principal amount of Notes pursuant to this Section 14.03 based on hypothetical Stock Prices and Effective Dates: 

 

																																													
	 	  	Stock Price	 
	 Effective Date
	  	$11.26	 	  	$12.00	 	  	$13.00	 	  	$14.92	 	  	$16.00	 	  	$18.00	 	  	$22.00	 	  	$26.00	 	  	$30.00	 	  	$35.00	 	  	$45.00	 
	 August 16, 2017
	  	 	21.7835	 	  	 	21.3647	 	  	 	18.4292	 	  	 	14.1913	 	  	 	12.3797	 	  	 	9.7645	 	  	 	6.3449	 	  	 	4.2632	 	  	 	2.8972	 	  	 	1.7669	 	  	 	0.5370	 
	 August 1, 2018
	  	 	21.7835	 	  	 	20.7400	 	  	 	17.6940	 	  	 	13.3575	 	  	 	11.5347	 	  	 	8.9450	 	  	 	5.6530	 	  	 	3.7144	 	  	 	2.4740	 	  	 	1.4687	 	  	 	0.4024	 
	 August 1, 2019
	  	 	21.7835	 	  	 	19.8973	 	  	 	16.6893	 	  	 	12.2138	 	  	 	10.3779	 	  	 	7.8320	 	  	 	4.7366	 	  	 	3.0096	 	  	 	1.9482	 	  	 	1.1136	 	  	 	0.2581	 
	 August 1, 2020
	  	 	21.7835	 	  	 	18.7604	 	  	 	15.2891	 	  	 	10.5908	 	  	 	8.7374	 	  	 	6.2721	 	  	 	3.5071	 	  	 	2.1138	 	  	 	1.3166	 	  	 	0.7168	 	  	 	0.1210	 
	 August 1, 2021
	  	 	21.7835	 	  	 	17.1728	 	  	 	13.1757	 	  	 	8.0453	 	  	 	6.1753	 	  	 	3.9106	 	  	 	1.8227	 	  	 	1.0094	 	  	 	0.6082	 	  	 	0.3158	 	  	 	0.0139	 
	 August 5, 2022
	  	 	21.7835	 	  	 	16.3070	 	  	 	9.8967	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact Stock Prices and Effective Dates may not be set forth in the table above, in which case, if the
Stock Price is: 
 (i) between two Stock Prices in the table above or the Effective Date is between two Effective Dates in
the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates based on a 365-day
year, as applicable; 
 (ii) in excess of $45.00 per share (subject to adjustment in the same manner as the Stock Prices set
forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

  
 70 

 (iii) less than $11.26 per share (subject to adjustment in the same manner as the
Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding anything in this Indenture to the contrary, the Company shall not increase the Conversion Rate to more than 88.8099 shares of Common Stock per
$1,000 principal amount of Notes pursuant to this Section 14.03(e), subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 

(f) Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole
Adjustment Event. 
 Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to
time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate for a given transaction described in this Section 14.04 if Holders of the Notes will be entitled to participate
in that transaction, without conversion of the Notes and solely as a result of holding the Notes, on the same terms and at the same time as a holder of a number of shares of Common Stock equal to (x) the principal amount of a Holder’s
Notes, divided by $1,000, multiplied by (y) the Conversion Rate would be entitled to participate. 
 (a) If the
Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company subdivides or combines the Common Stock, the Conversion Rate shall be adjusted based on the
following formula: 
  

							
		 	
CR' = CR0 x
	 	 OS'
	 	
	 	 	OS0	 	

 where, 
  

					
	CR0	 	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the open of business on the Effective Date of such subdivision or combination
of the Common Stock, as the case may be;
			
	CR'	 	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date of such subdivision or combination of
the Common Stock, as the case may be;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the open of business on the Effective Date of such
subdivision or combination of the Common Stock, as the case may be; and

  
 71 

					
	OS'	 	=	  	the number of shares of Common Stock that would be outstanding immediately after giving effect to such dividend or distribution, or immediately after the Effective Date of such subdivision or combination of the Common Stock, as the
case may be.

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

							
		 	
CR' = CR0 x
	 	 OS0 + X
	 	
	 	 	OS0 + Y	 	

 where, 
  

					
	CR0	 	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR'	 	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	X	 	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	 	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the announcement date for such distribution.

  
 72 

 Any increase made under this Section 14.04(b) shall be made successively whenever any such
rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such
rights, options or warrants, the Conversion Rate shall be decreased, as of the date of such expiration, to the Conversion Rate that would then be in effect had the increase with respect to the distribution of such rights, options or warrants been
made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so distributed, the Conversion Rate shall be decreased, as of the scheduled distribution date, to the
Conversion Rate that would then be in effect if the Ex-Dividend Date for such distribution had not occurred. 
 For purposes of this Section
14.04(b), and for purposes of Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at a price that is less than the average of the Closing Sale
Prices of the Common Stock for each Trading Day in the applicable 10 consecutive Trading Day period, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise
thereof, with the value of such consideration if other than cash to be determined in good faith by the Board of Directors. 
 (c) If an
Ex-Dividend Date occurs for a distribution (a “Relevant Distribution”) of shares of the Company’s Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire
its Capital Stock or other securities, to all or substantially all holders of the Common Stock (excluding (i) dividends or distributions as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b),
(ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply, and (iii) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply), then the
Conversion Rate shall be increased based on the following formula: 
  

							
		 	
CR' = CR0 x
	 	 SP0
	 	
	 	 	SP0 – FMV	 	

 where, 
  

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

 Any increase made under the above portion of this Section 14.04(c) shall become effective immediately after
the open of business on the Ex-Dividend Date for such distribution. 

  
 73 

 
No adjustment pursuant to the above portion of this Section 14.04(c) shall result in a decrease of the Conversion Rate. However, if such distribution is not so paid or made, the Conversion Rate
shall be decreased, as of the date the Board of Directors determines not to pay or make such distribution, to the Conversion Rate that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if
“FMV” (as defined above) is equal to or greater than “SP0” (as defined above), then, in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of
each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Relevant Distribution, without having to convert its Notes, the amount and kind of the Relevant Distribution such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any distribution for purposes
of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Sale Prices of the Common Stock over the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

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

 

							
		 	
CR' = CR0 x
	 	 FMV0 + MP0
	 	
	 	 	MP0	 	

 where, 
  

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

  
 74 

 The increase to the Conversion Rate under the preceding paragraph shall be determined on the last
day of the Valuation Period but shall be given effect immediately after the open of business on the Ex-Dividend Date for the Spin-Off. If the Ex-Dividend Date for the Spin-Off is less than 10 Trading Days prior to, and including, the end of the
Conversion Period in respect of any conversion of Notes, references in the portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of such Conversion Period. In respect of any conversion of Notes during the Valuation Period, references in the
portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, but excluding, the
relevant Conversion Date in determining the Conversion Rate. 
 For purposes of this Section 14.04(c) (and subject in all respect to Section
14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and
(iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required)
until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section
14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become
exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights,
options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or
deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which
an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final
redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed
distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming
such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated
without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 

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

(d) If an Ex-Dividend Date occurs for a cash dividend or distribution to all, or substantially all, holders of the outstanding Common
Stock, other than a regular cash dividend that does not exceed $0.06 per share per quarter (as proportionately adjusted to reflect a change in dividend period) (the “Dividend Threshold Amount”), the Conversion Rate shall be
increased based on the following formula: 
  

							
		 	
CR' = CR0 x
	 	 SP0 – T
	 	
	 	 	SP0 – C	 	

 where, 
  

					
	CR0	 	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR'	 	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	 	=	  	the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;

  
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	T	 	=	  	the Dividend Threshold Amount; provided that if the dividend or distribution is not a regular cash dividend, the Dividend Threshold Amount shall be deemed to be zero; and
			
	C	 	=	  	the amount in cash per share the Company pays or distributes to all or substantially all holders of the Common Stock.

 The Dividend Threshold Amount shall be subject to adjustment in a manner inversely proportional to adjustments
to the Conversion Rate; provided that no adjustment shall be made to the Dividend Threshold Amount for any adjustment to the Conversion Rate pursuant to this Section 14.04(d). 

Any increase pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such
dividend or distribution. No adjustment pursuant to this Section 14.04(d) shall result in a decrease of the Conversion Rate. However, if any such dividend or distribution described in this Section 14.04(d) is declared but not so paid or made, the
new Conversion Rate shall be readjusted, as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.
Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), then, in lieu of the foregoing increase, each Holder of a Note
shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of shares of the Common Stock, without having to convert its Notes, the amount of cash that such Holder would have received if such Holder
owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such cash dividend or distribution. 

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

 

							
		 	
CR' = CR0 x
	 	 AC + (OS' x SP')
	 	
	 	 	OS0 x SP'	 	

 where, 
  

					
	CR0	 	=	  	the Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date;
			
	CR'	 	=	  	the Conversion Rate in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date;

  

  
 77 

					
			
	AC	 	=	  	the aggregate value of all cash and any other consideration (as determined in good faith by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect to such tender or exchange offer);
			
	OS'	 	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to such tender or exchange offer); and
			
	SP'	 	=	  	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 Any increase to the Conversion Rate under this Section 14.04(e) shall be determined at the close of business
on the tenth Trading Day immediately following, but excluding, the Expiration Date but shall be given effect at the open of business on the Trading Day next succeeding the Expiration Date. If the Trading Day next succeeding the Expiration Date is
less than 10 Trading Days prior to, and including, the end of the Conversion Period in respect of any conversion of Notes, references within this Section 14.04(e) to 10 Trading Days shall be deemed to be replaced, solely in respect of that
conversion, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Expiration Date to, and including, the last Trading Day of such Conversion Period. In respect of any conversion during the
10 Trading Days commencing on the Trading Day next succeeding the Expiration Date, references within this Section 14.04(e) to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including,
the Trading Day next succeeding the Expiration Date to, but excluding, the relevant Conversion Date. No adjustment pursuant to this Section 14.04(e) shall result in a decrease of the Conversion Rate. 

(f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes
effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related
Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating to
such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend,
distribution or other event giving rise to such adjustment. 
 (g) Except as stated herein, the Company shall not adjust the Conversion Rate
for the issuance of shares of the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

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

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

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

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

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

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

(j) All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share. 
 (k) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment, detailing the calculation of the Conversion Rate and describing the facts upon which the adjustment
is based. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the
last Conversion Rate of which it has knowledge is still in effect. As soon as reasonably practicable after any adjustment of the Conversion Rate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the

  
 79 

 
adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to each Holder at its last address appearing
on the Note Register of this Indenture. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(l) For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock
held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock. 
 (m) If, in respect of any conversion of Notes: 

(i) following the Company’s receipt of Shareholder Approval, the Company elects (or is deemed to have elected) to satisfy
its Conversion Obligation in respect of such conversion through Combination Settlement and shares of Common Stock are deliverable to settle the Daily Net Share Number for a given Trading Day within the Conversion Period applicable to such Notes,

 (ii) any distribution or transaction described in clauses (a) through (e) of this Section 14.04 has not yet resulted in an
adjustment to the Conversion Rate on such Trading Day, and 
 (iii) the shares of Common Stock the converting Holder will
receive in respect of such Trading Day are not entitled to participate in the relevant distribution or transaction (because they were not held on a related Record Date or otherwise), 

then the Company shall adjust the number of shares of Common Stock that the Company delivers to the converting Holder in respect of the relevant Trading Day
to reflect the relevant distribution or transaction. 
 (n) If, in respect of any conversion of Notes: 

(i) following the Company’s receipt of Shareholder Approval, the Company elects to satisfy its Conversion Obligation in
respect of such conversion through Stock Settlement, 
 (ii) any distribution or transaction described in clauses (a) through
(e) of this Section 14.04 has not yet resulted in an adjustment to the Conversion Rate on the Conversion Date in respect of such conversion, and 

(iii) the shares of Common Stock the converting Holder will receive on settlement of such conversion are not entitled to
participate in the relevant distribution or transaction (because they were not held on a related Record Date or otherwise), 
 then the Company shall adjust
the number of shares of Common Stock that the Company delivers to the converting Holder in respect of such conversion of Notes to reflect the relevant distribution or transaction. 

  
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 Section 14.05. Adjustments of Prices. Whenever any provision of this Indenture
requires the Company to calculate the Closing Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, the Redemption Conversion Value or the Stock Price for purposes of a Make-Whole Adjustment Event over a span of
multiple days, the Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date,
Expiration Date or Effective Date, as the case may be, of the event occurs, at any time during the period when the Closing Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, the Redemption Conversion Value or
the Stock Prices are to be calculated.  
 Section 14.06. Shares to Be Fully Paid. The Company shall provide, free
from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion following receipt of
Shareholder Approval prior to the applicable Flexible Settlement Deadline (assuming delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be
converted by a single Holder and that Stock Settlement were applicable). 
 Section 14.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock.  
  

	 	(a)	In the event of: 

 (i) any recapitalization, reclassification or change of the
Common Stock (other than changes resulting from a subdivision or combination); 
 (ii) a consolidation, merger, combination,
binding share exchange or similar transaction involving the Company; or 
 (iii) a sale, assignment, conveyance, transfer,
lease or other disposition to another Person of the Company’s property and assets as an entirety or substantially as an entirety, 
 in each
case, in which holders of the outstanding Common Stock are entitled to receive cash, securities or other property for their shares of Common Stock (“Reference Property” and any such transaction, a “Share Exchange
Event”), the Company or the successor or purchasing company , as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g), providing that, at and after the effective time of such Share
Exchange Event, Holders of each $1,000 principal amount of Notes shall be entitled to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination
thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the kind and amount of Reference Property that a holder of one
share of Common Stock is entitled to receive, a “unit of Reference Property”) upon such Share Exchange Event; provided, however, that at and after the effective time of any such Share
Exchange Event (A) the Company shall continue to have the  

  
 81 

 
right to determine the Settlement Method applicable to any conversion of Notes in accordance with Section 14.02, unless the Company has previously made an irrevocable election pursuant to Section
14.02(a)(iii)(D), (B) any amount otherwise payable in cash upon conversion of the Notes shall continue to be payable in cash in accordance with Section 14.02, (C) any shares of Common Stock that the Company would have been required to
deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have been entitled to receive in such Share
Exchange Event and (D) the Daily VWAP shall be calculated based on the value of a unit of Reference Property. If the Notes become convertible into Reference Property pursuant to this Section 14.07, the Company shall notify the Trustee and issue
a press release containing the relevant information (and make the press release available on the Company’s website). Throughout this Article 14, if the Common Stock has been replaced by Reference Property in accordance with this Section 14.07
as a result of any Share Exchange Event, references to the Common Stock are intended to refer to such Reference Property, subject to the provisions of the supplemental indenture described in this paragraph. 

If the Share Exchange Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single
type of consideration because the holders of the Common Stock have the right to elect the type of consideration they will receive, then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the
weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of
consideration actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one
share of Common Stock. If the holders of the Common Stock receive only cash in such Share Exchange Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Share Exchange Event (A) the
consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03),
multiplied by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the third Business Day immediately following the
relevant Conversion Date and no Conversion Period shall apply to such conversions. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such
determination is made. 
 Such supplemental indenture described in the second immediately preceding paragraph shall provide for
anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities or
other property or assets (including cash or any combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such
other Person and shall contain such additional provisions to protect the interests of the Holders of the Notes, including the provisions providing for the purchase rights set forth in Article 15, as the Board of Directors shall reasonably consider
necessary by reason of the foregoing. 

  
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 (b) When the Company executes a supplemental indenture pursuant to subsection (a) of this Section
14.07, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such
Share Exchange Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. The Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture. 
 (c) The Company shall not become a party to any Share Exchange Event unless its terms are consistent with
this Section 14.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01
and Section 14.02 prior to the effective date of such Share Exchange Event. 
 (d) The above provisions of this Section shall similarly
apply to successive Share Exchange Events. 
 (e) In connection with any Share Exchange Event, the Dividend Threshold Amount shall be
subject to adjustment as described in clause (i), clause (ii) or clause (iii) below, as the case may be. 
 (i) In the case
of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of shares of common stock (the “Merger Common
Stock”), the Dividend Threshold Amount at and after the effective time of such Share Exchange Event will be equal to (x) the Dividend Threshold Amount immediately prior to the effective time of such Merger Event, divided by
(y) the number of shares of Merger Common Stock that a holder of one share of Common Stock would receive in such Share Exchange Event (such quotient rounded down to the nearest cent). 

(ii) In the case of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection
(a) above and excluding any dissenters’ appraisal rights) is composed in part of shares of Merger Common Stock, the Dividend Threshold Amount at and after the effective time of such Share Exchange Event will be equal to (x) the Dividend
Threshold Amount immediately prior to the effective time of such Merger Event, multiplied by (y) the Merger Valuation Percentage for such Merger Event (such product rounded down to the nearest cent). 

(iii) For the avoidance of doubt, in the case of a Share Exchange Event in which the Reference Property (determined, as
appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of consideration other than shares of common stock, the Dividend Threshold Amount at and after the effective time of such Share
Exchange Event shall be equal to zero. 

  
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 (f) Notwithstanding the foregoing, if a Share Exchange Event also constitutes a Public Acquirer
Change of Control, and the Company validly elects to change the conversion right pursuant to, and in accordance with, Section 14.12, then the provisions of Section 14.12 shall apply in lieu of the provisions of this Section 14.07. 

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

(b) The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require
registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be. 
 (c) The Company further covenants that if at any time the
Common Stock shall be listed on any national securities exchange or automated quotation system, following receipt of Shareholder Approval, the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or
automated quotation system, any Common Stock issuable upon conversion of the Notes. 
 Section 14.09. Responsibility of Trustee.
The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any
increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the
same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered
upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained
in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 14.07 or Section 14.12 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07
or Section 14.12 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be
protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution 

  
 84 

 
of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has
occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination
of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at
such other times as shall be provided for in Section 14.01(b). 
 Section 14.10. Notice to Holders Prior to Certain
Actions. In case of any:  
 (a) action by the Company or one of its Subsidiaries that would require an adjustment in the
Conversion Rate pursuant to Section 14.04 or Section 14.11; 
 (b) Share Exchange Event (including, for the avoidance of doubt, any Public
Acquirer Change of Control); or 
 (c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its
Subsidiaries; 
 then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall
cause to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be mailed to each Holder at its address appearing on the Note Register, as promptly as possible but in any event at least 20 days prior to the applicable
date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common
Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Share Exchange Event, dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Share Exchange Event, dissolution, liquidation or
winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Share Exchange Event, dissolution, liquidation or winding-up. 

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

  
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 Section 14.12. Public Acquirer Change of Control. (a) Notwithstanding
anything to the contrary in this Indenture, if a Public Acquirer Change of Control occurs, the Company may, in lieu of increasing the Conversion Rate for conversions in connection with such Public Acquirer Change of Control pursuant to Section
14.03, if applicable, and/or offering to purchase the Notes pursuant to Section 15.02, if applicable, elect to adjust the Conversion Rate and the related Conversion Obligation such that from and after the effective date of such Public Acquirer
Change of Control, Holders of the Notes shall be entitled to convert their Notes (subject to Section 14.01) into a number of shares of Public Acquirer Common Stock, subject to Section 14.02(a), initially equal to the Conversion Rate in effect
immediately before the Public Acquirer Change of Control multiplied by a fraction the numerator of which shall be the average of the Closing Sale Prices of the Common Stock for the five consecutive Trading Days prior to, but excluding, the
effective date of such Public Acquirer Change of Control, and the denominator of which shall be 99% of the average of the Closing Sale Prices of the Public Acquirer Common Stock (determined by reference to the definition of Closing Sale Price as set
forth in Section 1.01 as if references therein to Common Stock were to such Public Acquirer Common Stock) for the five consecutive Trading Days prior to, but excluding, the effective date of such Public Acquirer Change of Control. The Company shall
only make such an election if such election and the resulting terms of the Notes are in compliance with applicable stock exchange rules. 

(b) Following a Public Acquirer Change of Control, if the Company so elects pursuant to this Section 14.12, Holders may convert their Notes
(subject to Section 14.01) at the adjusted Conversion Rate described in Section 14.12(a), but will not be entitled to an increased Conversion Rate pursuant to Section 14.03 or to require the Company to purchase their Notes pursuant to Section 15.02.
In order to validly elect to adjust the Conversion Rate and the related Conversion Obligation as described in Section 14.12(a) in lieu of increasing the Conversion Rate pursuant to Section 14.03, if applicable, and/or requiring the Company to
purchase the Notes pursuant to Section 15.02, if applicable, the Company must deliver notice to Holders and the Trustee (and the Conversion Agent, if not the Trustee) of such election and the anticipated effective date for the relevant transaction
or event no less than 50 Scheduled Trading Days prior to the anticipated effective date. The Company shall give Holders and the Trustee (and the Conversion Agent, if not the Trustee) at least 10 Business Days’ advance notice of the actual
effective date of the relevant Public Acquirer Change of Control. Any Public Acquirer Common Stock issuable upon conversion of the Notes shall be registered under the Securities Act, approved for listing on the Permitted Exchange on which the Public
Acquirer Common Stock is traded, and duly reserved and authorized for issuance by the issuer of such Public Acquirer Common Stock. 
 (c) In
the event the Company validly elects for the provisions of this Section 14.12 to apply, the applicable Acquirer and the issuer of the Public Acquirer Common Stock (if other than the Acquirer) shall execute with the Trustee a supplemental indenture
permitted under Section 10.01(g), providing that (i) at and after the effective time of such Public Acquirer Change of Control, Holders of each $1,000 principal amount of Notes shall be entitled to convert such principal amount of Notes into
the Public Acquirer Common Stock as described in this Section 14.12 and (ii) the issuer of the Public Acquirer Common Stock shall register under the Securities 

  
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Act the Public Acquirer Common Stock issuable upon conversion of the Notes; provided, however, that at and after the effective time of any such Public Acquirer Change of Control,
(A) subject to any applicable stock exchange rules, the Company shall continue to have the right to determine the Settlement Method applicable to any conversion of Notes in accordance with Section 14.02, unless the Company has previously made
an irrevocable election pursuant to Section 14.02(a)(iii)(D), (B) any amount otherwise payable in cash upon conversion of the Notes shall continue to be payable in cash in accordance with Section 14.02, (c) any shares of Common Stock that
the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the applicable amount of Public Acquirer Common Stock based on the Conversion Rate as adjusted pursuant to
Section 14.12(a) and (D) the Daily VWAP shall be calculated based on the value of a share of Public Acquirer Common Stock. If the Notes become convertible into Public Acquirer Common Stock pursuant to this Section 14.12, the Company shall
notify the Trustee and issue a press release containing the relevant information (and make the press release available on the Company’s website). Throughout this Article 14, if the Common Stock has been replaced by Public Acquirer Common Stock
in accordance with this Section 14.12 as a result of any Public Acquirer Change of Control, references to the Common Stock are intended to refer to such Public Acquirer Common Stock, subject to the provisions of the supplemental indenture described
in this paragraph. 
 Such supplemental indenture described in the immediately preceding paragraph shall provide for anti-dilution and other
adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. Such supplemental indenture shall contain such additional provisions to protect the interests of the Holders of the Notes, including
the provisions providing for the purchase rights set forth in Article 15, as the Board of Directors shall reasonably consider necessary by reason of the foregoing. 

(d) When the Company executes a supplemental indenture pursuant to subsection (c) of this Section 14.12, the Company shall promptly file with
the Trustee an Officers’ Certificate briefly stating the reasons therefor, the relevant Public Acquirer Common Stock and adjusted Conversion Rate, and that all conditions precedent have been complied with, and shall promptly mail notice thereof
to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof. Failure
to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
 (e) The Company shall not become a party
to any Public Acquirer Change of Control as set forth in this Section 14.12 unless the terms of such Public Acquirer Change of Control and the Company’s election pursuant to this Section 14.12 are consistent with this Section 14.12. None of the
foregoing provisions shall affect the right of a holder of Notes to convert its Notes into solely cash prior to the Company’s receipt of Shareholder Approval or, following the Company’s receipt of Shareholder Approval, cash, shares of
Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02, prior to the effective date of such Public Acquirer Change of Control. 

(f) The above provisions of this Section shall similarly apply to successive Public Acquirer Changes of Control. 

  
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 (g) For the avoidance of doubt, if the Notes become convertible into Public Acquirer Common Stock
pursuant to this Section 14.12, the Dividend Threshold Amount shall be subject to adjustment in a manner inversely proportional to the adjustment to the Conversion Rate. 

ARTICLE 15 

PURCHASE OF NOTES AT OPTION OF HOLDERS

 Section 15.01. Purchase at Option of Holders on Certain Dates. 

(a) Each Holder shall have the right, at such Holder’s option, to require the Company to purchase for cash on each of
August 1, 2022, August 1, 2027 and August 1, 2032 (each, a “Purchase Date”), all of such Holder’s Notes, or any portion thereof that is an integral multiple of $1,000 principal amount, at a purchase price
(the “Purchase Price”) that is equal to 100% of the principal amount of the Notes to be purchased, together with accrued and unpaid interest to, but excluding, such Purchase Date; provided that any such accrued
and unpaid interest shall be paid not to the Holders submitting the Notes for purchase on the relevant Purchase Date but instead to the Holders of such Notes at the close of business on the Regular Record Date immediately preceding such Purchase
Date. On or before the 20th Business Day prior to each Purchase Date, the Company shall deliver a written notice (the “Company Notice”) to the Trustee, to the Paying Agent and to each Holder (and to beneficial owners as required by
applicable law). The Company Notice shall include a form of Purchase Notice to be completed by a holder and shall state: 

(i) the last date on which a Holder may exercise its purchase right pursuant to this Section 15.01; 

(ii) the Purchase Price; 

(iii) the relevant Purchase Date; 

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

(v) that the Notes with respect to which a Purchase Notice has been delivered by a Holder may be converted only if the Holder
withdraws the Purchase Notice in accordance with the terms of this Indenture; 
 (vi) that the Holder shall have the right to
withdraw any Notes surrendered prior to the close of business on the second Business Day immediately preceding the relevant Purchase Date; and 

(vii) the procedures a Holder must follow to exercise its purchase rights under this Section 15.01 and a brief description of
those rights. 
 At the Company’s written request (given with at least three Business Days’ advance notice or such shorter time as agreed
by the Trustee), the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Company Notice shall be prepared by the Company. 

  
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 No failure of the Company to give the foregoing notices and no defect therein shall limit the
Holders’ purchase rights or affect the validity of the proceedings for the purchase of the Notes pursuant to this Section 15.01. 

Purchases of Notes under this Section 15.01 shall be made, at the option of the Holder thereof, upon: 

(A) delivery to the Paying Agent by the Holder of a duly completed notice (the “Purchase Notice”) in
the form set forth in Attachment 3 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes,
in each case during the period beginning at any time from the open of business on the date that is 20 Business Days prior to the relevant Purchase Date until the close of business on the Business Day immediately preceding the Purchase Date; and 

 (B) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the
Purchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such
delivery being a condition to receipt by the Holder of the Purchase Price therefor. 
 Each Purchase Notice shall state: 

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

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

 (E) that the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and this
Indenture; 
 provided, however, that if the Notes are Global Notes, the Purchase Notice must comply with appropriate Depositary
procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Purchase Notice
contemplated by this Section 15.01 shall have the right to withdraw, in whole or in part, such Purchase Notice at any time prior to the close of business on the second Business Day immediately preceding the Purchase Date by delivery of a written
notice of withdrawal to the Paying Agent in accordance with Section 15.03. 
 The Paying Agent shall promptly notify the Company of the
receipt by it of any Purchase Notice or written notice of withdrawal thereof. 

  
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 No Purchase Notice with respect to any Notes may be surrendered by a Holder thereof if such
Holder has also surrendered a Fundamental Change Purchase Notice and has not validly withdrawn such Fundamental Change Purchase Notice in accordance with Section 15.03. 

(b) Notwithstanding the foregoing, no Notes may be purchased by the Company at the option of the Holders on any Purchase Date if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such Purchase Date (except in the case of an acceleration resulting from a default by the Company in the payment of the Purchase Price with
respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Purchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as
the case may be, the Purchase Notice with respect thereto shall be deemed to have been withdrawn. 
 Section 15.02. Purchase
at Option of Holders Upon a Fundamental Change. (a) Subject to Section 14.12, if a Fundamental Change occurs at any time, each Holder shall have the right, at such Holder’s option, to require the Company to purchase for cash all of
such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Purchase Date”) specified by the Company that is not less than 20
Business Days or more than 35 Business Days after the occurrence of the effective date of such Fundamental Change at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding,
the Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”), unless the Fundamental Change Purchase Date is after a Regular Record Date and on or prior to the Interest Payment Date to which such
Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Purchase Price shall be equal to 100% of the
principal amount of Notes to be purchased pursuant to this Article 15 and shall not include any accrued and unpaid interest.  
 (b)
Purchases of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon: 
 (i) delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Purchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in
compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case during the period between the delivery of the Fundamental Change Company Notice and the close of business on the
Business Day immediately preceding the Fundamental Change Purchase Date; and 
 (ii) delivery of the Notes, if the
Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Purchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of
the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Purchase Price therefor. 

  
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 The Fundamental Change Purchase Notice in respect of any Notes to be purchased shall state: 

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

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

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

No Fundamental Change Purchase Notice with respect to any Notes may be surrendered by a Holder thereof if such Holder has also surrendered a
Purchase Notice and has not validly withdrawn such Purchase Notice in accordance with Section 15.03. 
 (c) On or before the 20th day
after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee, the Conversion Agent (in the case of a Conversion Agent other than the Trustee) and the Paying Agent (in the case
of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the purchase right at the option of the Holders arising as a
result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Each Fundamental Change Company
Notice shall specify: 
 (i) the events causing the Fundamental Change; 

(ii) the effective date of the Fundamental Change, and whether the Fundamental Change is a Make-Whole Adjustment Event; 

  
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 (iii) the last date on which a Holder may exercise the purchase right pursuant to
this Article 15; 
 (iv) the Fundamental Change Purchase Price; 

(v) the Fundamental Change Purchase Date; 

(vi) the Conversion Rate and any adjustments to the Conversion Rate, and the procedures that Holders must follow to convert
their Notes; 
 (vii) that the Notes with respect to which a Fundamental Change Purchase Notice has been delivered by a
Holder may be converted only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with the terms of this Indenture; 

(viii) the procedures that Holders must follow to exercise their right to require the Company to purchase their Notes, and the
procedures that Holders must follow for withdrawal of any such exercise; and 
 (ix) the name and address of the Paying Agent
and the Conversion Agent. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’
purchase rights or affect the validity of the proceedings for the purchase of the Notes pursuant to this Section 15.02. 
 At the
Company’s written request, the Paying Agent shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be
prepared by the Company. 
 (d) Notwithstanding the foregoing, no Notes may be purchased by the Company on any date at the option of
the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the relevant Fundamental Change Purchase Date (except in the case of an acceleration
resulting from a Default by the Company in the payment of the Fundamental Change Purchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the
acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Purchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in
compliance with the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Purchase Notice with respect thereto shall be deemed to have been withdrawn.

 Section 15.03. Withdrawal of Purchase Notice or Fundamental Change Purchase Notice. (a) A Purchase Notice or Fundamental
Change Purchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 15.03 at any time until the close of business on the
second Business Day immediately preceding the Purchase Date or until the close of business on the second Business Day immediately preceding the Fundamental Change Purchase Date, as the case may be, specifying: 

(i) the principal amount of the Notes with respect to which such notice of withdrawal is being submitted, 

  
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 (ii) if Physical Notes have been issued, the certificate number of the Note in
respect of which such notice of withdrawal is being submitted, and 
 (iii) the principal amount, if any, of such Note that
remains subject to the original Purchase Notice or Fundamental Change Purchase Notice, as the case may be, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

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

Section 15.04. Deposit of Purchase Price or Fundamental Change Purchase Price. (a) The Company will deposit with the Paying
Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04 on or prior to 11:00 a.m. (New York City time) on the Purchase Date or Fundamental Change
Purchase Date, as the case may be, an amount of money sufficient to purchase all of the Notes to be purchased at the appropriate Purchase Price or Fundamental Change Purchase Price. Subject to receipt of funds and/or Notes by the Paying Agent
appointed by the Company, payment for Notes surrendered for purchase (and not withdrawn prior to the close of business on the second Business Day immediately preceding the relevant Purchase Date or Fundamental Change Purchase Date, as the case may
be) will be made on the later of (i) the Purchase Date or Fundamental Change Purchase Date, as the case may be (provided the Holder has satisfied the conditions in Section 15.01 or Section 15.02, as the case may be) and (ii) the
time of book-entry transfer or the delivery of such Note to the Paying Agent appointed by the Company by the Holder thereof in the manner required by Section 15.01 or Section 15.02, as applicable, by mailing checks for the amount payable to the
Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its
nominee. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Purchase Price or Fundamental Change Purchase Price, as the case may be. 

(b) If by 11:00 a.m. (New York City time) on the Purchase Date or Fundamental Change Purchase Date, as the case may be, the Paying Agent
appointed by the Company holds money sufficient to make payment on all the Notes or portions thereof that are to be purchased on such Purchase Date or Fundamental Change Purchase Date, as the case may be, then, with respect to the Notes that have
been properly surrendered for purchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the
Notes have been delivered to the Paying Agent and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Purchase Price or Fundamental Change Purchase Price, as the case may be, and, if the
Purchase Date or Fundamental Change Purchase Date, as applicable, is after a Regular Record Date and on or prior to the related Interest Payment Date, the right of the Holder of record on such Regular Record Date to receive the related interest
payment). 

  
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 (c) Upon surrender of a Note that is to be purchased in part pursuant to Section
15.01 or Section 15.02, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unpurchased portion of the Note surrendered. 

Section 15.05. Covenant to Comply with Applicable Laws Upon Purchase of Notes. In connection with any offer to purchase the
Notes on any Purchase Date or in the event of a Fundamental Change, the Company shall: 
 (a) comply with the provisions of Rule
13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act, to the extent any such rules are applicable; 
 (b) file a
Schedule TO or any successor or similar schedule, if required, under the Exchange Act; and 
 (c) otherwise comply with all applicable
federal and state securities laws in connection with any offer by the Company to purchase the Notes on a Purchase Date or upon a Fundamental Change, 
 in
each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15. 

Section 15.06. Paying Agent. For purposes of this Article 15 with respect to any Fundamental Change, the Paying Agent may
be any agent, depositary, tender agent, paying agent or other agent appointed by the Company, in each case with an office or agency in the contiguous United States of America, to accomplish the purposes set forth herein. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) within one Business Day of any change in the location of the Paying Agent designated for purposes of this Article 15. 

ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. Except as described in Section 16.01(a), the
Notes shall not be redeemable by the Company prior to August 5, 2022. On or after August 5, 2022 and prior to February 1, 2037, the Company may redeem for cash all or any portion of the Notes in accordance with Section 16.01(b).

 (a) If the NBIC Acquisition is not consummated for any reason by June 8, 2018, or if the NBIC Acquisition Agreement
relating to the NBIC Acquisition is terminated for any reason (other than by consummation of the NBIC Acquisition), the Company may redeem (an “M&A Redemption”) all, but not less than all, of the outstanding Notes for cash on a
Redemption Date to occur on or prior to August 31, 2018, at a redemption price (the “M&A Redemption Price”) for each $1,000 principal amount of Notes equal to the sum of (i) $1,010, (ii) accrued and unpaid
interest on such Notes to, but excluding, the Redemption Date and (iii) 75% of the excess, if any, of the Redemption Conversion Value over the Initial Conversion Value (unless the Redemption

  
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Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the Company shall pay the full amount of accrued and unpaid interest
(to the next Interest Payment Date) to Holders of record as of the close of business on such Regular Record Date, and the Redemption Price shall not include any accrued and unpaid interest on the Notes). Following August 31, 2018, the Notes
shall be redeemable at the Company’s option only pursuant to Section 16.01(b). 
 (b) On or after August 5, 2022 and
prior to February 1, 2037, the Company may redeem (a “Par Redemption”) for cash all or any portion of the Notes, at the Par Redemption Price.  

Section 16.02. Notice of Optional Redemption; Selection of Notes. (a) In case the Company exercises any Optional
Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it shall deliver a notice of such Optional
Redemption (a “Redemption Notice”) not less than 50 nor more than 65 Scheduled Trading Days prior to the Redemption Date by mail or electronic delivery to the Trustee, the Paying Agent, the Conversion Agent and each
Holder of Notes so to be redeemed as a whole or in part. The Redemption Date must be a Business Day. 
 (b) The Redemption Notice, if
delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to
the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(c) Each Redemption Notice shall specify: 

(i) the Redemption Date; 

(ii) the Redemption Price (or manner of calculation if not then known); 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Notes are to be surrendered for payment of the Redemption Price; 
 (v) that Holders may surrender their Notes for conversion
at any time prior to the close of business on the second Business Day immediately preceding the Redemption Date; 
 (vi) the
procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Dollar Amount, if applicable; 

(vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
Section 14.03; 

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

(b) Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the
Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Redemption Price. 
 Section 16.04.
Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the applicable Redemption Price with respect to such Notes). 

  
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 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of
the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that
by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company or the Guarantor shall be deemed to have been sufficiently given or made, for all purposes if given or served by being
deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Heritage Insurance Holdings, Inc., 2600 McCormick Drive, Suite 300, Clearwater,
Florida 33759, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed to the Corporate Trust Office. 
 The Trustee, by notice to the
Company, may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication to be
delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or
communication to be delivered to a Holder of Global Notes shall be sufficient if given to the Depositary (or its designee) pursuant to the customary procedures of the Depositary. Notices to the Holders shall be deemed to have been given on the date
of such mailing or electronic delivery. 
 Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether or not the addressee receives it. 

Whenever a notice is required to be given by the Company, such notice may be given by the Trustee on behalf of the Company (and the Company
shall make any notice it is required to give to Holders available on the Company’s website). 
 In case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 

  
 97 

 Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE (INCLUDING, FOR THE
AVOIDANCE OF DOUBT, THE GUARANTEE INCLUDED HEREIN) AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE (INCLUDING, FOR THE AVOIDANCE OF DOUBT, THE GUARANTEE INCLUDED HEREIN) AND EACH NOTE, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR THERETO). 

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

The Company and the Guarantor each irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may
now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the
Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an
inconvenient forum. 
 Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel
to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Trustee shall be entitled to receive: (a) an Officers’ Certificate in form reasonably
satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent (including any covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with; and (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent (including any covenants compliance with which constitutes
a condition precedent) have been complied with. 
 Each Officers’ Certificate provided for, by or on behalf of the Company in
this Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.08) shall include: (a) a statement that the person signing such certificate is
familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the
judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture

  
 98 

 
and as to whether all conditions precedent (including any covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to such proposed
action have been complied with; and (d) a statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture and all conditions precedent (including covenants compliance with which constitutes a condition
precedent) have been complied with. 
 Notwithstanding anything to the contrary in this Section 17.05, if any provision in this Indenture
specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to, or entitled to request, such Opinion of Counsel.

 Section 17.06. Legal Holidays. In any case where any Interest Payment Date, the Maturity Date, any Redemption Date,
any Purchase Date or any Fundamental Change Purchase Date falls on a day that is not a Business Day (which, solely for the purpose of any payment required to be made on such date, shall be deemed not to include any day on which state or federally
chartered banking institutions in the Place of Payment are authorized or required by law to close), then any action to be taken on such day need not be taken on such day, but may be taken on the next succeeding Business Day with the same force and
effect as if taken on such day, and no interest shall accrue in respect of the delay. 
 Section 17.07. No Security
Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction. 
 Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or
implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy
or claim under this Indenture. 
 Section 17.09. Table of Contents, Headings, Etc. The table of contents and the
titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on
its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section
2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an
authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant
to Section 7.08. 

  
 99 

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

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

                          
              , 
 as Authenticating Agent, certifies that this is one of the Notes
described in the within-named Indenture. 
  

			
	By:	 	 
		 	Authorized Officer

 Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 

  
 100 

 Section 17.12. Severability. In the event any provision of this Indenture or
in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

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

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

Section 17.15. Calculations. Except as otherwise provided herein with respect to the Bid Solicitation Agent, the Company shall be
responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Closing Sale Prices of the Common Stock, any adjustments to the Conversion Rate, the consideration
deliverable in respect of any conversion, Daily VWAPs, Daily Conversion Values, Daily Settlement Amounts, Redemption Conversion Values, Redemption Prices, Additional Interest amounts and accrued interest payable on the Notes. The Company shall make
all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion
Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee shall forward the Company’s calculations to any Holder of
Notes upon the written request of that Holder at the sole cost and expense of the Company. The Trustee and Conversion Agent shall have no obligation to review or verify such calculations. 

Section 17.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 [Remainder of page intentionally left blank] 

  
 101 

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

			
	HERITAGE INSURANCE HOLDINGS, INC.
		
	By:	 	/s/ Steven Martindale
	Name:	 	Steven Martindale
	Title:	 	Chief Financial Officer
	
	HERITAGE MGA, LLC, as Guarantor
		
	By:	 	/s/ Steven Martindale
	Name:	 	Steven Martindale
	Title:	 	Chief Financial Officer

 Signature Page to the Indenture 

 
			
	WILMINGTON TRUST, NATIONAL      ASSOCIATION, as Trustee
		
	By:	 	/s/ Hallie E. Field
	Name:	 	Hallie E. Field
	Title:	 	Assistant Vice President

 Signature Page to the Indenture 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A
RESTRICTED SECURITY] 
 [THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF HERITAGE INSURANCE HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT
OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A)
TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT, OR 

  
 A-1 

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

  
 A-2 

 HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Note due 2037 
  

					
	No. [            ]	 		 	[Initially]1 $[            ]

 CUSIP No.
[                    ] 

HERITAGE INSURANCE HOLDINGS, INC., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [            ]3, or registered assigns, the principal sum [as set forth in the
“Schedule of Exchanges of Notes” attached hereto]4 [of
$[            ]]5, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless
permitted by the Indenture, exceed $125,000,000 in aggregate at any time (or $143,750,000 if the Initial Purchaser exercises its option to purchase additional Notes in full as set forth in the Purchase Agreement), in accordance with the rules and
procedures of the Depositary, on August 1, 2037, and interest thereon as set forth below. 
 This Note shall bear interest at the rate
of 5.875% per year from August 16, 2017, or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until August 1, 2037. Interest is payable semi-annually
in arrears on each February 1 and August 1, commencing on February 1, 2018, to Holders of record at the close of business on the preceding January 15 and July 15 (whether or not such day is a Business Day), respectively.
Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional
Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not
be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 
 Any Defaulted Amounts
shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been
paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture. 
 The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the
Indenture, the Company shall pay the principal of any Notes (other than Notes that are 
  

 

	1 	Include if a global note. 

	2 	Include if a global note. 

	3 	Include if a physical note. 

	4 	Include if a global note. 

	5 	Include if a physical note. 

  
 A-3 

 
Global Notes) (i) at the office or agency designated by the Company for that purpose or, at the Company’s option, by check mailed to the Holder’s address as it appears in the Note
Register or (ii) under certain circumstances, by wire transfer in immediately available funds to the Holder’s account within the United States. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in
respect of the Notes and its agency in the Place of Payment as a place where Notes may be presented for payment or for registration of transfer and exchange. 

The Notes shall be fully and unconditionally guaranteed by the Guarantor pursuant to the terms and conditions set forth in Article 13 of the
Indenture. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation,
provisions giving the Holder of this Note the right to convert this Note into cash or, following Shareholder Approval, cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the
limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

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

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

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

  
 A-4 

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

 

			
	HERITAGE INSURANCE HOLDINGS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: 
  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes described in the within-named Indenture.
		
	By:	 	 
		 	Authorized Officer

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Note due 2037 

This Note is one of a duly authorized issue of Notes of the Company, designated as its 5.875% Convertible Senior Notes due 2037 (the
“Notes”), limited to the aggregate principal amount of $125,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchaser pursuant to the exercise of its option
to purchase additional Notes as set forth in the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of August 16, 2017 (the “Indenture”), among the Company, Heritage MGA, LLC, as
guarantor, and Wilmington Trust, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this
Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 
 In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the
terms and conditions of the Indenture, the Company will make payment in respect of the principal amount of any Note on the Maturity Date (i) to the Holder who surrenders a Note at the office or agency designated by the Company for that purpose
to collect such payment in respect of the Note or, at the Company’s option, by check mailed to such Holder at its address as it appears on the Note Register or (ii) under certain circumstances, by wire transfer in immediately available
funds to the Holder’s account within the United States. The Company will make all payments in respect of the Fundamental Change Purchase Price on the Fundamental Change Purchase Date by mailing checks for the amount payable to the Holders of
such Notes entitled thereto at their addresses as they shall appear in the Note Register. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

  
 A-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Redemption Price, the Purchase Price and the Fundamental Change Purchase Price, if applicable)
of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed. 

The Notes are issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples in excess
thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized
denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection therewith as a result of the name of the Holder
of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

The Notes shall be redeemable at the Company’s option in accordance with the terms and subject to the conditions specified in the
Indenture. 
 Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to
purchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase Price. 

The Holder has the right, at such Holder’s option, to require the Company to purchase for cash all of such Holder’s Notes or any
portion thereof (in principal amounts of $1,000 or integral multiples thereof) on each of August 1, 2022, August 1, 2027 and August 1, 2032, in each case, at a price equal to the Purchase Price. 

The Notes shall be fully and unconditionally guaranteed by the Guarantor pursuant to the terms and conditions set forth in Article 13 of
the Indenture. 
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and
upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Business Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple
thereof, into (a) solely cash prior to the Company’s receipt of Shareholder Approval or (b) following the Company’s receipt of Shareholder Approval, cash, shares of Common Stock or a combination of cash and shares of Common
Stock, as applicable, in each case at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

  
 A-7 

 ABBREVIATIONS 

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

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

  
 A-8 

 SCHEDULE A6 

SCHEDULE OF EXCHANGES OF NOTES 

HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Notes due 2037 

The initial principal amount of this Global Note is              DOLLARS
($[            ]). The following increases or decreases in this Global Note have been made: 
  

									
	 Date of exchange
	  	 Amount of

decrease in
 principal amount

of this Global Note
	  	 Amount of

increase in
 principal amount

of this Global Note
	  	 Principal amount

of this Global Note
 following
such
 decrease or

increase
	  	 Signature of

authorized
 signatory of

Trustee or
 Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	6 	Include if a global note. 

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 

HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Notes due 2037 
  

	To:	Wilmington Trust, National Association 

	  	Attn: Heritage Insurance Holdings, Inc. Administrator 

	  	1100 North Market Street 

	  	Wilmington, DE 19890 

 The undersigned registered owner of this Note hereby exercises the
option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into [cash]7[cash, shares of Common Stock or a combination of
cash and shares of Common Stock, as applicable,]8 in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable
and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been
indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any
in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Indenture. 
  

					
	Dated:
                                         
       	  	 	  	
			
		  	 	  	
		  	Signature(s)	  	

  

			
		
	   
	  	  

	Signature Guarantee	  	
		
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and	  	

  

	7 	Include prior to Shareholder Approval. 

	8 	 Include following Shareholder Approval. 

  
 1 

			
	loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be
delivered, other than to and in the name of the registered holder.	  	
		
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	  	
		
	 	  	
	(Name)	  	
		
	 	  	
	(Street Address)	  	
		
	 	  	
	 (City, State and Zip Code)
 Please print name
and address
	  	
		  	 Principal amount to be converted (if less than all):
$            ,000

		
		  	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change
whatever.

  

					
		 	 	  	
		 	 Social Security or Other Taxpayer

Identification Number
	  	

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE] 

HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Notes due 2037 
  

	To:	Wilmington Trust, National Association 

	  	Attn: Heritage Insurance Holdings, Inc. Administrator 

	  	1100 North Market Street 

	  	Wilmington, DE 19890 

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

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

 

					
	Dated:
                                         
       	 		  	
			
		 	 	  	
		 	Signature(s)	  	
			
		 	 	  	
		 	 Social Security or Other Taxpayer

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

  
 1 

 ATTACHMENT 3 

[FORM OF PURCHASE NOTICE] 

HERITAGE INSURANCE HOLDINGS, INC. 

5.875% Convertible Senior Notes due 2037 
  

	To:	Wilmington Trust, National Association 

	  	Attn: Heritage Insurance Holdings, Inc. Administrator 

	  	1100 North Market Street 

	  	Wilmington, DE 19890 

 The undersigned registered owner of this Note hereby acknowledges receipt
of a notice from Heritage Insurance Holdings, Inc. (the “Company”) regarding the right of Holders to elect to require the Company to purchase the entire principal amount of this Note, or the portion thereof (that is $1,000 principal
amount or an integral multiple thereof) below designated, and requests and instructs the Company to purchase the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below
designated, in accordance with the applicable provisions of the Indenture referred to in this Note, at the Purchase Price from the registered Holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms
in the Indenture. 
 In the case of certificated Notes, the certificate numbers of the Notes to be purchased are as set forth below: 

 

					
	Dated:
                                         
       	 		  	
			
		 	 	  	
		 	Signature(s)	  	
			
		 	 	  	
		 	 Social Security or Other Taxpayer

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

  
 1 

 ATTACHMENT 4 

[FORM OF ASSIGNMENT AND TRANSFER] 
 For value
received
                                        
hereby sell(s), assign(s) and transfer(s) unto                              (Please insert social
security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints
                             attorney to transfer the said Note on the books of the Company, with full
power of substitution in the premises. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as
defined in the Indenture governing such Note, the undersigned confirms that such Note is being transferred: 
  

	☐	To Heritage Insurance Holdings, Inc. or a subsidiary thereof; or 

  

	☐	Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 

  

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

  

	☐	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended. 

  
 1 

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

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

  
 2

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