Document:

Indenture dated February 27, 2004

 Exhibit 4.2 
  

BANKUNITED FINANCIAL CORPORATION 
  
 as Issuer 
  

 
 U.S. BANK NATIONAL ASSOCIATION, 
  
 as Trustee 
  

  
 Up to $120,000,000 Aggregate Principal Amount of 
  
 3.125% Convertible Senior Notes due 2034 
  

  
 INDENTURE 
  
 Dated as of February 27, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 Section 1.1.
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Incorporation by Reference of Trust Indenture Act
	  	8
	 Section 1.3.
	  	 Rules of Construction
	  	9
	 Section 1.4.
	  	 Acts of Holders
	  	9
		
	 ARTICLE II THE SECURITIES
	  	10
			
	 Section 2.1.
	  	 Form and Dating
	  	10
	 Section 2.2.
	  	 Execution and Authentication
	  	11
	 Section 2.3.
	  	 Registrar, Paying Agent, Conversion Agent and Bid Solicitation Agent
	  	12
	 Section 2.4.
	  	 Paying Agent to Hold Cash and Securities in Trust
	  	13
	 Section 2.5.
	  	 Securityholder Lists
	  	14
	 Section 2.6.
	  	 Transfer and Exchange
	  	14
	 Section 2.7.
	  	 Replacement Securities
	  	15
	 Section 2.8.
	  	 Outstanding Securities; Determinations of Holders’ Action
	  	16
	 Section 2.9.
	  	 Temporary Securities
	  	16
	 Section 2.10.
	  	 Cancellation
	  	17
	 Section 2.11.
	  	 Persons Deemed Owners
	  	17
	 Section 2.12.
	  	 Additional Transfer and Exchange Requirements
	  	17
	 Section 2.13.
	  	 CUSIP Numbers
	  	24
	 Section 2.14.
	  	 Ranking
	  	24
		
	 ARTICLE III REDEMPTION
	  	25
			
	 Section 3.1.
	  	 The Company’s Right to Redeem; Notice to Trustee
	  	25
	 Section 3.2.
	  	 Selection of Securities to Be Redeemed
	  	25
	 Section 3.3.
	  	 Notice of Redemption
	  	26
	 Section 3.4.
	  	 Effect of Notice of Redemption
	  	27
	 Section 3.5.
	  	 Deposit of Redemption Price
	  	27
	 Section 3.6.
	  	 Securities Redeemed in Part
	  	27
	 Section 3.7.
	  	 Repayment to the Company
	  	27
		
	ARTICLE IV REPURCHASE OF SECURITIES AT THE OPTION OF HOLDERS ON SPECIFIC DATES	  	28
			
	 Section 4.1.
	  	 Optional Put
	  	28
	 Section 4.2.
	  	 Manner of Payment of Repurchase Price
	  	30
	 Section 4.3.
	  	 Effect of Repurchase Notice
	  	30
	 Section 4.4.
	  	 Deposit of Repurchase Price
	  	30
	 Section 4.5.
	  	 Securities Repurchased in Part
	  	31

  

 i 

					
	 Section 4.6.
	 	 Covenant to Comply With Securities Laws Upon Repurchase of Securities
	  	31
	 Section 4.7.
	 	 Repayment to the Company
	  	32
		
	 ARTICLE V REPURCHASE AT THE OPTION OF HOLDERS UPON A REPURCHASE EVENT
	  	32
			
	 Section 5.1.
	 	 Fundamental Change Put
	  	32
	 Section 5.2.
	 	 Manner of Payment of Fundamental Change Repurchase Price
	  	36
	 Section 5.3.
	 	 Effect of Fundamental Change Repurchase Notice
	  	36
	 Section 5.4.
	 	 Deposit of Fundamental Change Repurchase Price
	  	37
	 Section 5.5.
	 	 Securities Repurchased in Part
	  	37
	 Section 5.6.
	 	 Covenant to Comply With Securities Laws Upon Repurchase of Securities
	  	37
	 Section 5.7.
	 	 Repayment to the Company
	  	38
		
	 ARTICLE VI COVENANTS
	  	38
			
	 Section 6.1.
	 	 Payment of Securities
	  	38
	 Section 6.2.
	 	 SEC and Other Reports to the Trustee
	  	39
	 Section 6.3.
	 	 Compliance Certificate
	  	40
	 Section 6.4.
	 	 Further Instruments and Acts
	  	40
	 Section 6.5.
	 	 Maintenance of Office or Agency of the Trustee, Registrar, Paying Agent and Conversion Agent
	  	40
	 Section 6.6.
	 	 Delivery of Information Required Under Rule 144A
	  	40
	 Section 6.7.
	 	 Waiver of Stay, Extension or Usury Laws
	  	41
	 Section 6.8.
	 	 Statement by Officers as to Default
	  	41
		
	 ARTICLE VII SUCCESSOR CORPORATION
	  	41
			
	 Section 7.1.
	 	 When Company May Merge or Transfer Assets
	  	41
	 Section 7.2.
	 	 Successor Corporation Substituted
	  	42
		
	 ARTICLE VIII DEFAULTS AND REMEDIES
	  	42
			
	 Section 8.1.
	 	 Events of Default
	  	42
	 Section 8.2.
	 	 Acceleration
	  	44
	 Section 8.3.
	 	 Other Remedies
	  	44
	 Section 8.4.
	 	 Waiver of Past Defaults
	  	45
	 Section 8.5.
	 	 Control by Majority
	  	45
	 Section 8.6.
	 	 Limitation on Suits
	  	45
	 Section 8.7.
	 	 Rights of Holders to Receive Payment or to Convert
	  	46
	 Section 8.8.
	 	 Collection Suit by Trustee
	  	46
	 Section 8.9.
	 	 Trustee May File Proofs of Claim
	  	46
	 Section 8.10.
	 	 Priorities
	  	47
	 Section 8.11.
	 	 Undertaking for Costs
	  	47
	 Section 8.12.
	 	 Restoration of Rights and Remedies
	  	48

  

 ii 

					
	 ARTICLE IX TRUSTEE
	  	48
			
	 Section 9.1.
	 	 Duties of Trustee
	  	48
	 Section 9.2.
	 	 Rights of Trustee
	  	49
	 Section 9.3.
	 	 Individual Rights of Trustee
	  	50
	 Section 9.4.
	 	 Trustee’s Disclaimer
	  	51
	 Section 9.5.
	 	 Notice of Defaults
	  	51
	 Section 9.6.
	 	 Reports by Trustee to Holders
	  	51
	 Section 9.7.
	 	 Compensation and Indemnity
	  	51
	 Section 9.8.
	 	 Replacement of Trustee
	  	52
	 Section 9.9.
	 	 Successor Trustee by Merger
	  	53
	 Section 9.10.
	 	 Eligibility; Disqualification
	  	53
	 Section 9.11.
	 	 Preferential Collection of Claims Against Company
	  	54
		
	 ARTICLE X DISCHARGE OF INDENTURE
	  	54
			
	 Section 10.1.
	 	 Discharge of Liability on Securities
	  	54
	 Section 10.2.
	 	 Repayment to the Company
	  	54
		
	 ARTICLE XI AMENDMENTS
	  	54
			
	 Section 11.1.
	 	 Without Consent of Holders
	  	54
	 Section 11.2.
	 	 With Consent of Holders
	  	56
	 Section 11.3.
	 	 Compliance with Trust Indenture Act
	  	57
	 Section 11.4.
	 	 Revocation and Effect of Consents, Waivers and Actions
	  	57
	 Section 11.5.
	 	 Notation on or Exchange of Securities
	  	57
	 Section 11.6.
	 	 Trustee to Sign Supplemental Indentures
	  	58
	 Section 11.7.
	 	 Effect of Supplemental Indentures
	  	58
		
	 ARTICLE XII CONVERSION
	  	58
			
	 Section 12.1.
	 	 Conversion Privilege
	  	58
	 Section 12.2.
	 	 Conversion Procedures; Conversion Rate; Fractional Shares
	  	60
	 Section 12.3.
	 	 Adjustment of Conversion Rate
	  	62
	 Section 12.4.
	 	 Consolidation or Merger of the Company
	  	72
	 Section 12.5.
	 	 Notice of Adjustment
	  	73
	 Section 12.6.
	 	 Notice in Certain Events
	  	73
	 Section 12.7.
	 	 Company To Reserve Stock; Registration; Listing
	  	74
	 Section 12.8.
	 	 Taxes on Conversion
	  	75
	 Section 12.9.
	 	 Conversion After Record Date
	  	75
	 Section 12.10.
	 	 Company Determination Final
	  	76
	 Section 12.11.
	 	 Responsibility of Trustee for Conversion Provisions
	  	76
	 Section 12.12.
	 	 Unconditional Right of Holders to Convert
	  	76
	 Section 12.13.
	 	 Option to Satisfy Conversion Obligation with Cash, Class A Common Stock or Combination Thereof
	  	76

  

 iii 

					
	 ARTICLE XIII CONTINGENT INTEREST
	  	79
			
	 Section 13.1.
	 	 Contingent Interest
	  	79
	 Section 13.2.
	 	 Payment of Contingent Interest; Contingent Interest Rights Preserved
	  	79
		
	 ARTICLE XIV TAX TREATMENT
	  	79
		
	 ARTICLE XV MISCELLANEOUS
	  	80
			
	 Section 15.1.
	 	 Trust Indenture Act Controls
	  	80
	 Section 15.2.
	 	 Notices
	  	80
	 Section 15.3.
	 	 Communication by Holders with Other Holders
	  	81
	 Section 15.4.
	 	 Certificate and Opinion as to Conditions Precedent
	  	81
	 Section 15.5.
	 	 Statements Required in Certificate or Opinion
	  	82
	 Section 15.6.
	 	 Separability Clause
	  	82
	 Section 15.7.
	 	 Rules by Trustee, Paying Agent, Conversion Agent and Registrar
	  	82
	 Section 15.8.
	 	 Legal Holidays
	  	82
	 Section 15.9.
	 	 Governing Law; Submission to Jurisdiction; Service of Process
	  	82
	 Section 15.10.
	 	 No Recourse Against Others
	  	83
	 Section 15.11.
	 	 Successors
	  	83
	 Section 15.12.
	 	 Multiple Originals
	  	83
	 Section 15.13.
	 	 Benefits of Indenture
	  	83

  

					
	 EXHIBIT A
	 	 Form of Security
	  	 
	 EXHIBIT B
	 	 Form of Restrictive Legend for shares of Class A Common Stock Issued Upon Conversion
	  	 
	 EXHIBIT C
	 	 Form of Repurchase Notice
	  	 
	 EXHIBIT D
	 	 Form of Fundamental Change Repurchase Notice
	  	 

  

 iv 

 INDENTURE dated as of February 27, 2004 between BANKUNITED FINANCIAL CORPORATION, a Florida corporation
(the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States as trustee (the “Trustee”). 
  
 Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Company’s 3.125% Convertible Senior Notes due 2034: 
  
 ARTICLE I 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.1. Definitions. 
  
 “Additional
Amounts” has the meaning set forth in the Registration Rights Agreement. All references herein or in the Securities to interest accrued or payable as of any date shall include, without duplication, any Additional Amounts accrued or payable
as of such date as provided in the Registration Rights Agreement. 
  
 “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. 
  
 “Agent Members” has the meaning set forth in Section 2.1(b). 
  
 “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or
beneficial interest therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
  
 “Applicable Stock” means the shares of Class A Common Stock; provided, that,
in the event of a Fundamental Change in which the Company is not the surviving Person, the term “Applicable Stock” shall mean the Capital Stock or ordinary shares or American Depositary Shares (or similar securities) of such surviving
Person or its direct or indirect parent. 
  
 “Bankruptcy Law” means Title 11 of the United States Code, or any similar federal or State law for the relief of debtors. 
  
 “Bid Solicitation Agent” has the meaning set forth in Section 2.3. 
  
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of
such board. 
  
 “Board Resolution” means a
resolution of the Board of Directors. 

 “Business Day” means each day of the year other than a Saturday or a Sunday or other day
on which banking institutions in The City of New York are required or authorized by law or regulation to close. 
  
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) equity issued by that Person. 
  
 “Camner Family” has the meaning set forth in Section 5.1(a). 
  
 “Cash” means such coin or currency of the United States as at any time of payment is legal tender for the payment of public and private
debts. 
  
 “Cash Amount” has the meaning set
forth in Section 12.13(a). 
  
 “Cash Settlement Averaging
Period” has the meaning set forth in Section 12.13(a). 
  
 “Certificated Securities” means Securities that are in substantially the form attached hereto as Exhibit A and that do not include the information called for by footnotes 1 and 3 thereof. 
  
 “Class A Common Stock” means the Class A common stock, $0.01
par value per share, of the Company as that stock exists on the date of this Indenture or any other shares of Capital Stock of the Company into which such Class A Common Stock shall be reclassified or changed. 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Company” means the party named as the
“Company” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any such
subsequent successor or successors. 
  
 “Company
Request” or “Company Order” means a written request or order signed in the name of the Company by any two Officers, at least one of whom is the Chief Executive Officer, the President, the Chief Financial Officer, an
Executive Vice President or a Senior Vice President. 
  
 “Contingent Interest” means all amounts to be paid pursuant to Article XIII. All references herein or in the Securities to interest accrued or payable as of any date shall include any Contingent Interest accrued or payable
as of such date. 
  
 “Contingent Debt
Regulations” has the meaning set forth in Article 14. 
  
 “Contingent Interest Period” has the meaning set forth in Section 13.1. 
  

 2 

 “Conversion Agent” has the meaning set forth in Section 2.3. 
  
 “Conversion Date” has the meaning set forth in Section
12.2(c). 
  
 “Conversion Notice” has the meaning
set forth in Section 12.2(b). 
  
 “Conversion
Obligation” has the meaning set forth in Section 12.13(a). 
  
 “Conversion Price” means, at any time, $1,000 divided by the Conversion Rate in effect at such time rounded to two decimal places (rounded up if the third decimal place thereof is 5 or more and otherwise rounded down).

  
 “Conversion Rate” means initially 26.2771
shares per $1,000 principal amount of Securities, subject to adjustment as set forth herein. 
  
 “Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered which office at the date of the execution of this Indenture
is located at 60 Livingston Avenue, St. Paul, MN 55107, 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 a successor Trustee may designate from time to time by notice to the Holders and the Company). 
  
 “Current Market Price” has the meaning set forth in Section 12.3(h). 
  
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any
Bankruptcy Law. 
  
 “Default” means, when used
with respect to the Securities, any event which is, or after notice or passage of time or both would be, an Event of Default. 
  
 “Depositary” means, with respect to any Global Securities, a clearing agency that is registered as such under the Exchange Act and is
designated by the Company to act as Depositary for such Global Securities (or any successor securities clearing agency so registered), which shall initially be DTC. 
  
 “Director” means a member of the Board of Directors. 
  
 “distributed assets” has the meaning set forth in Section
12.3(d). 
  
 “DTC” means The Depository Trust
Company, a New York corporation. 
  
 “Event of
Default” has the meaning set forth in Section 8.1. 
  
 “Excess Amount” means, with respect to each $1,000 of Principal Amount of a Security, as of any conversion date, a dollar amount equal to the excess of (a) the product of (i) the Conversion Rate at such time multiplied by
(ii) the Sale Price on the last Trading Day prior to such conversion date over (b) $1,000, if any. 
  

 3 

 “Excess Amount Per Share” has the meaning set forth in Section 12.3(h). 
  
 “Excess Amount Conversion Obligation” has the meaning set
forth in Section 12.13(a). 
  
 “Exchange Act”
means the United States Securities Exchange Act of 1934, as amended. 
  
 “Ex-Dividend Date” means, with respect to any issuance or distribution on shares of Class A Common Stock, the first Trading Day on which the shares of Class A Common Stock trade “regular way” on the
principal securities market on which the shares of Class A Common Stock are then traded without the right to receive such issuance or distribution. 
  
 “Fair Market Value” has the meaning set forth in Section 12.3(h). 
  
 “Final Notice Date” has the meaning set forth in Section 12.13(a). 
  
 “Fundamental Change” has the meaning set forth in Section
5.1(a). 
  
 “Fundamental Change Company Notice”
has the meaning set forth in Section 5.1(b). 
  
 “Fundamental Change Repurchase Date” has the meaning set forth in Section 5.1(a). 
  
 “Fundamental Change Repurchase Notice” has the meaning set forth in Section 5.1(c). 
  
 “Fundamental Change Repurchase Price” has the meaning set
forth in Section 5.1(a). 
  
 “Global Securities”
means Securities that are in substantially the form attached hereto as Exhibit A and that include the information called for by footnotes 1 and 3 thereof and that are deposited with the Depositary or its custodian and registered in the name of, the
Depositary or its nominee. 
  
 “Holder” or
“Securityholder” means a person in whose name a Security is registered on the Registrar’s books. 
  
 “Indebtedness” has the meaning set forth in Section 2.14. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms
hereof, including the provisions of the TIA that are explicitly incorporated in this Indenture by reference to the TIA. 
  
 “Initial Purchasers” means Bear, Stearns & Co. Inc. and UBS Securities LLC. 
  
 “Interest Payment Date” has the meaning set forth in the
Securities. 
  

 4 

 “Issue Date” of any Security means the date on which such Security was originally issued
or deemed issued as set forth on the face of the Security. 
  
 “Legal Holiday” means any day other than a Business Day. 
  
 “Measurement Period” means the last 30 consecutive Trading Days in a fiscal quarter, beginning with the fiscal quarter ending June 30, 2004. 
  
 “Non-Electing Share” has the meaning set forth Section 12.4.

  
 “Notice of Default” has the meaning set forth
in Section 8.1. 
  
 “NYSE” means The New York
Stock Exchange, Inc. 
  
 “Officer” means the
Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller, the Secretary, any Assistant Treasurer or Assistant Secretary of the Company. 
  
 “Officers’ Certificate” means a written certificate
containing the information specified in Sections 15.4 and 15.5, signed in the name of the Company by any two Officers, at least one of whom is the Chief Executive Officer, the President, the Chief Financial Officer, an Executive Vice President or a
Senior Vice President and delivered to the Trustee. An Officers’ Certificate given pursuant to Section 6.3 shall be signed by the principal financial or accounting Officer of the Company and one other Officer. 
  
 “Opinion of Counsel” means a written opinion containing the
information specified in Sections 15.4 and 15.5, from legal counsel. The counsel may be an employee of, or counsel to, the Company. 
  
 “Paying Agent” has the meaning set forth in Section 2.3. 
  
 “Person” or “person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof. 
  

“Principal Amount at Issuance” of a Security means the initial issue price of the Security as set forth on the face of the Security.

  
 “Principal Conversion Settlement Election”
has the meaning set forth in Section 12.2. 
  
 “Purchase Agreement” means the Purchase Agreement dated as of February 24, 2004, among the Company and the Initial Purchasers. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Record Date” has the meaning set forth in Section 12.3(h).

  

 5 

 “Redemption Date” means, when used with respect to any Security to be redeemed, the date
fixed for redemption pursuant to this Indenture. 
  
 “Redemption Price” has the meaning set forth in Section 3.1. 
  
 “Reference Period” has the meaning set forth in Section 12.3(d). 
  
 “Registrar” has the meaning set forth in Section 2.3. 
  
 “Register” has the meaning set forth in Section 2.3. 
  
 “Registration Rights Agreement” means the Registration
Rights Agreement, dated as of February 27, 2004, between the Company and the Initial Purchasers. 
  
 “Regular Record Date” has the meaning set forth in the Securities. 
  
 “Repurchase Date” has the meaning set forth in Section 4.1(a). 
  
 “Repurchase Notice” has the meaning set forth in Section
4.1(c). 
  
 “Repurchase Price” has the meaning
set forth in Section 4.1(a). 
  
 “Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president or assistant treasurer or any other officer of the Trustee who
customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Indenture. 
  
 “Restricted Certificated Security” means a Certificated Security which is a Transfer Restricted Security. 
  
 “Restricted Global Security” means a Global Security that is
a Transfer Restricted Security. 
  
 “Restricted
Security” means a Restricted Certificated Security or a Restricted Global Security. 
  
 “Rule 144A” means Rule 144A under the Securities Act (or any successor provision), as it may be amended from time to time. 
  
 “Sale Price” of one share of Class A Common Stock or one share of Applicable Stock on any date means the
closing per share sale price of such Class A Common Stock or Applicable Stock, as applicable (or, if no closing sale price is reported, the average of the bid and ask prices or, if there is more than one bid or ask price, the average of the average
bid and the average ask prices) on such date as reported in composite transactions on the NASDAQ National Market or the NASDAQ SmallCap Market or, if the shares of Applicable Stock are not quoted 
  

 6 

 on the NASDAQ National Market or NASDAQ SmallCap Market, as reported on a U.S. national or regional securities exchange,
or if not listed on a U.S. national or regional securities exchange, as reported by the National Association of Securities Dealers Automated Quotation System or by the National Quotation Bureau Incorporated. In the absence of such a quotation, the
Board of Directors of the Company shall be entitled to make a good faith determination of the sale price on the basis it considers appropriate, which shall be conclusive. 
  
 “SEC” means the United States Securities and Exchange Commission. 
  
 “Securities Act” means the United States Securities Act of
1933, as amended. 
  
 “Security” or
“Securities” means any of the Company’s 3.125% Convertible Senior Notes due 2034, as amended or supplemented from time to time, issued under this Indenture. 
  
 “Settlement Notice Period” has the meaning set forth in Section 12.13(a). 
  
 “Significant Subsidiary” has the meaning set forth in Rule
1-02(w) of Regulation S-X (17 C.F.R. 210). 
  
 “Special
Record Date” has the meaning set forth in the Securities. 
  
 “Spin-Off” has the meaning set forth in Section 12.3(d). 
  
 “Stated Maturity”, when used with respect to any Security, means March 1, 2034. 
  
 “Subsidiary” means any Person of which at least a majority of the outstanding voting stock shall at the time directly or indirectly be
owned by the Company or by one or more Subsidiaries thereof or by the Company and one or more Subsidiaries. 
  
 “Surrendered Security” has the meaning set forth in Section 12.2(a). 
  
 “TIA” means the United States Trust Indenture Act of 1939 as in effect on the date of this Indenture,
provided, however, that in the event the TIA is amended after such date, TIA means, to the extent required by any such amendment, the TIA as so amended. 
  
 “Trading Day” means: 
  
 (a) if the applicable security is quoted on the NASDAQ National Market, NASDAQ SmallCap Market or any similar United States system of
automated dissemination of quotations of securities prices, a day on which trades may be made thereon; 
  
 (b) if the applicable security is listed or admitted for trading on the quoted on the NYSE or other national or regional securities
exchange, a day on which such exchange is open for business; or 
  

 7 

 (c) if the applicable security is not so listed or admitted for trading and not so
quoted, any day other than a Saturday or Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 
  
 “Trading Price” means, for any Security on the date of determination, the average of the secondary market
bid quotations per $1,000 Security obtained by the Bid Solicitation Agent for $1,000,000 principal amount at maturity of the Securities at approximately 4:00 p.m., New York city time, on such determination date from three independent nationally
recognized securities dealers selected by the Company, which may include the Initial Purchasers; provided, however that if at least three such bids are not obtained by the Bid Solicitation Agent, but two bids are obtained by the Bid Solicitation
Agent, then the average of such two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, such one bid shall be used, provided, however if, in the reasonable judgment of the Company, the bid
quotations are not indicative of the secondary market value of the Securities, then the Trading Price will equal the then applicable Conversion Rate multiplied by the average Sale Price of the Class A Common Stock on the five Trading Days ending on
such determination date, appropriately adjusted. 
  
 “Transfer Certificate” has the meaning set forth in Section 2.12(f). 
  
 “Transfer Restricted Security” has the meaning set forth in Section 2.12(f). 
  
 “Triggering Distribution” has the meaning set forth in Section 12.3(e). 
  
 “Trigger Event” has the meaning set forth in Section 12.3(d). 
  
 “Trustee” means the party named as the “Trustee”
in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any subsequent such successor
or successors. 
  
 “Unrestricted Certificated
Security” means a Certificated Security that is not a Transfer Restricted Security. 
  
 “Unrestricted Global Security” means a Global Security that is not a Transfer Restricted Security. 
  
 Section 1.2. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of
this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the SEC. 
  
 “indenture securities” means the Securities. 
  

 8 

 “indenture security holder” means a Securityholder. 
  
 “indenture to be qualified” means this Indenture.

  
 “indenture trustee” or “institutional
trustee” means the Trustee. 
  
 “obligor” on
the indenture securities means the Company. 
  
 All other TIA
terms used but not defined in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
  
 Section 1.3. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (a) a term has the meaning assigned to it; 
  
 (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with accounting principles generally accepted in the United States as in effect from time to time; 
  
 (c) “or” is not exclusive; 
  
 (d) “including” means including, without limitation; and 
  
 (e) words in the singular include the plural, and words in the plural include the singular. 
  
 Section 1.4. Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company, as described in Section 15.2. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution
thereof. Where such execution is by a signer acting in a capacity other than such signer’s 
  

 9 

 individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s
authority, if it so states. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) The principal amount and serial number of any Security and the ownership
of Securities shall be proved by the register maintained by the Registrar for the Securities. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such
Security. 
  
 (e) If the Company shall solicit from the Holders
any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 ARTICLE II 
  
 THE SECURITIES 
  
 Section 2.1. Form and Dating. 
  
 The Securities and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A attached hereto, which is a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or
endorsement required by usage is in a form acceptable to the Company). The Company shall provide any such notations, legends or endorsements to the Trustee in writing. Each Security shall be dated the date of its authentication. 

 
 (a) Restricted Global Securities. All of the Securities are being
offered and sold to QIBs in reliance on Rule 144A and shall be issued initially in the form of one or more Restricted Global Securities, which shall be deposited with the Trustee at its Corporate Trust Office, as custodian for the Depositary and
registered in the name of DTC or the nominee 
  

 10 

 thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of the Restricted Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided. 
  
 (b) Global Securities in General. Each Global Security shall represent such of the outstanding Securities as shall be
specified therein and each shall provide that it shall initially represent the aggregate amount of outstanding Securities stated thereon, but that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges, redemptions, repurchases and conversions of such Securities. 
  
 Any adjustment of the aggregate principal amount of a Global Security to reflect the amount of any increase or decrease in the amount of outstanding
Securities represented thereby shall be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.12 and shall be made on the records of the Trustee and the Depositary. 
  
 Neither any members of, or participants in, the Depositary (collectively, the
“Agent Members”) nor any other persons on whose behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, or under
any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing contained herein shall (A) 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 such nominee, as the case may be, or (B) impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of
the rights of a Holder of any Security. 
  
 (c) Certificated
Securities. Certificated Securities will be issued only under the limited circumstances provided in Section 2.12(a)(i). 
  
 Section 2.2. Execution and Authentication. 
  
 The Securities shall be executed on behalf of the Company by any Officer. The signature of the Officer on the Securities may be manual or facsimile.

  
 A Security bearing the manual or facsimile signature of an
individual who was at the time of the execution of the Security an Officer shall bind the Company, notwithstanding that such individual has ceased to hold such office(s) prior to the authentication and delivery of such Securities or did not hold
such office(s) at the date of authentication of such Securities. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by
the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
  

 11 

 The Trustee shall authenticate and deliver the Securities for original issue in an aggregate principal
amount of up to $120,000,000 ($20,000,000 of which includes Securities issued upon exercise in full of the Initial Purchasers’ option to purchase additional Notes provided for in the Purchase Agreement) upon one or more Company Orders without
any further action by the Company (other than as contemplated in Section 15.4 and Section 15.5). Subject to the preceding sentence, at any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities executed by the Company to the Trustee for authentication. Except as otherwise provided in this Article Two, the Trustee shall thereupon authenticate and make available for delivery said Securities to or upon Company Order. The aggregate
principal amount of the Securities due at the Stated Maturity thereof outstanding at any time may not exceed the amount set forth in this paragraph except as provided in Section 2.7. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall receive and shall be fully protected in relying upon: 
  
 (a) a copy of the Board Resolution in or pursuant to which the terms and form of the Securities were established, the issuance and sale of the Securities
was authorized, this Indenture was authorized and specified Officers were authorized to establish the form and determine the terms of the Securities and the form of this Indenture, to execute the Securities and this Indenture on behalf of the
Company and to take any other necessary actions relating thereto and evidence of any actions taken by authorized Officers pursuant to that Board Resolution, each certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors or taken by any authorized Officer and to be in full force and effect as of the date of such certificate; 
  
 (b) an Officers’ Certificate delivered in accordance with Sections 15.4 and 15.5; and 
  
 (c) an Opinion of Counsel reasonably satisfactory to the Trustee. 
  
 The Trustee shall act as the initial authenticating agent. Thereafter, the
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. 
  
 The Securities shall be
issued only in registered form without coupons and only in denominations of $1,000 of principal amount and any multiple of $1,000. 
  
 Section 2.3. Registrar, Paying Agent, Conversion Agent and Bid Solicitation Agent. 
  
 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for
exchange (“Registrar”), an office or agency where Securities may be presented for redemption, repurchase or payment (“Paying Agent”), an office or agency where Securities may be presented for
conversion (“Conversion Agent”) and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company shall also appoint a bid solicitation agent
(“Bid  
  

 12 

 Solicitation Agent”) to act as set forth in Section 3 of the Securities. Pursuant to Section 6.5, the Company
will at all times maintain a Registrar, Paying Agent, Conversion Agent and Bid Solicitation Agent and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served in the Borough
of Manhattan, New York City. The Registrar shall keep a register of the Securities (“Register”) and of their transfer and exchange. 
  
 The Company may have one or more co-registrars, one or more additional paying agents, one or more additional conversion agents and one or more additional
bid solicitation agents. The term Paying Agent includes any additional paying agent, including any named pursuant to Section 6.5. The term Conversion Agent includes any additional conversion agent, including any named pursuant to Section 6.5.

  
 The Company shall enter into an appropriate limited agency
agreement with any Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or co-registrar (in each case, if such Person is a Person other than the Trustee). The agreement shall implement the provisions of this Indenture that relate to
such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar, Paying Agent, Conversion Agent or Bid Solicitation Agent, the Trustee shall act as such and shall be entitled
to appropriate compensation therefor pursuant to Section 9.7. The Company or any Subsidiary or an Affiliate of either of them may act as Paying Agent, Registrar, Conversion Agent or co-registrar. None of the Company or any Subsidiary or any
Affiliate of any of them may act as Bid Solicitation Agent. 
  
 The Company hereby initially appoints the Trustee as Registrar, Paying Agent, Conversion Agent and Bid Solicitation Agent in connection with the Securities. 
  
 Section 2.4. Paying Agent to Hold Cash and Securities in Trust. 
  
 Except as otherwise provided herein, prior to 10:00 a.m., New York City time,
on each due date of payments in respect of, or delivery of Class A Common Stock or Applicable Stock upon conversion of, any Security, the Company shall deposit with the Paying Agent Cash (in immediately available funds if deposited on the due date)
or with the Conversion Agent such number of shares of Class A Common Stock and/or Applicable Stock sufficient to make such payments or deliveries when so becoming due. The Company shall require each Paying Agent or Conversion Agent, as applicable
(other than the Trustee), to agree in writing that such Agent shall hold in trust for the benefit of Securityholders or the Trustee all Cash, Class A Common Stock and Applicable Stock, as applicable, held by such Agent for the making of payments or
deliveries in respect of the Securities and shall notify the Trustee of any default by the Company in making any such payment or delivery. If the Company, a Subsidiary or an Affiliate of any of them acts as Paying Agent or Conversion Agent, as
applicable, it shall segregate the money, Class A Common Stock and Applicable Stock, as applicable, held by it as Paying Agent or Conversion Agent, as applicable and hold it as a separate trust fund. 
  
 The Company at any time may require a Paying Agent or Conversion Agent, as
applicable to pay all Cash, Class A Common Stock and Applicable Stock, as applicable, held by it to the Trustee, and to account for any funds and Class A Common Stock or Applicable Stock, 
  

 13 

 as applicable, disbursed by it, and the Trustee may at any time during the continuance of any default, upon the written
request to the Paying Agent or Conversion Agent, as applicable, require such Paying Agent or Conversion Agent, as applicable to forthwith pay to the Trustee all Cash, Class A Common Stock and Applicable Stock, as applicable, so held in trust. Upon
doing so, the Paying Agent or Conversion Agent, as applicable shall have no further liability for such Cash, Class A Common Stock or Applicable Stock, as applicable. 
  
 Section 2.5. Securityholder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall cause to be furnished to the Trustee on or before each semi-annual interest payment date and at such other times as the Trustee may request in writing a
list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 
  
 Section 2.6. Transfer and Exchange. 
  
 (a) Subject to compliance with any applicable additional requirements contained in Section 2.12, when a Security is presented to the Registrar with a
request to register a transfer thereof or to exchange such Security for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested; provided, however,
that every Security presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form and, if applicable, a transfer certificate, each in the form included in Exhibit A attached hereto
and in form satisfactory to the Registrar and each duly executed by the Holder thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any Security for registration of transfer or
exchange at an office or agency maintained for such purpose pursuant to Section 2.3, the Company shall execute, and the Trustee shall authenticate Securities of a like aggregate principal amount at the Registrar’s request. Any transfer or
exchange shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of the
Securities from the Securityholder requesting such transfer or exchange. 
  
 Neither the Company, the Registrar nor the Trustee shall be required to exchange or register a transfer of (i) any Securities selected for redemption (except, in the case of Securities to be redeemed in part, the
portion thereof not to be redeemed), (ii) any Securities in respect of which a Repurchase Notice or a Fundamental Change Repurchase Notice has been given and not withdrawn by the Holder thereof in accordance with the terms of this Indenture (except,
in the case of Securities to be repurchased in part, the portion thereof not to be repurchased) or (iii) any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed. 
  
 All Securities issued upon any transfer or exchange of Securities shall be
valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
  

 14 

 (b) Any Registrar appointed pursuant to Section 2.3 shall provide to the Trustee such information as the
Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities. 
  
 (c) Each Holder of a Security agrees to indemnify the Company, the Registrar and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 
  
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or other beneficial owners of interests in any Global Security) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
  
 Section 2.7.
Replacement Securities. 
  
 If (a) any mutilated Security
is surrendered to the Company, the Registrar or the Trustee, or (b) the Company, the Registrar and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, the
Registrar and the Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company, the Registrar or the Trustee that such Security has been acquired by a bona fide or
protected purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like
tenor and principal amount, bearing a certificate number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article III or repurchased by the Company pursuant
to Article IV or V, the Company in its discretion may, instead of issuing a new Security, pay, redeem or repurchase such Security, as the case may be to the Holder of record. 
  
 Upon the issuance of any new Securities under this Section 2.7, the Company may require the payment of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or the Registrar) connected therewith. 
  
 Every new Security issued pursuant to this Section 2.7 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to
all benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
  

 15 

 The provisions of this Section 2.7 are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 2.8. Outstanding Securities; Determinations of Holders’ Action. 
  
 Securities outstanding at any time are all the Securities authenticated by the Trustee, except for those cancelled by it, those paid, redeemed or
repurchased pursuant to Section 2.7, those delivered to it for cancellation and those described in this Section 2.8 as not outstanding. 
  
 A Security does not cease to be outstanding because the Company or an Affiliate thereof holds the Security; provided, however, that in determining
whether the Holders of the requisite principal amount of Securities have given or concurred in any request, demand, authorization, direction, notice, consent, waiver, or other Act hereunder, Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other Act, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time of such
determination shall be considered in any such determination. 
  
 If a Security is replaced pursuant to Section 2.7, the replaced Security ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide or protected purchaser unaware that
such Security has been replaced. 
  
 If the Paying Agent holds, in
accordance with the terms of this Indenture, prior to 10:00 a.m., New York City time, on the Stated Maturity or a Redemption Date or on the Business Day immediately following a Repurchase Date or a Fundamental Change Repurchase Date, as the case may
be, Cash or securities, if permitted hereunder, sufficient to pay Securities payable, then immediately after such Stated Maturity, Redemption Date, Repurchase Date or Fundamental Change Repurchase Date, as the case may be, such Securities shall
cease to be outstanding and interest (including Contingent Interest and Additional Amounts, if any) on such Securities shall cease to accrue. 
  
 If a Security is converted in accordance with Article XII, then from and after the time of conversion on the date of conversion, such Security shall cease
to be outstanding and interest (including Contingent Interest and Additional Amounts, if any) on such Security shall cease to accrue. 
  
 Section 2.9. Temporary Securities. 
  
 Pending the preparation of definitive Securities, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. 
  

 16 

 If temporary Securities are issued, the Company will cause definitive Securities to be prepared without
unreasonable delay. After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the Company designated for such
purpose pursuant to Section 2.3, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of authorized denominations. Until so exchanged the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities. 
  
 Section 2.10. Cancellation. 
  
 All Securities surrendered for payment, repurchase by the Company pursuant to
Articles IV or V, conversion, redemption or registration of transfer or exchange shall, if surrendered to any person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. The Company may
not issue new Securities to replace Securities it has paid or delivered to the Trustee for cancellation or that any Holder has converted pursuant to Article XII. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with the Trustee’s customary procedure. 
  
 Section 2.11. Persons Deemed Owners. 
  
 Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment (whether in Cash, Class A Common Stock or Applicable
Stock) of principal of, Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, and interest (including Contingent Interest and Additional Amounts, if any) on the Security, for the purpose of receiving Cash, Class A Common Stock
or Applicable Stock upon conversion and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

  
 Section 2.12. Additional Transfer and Exchange
Requirements. 
  
 (a) Transfer and Exchange of Global
Securities. 
  
 (i) Certificated Securities
shall be issued in exchange for interests in the Global Securities only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Securities or if it at any time ceases to 
  

 17 

 be a “clearing agency” registered under the Exchange Act, if so required by applicable law or
regulation and a successor Depositary is not appointed by the Company within 90 days, (y) the Company decides to discontinue use of the system of book-entry transfer through DTC (or any successor depositary) or (z) an Event of Default has occurred
and is continuing. In any such case, the Company shall execute, and the Trustee shall, upon receipt of a Company Order (which the Company agrees to deliver promptly), authenticate and deliver Certificated Securities in an aggregate principal amount
equal to the principal amount of such Global Securities in exchange therefor. Only Restricted Certificated Securities shall be issued in exchange for beneficial interests in Restricted Global Securities, and only Unrestricted Certificated Securities
shall be issued in exchange for beneficial interests in Unrestricted Global Securities. Certificated Securities issued in exchange for beneficial interests in Global Securities shall be registered in such names and shall be in such authorized
denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver or cause to be delivered such Certificated Securities to the Persons in whose name
such Securities are so registered. Such exchange shall be effected in accordance with the Applicable Procedures. 
  
 (ii) Notwithstanding any other provisions of this Indenture other than the provisions set forth in Section 2.12(a)(i), a Global Security
may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary. 
  
 (b) Transfer and
Exchange of Certificated Securities. In the event that Certificated Securities are issued in exchange for beneficial interests in Global Securities in accordance with Section 2.12(a)(i), and, on or after such event, Certificated Securities are
presented by a Holder to the Registrar with a request: 
  
 (x) to register the transfer of the Certificated Securities to a person who will take delivery thereof in the form of Certificated Securities only; or 
  

(y) to exchange such Certificated Securities for an equal principal amount of Certificated Securities of other authorized
denominations, 
  
 such Registrar shall register the transfer or make the exchange
as requested; provided, however, that the Certificated Securities presented or surrendered for register of transfer or exchange: 
  
 (i) shall be duly endorsed or accompanied by a written instrument of transfer in accordance with the proviso to the first paragraph of
Section 2.6; and 
  
 (ii) in the case of a
Restricted Certificated Security, such request shall be accompanied by the following additional information and documents, as applicable: 
  
 (A) if such Restricted Certificated Security is being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, or such Restricted Certificated Security is being transferred to the Company or a Subsidiary of the Company, a certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate);

  

 18 

 (B) if such Restricted Certificated Security is being transferred to a person the Holder
reasonably believes is a QIB in accordance with Rule 144A, or pursuant to an effective registration statement under the Securities Act or in compliance with Rule 904 under the Securities Act, a certification to that effect from such Holder (in
substantially the form set forth in the Transfer Certificate); 
  
 (C) if such Restricted Certificated Security is being issued to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act), a certificate to that effect
from the Holder (in substantially the form set forth in the Transfer Certificate) and a signed letter containing certain representations and agreements relating to the restrictions on transfer of the Securities in the form obtained from the Trustee;

  
 (D) if such Restricted Certificated Security
is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 pursuant to and in compliance with an exemption from the registration requirements under the Securities Act, a
certification to that effect from the Holder (in substantially the form set forth in the Transfer Certificate) and if the Company or the Registrar so requests, a customary Opinion of Counsel, certificates and other information reasonably acceptable
to the Company and the Registrar to the effect that such transfer does not require registration under the Securities Act. 
  
 (c) Transfer of a Beneficial Interest in a Restricted Global Security for a Beneficial Interest in an Unrestricted Global Security. Any person
having a beneficial interest in a Restricted Global Security may upon request, subject to the Applicable Procedures, transfer such beneficial interest to a person who is required or permitted to take delivery thereof in the form of an Unrestricted
Global Security. Upon receipt by the Trustee of written instructions, or such other form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any person having a beneficial interest in a Restricted
Global Security and the following additional information and documents in such form as is customary for the Depositary from the Depositary or its nominee on behalf of the person having such beneficial interest in the Restricted Global Security (all
of which may be submitted by facsimile or electronically): 
  
 (i) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certification to that effect from the Holder (in substantially the form set forth in the
Transfer Certificate); or 
  
 (ii) if such
beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certification to that effect from the Holder (in substantially the form set forth in the
Transfer Certificate) and, if the Company or the Trustee so requests, a customary 
  

 19 

 Opinion of Counsel, certificates and other information reasonably acceptable to the Company and the
Register to the effect that such transfer does not require registration under the Securities Act, 
  
 the Registrar shall reduce or cause to be reduced the aggregate principal amount of the Restricted Global Security by the appropriate principal amount and shall increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Security by a like principal amount. Such transfer shall otherwise be effected in accordance with the Applicable Procedures. If no Unrestricted Global Security is then outstanding, the Company shall
execute and the Trustee shall, upon receipt of a Company Order (which the Company agrees to deliver promptly), authenticate and deliver an Unrestricted Global Security. 
  
 (d) Transfer of a Beneficial Interest in an Unrestricted Global Security for a Beneficial Interest in a Restricted Global
Security. Any person having a beneficial interest in an Unrestricted Global Security may upon request, subject to the Applicable Procedures, transfer such beneficial interest to a person who is required or permitted to take delivery thereof in
the form of a Restricted Global Security. Upon receipt by the Trustee of written instructions, or such other form of instructions as is customary for the Depositary, from the Depository or its nominee on behalf of any person having a beneficial
interest in an Unrestricted Global Security and the following additional information and documents in such form as is customary for the Depositary, from the Depositary or its nominee on behalf of the person having such beneficial interest in the
Unrestricted Global Security (all of which may be submitted by facsimile or electronically): 
  
 (i) a certification from the Holder (in substantially the form set forth in the Transfer Certificate) to the effect that such beneficial
interest is being transferred to a person that the transferor reasonably believes is a QIB in accordance with Rule 144A; or 
  
 (ii) a certification from the Holder (in substantially the form set forth in the Transfer Certificate) to the effect that such beneficial
interest is being transferred in compliance with Rule 904 under the Act; or 
  
 (iii) a certification from the Holder (in substantially the form set forth in the Transfer Certificate) to the effect that such beneficial interest is being transferred to an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and a signed letter containing certain representations and agreements relating to the restrictions on transfer of the Securities in the form obtained from the
Trustee. 
  
 The Registrar shall reduce or cause to be reduced the aggregate
principal amount of the Unrestricted Global Security by the appropriate principal amount and shall increase or cause to be increased the aggregate principal amount of the Restricted Global Security by a like principal amount. Such transfer shall
otherwise be effected in accordance with the Applicable Procedures. If no Restricted Global Security is then outstanding, the Company shall execute and the Trustee shall, upon receipt of a Company Order (which the Company agrees to deliver
promptly), authenticate and deliver a Restricted Global Security. 
  

 20 

 (e) Transfers of Certificated Securities for Beneficial Interest in Global Securities. In the
event that Certificated Securities are issued in exchange for beneficial interests in Global Securities and, thereafter, the events or conditions specified in Section 2.12(a)(i) which required such exchange shall cease to exist, the Company shall
mail notice to the Trustee and to the Holders stating that Holders may exchange Certificated Securities or interests in Global Securities by complying with the procedures set forth in this Indenture and briefly describing such procedures and the
events or circumstances requiring that such notice be given. Thereafter, if Certificated Securities are presented by a Holder to a Registrar with a request: 
  
 (x) to register the transfer of such Certificated Securities to a person who will take delivery thereof in the form of a beneficial
interest in a Global Security, which request shall specify whether such Global Security will be a Restricted Global Security or an Unrestricted Global Security, or 
  
 (y) to exchange such Certificated Securities for an equal principal amount of beneficial interests in a
Global Security, which beneficial interests will be owned by the Holder transferring such Certificated Securities (provided that in the case of such an exchange, Restricted Certificated Securities may be exchanged only for Restricted Global
Securities and Unrestricted Certificated Securities may be exchanged only for Unrestricted Global Securities), the Registrar shall register the transfer or make the exchange as requested by canceling such Certificated Security and causing the
aggregate principal amount of the applicable Global Security to be increased accordingly and, if no such Global Security is then outstanding, the Company shall issue and the Trustee shall, upon receipt of a Company Order (which the Company agrees to
deliver promptly) authenticate and deliver a new Global Security; 
  
 provided,
however, that the Certificated Securities presented or surrendered for registration of transfer or exchange: 
  
 (i) shall be duly endorsed or accompanied by a written instrument of transfer in accordance with the proviso to Section 2.6(a);

  
 (ii) in the case of a Restricted Certificated
Security to be transferred for a beneficial interest in an Unrestricted Global Security, such request shall be accompanied by the following additional information and documents, as applicable: 
  
 (A) if such Restricted Certificated Security is being
transferred pursuant to an effective registration statement under the Securities Act, a certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate); or 
  
 (B) if such Restricted Certificated Security is being
transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate) and, if the
Company or the Registrar so requests, a customary Opinion of Counsel, certificates and other information reasonably acceptable to the Company and the Trustee to the effect that such transfer does not require registration under of the Securities Act;

  

 21 

 (iii) in the case of a Restricted Certificated Security to be transferred or exchanged
for a beneficial interest in a Restricted Global Security, such request shall be accompanied by the following information and documents, as applicable: 
  
 (A) if such Restricted Certificated Security is being transferred to a person the Holder reasonably believes is a QIB (which, in the case
of an exchange, shall be such Holder) in accordance with Rule 144A, a certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate); or 
  
 (B) if such Restricted Certificated Security is being transferred in compliance with Rule 904 under the Act,
certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate); or 
  
 (C) if such Restricted Certificated Security is being transferred to an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act), certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate) and a signed letter containing certain representations and agreements relating to
the restrictions on transfer of the Securities in the form obtained from the Trustee; 
  
 (iv) in the case of an Unrestricted Certificated Security to be transferred or exchanged for a beneficial interest in an Unrestricted
Global Security, such request need not be accompanied by any additional information or documents; and 
  
 (v) in the case of an Unrestricted Certificated Security to be transferred or exchanged for a beneficial interest in a Restricted Global
Security, such request shall be accompanied by the following additional information and documents, as applicable: 
  
 (A) if such Unrestricted Certificated Security is being transferred to a person the Holder reasonably believes is a QIB (which, in the
case of an exchange, shall be such Holder) in accordance with Rule 144A, a certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate); or 
  
 (B) if such Unrestricted Certificated Security is being
transferred in compliance with Rule 904 under the Act, certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate); or 
  
 (C) if such Unrestricted Certificated Security is being transferred to an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act), certification to that effect from such Holder (in substantially the form set forth in the Transfer Certificate) and a signed letter containing certain
representations and agreements relating to the restrictions on transfer of the Securities in the form obtained from the Trustee; 
  

 22 

 (f) Legends. 
  
 (i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Global Security and
Certificated Security (and all Securities issued in exchange therefor or upon registration of transfer or replacement thereof) shall bear a legend in substantially the form called for by footnote 2 to Exhibit A attached hereto (each a
“Transfer Restricted Security”), for so long as it is required by this Indenture to bear such legend. Each Transfer Restricted Security shall have attached thereto a certificate (a “Transfer
Certificate”) in substantially the form called for by footnote 5 to Exhibit A attached hereto. 
  
 (ii) Upon any sale or transfer of a Transfer Restricted Security (x) after the expiration of the holding period applicable to sales of the
Securities under Rule 144(k) of the Securities Act, (y) pursuant to Rule 144 or (z) pursuant to an effective registration statement under the Securities Act: 
  
 (A) in the case of any Restricted Certificated Security, any Registrar shall permit the Holder thereof to exchange such Restricted
Certificated Security for an Unrestricted Certificated Security, or (under the circumstances described in Section 2.12(e)) to transfer such Restricted Certificated Security to a transferee who shall take such Security in the form of a beneficial
interest in an Unrestricted Global Security, and in each case shall rescind any restriction on the transfer of such Security; provided, however, that the Holder of such Restricted Certificated Security shall, in connection with such exchange
or transfer, comply with the other applicable provisions of this Section 2.12; and 
  
 (B) in the case of any beneficial interest in a Restricted Global Security, the Trustee shall permit the beneficial owner thereof to
transfer such beneficial interest to a transferee who shall take such interest in the form of a beneficial interest in an Unrestricted Global Security and shall rescind any restriction on transfer of such beneficial interest; provided,
however, that such Unrestricted Global Security shall continue to be subject to the provisions of Section 2.12(a)(ii); and provided, further, that the owner of such beneficial interest shall, in connection with such transfer,
comply with the other applicable provisions of this Section 2.12. 
  
 (iii) Upon the exchange, registration of transfer or replacement of Securities not bearing the legend described in paragraph (1) above, the Company shall execute, and the Trustee shall authenticate and deliver,
Securities that do not bear such legend and that do not have a Transfer Certificate attached thereto. 
  
 (iv) After the expiration of the holding period pursuant to Rule 144(k) of the Securities Act, the Company may with the consent of the
Holder of a Restricted Global Security or a Restricted Certificated Security, remove any restriction of transfer on such Security, and the Company shall execute, and the Trustee shall authenticate and deliver, Securities that do not bear such legend
and that do not have a Transfer Certificate attached thereto. 
  

 23 

 (v) Until the expiration of the holding period applicable to sales of the Securities
under Rule 144(k) of the Securities Act or a transfer pursuant to Rule 144 or pursuant to an effective registration statement under the Securities Act, the shares of Class A Common Stock issued upon conversion of the Securities shall bear the legend
in substantially the form called for by Exhibit B attached hereto. 
  
 (g) Transfers to the Company. Nothing contained in this Indenture or in the Securities shall prohibit the sale or other transfer of any Securities (including beneficial interests in Global Securities) to the Company or any of its
Subsidiaries, which Securities shall thereupon be cancelled in accordance with Section 2.10. 
  
 Section 2.13. CUSIP Numbers. 
  
 The Company may issue the Securities with one or more “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the CUSIP numbers. 
  
 Section 2.14. Ranking. 
  
 The indebtedness of the Company arising under or in connection with this
Indenture and every outstanding Security issued under this Indenture from time to time constitutes and will constitute a senior unsecured general obligation of the Company, ranking equally with existing and future senior unsecured Indebtedness of
the Company and ranking senior in right of payment to any future Indebtedness of the Company that is expressly made subordinate to the Securities by the terms of such Indebtedness. 
  
 For purposes of this Section 2.14 only, “Indebtedness” means, without duplication, the principal or face
amount of: 
  
 (a) all obligations for borrowed money; 

 
 (b) all obligations evidenced by bonds, debentures, notes or other similar
instruments; 
  
 (c) all obligations in respect of letters of
credit or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto); 
  
 (d) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business;

  

 24 

 (e) all obligations as lessee which are capitalized in accordance with generally accepted accounting
principles; and 
  
 (f) all Indebtedness of others guaranteed by
the Company or any of its Subsidiaries or for which the Company or any of its Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness of, or to supply funds or to invest in, others). 
  
 ARTICLE III 
 REDEMPTION 
  
 Section 3.1. The Company’s Right to Redeem; Notice to Trustee. 
  
 Prior to March 1, 2011, the Securities will not be redeemable at the Company’s option. Beginning on March 1, 2011, the Company, at its option, may redeem the Securities in accordance with this Article III at any
time as a whole, or from time to time in part, at a redemption price in Cash equal to 100% of the principal amount of Securities to be redeemed plus any accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on
those Securities to, but not including, the Redemption Date (the “Redemption Price”). 
  
 In the event that the Company elects to redeem the Securities on a date that is on or after any Regular Record Date but on or before the corresponding
Interest Payment Date, the Company shall be required to pay any accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) to the same Holder to whom the Company pays the principal of such Security regardless of
whether such Holder was the registered Holder on the Regular Record Date immediately preceding such Redemption Date and, if the Holder to whom the Company pays the principal, interest (including Contingent Interest and Additional Amounts, if any)
was not the registered Holder on the Regular Record Date, such payment shall be in lieu of payment to the registered Holder on such Regular Record Date. 
  
 If the Company elects to redeem Securities, it shall notify the Trustee in writing of the Redemption Date, the principal amount of Securities to be
redeemed and the Redemption Price. The Company shall give this notice to the Trustee by a Company Order at least 35 days before the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee). 
  
 Section 3.2. Selection of Securities to Be Redeemed. 
  
 If fewer than all of the outstanding Securities are to be redeemed, unless
the procedures of the Depositary provide otherwise, the Trustee shall select the Securities to be redeemed by lot, on a pro rata basis or by any other method the Trustee considers fair and appropriate. The Trustee shall make the selection within
five Business Days after it receives the notice provided for in Section 3.1 from outstanding Securities not previously called for redemption. 
  
 Securities and portions of Securities that the Trustee selects shall be in principal amounts of $1,000 or a multiple of $1,000. Provisions of this
Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the Securities or portions of the Securities to be redeemed. 
  

 25 

 Securities and portions of Securities that are to be redeemed are convertible by the Holder until 5:00
p.m., New York City time, on the Business Day immediately preceding the Redemption Date. If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security so
selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted during a selection of Securities to be redeemed may be treated by the Trustee as
outstanding for the purpose of such selection. 
  
 Section 3.3.
Notice of Redemption. 
  
 At least 30 days but not more
than 60 days before a Redemption Date, the Company shall mail a notice of redemption by first-class mail, postage prepaid, to each Holder of Securities to be redeemed. 
  
 The notice of redemption shall identify the Securities to be redeemed and shall state: 
  
 (a) the Redemption Date; 
  
 (b) the Redemption Price; 
  
 (c) the then current Conversion Rate; 
  
 (d) the name and address of the Paying Agent and Conversion Agent;

  
 (e) that Securities called for redemption may be converted at
any time prior to 5:00 p.m., New York City time, on the Business Day preceding the Redemption Date; 
  
 (f) that Holders who want to convert their Securities must satisfy the requirements set forth in Article XII; 
  
 (g) that Securities called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price; 
  
 (h) in the case of any
Security redeemed in part, that the Holder of such Security will receive a new Security or Securities, of authorized denominations for the principal amount thereof remaining unredeemed; 
  
 (i) if fewer than all of the outstanding Securities are to be redeemed, the certificate numbers, if any, and principal
amounts of the particular Securities to be redeemed; 
  
 (j) that,
unless the Company defaults in making payment of such Redemption Price, interest (including Contingent Interest and Additional Amounts, if any) on Securities called for redemption will cease to accrue on and after the Redemption Date; 
  
 (k) the CUSIP number(s) of the Securities to be redeemed; and 
  
 (l) any other information the Company at the discretion of the Company.

  

 26 

 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name
and at the Company’s expense; provided, however, that the Company makes such request at least five Business Days (unless a shorter period shall be satisfactory to the Trustee) prior to the date by which such notice of redemption must be
given to Holders in accordance with this Section 3.3; provided, further, that the text of the notice of redemption shall be prepared by the Company. 
  
 Section 3.4. Effect of Notice of Redemption. 
  
 Once notice of redemption is given, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price stated in
the notice, except for Securities which are converted in accordance with the terms of this Indenture. Upon surrender to the Paying Agent, such Securities shall be paid at the Redemption Price. 
  
 Section 3.5. Deposit of Redemption Price. 
  
 Prior to 10:00 a.m., New York City time, on the applicable Redemption Date,
the Company shall deposit with the Paying Agent (or if the Company or a Subsidiary or an Affiliate of any of them is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.4) an amount of Cash (in immediately
available funds if deposited on the Redemption Date) sufficient to pay the aggregate Redemption Price of all Securities or portions thereof which are to be redeemed as of such Redemption Date other than Securities or portions of Securities called
for redemption which on or prior thereto have been delivered by the Company to the Trustee for cancellation or have been converted. 
  
 If the Paying Agent holds, in accordance with the terms hereof, at 10:00 a.m., New York City time, on the applicable Redemption Date, Cash sufficient to
pay the Redemption Price of any Securities for which notice of redemption is given, then, on such Redemption Date, such Securities will cease to be outstanding and interest (including Contingent Interest and Additional Amounts, if any) on such
Securities will cease to accrue, whether or not such Securities are delivered to the Paying Agent, and the rights of the Holders in respect thereof shall terminate (other than the right to receive the Redemption Price upon delivery of such
Securities). 
  
 Section 3.6. Securities Redeemed in Part.

  
 Any Certificated Security which is to be redeemed only in part
shall be surrendered at the office of the Paying Agent and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without charge, a new Security or Securities, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to the unredeemed portion of the Security surrendered. 
  
 Section 3.7. Repayment to the Company. 
  
 To the extent that the aggregate amount of Cash deposited by the Company pursuant to Section 3.5 exceeds the aggregate Redemption Price of the Securities
or portions thereof which the Company is redeeming as of the Redemption Date, then, promptly after the Redemption Date, the Paying Agent shall return any such excess to the Company. 
  

 27 

 ARTICLE IV 
  

REPURCHASE OF SECURITIES 
 AT THE
OPTION OF HOLDERS 
 ON SPECIFIC DATES 
  
 Section 4.1. Optional Put. 
  
 (a) Securities shall be repurchased by the Company, at the option of the Holder thereof, on March 1, 2011, March 1, 2014, March 1, 2019, March 1, 2024 and
March 1, 2029 (each, a “Repurchase Date”), at a repurchase price in Cash equal to 100% of the principal amount of those Securities plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) to,
but not including, such Repurchase Date (the “Repurchase Price”), subject to satisfaction by or on behalf of the Holder of the requirements set forth in Section 4.1(c). 
  
 (b) No later than 20 Business Days prior to each Repurchase Date, the Company shall mail a written notice of the repurchase
right by first class mail to the Trustee and to each Holder (and to beneficial owners as required by applicable law). The notice shall include a form of Repurchase Notice to be completed by the Holder and shall briefly state, as applicable:

  
 (i) the date by which the Repurchase Notice
must be delivered to the Paying Agent in order for a Holder to exercise the repurchase right; 
  
 (ii) the Repurchase Date; 
  
 (iii) the Repurchase Price; 
  
 (iv) the name and address of the Paying Agent and the Conversion Agent; 
  
 (v) the Conversion Rate and any adjustments thereto; 
  
 (vi) that the Securities as to which a Repurchase Notice has
been given may be converted if they are otherwise convertible pursuant to Article XII only if the Repurchase Notice has been withdrawn in accordance with the terms of this Indenture; 
  
 (vii) that the Securities must be surrendered to the Paying Agent to collect payment; 
  
 (viii) that the Repurchase Price for any Security as to which
a Repurchase Notice has been duly given and not withdrawn will be paid promptly following the later of the Repurchase Date and the time of surrender of such Security; 
  
 (ix) the procedures the Holder must follow to exercise its put right under this Section 4.1; 
  
 (x) the conversion rights, if any, of the Securities;

  

 28 

 (xi) the procedures for withdrawing a Repurchase Notice; 
  
 (xii) that, unless the Company defaults in making payment of
such Repurchase Price, interest (including Contingent Interest and Additional Amounts, if any) on Securities surrendered for repurchase by the Company will cease to accrue on and after the Repurchase Date; and 
  
 (xiii) the CUSIP number(s) of the Securities. 
  
 At the Company’s request, the Trustee shall give the notice of
repurchase right in the Company’s name and at the Company’s expense; provided, however, that the Company makes such request at least three Business Days (unless a shorter period shall be satisfactory to the Trustee) prior to the
date by which such notice of repurchase right must be given to the Holder in accordance with this Section 4.1(b); provided, further, that the text of the notice of repurchase right shall be prepared by the Company. 
  
 (c) A Holder may exercise its right specified in Section 4.1(a) upon delivery
of a written notice of repurchase (a “Repurchase Notice”), substantially in the form of Exhibit C hereto, to the Paying Agent at any time during the period beginning at 9:00 a.m., New York City time, on the date that is 20 Business
Days immediately preceding the relevant Repurchase Date until 5:00 p.m., New York City time, on the Business Day immediately preceding such Repurchase Date, stating: 
  
 (i) the certificate number of the Security which the Holder will deliver to be repurchased or the
appropriate Depositary procedures if Certificated Securities have not been issued; 
  
 (ii) the portion of the principal amount of the Security which the Holder will deliver to be repurchased, which portion must be in
principal amounts of $1,000 or a multiple of $1,000; and 
  
 (iii) that such Security shall be repurchased by the Company as of the Repurchase Date pursuant to the terms and conditions specified in the Securities and in this Indenture. 
  
 The delivery of such Security to the Paying Agent with, or at any time after
delivery of, the Repurchase Notice (together with all necessary endorsements) at the offices of the Paying Agent shall be a condition to the receipt by the Holder of the Repurchase Price therefor; provided, however, that such Repurchase Price
shall be so paid pursuant to this Section 4.1 only if the Security so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Repurchase Notice. 
  
 The Company shall repurchase from the Holder thereof, pursuant to this
Section 4.1, a portion of a Security, so long as the principal amount of such portion is $1,000 or a multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Security also apply to the repurchase of such portion of
such Security. 
  

 29 

 Any repurchase by the Company contemplated pursuant to the provisions of this Section 4.1 shall be
consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Repurchase Date and the time of delivery of the Security. 
  
 Notwithstanding anything contained herein to the contrary, any Holder delivering to the Paying Agent the Repurchase Notice
contemplated by this Section 4.1(c) shall have the right to withdraw such Repurchase Notice at any applicable time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Repurchase Date by delivery of a written notice
of withdrawal to the Paying Agent in accordance with Section 4.3. 
  
 The Paying Agent shall promptly notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
  
 Section 4.2. Manner of Payment of Repurchase Price. 
  
 The Repurchase Price will be paid in Cash. 
  
 Section 4.3. Effect of Repurchase Notice. 
  
 Upon receipt by the Paying Agent of the Repurchase Notice specified in Section 4.1(c), the Holder of the Security in respect of which such Repurchase
Notice was given shall (unless such Repurchase Notice is withdrawn as specified in the following paragraph) thereafter be entitled to receive solely the Repurchase Price with respect to such Security. Securities in respect of which a
Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article XII on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice has first been validly withdrawn as specified in the
following paragraph. 
  
 A Repurchase Notice may be withdrawn by
means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance with the Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Repurchase Date,
specifying: 
  
 (a) the certificate number, if any, or the
appropriate Depositary procedures, if applicable, of the Security in respect of which such notice of withdrawal is being submitted; 
  
 (b) the principal amount of the Security with respect to which such notice of withdrawal is being submitted; and 
  
 (c) the principal amount, if any, of such Security which remains subject to
the original Repurchase Notice and which has been or will be delivered for repurchase by the Company. 
  
 Section 4.4. Deposit of Repurchase Price. 
  
 Prior to 10:00 a.m., New York City time, on the applicable Repurchase Date, the Company shall deposit with the Paying Agent (or if the Company or a
Subsidiary or an Affiliate 
  

 30 

 of any of them is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.4) an amount of
Cash (in immediately available funds if deposited on such Business Day) sufficient to pay the aggregate Repurchase Price of all the Securities or portions thereof which are to be repurchased on such Repurchase Date. 
  
 If the Paying Agent holds, in accordance with the terms hereof, at 10:00
a.m., New York City time, on the applicable Repurchase Date, Cash sufficient to pay the Repurchase Price of any Securities for which a Repurchase Notice has been tendered and not withdrawn pursuant to Section 4.3, then, immediately after such
Repurchase Date, such Securities will cease to be outstanding and interest (including Contingent Interest and Additional Interest Amounts, if any) on such Securities will cease to accrue, whether or not such Securities are delivered to the Paying
Agent, and the rights of the Holders in respect thereof shall terminate (other than the right to receive the Repurchase Price upon delivery of such Securities). 
  

Section 4.5. Securities Repurchased in Part. 
  
 Any Certificated Security which is to be repurchased only in part shall be surrendered at the office of the Paying Agent (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security, without charge, a new Security or Securities, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange
for, the portion of the principal amount of the Security so surrendered which is not repurchased. 
  
 Section 4.6. Covenant to Comply With Securities Laws Upon Repurchase of Securities. 
  
 When complying with the provisions of Section 4.1 hereof (provided that such offer or purchase constitutes an “issuer tender offer” for purposes
of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at the time of such offer or purchase), and subject to any exemptions available under applicable law, the Company shall: 
  
 (a) comply with Rule 13e-4 and Rule 14e-1 (or any successor provision) under
the Exchange Act; 
  
 (b) file the required related Schedule TO
(or any successor schedule, form or report) under the Exchange Act; and 
  
 (c) otherwise comply with all federal and state securities laws so as to permit the rights and obligations under this Article IV to be exercised in the time and in the manner specified therein. 
  
 To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Article IV, the Company’s compliance with such laws and regulations shall not in and of itself cause a breach of its obligations under this Article IV. 
  

 31 

 Section 4.7. Repayment to the Company. 
  
 To the extent that the aggregate amount of Cash deposited by the Company
pursuant to Section 4.4 exceeds the aggregate Repurchase Price of the Securities or portions thereof which the Company is obligated to repurchase on the Repurchase Date, then, promptly after the Repurchase Date, the Paying Agent shall return any
such excess to the Company. 
  
 ARTICLE V 
  
 REPURCHASE AT THE OPTION OF HOLDERS 
 UPON A REPURCHASE EVENT 
  
 Section 5.1. Fundamental Change Put. 
  
 (a) General. If a Fundamental Change occurs, any Securities not previously repurchased, redeemed or converted by the Company shall be repurchased
by the Company at the option of the Holder thereof at a repurchase price in Cash equal to 100% of the principal amount of the Securities to be repurchased, plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if
any) on those notes to, but not including, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), subject to satisfaction by or on behalf of any Holder of the requirements set forth in Section
5.1(c). The repurchase event repurchase date must be within 30 days after the date of the mailing of the Fundamental Change Company Notice under Section 5.1 (b) (the “Fundamental Change Repurchase Date”).  
  
 A “Fundamental Change” shall be deemed to have occurred upon
the occurrence of either a “change in control” or a “termination of trading” where: 
  
 (i) a “change in control” will be deemed to have occurred at such time as: 
  
 (A) any person or group (other than the Camner family and
their heirs, lineal descendants, trusts, foundation and similar family affiliated entities, legatees and legal representatives of any of the foregoing and the trustee of any bona fide trust of which one or more of the foregoing are the sole
beneficiaries or the grantors thereof (the “Camner Family”), unless, after giving effect to such transaction, (1) Class A Common Stock ceases to be listed on a United States national securities exchange or approved for quotation on
the NASDAQ National Market or any similar United States system for automated dissemination of quotations of securities prices or (2) less than 20% of the outstanding shares of the Class A Common Stock remain beneficially owned by persons other than
the Camner Family) is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the voting stock; 
  
 (B) the Company consolidates with, or merges with or into, another person or any person consolidates with, or merges with or into, the
Company, in any such event other than pursuant to a transaction in which the 
  

 32 

 persons that beneficially owned, directly or indirectly, the shares of voting stock immediately prior to
such transaction beneficially own immediately after such transaction, directly or indirectly, shares of voting stock representing not less than a majority of the total voting power of all outstanding classes of voting stock of the continuing or
surviving corporation in substantially the same proportion as such ownership prior to the transaction; 
  
 (C) a majority of the members of the Company’s board of directors are not continuing directors (as defined below); 
  
 (D) the sale, lease, transfer or other conveyance or
disposition of all or substantially all of the Company’s assets or property to any person or group; or 
  
 (E) the Company is liquidated or dissolved, or its stockholders approve any plan or proposal for the liquidation or dissolution of the
Company; 
  
 Provided, however, 
  
 (1) a “change in control” will not be deemed to
have occurred if the last sale price of the Class A Common Stock for any five Trading Days during the ten Trading Days immediately preceding the change in control is at least equal to or exceeds 105% of the conversion price in effect on such Trading
Day; and 
  
 (2) a “change in control”
will not be deemed to have occurred under Section 5.1.(a)(i)(A) or Section 5.1.(a)(i)(B), if in the case of a merger or consolidation, all of the consideration (excluding cash payments for fractional shares and cash payments pursuant to
dissenters’ appraisal rights) in the merger or consolidation constituting the change in control consists of common stock traded on a United States national securities exchange or quoted on the NASDAQ National Market (or which will be so traded
or quoted when issued or exchanged in connection with such change in control) and as a result of such transaction or transactions the notes become convertible solely into such common stock. 
  
 (ii) a “termination of trading” shall occur if the
Company’s Applicable Stock is neither listed for trading on a United States national or regional securities exchange nor approved for trading on the NASDAQ National Market, NASDAQ SmallCap Market or any other established United States system of
automated dissemination of quotations of securities prices. 
  
 For purposes of
this section, a “continuing director” means, as of any date of determination, any member of the Company’s board of directors who: 
  
 (1) was a member of such board of directors on the date of this Indenture; or 
  
 (2) was nominated for election or elected to such board of
directors with the approval of: (a) a majority of the continuing directors who were members of such board at the time of such nomination or election, or (b) a nominating committee, a majority of which committee shall be continuing directors as the
time of such nomination or election. 
  

 33 

 For purposes of this section, the terms “person” or “group” shall have the meanings used for purposes
of Sections 13(d) and 14(d) of the Exchange Act. 
  
 For purposes of this section,
the terms “beneficial owner,” “beneficially owned” and similar terms shall have the meanings set forth in Rule 13d-3 under the Exchange Act. 
  

For purposes of this section, the term “voting stock” shall mean the Company’s Capital Stock entitled to vote generally in the election of directors.

  
 (b) Notice of Fundamental Change. No later than 20 days
after the occurrence of a Fundamental Change, the Company shall mail a written notice of Fundamental Change (the “Fundamental Change Company Notice”) by first class mail to the Trustee and to each Holder (and to beneficial owners as
required by applicable law). The notice shall include a form of Fundamental Change Repurchase Notice to be completed by the Holder and shall briefly state, as applicable: 
  
 (i) the events causing a Fundamental Change and the date of such Fundamental Change; 
  
 (ii) that the Holder has a right to require the Company to
repurchase the Holder’s Securities; 
  
 (iii)
the date by which the Fundamental Change Repurchase Notice must be delivered to the Paying Agent in order for a Holder to exercise the Fundamental Change repurchase right; 
  
 (iv) the Fundamental Change Repurchase Date; 
  
 (v) the Fundamental Change Repurchase Price; 
  
 (vi) the name and address of the Paying Agent and the Conversion Agent; 
  
 (vii) the Conversion Rate applicable on the date of the
Fundamental Change Company Notice and any adjustments to the Conversion Rate that may result from the Fundamental Change; 
  
 (viii) that the Securities as to which a Fundamental Change Repurchase Notice has been given may be converted if they are otherwise
convertible pursuant to Article XII only if the Fundamental Change Repurchase Notice has been withdrawn in accordance with the terms of this Indenture; 
  
 (ix) that the Securities must be surrendered to the Paying Agent to collect payment; 
  
 (x) that the Fundamental Change Repurchase Price for any
Security as to which a Fundamental Change Repurchase Notice has been duly given and not withdrawn will be paid promptly following the later of the Fundamental Repurchase Date and the time of surrender of such Security; 
  

 34 

 (xi) the procedures the Holder must follow to exercise its Fundamental Change repurchase
right under this Section 5.1; 
  
 (xii) the
conversion rights, if any, of the Securities; 
  
 (xiii) the procedures for withdrawing a Fundamental Change Repurchase Notice; 
  
 (xiv) that, unless the Company defaults in making payment of such Fundamental Change Repurchase Price, interest (including Contingent
Interest and Additional Amounts, if any) on Securities surrendered for repurchase by the Company will cease to accrue on and after the Fundamental Change Repurchase Price; and 
  
 (xv) the CUSIP number(s) of the Securities. 
  
 At the Company’s request, the Trustee shall give the Fundamental Change Company Notice in the Company’s name and
at the Company’s expense; provided, however, the Company makes such request at least three Business Days (unless a shorter period shall be satisfactory to the Trustee) prior to the date by which such Fundamental Change Company Notice
must be given to the Holders in accordance with this Section 5.1(b); provided, further, that the text of the Fundamental Change Company Notice shall be prepared by the Company. 
  
 (c) Fundamental Change Repurchase Notice. A Holder may exercise its right specified in Section 5.1(a) upon delivery
of a written notice of repurchase (a “Fundamental Change Repurchase Notice”), substantially in the form of Exhibit D hereto, to the Paying Agent at any time prior to 5:00 p.m., New York City time, on the Business Day immediately
preceding the Fundamental Change Repurchase Date, stating: 
  
 (i) the certificate number of the Security which the Holder will deliver to be repurchased or the appropriate depositary procedures if Certificated Securities have not been issued; 
  
 (ii) the portion of the principal amount of the Security
which the Holder will deliver to be repurchased, which portion must be $1,000 or a multiple of $1,000; and 
  
 (iii) that such Security shall be repurchased on the Fundamental Change Repurchase Date pursuant to the terms and conditions specified in
the Securities and in this Indenture. 
  
 The delivery of such
Security to the Paying Agent with, or at any time after delivery of, the Fundamental Change Repurchase Notice (together with all necessary endorsements) at the offices of the Paying Agent shall be a condition to the receipt by the Holder of the
Fundamental Change Repurchase Price therefor; provided, however, that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 5.1 only if the Security so delivered to the Paying Agent shall conform in all respects
to the description thereof set forth in the related Fundamental Change Repurchase Notice. 
  

 35 

 The Company shall repurchase from the Holder thereof, pursuant to this Section 5.1, a portion of a
Security, so long as the principal amount of such portion is $1,000 or a multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Security also apply to the repurchase of such portion of such Security. 
  
 Any repurchase by the Company contemplated pursuant to the provisions of this
Section 5.1 shall be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Fundamental Change Repurchase Date and the time of delivery of the Security. 
  
 Notwithstanding anything contained herein to the contrary, any Holder
delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 5.1(c) shall have the right to withdraw such Fundamental Change Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the
Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 5.3. 
  
 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or
written notice of withdrawal thereof. 
  
 Section 5.2. Manner of
Payment of Fundamental Change Repurchase Price. 
  
 The
Securities to be repurchased with respect to any Fundamental Change Repurchase Date pursuant to 5.1(a) will be paid in Cash. 
  
 Section 5.3. Effect of Fundamental Change Repurchase Notice. 
  
 Upon receipt by the Paying Agent of the Fundamental Change Repurchase Notice specified in Section 5.1(c), the Holder of the
Security in respect of which such Fundamental Change Repurchase Notice was given shall (unless such Fundamental Change Repurchase Notice is withdrawn as specified in the following paragraph) thereafter be entitled to receive solely the Fundamental
Change Repurchase Price with respect to such Security. Securities in respect of which a Fundamental Change Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article XII on or after the date of the delivery of
such Fundamental Change Repurchase Notice unless such Fundamental Change Repurchase Notice has first been validly withdrawn as specified in the following paragraph. 
  
 A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the office
of the Paying Agent in accordance with the Fundamental Change Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying: 
  
 (a) the principal amount of the Security with respect to which such notice of
withdrawal is being submitted; 
  

 36 

 (b) the certificate number, if any, of the Security in respect of which such notice of withdrawal is
being submitted; and 
  
 (c) the principal amount, if any, of such
Security which remains subject to the original Fundamental Change Repurchase Notice and which has been or will be delivered for repurchase by the Company. 
  
 Section 5.4. Deposit of Fundamental Change Repurchase Price. 
  
 Prior to 10:00 a.m., New York City time, on the applicable Fundamental Change Repurchase Date, the Company shall deposit
with the Paying Agent (or if the Company or a Subsidiary or an Affiliate of any of them is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.4) an amount of Cash (in immediately available funds if deposited on
such Business Day) sufficient to pay the aggregate Fundamental Change Repurchase Price of all the Securities or portions thereof which are to be repurchased on such Fundamental Change Repurchase Date. 
  
 If the Paying Agent holds, in accordance with the terms hereof, at 10:00
a.m., New York City time, on the applicable Fundamental Change Repurchase Date, Cash sufficient to pay the Fundamental Change Repurchase Price of any Securities for which a Fundamental Change Repurchase Notice has been tendered and not withdrawn
pursuant to Section 5.3, then, immediately after such Fundamental Change Repurchase Date, such Securities will cease to be outstanding and interest (including Contingent Interest and Additional Amounts, if any) on such Securities will cease to
accrue, whether or not such Securities are delivered to the Paying Agent, and the rights of the Holders in respect thereof shall terminate (other than the right to receive the Fundamental Change Repurchase Price upon delivery of such Securities).

  
 Section 5.5. Securities Repurchased in Part. 

 
 Any Certificated Security which is to be repurchased only in part shall be
surrendered at the office of the Paying Agent (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without charge, a new Security or Securities, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the Security so surrendered which is not repurchased. 
  
 Section 5.6. Covenant to Comply With Securities Laws Upon Repurchase of Securities. 
  
 When complying with the provisions of Section 5.1 hereof (provided that such
offer or purchase constitutes an “issuer tender offer” for purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at the time of such offer or purchase), and subject to any
exemptions available under applicable law, the Company shall: 
  
 (a) comply with Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act; 
  

 37 

 (b) file the required related Schedule TO (or any successor schedule, form or report) under the Exchange
Act; and 
  
 (c) otherwise comply with all federal and state
securities laws so as to permit the rights and obligations under this Article V to be exercised in the time and in the manner specified therein. 
  
 To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Article V, the Company’s compliance with
such laws and regulations shall not in and of itself cause a breach of its obligations under this Article V. 
  
 Section 5.7. Repayment to the Company. 
  
 To the extent that the aggregate amount of Cash deposited by the Company pursuant to Section 5.4 exceeds the aggregate Fundamental Change Repurchase Price
of the Securities or portions thereof which the Company is obligated to repurchase as of the Fundamental Change Repurchase Date then, promptly after the Fundamental Change Repurchase Date, the Paying Agent shall return any such excess to the
Company. 
  
 ARTICLE VI 
  
 COVENANTS 
  
 Section 6.1. Payment of Securities. 
  
 The Company shall promptly make all payments in respect of the Securities on the dates and in the manner provided in the
Securities or pursuant to this Indenture. Principal amount, Redemption Price, Repurchase Price and Fundamental Change Repurchase Price and accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) shall be considered
paid on the applicable date due if by 10:00 a.m., New York City time, on such date the Paying Agent holds, in accordance with this Indenture, Cash or securities, if permitted hereunder, sufficient to pay all such amounts then due. The Company shall,
to the fullest extent permitted by law, pay interest on overdue principal and overdue installments of interest (including Contingent Interest and Additional Amounts, if any) at the rate borne by the Securities per annum. Except as otherwise
specified, all references in this Indenture or the Securities to interest shall be deemed to include, without duplication, Additional Amounts, if any, payable pursuant to the Registration Rights Agreement. 
  
 Payment of the principal of and interest (including Contingent Interest and
Additional Amounts, if any) on the Securities shall be in Cash, except as provided herein. 
  
 The Company shall pay interest (including Contingent Interest and Additional Amounts, if any) on the Securities to the Person in whose name the Securities are registered at the close of business on the Regular Record
Date next preceding the corresponding Interest Payment Date. Any such interest (including Contingent Interest and Additional Amounts, if any) 
  

 38 

 not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may be paid (a) to the Person in whose name the Securities are registered at the close of business on a Special Record Date for the payment of such defaulted interest (including Contingent Interest and Additional Amounts, if any) to be fixed by
the Trustee, notice whereof will be given to the Holders not less than 10 days prior to such Special Record Date or (b) at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
may be listed, and upon such notice as may be required by such exchange. 
  
 If a Security is redeemed pursuant to Article III hereof or the Holder elects to require the Company to repurchase such Security pursuant to either Article IV or Article V hereof on a date that is after the Regular
Record Date and prior to the corresponding Interest Payment Date, interest (including Contingent Interest and Additional Amounts, if any) accrued and unpaid on such Security to, but not including, the applicable Redemption Date, Repurchase Date or
Fundamental Change Repurchase Date will be paid to the same Holder to whom the Company pays the principal of such Security regardless of whether such Holder was the registered Holder on the Regular Record Date immediately preceding the applicable
Redemption Date, Repurchase Date or Fundamental Change Repurchase Date. 
  
 Holders must surrender the Securities to the Paying Agent to collect payment of principal. Payment of interest (including Contingent Interest and Additional Amounts, if any) on Certificated Securities will be made by (i) check mailed to the
address of the Person entitled thereto as such address appears in the Register if such Securities have an aggregate principal amount of $5 million or less or (ii) wire transfer of immediately available funds to an account designated by such Person
if such Securities have an aggregate principal amount in excess of $5 million. Notwithstanding the foregoing, so long as the Securities are registered in the name of a Depositary or its nominee, all payments with respect to the Securities shall be
made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
  
 Section 6.2. SEC and Other Reports to the Trustee. 
  
 The Company shall ensure delivery to the Trustee within 15 days after it files such annual and quarterly reports, information, documents and other reports
with the SEC, copies of its annual report and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act in accordance with TIA Section 314(a); provided, however, that the Company shall not be required to deliver to the Trustee any material for which the Company has sought and received
confidential treatment by the SEC. In the event the Company is at any time no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, it shall continue to provide the Trustee with annual and quarterly reports
containing substantially the same information as would have been required to be filed with the SEC had the Company continued to have been subject to such reporting requirements. In such event, such reports shall be provided at the times the Company
would have been required to provide reports had it continued to have been subject to such reporting requirements. The Company also shall comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute 

  

 39 

 
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 rely exclusively on Officers’ Certificates). 
  
 Section 6.3. Compliance Certificate. 
  
 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 September
30, 2004) an Officers’ Certificate, stating whether or not to the knowledge of the signers thereof, the Company is in Default in the performance and observance of any of the terms, provisions and conditions of this Indenture and if the Company
shall be in Default, specifying all such Defaults and the nature and status thereof of which they may have knowledge. 
  
 Section 6.4. Further Instruments and Acts. 
  
 Upon reasonable request of the Trustee, or as otherwise necessary, 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. 
  
 Section 6.5. Maintenance of Office or Agency of the Trustee, Registrar, Paying Agent and Conversion Agent. 
  
 The Company will maintain in the Borough of Manhattan, The City of New York, an office or agency of the Trustee, Registrar,
Paying Agent and Conversion Agent where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer, exchange, redemption, repurchase or conversion and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. An office of the Trustee shall initially be such office or agency for all of the aforesaid purposes. The Company shall give prompt written notice to the Trustee of the
location, and of any change in the location, of any such office or agency (other than a change in the location of the office of the Trustee). If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 15.2. 
  
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in the Borough of Manhattan, The City of New York, for such purposes. 
  
 Section 6.6. Delivery of Information Required Under Rule 144A. 
  
 So long as the Securities are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, at any time when the
Company is not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Holder or any beneficial owner of Securities or holder or beneficial owner of shares of Class A Common Stock issued upon conversion thereof, the Company will
make available the information required pursuant to Rule 144A(d)(4) under 
  

 40 

 the Securities Act to such Holder or any beneficial owner of Securities or holder or beneficial owner of shares of Class
A Common Stock issued upon conversion thereof, or to a prospective purchaser of any such security designated by any such holder, as the case may be, to the extent required to permit compliance by such Holder or holder with Rule 144A under the
Securities Act in connection with the resale of any such security. Whether a person is a beneficial owner shall be determined by the Company to the Company’s reasonable satisfaction. 
  
 Section 6.7. Waiver of Stay, Extension or Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury or other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company from paying all or any portion
of the principal amount, Redemption Price, Repurchase Price or Fundamental Change Repurchase Price in respect of Securities, or any interest (including Contingent Interest and Additional Amounts, if any) on such amounts, as contemplated herein, or
which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not 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 6.8. Statement by Officers as to Default. 
  
 The Company shall deliver to the Trustee, as soon as practicable and in any event within five Business Days after the Company becomes aware of the
occurrence of any Default or Event of Default or, an Officers’ Certificate setting forth the details of such Default or Event of Default and the action which the Company proposes to take with respect thereto. 
  
 ARTICLE VII 
  
 SUCCESSOR CORPORATION 
  
 Section 7.1. When Company May Merge or Transfer Assets. 
  
 The Company shall not consolidate with, merge with or into, or sell, assign,
convey, transfer or lease its properties and assets substantially in their entirety (computed on a consolidated basis) to any Person, unless: 
  
 (a) either (i) the Company is the surviving entity or (ii) the successor or transferee (the “successor corporation”) is a corporation organized
and existing under the laws of the United States, any State thereof, or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, all of the obligations of the Company under the
Securities and the Indenture; 
  
 (b) immediately after giving
effect to such transaction, no Event of Default, and no event which, after notice or the passage of time, or both, would become an Event of Default under this Indenture shall exist; and 
  

 41 

 (c) the Company shall have delivered to the Trustee an Officers’ Certificate and, if requested by
the Trustee, an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer, sale, lease or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture,
comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have been satisfied. 
  
 Section 7.2. Successor Corporation Substituted. 
  
 Upon any consolidation with or merger into any corporation, or any conveyance, transfer or lease of the properties and assets of the Company substantially
in their entirety in accordance with Section 7.1, the successor corporation formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and in the case of a conveyance, transfer, or lease of the properties and assets of the
Company substantially in their entirety, the Company shall be irrevocably released from its liabilities as obligor and maker of the Securities and from its obligations under this Indenture. 
  
 ARTICLE VIII 
  
 DEFAULTS AND REMEDIES 
  
 Section 8.1. Events of Default. 
  
 So long as any Securities are outstanding, each of the following shall be an
“Event of Default”: 
  
 (a) the Company
defaults in the payment of the principal amount, with respect to the Securities, when the same become due and payable; 
  
 (b) the Company defaults in the payment of any accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any), in each case,
when due and payable, and such default continues for a period of 30 days; 
  
 (c) following the exercise by the Holder of the right to convert a Security pursuant to and in accordance with Article XII, the Company (i) fails to deliver the Cash, if any, required to be delivered following the
Company’s election to so deliver Cash upon conversion pursuant to Section 12.13 or (ii) fails to deliver the Class A Common Stock, if any, required to be delivered following the Company’s election to so deliver Class A Common Stock upon
conversion pursuant to Section 12.13; 
  
 (d) the Company fails to
provide the Fundamental Change Company Notice as required by this Indenture; 
  
 (e) the Company fails to comply with any of its agreements or covenants in the Securities or this Indenture (other than those referred to in clause (a) through (d) above) and such failure continues for 60 days after
receipt by the Company of a Notice of Default (defined below); 
  

 42 

 (f) the Company fails or any Subsidiary fails to make any payment at maturity on any Indebtedness,
including any applicable grace periods, in an amount in excess of $15,000,000 (provided, however, that in the case of the junior subordinated deferrable interest debentures issued to the Company’s trust subsidiaries, and the trust preferred
securities issued to investors in connection therewith, such amount shall be $30,000,000) in the aggregate for all such Indebtedness and such amount has not been paid or discharged within 30 days after receipt by the Company of a Notice of Default,;

  
 (g) a default by the Company or any Subsidiary that results in
the acceleration of maturity of any Indebtedness of the Company or any Subsidiary, at any one time, in an amount in excess of $15,000,000 (provided, however, that in the case of the junior subordinated deferrable interest debentures issued to the
Company’s trust subsidiaries, and the trust preferred securities issued to investors in connection therewith, such amount shall be $30,000,000) in the aggregate for all such Indebtedness unless such Indebtedness is discharged or the
acceleration is rescinded, stayed or annulled within 30 days after receipt by the Company of a Notice of Default; 
  
 (h) the Company or any Significant Subsidiary, pursuant to or under or within the meaning of any Bankruptcy Law: 
  
 (i) commences a voluntary case or proceeding; 
  
 (ii) consents to the entry of any order for relief against it
in an involuntary case or proceeding or the commencement of any case against it; 
  
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; 
  
 (iv) makes a general assignment for the benefit of its
creditors; 
  
 (v) files a petition in bankruptcy
or answer or consent seeking reorganization or relief; or 
  
 (vi) consents to the filing of such petition or the appointment of or taking possession by a Custodian; or 
  
 (i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (i) is for relief against the Company or any Significant
Subsidiary, in an involuntary case or proceeding; 
  
 (ii) appoints a Custodian of the Company or any Significant Subsidiary, or for any substantial part of its property; or 
  

 43 

 (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary,

  
 and the order of decree remains unstayed and in effect for 60
days. 
  
 A Default under clause (e), (f) or (g) above is not an
Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in aggregate principal amount of the Securities at the time outstanding notify the Company and the Trustee, of the Default and the Company does not cure such
Default (and such Default is not waived) within the time specified in clause (e), (f) or (g) above after actual receipt of such notice. Any such notice must specify the Default, demand that it be remedied and state that such notice is a
“Notice of Default.” 
  
 Section 8.2.
Acceleration. 
  
 If an Event of Default (other than an
Event of Default specified in Section 8.1(h) or (i)) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities at the time outstanding by notice to the Company and
the Trustee, may declare the principal amount plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on all the Securities to be immediately due and payable. Upon such a declaration, such accelerated amount
shall be due and payable immediately. 
  
 If an Event of Default
specified in Section 8.1(h) or (i) occurs and is continuing, the principal amount plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on all the Securities shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Securityholders. 
  
 The Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, by notice to the Trustee (and without notice to any other Securityholder) may rescind an acceleration
and its consequences if the rescission would not conflict with any judgment or decree for payment of money under this Indenture or the Notes and if all existing Events of Default have been cured or waived except nonpayment of the principal amount
plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) that have become due solely as a result of acceleration and if all amounts due to the Trustee under Section 9.7 have been paid. No such rescission shall
affect any subsequent Default or impair any right consequent thereto. 
  
 Section 8.3. Other Remedies. 
  
 If an Event of
Default occurs and is continuing, the Trustee may, but shall not be obligated to, pursue any available remedy to collect the payment of the principal amount plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if
any) on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
  
 The Trustee may maintain a proceeding even if the Trustee does not possess any of the Securities or does not produce any of the Securities in the
proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of, or acquiescence in, the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative. 
  

 44 

 Section 8.4. Waiver of Past Defaults. 
  
 Subject to Sections 8.7 and 11.2, the Holders of not less than a majority in aggregate principal amount of the Securities at
the time outstanding, by notice to the Trustee (and without notice to any other Securityholder), may waive an existing Default (or Event of Default) and its consequences except: 
  
 (a) an Event of Default in the payment of the principal of, or any interest (including Contingent Interest and Additional
Amounts, if any), with respect to, any Security or the payment of any applicable Repurchase Price, Fundamental Change Repurchase Price or Redemption Price; or 
  

(b) a Default in respect of any provision of this Indenture or the Securities, which, under Section 11.2, cannot be amended or modified without the
consent of each Securityholder affected thereby. 
  
 When a
Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. This Section 8.4 shall be in lieu of Section 316(a)1(B) of the TIA and such Section 316(a)1(B) is hereby
expressly excluded from this Indenture, as permitted by the TIA. 
  
 Section 8.5. Control by Majority. 
  
 The Holders
of a majority in aggregate principal amount of the Securities at the time outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith is prejudicial to the rights of other Securityholders or would involve the Trustee in personal
liability unless the Trustee is offered indemnity or security satisfactory to it. This Section 8.5 shall be in lieu of Section 316(a)1(A) of the TIA and such Section 316(a)1(A) is hereby expressly excluded from this Indenture, as permitted by the
TIA. 
  
 Section 8.6. Limitation on Suits. 
  
 A Securityholder may not pursue any remedy with respect to this Indenture or
the Securities unless: 
  
 (a) the Holder gives to the Trustee
written notice stating that an Event of Default is continuing; 
  
 (b) the Holders of at least 25% in aggregate principal amount of the Securities at the time outstanding make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder or Holders offer to the Trustee security or indemnity satisfactory to the Trustee against any loss,
liability or expense; 
  

 45 

 (d) the Trustee does not comply with the request within 60 days after receipt of such notice, request and
offer of security or indemnity; and 
  
 (e) the Holders of a
majority in aggregate principal amount of the Securities at the time outstanding do not give the Trustee a direction inconsistent with the request during such 60-day period. 
  
 A Securityholder may not use this Indenture to prejudice the rights of any other Securityholder or to obtain a preference or
priority over any other Securityholder. 
  
 Section 8.7. Rights
of Holders to Receive Payment or to Convert. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of the principal amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price or interest (including Contingent Interest
and Additional Amounts, if any) in respect of the Securities held by such Holder, on or after the respective due dates expressed in the Securities and in this Indenture, and to convert such Securities in accordance with Article XII, or to bring suit
for the enforcement of any such payment on or after such respective dates or the right to convert, is absolute and unconditional and shall not be impaired or affected adversely without the consent of such Holder. 
  
 Section 8.8. Collection Suit by Trustee. 
  
 If an Event of Default described in Section 8.1(a) or (b), occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount owing with respect to the Securities and the amounts provided for in
Section 9.7. 
  
 Section 8.9. Trustee May File Proofs of
Claim. 
  
 In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price or interest (including Contingent Interest and Additional Amounts, if any) in respect of the Securities
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 on the Company for the payment of any such amount) shall be entitled and empowered, by intervention
in such proceeding or otherwise: 
  
 (a) to file and prove a claim
for the whole amount of the principal amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price, or interest (including Contingent Interest and Additional Amounts, if any) and to file such other papers or documents as may be
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 or any other amounts due the Trustee under Section
9.7) and of the Holders allowed in such judicial proceeding, and 
  

 46 

 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; 
  
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 9.7. 
  
 Nothing contained herein 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 the Securities 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. 
  
 Section 8.10.
Priorities. 
  
 (a) If the Trustee collects any money
pursuant to this Article VIII, it shall pay out the money in the following order: 
  
 FIRST: to the Trustee for amounts due under Section 9.7; 
  
 SECOND: to Securityholders for amounts due and unpaid on the Securities for the principal amount, Redemption
Price, Repurchase Price, Fundamental Change Repurchase Price or interest (including Contingent Interest and Additional Amounts, if any), as the case may be, ratably, without preference or priority of any kind, according to such amounts due and
payable on the Securities; and 
  
 THIRD: the
balance, if any, to the Company. 
  
 The Trustee may fix a record
date and payment date for any payment to Securityholders pursuant to this Section 8.10. At least 15 days before such record date, the Trustee shall mail to each Securityholder and the Company a notice that states the record date, the payment date
and the amount to be paid. 
  
 Section 8.11. Undertaking for
Costs. 
  
 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, a court in its discretion may require the filing by any party litigant (other than the Trustee) in the suit of an undertaking to pay the
costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 8.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 8.7 or a suit by Holders of more than 10% in aggregate principal amount of the Securities at the time outstanding. This
Section 8.11 shall be in lieu of Section 315(e) of the TIA and such Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
  

 47 

 Section 8.12. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceedings to enforce any
right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
  
 ARTICLE IX 
  
 TRUSTEE 
  
 Section 9.1. Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in its exercise of those rights and powers as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (i) the Trustee undertakes to perform such duties and only
such duties 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 on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon 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 which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture, but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein. 
  
 This Section 9.1(b) shall be in
lieu of Section 315(a) of the TIA and such Section 315(a) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
  
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
  
 (i) this Section (c) does not limit the
effect of Section (b) of this Section 9.1; 
  
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  

 48 

 (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 8.5. 
  
 Subparagraphs (c)(i), (ii) and (iii) shall be in lieu of Sections 315(d)(1), 315(d)(2) and 315(d)(3) of the TIA, respectively, and such Sections 315(d)(1), 315(d)(2) and 315(d)(3) are hereby expressly excluded from
this Indenture, as permitted by the TIA. 
  
 (d) Every provision
of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this Section 9.1. 
  
 (e) The Trustee may refuse to perform any duty or exercise any right or power or extend or risk its own funds or otherwise incur any financial liability
unless it receives indemnity or security satisfactory to it against any loss, liability or expense. 
  
 (f) Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee (acting in any
capacity hereunder) shall be under no liability for interest on any money received by it hereunder unless otherwise agreed in writing with the Company. 
  
 Section 9.2. Rights of Trustee. 
  
 Subject to its duties and responsibilities under Section 9.1 and under the TIA, 
  
 (a) the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
  
 (b) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 
  
 (c) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it hereunder; 
  
 (d) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith which it believes to be authorized or within its rights or powers conferred under this Indenture;

  
 (e) the Trustee may consult with counsel selected by it and
any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in reliance on such advice or Opinion of Counsel; 
  

 49 

 (f) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Holders, pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby; 
  
 (g) any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
  
 (h) 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, note, other evidence of indebtedness 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 sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 
  
 (i) Except with respect to Sections 6.1, 6.2, 6.3 and 6.4, the Trustee shall
have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article 6. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default
occurring pursuant to Section 6.1, 6.2, 6.3, 6.4, 8.1(a)-(g) or (ii) any Default of Event of Default of which the Trustee shall have actual knowledge or shall have received written notification; 
  
 (j) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other person employed to act hereunder; and

  
 (k) 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 specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign
an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 Section 9.3. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, Conversion Agent or co-registrar may do the same with like rights. However, the Trustee must comply with Sections 9.10 and 9.11. 
  

 50 

 Section 9.4. Trustee’s Disclaimer. 
  
 The Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities, it shall not be accountable for the Company’s use or application of the proceeds from the Securities, it shall not be responsible for any statement in any registration statement for the Securities under the
Securities Act or in any offering document for the Securities, this Indenture or the Securities (other than its certificate of authentication), or the determination as to which beneficial owners are entitled to receive any notices hereunder.

  
 Section 9.5. Notice of Defaults. 
  
 If a Default occurs and if it is known to the Trustee, the Trustee shall give
to each Securityholder notice of the Default within 90 days after it occurs or, if later, within 15 days after it is known to the Trustee, unless such Default shall have been cured or waived before the giving of such notice. Notwithstanding the
preceding sentence, except in the case of a Default described in Section 8.1(a) or (b), the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the
interest of the Securityholders. The preceding sentence shall be in lieu of the proviso to Section 315(b) of the TIA and such proviso is hereby expressly excluded from this Indenture, as permitted by the TIA. 
  
 Section 9.6. Reports by Trustee to Holders. 
  
 Within 60 days after each May 15 beginning with the May 15 following the date
of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such May 15 that complies with TIA Section 313(a), if required by such Section 313(a). The Trustee also shall comply with TIA Section 313(b). The Trustee
will also transmit by mail all reports as required by TIA Section 313(c). 
  
 The Company agrees to notify the Trustee promptly whenever the Securities become listed on any securities exchange and of any delisting thereof. 
  
 Section 9.7. Compensation and Indemnity. 
  
 The Company agrees to: 
  
 (a) pay to the Trustee from time to time such compensation as the Company and the Trustee shall from time to time agree in writing for all services
rendered by it hereunder (which compensation shall not be limited (to the extent permitted by law) by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (b) reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses, advances and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
own negligence or willful misconduct or bad faith; and 
  

 51 

 (c) fully indemnify the Trustee, any predecessor Trustee and each of their directors and officers for,
and to hold each of them harmless against, any and all loss, damage, claim, liability, cost or expense (including reasonable attorney’s fees and expenses, and taxes (other than taxes based upon, measured by or determined by the income of the
Trustee)) incurred without negligence or willful misconduct or bad faith on the part of the Person so indemnified, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of
defending against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any powers or duties hereunder, or in connection with enforcing the provisions of this
Section 9.7. 
  
 The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity hereunder; provided, that a failure to notify shall not relieve the Company of its obligations hereunder except to the extent the Company is materially prejudiced by such failure. The Trustee shall
have the right to employ one separate counsel in any such action or proceeding and participate in the investigation and defense thereof, and the Company shall pay the reasonable fees and expenses of such separate counsel; provided, however,
that the Trustee may only employ such separate counsel at the expense of the Company if in the reasonable judgment of the outside counsel to the Trustee (i) a conflict of interest exists by reason of common representation or (ii) there are legal
defenses available to the Trustee that are different from or are in addition to those available to the Company or if all parties commonly represented do not agree as to the action (or inaction) of counsel. 
  
 To secure the Company’s payment obligations in this Section 9.7, the
Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay the principal amount, Redemption Price, Repurchase Price, Fundamental Change Repurchase Price or interest
(including Contingent Interest and Additional Amounts, if any), as the case may be, on particular Securities. 
  
 The Company’s payment obligations pursuant to this Section 9.7 shall survive the discharge of this Indenture and the resignation or removal of the
Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 8.1(h) or (i), the expenses including the reasonable charges and expenses of its counsel, are intended to constitute expenses of administration under
any Bankruptcy Law. 
  
 Section 9.8. Replacement of Trustee.

  
 The Trustee may resign by so notifying the Company;
provided, however, that no such resignation shall be effective until a successor Trustee has accepted its appointment pursuant to this Section 9.8. The Holders of a majority in aggregate principal amount of the Securities at the time
outstanding may remove the Trustee by so notifying the Trustee and the Company. The Company as soon as practicable shall remove the Trustee if: 
  
 (a) the Company becomes aware that the Trustee fails to comply with Section 9.10; 
  

 52 

 (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law; 
  
 (c) a receiver or public
officer takes charge of the Trustee or its property; or 
  
 (d)
the Trustee otherwise becomes incapable of acting. 
  
 If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint, by resolution of its Board of Directors, a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Company satisfactory in form and substance to the retiring Trustee and the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 9.7. 
  
 If a
successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in aggregate principal amount of the Securities at the time outstanding may
petition at the expense of the Company any court of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee. 
  
 If the Trustee fails to comply with Section 9.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee. 
  
 Section 9.9.
Successor Trustee by Merger. 
  
 If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or company, the resulting, surviving or transferee corporation without any further act shall be the
successor Trustee. 
  
 Section 9.10. Eligibility;
Disqualification. 
  
 The Trustee shall at all times satisfy
the requirements of TIA Sections 310(a)(1) and 310(b). The Trustee (or its parent holding company) shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. Nothing
contained herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of TIA Section 310(b). 
  

 53 

 Section 9.11. Preferential Collection of Claims Against Company. 
  
 The Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311 (a) to the extent indicated therein. 
  

ARTICLE X 
  
 DISCHARGE OF INDENTURE 
  
 Section 10.1. Discharge of Liability on Securities. 
  
 When (a) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced or repaid pursuant to Section 2.7) for cancellation or (b) all outstanding Securities have become due and payable
(whether at the Stated Maturity or upon acceleration, or on any Redemption Date, or with respect to any Repurchase Date or Fundamental Change Repurchase Date, or upon conversion) and the Company deposits with the Paying Agent or Conversion Agent
Cash, Class A Common Stock or Applicable Stock, as applicable, sufficient to pay all amounts due and owing on all outstanding Securities (other than Securities replaced pursuant to Section 2.7), and if in either case the Company pays all other sums
payable hereunder by the Company, then this Indenture shall, subject to Section 9.7, cease to be of further effect. The Trustee shall join in the execution of a document prepared by the Company acknowledging satisfaction and discharge of this
Indenture on demand of the Company accompanied by an Officers’ Certificate and Opinion of Counsel and at the cost and expense of the Company. 
  
 Section 10.2. Repayment to the Company. 
  
 The Trustee and the Paying Agent shall return to the Company upon written request any Cash or securities held by them for the payment of any amount with
respect to the Securities that remains unclaimed for two years, subject to applicable unclaimed property law. After return to the Company, Holders entitled to the Cash or securities must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another person and the Trustee and the Paying Agent shall have no further liability to the Securityholders with respect to such Cash or securities for that period commencing after the return thereof.

  
 ARTICLE XI 
  
 AMENDMENTS 
  
 Section 11.1. Without Consent of Holders. 
  
 The Company and the Trustee may amend this Indenture or the Securities
without the consent of any Securityholder to: 
  
 (a) add to the
covenants of the Company for the benefit of the Holders of Securities; 
  

 54 

 (b) surrender any right or power herein conferred upon the Company by the Indenture; 
  
 (c) provide for the assumption of the Company’s obligations to the
Holders of Securities in the case of a merger, consolidation, conveyance, transfer, sale, lease or other disposition pursuant to Article VII; 
  
 (d) increase the Conversion Rate or reduce the Conversion Price; provided, however, that such increase in the Conversion Rate or reduction in the
Conversion Price, as the case may be, is in accordance with the terms of this Indenture or shall not adversely affect the interests of the Holders of Securities; 
  
 (e) provide for a successor Trustee with respect to the Securities; 
  
 (f) add any additional Events of Default with respect to all or any of the
Securities; 
  
 (g) secure the Securities; 
  
 (h) supplement any of the provisions of the Indenture to such extent as shall
be necessary to permit or facilitate the discharge of the Securities, provided that such change or modification does not adversely affect the interests of the Holders of the Securities; 
  
 (i) make any changes or modifications necessary in connection with the registration of the Securities under the Securities
Act as contemplated in the Registration Rights Agreement; provided, however, that such action does not adversely affect the interests of the Holders of Securities in any material respect; 
  
 (j) cure any ambiguity, correct or supplement any provision herein which may
be inconsistent with any other provision herein or which is otherwise defective, or to make any other provisions with respect to matters or questions arising under this Indenture which the Company may deem necessary or desirable and which shall not
be inconsistent with the provisions of this Indenture; provided, however, that such action does not adversely affect the interests of the Holders of Securities; 
  
 (k) add or modify any other provisions herein with respect to matters or questions arising hereunder which the Company and
the Trustee may deem necessary or desirable and which would not adversely affect the interests of the Holders of Securities; 
  
 (l) comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
  
 (m) provide for issuance of the Securities in coupon form; and 
  
 (n) make provision with respect to the conversion rights of Holders of the
Securities in accordance with this Indenture in connection with a reclassification, consolidation, combination, merger or sale of all or substantially all of the Company’s property and assets. 
  

 55 

 Section 11.2. With Consent of Holders. 
  
 Except as provided below in this Section 11.2, this Indenture or the
Securities may be amended, modified or supplemented, and noncompliance in any particular instance with any provision of this Indenture or the Securities may be waived, in each case with the written consent or affirmative vote of the Holders of not
less than a majority of the principal amount of the Securities at the time outstanding. 
  
 Without the written consent or the affirmative vote of each Holder of Securities affected thereby (in addition to the written consent or the affirmative vote of the Holders of at least a majority of the principal
amount of the Securities at the time outstanding), an amendment or waiver under this Section 11.2 may not: 
  
 (a) change the stated maturity of the principal amount of or the payment date of any installment of interest (including Contingent Interest and Additional
Amounts, if any) on, or with respect to any Security; 
  
 (b)
reduce the principal amount of, the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price of, or rate of interest (including Contingent Interest and Additional Amounts, if any) on, any Security; 
  
 (c) change the currency of payment of principal amount of, or interest
(including Contingent Interest and Additional Amounts, if any) on, or the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price of, any Security from U.S. Dollars; 
  
 (d) alter the manner of calculation or rate of accrual of interest (including Contingent Interest and Additional Amounts, if
any) on, or, the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price of, any Security; 
  
 (e) impair the right of any Holder to institute suit for the enforcement of any repurchase of, payment on or with respect to, or conversion of, any
Security, including any payment on or after the stated maturity of the Securities, in the case of redemption, on or after the Redemption Date, or in the case of repayment at the option of the Holder, on or after the Repurchase Date or Fundamental
Change Repurchase Date; 
  
 (f) modify the obligation of the
Company to maintain an agency in The City of New York pursuant to Section 6.5; 
  
 (g) adversely affect the right of Holders of the Securities to convert such Securities as provided in Article XII; 
  
 (h) adversely affect the right of Holders of the Securities to require the Company to repurchase such Securities as provided in Articles IV and V;

  
 (i) modify the optional redemption provisions of Article III
in a manner that adversely affects the Holders of the Securities; 
  

 56 

 (j) reduce the percentage of the principal amount of the outstanding Securities the written consent or
affirmative vote of whose Holders is required to take specific actions under the Indenture; 
  
 (k) reduce the percentage of the principal amount of the outstanding Securities the written consent or affirmative vote of whose Holders is required for any waiver of any past Default provided for in this Indenture;
or 
  
 (l) modify any of (a)-(k) above. 
  
 It shall not be necessary for the consent of the Holders under this Section
11.2 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment under this Section 11.2 becomes effective, the Company shall mail to each Holder a notice briefly describing the amendment. 

 
 Nothing contained in this Section 11.2 shall impair the ability of the
Company and the Trustee to amend this Indenture or the Securities without the consent of any Securityholder to provide for the assumption of the Company’s obligations to the Holders of Securities in the case of a merger, consolidation,
conveyance, transfer, sale, lease or other disposition pursuant to Article VII. 
  
 Section 11.3. Compliance with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article shall comply with the TIA. 
  
 Section 11.4. Revocation and Effect of Consents, Waivers and Actions. 
  
 Until an amendment, waiver or other action by Holders becomes effective, a consent thereto by a Holder of a Security
hereunder is a continuing consent by the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same obligation as the consenting Holder’s Security, even if notation of the consent, waiver or action is
not made on the Security. However, any such Holder or subsequent Holder may revoke the consent, waiver or action as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the
amendment, waiver or action becomes effective. After an amendment, waiver or action becomes effective, it shall bind every Securityholder. 
  
 Section 11.5. Notation on or Exchange of Securities. 
  
 Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article XI may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Board of
Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for outstanding Securities. 
  

 57 

 Section 11.6. Trustee to Sign Supplemental Indentures. 
  
 The Trustee shall sign any supplemental indenture authorized pursuant to this
Article XI if the amendment contained therein does not affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign such supplemental indenture. In signing such supplemental indenture the
Trustee shall receive, and (subject to the provisions of Section 9.1) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture.

  
 Section 11.7. Effect of Supplemental Indentures.

  
 Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby. 
  
 ARTICLE XII 
  
 CONVERSION 
  
 Section 12.1. Conversion Privilege. 
  
 (a) Subject to and upon compliance with the provisions of this Article XII, a
Holder of a Security shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 or a multiple of $1,000) of such Security into shares of Class A Common Stock at the Conversion Rate in
effect on the Conversion Date only as follows: 
  
 (i) during any fiscal quarter (beginning with the quarter ending June 30, 2004) if the Sale Price of the Class A Common Stock for at least 20 consecutive Trading Days in the Measurement Period during the immediately preceding fiscal quarter
exceeds 125% of the Conversion Price in effect on the last Trading Day of such Measurement Period (in the event that the Conversion Price on such last Trading Day of such Measurement Period is not the same as the Conversion Price in effect for each
of the Trading Days in such Measurement Period, the Company shall make such adjustments as it, in its discretion, deems appropriate in determining whether the foregoing condition has been met); 
  
 (ii) at any time prior to 5:00 p.m., New York City time, on
the Business Day immediately preceding the Redemption Date, if such Security has been called for redemption pursuant to Article III hereof; 
  
 (iii) as provided in Section 12.1(b). 
  
 The Company shall, determine at the end of each applicable period whether the Securities shall be convertible as a result of the occurrence of an event
specified in clause (a) or 
  

 58 

 (b) of this Section 12.1 and, if the Securities shall be so convertible, the Company shall promptly deliver to the
Trustee written notice thereof. Whenever the Securities shall become convertible pursuant to this Section 12.1, the Company or, at the Company’s request, the Trustee in the name and at the expense of the Company, shall notify the Holders in
writing of the event triggering such convertibility in the manner provided in Section 15.2, and the Company shall also publicly announce such information and publish it on the Company’s website. Any notice so given shall be conclusively
presumed to have been duly given, whether or not the Holder receives such notice. 
  
 (b) In addition, in the event that: 
  
 (i) 
  
 (A) the
Company distributes to all holders of Class A Common Stock rights or warrants (other than pursuant to a stockholder rights plan) entitling them to purchase Class A Common Stock at less than the Sale Price of the Class A Common Stock at the time of
the distribution of the rights or warrants; or 
  
 (B) the Company distributes to all holders of Class A Common Stock, Cash or other assets, debt securities or certain rights to purchase the Company’s securities, which distribution has a per share value as determined by the Board of
Directors of the Company exceeding 15% of the Sale Price of the Class A Common Stock on the Business Day immediately preceding the declaration for such distribution; 
  
 then, in each case, the Company must notify, in writing, Holders of Securities of the occurrence of such an event at least
20 days prior to the Ex-Dividend Date for any such distribution. Once the Company has given such notice, Holders may surrender their Securities for conversion at any time until the earlier of the close of business on the Business Day immediately
preceding the Ex-Dividend Date or the date of announcement by the Company that the distribution will not take place. No Holder may convert its Securities pursuant to this Section 12.1(b) if such Holder may participate in the distribution without
conversion. 
  
 (ii) the Company becomes
party to a consolidation, merger or binding share exchange pursuant to which the Class A Common Stock of the Company would be converted into cash, securities or other property, a Holder may surrender the Securities for conversion at any time from
and after the date which is 15 days prior to the anticipated effective date of the transaction until 15 days after the actual date of the transaction. If the Company becomes party to a consolidation, merger or binding share exchange pursuant to
which the Class A Common Stock of the Company would be converted into cash, securities or other property, then at the effective time of the transaction, the right to convert the Securities into Class A Common Stock shall be changed into a right to
convert such Securities into the kind and amount of cash, securities or other property which the Holder would have received if the Holder had converted such Securities immediately prior to the transaction. If the transaction constitutes a
Fundamental Change, the Holder shall have the rights set forth in Article V above. 
  

 59 

 (iii) any “person” or “group” (as such terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act) (other than the Camner Family, unless, after giving effect to such transaction, (1) the Class A Common Stock ceases to be listed on a United States national securities exchange or approved for quotation
on the NASDAQ National Market or any similar United States system for automated dissemination of quotations of securities prices or (2) less than 20% of the outstanding shares of the Class A Common Stock remain beneficially owned by persons other
than the Camner Family) becomes the “beneficial owner” (as such term is used in Rule 13-d-3 under the Exchange Act), directly or indirectly, of 50% or more of the total voting power of all classes of the Company’s capital stock
entitled to vote generally in the election of directors, a holder may surrender the Securities for conversion at any time from and after the date that is 15 days prior to the anticipated effective date of the transaction or event until 15 days after
the actual date of such transaction or event. If the transaction constitutes a Fundamental Change, the Holder shall have the rights set forth in Article V above. 
  
 Section 12.2. Conversion Procedures; Conversion Rate; Fractional Shares. 
  
 (a) Subject to Section 12.13, each Security shall be convertible at the
office of the Conversion Agent into fully paid and nonassessable shares of Class A Common Stock (calculated to the nearest 1/100th of a share). 
  
 On the first date the Securities become convertible under the circumstances described in Section 12.1, the Company shall make an election at its sole and
absolute discretion (the “Principal Conversion Settlement Election”) and notify the Holders in writing whether a Holder who surrenders a Security (each, a “Surrendered Security”) will be entitled to receive, in
respect of the Principal Amount at Issuance of such Security upon surrender thereof, 100% Class A Common Stock, 100% Cash or a combination of Cash and Class A Common Stock. If the Company elects to settle the Conversion Obligation relating to the
Principal Amount at Issuance of such Security in a combination of Cash and Class A Common Stock, the Company shall specify the percentage of the Principal Amount at Issuance to be satisfied in Cash. This notification, once provided to a Holder on
the date the Securities first become convertible, is irrevocable and legally binding with regard to any conversion of the Securities under the circumstances described in Section 12.1. 
  
 The Conversion Agent shall notify the Company when it receives a Conversion Notice. Settlement of the conversion obligation
relating to the principal amount of any Surrendered Securities shall be in accordance with the allocation set forth in the Principal Conversion Settlement Election. The Company shall determine the Excess Amount, and shall set forth the method at its
sole and absolute discretion for settling the Conversion Obligation in respect of the Excess Amount in accordance with the procedure set forth in Section 12.13. If the Company elects to settle in Class A Common Stock only, a certificate for the
number of full shares of Class A Common Stock into which the Securities are converted (and Cash in lieu of 
  

 60 

 fractional shares) shall be delivered to such Holder, assuming all of the other requirements have been satisfied by such
Holder, as soon as practicable after the Company issues its notification of its chosen method of settlement, in accordance with Section 12.13. If the Company elects to settle in Cash or a combination of Cash and Class A Common Stock, the Cash and,
if applicable, a certificate for the number of full shares of Class A Common Stock into which the Securities are converted (and Cash in lieu of fractional shares) shall be delivered to such Holder, assuming all of the other requirements have been
satisfied by such Holder, in accordance with Section 12.13. Notwithstanding the foregoing, the Company shall not be required to deliver certificates for Class A Common Stock while the stock transfer books for such stock or the security register are
duly closed for any purpose, but certificates for Class A Common Stock shall be issued and delivered as soon as practicable after the opening of such books or security register. 
  
 No Cash payment of accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) shall be paid
by the Company on a converted Security, except as described in Section 12.9 hereof. Accrued and unpaid interest, Contingent Interest and Additional Amounts, if any, shall be deemed to be paid in full with the shares of Class A Common Stock issued or
Cash paid upon conversion, rather than deemed cancelled, extinguished or forfeited. 
  
 The Company shall not issue any fraction of a share of Class A Common Stock in connection with any conversion of Securities, but instead shall, subject to Section 12.3(i) hereof, make a Cash payment (calculated to the
nearest cent) equal to such fraction multiplied by the Sale Price of the Class A Common Stock on the last Trading Day prior to the date of conversion. 
  
 Notwithstanding the foregoing, a Security in respect of which a Holder has delivered a Repurchase Notice or Fundamental Change Repurchase Notice
exercising such Holder’s option to require the Company to repurchase such Security may be converted only if such notice of exercise is withdrawn in accordance with Sections 4.3 or 5.3 hereof, as the case may be, prior to the close of business
on the Business Day immediately preceding the applicable Repurchase Date or Fundamental Change Repurchase Date, as the case may be. 
  
 (b) Before any Holder of a Security shall be entitled to convert the same into Class A Common Stock, such Holder shall, in the case of Global Securities,
comply with the Applicable Procedures of the Depositary in effect at that time, and in the case of Certificated Securities, surrender such Securities, duly endorsed to the Company or in blank, at the office of the Conversion Agent, and shall give
written notice to the Company at said office or place in the form of the Conversion Notice attached to the Securities (the “Conversion Notice”) that such Holder elects to convert (in whole or in part so long as the principal amount
to be converted is in multiples of $1,000 principal amount) the same and shall state in writing therein the principal amount of Security to be converted and the name or names (with addresses) in which such Holder wishes the certificate or
certificates for Class A Common Stock to be issued. 
  
 Before any
such conversion, a Holder also shall pay all funds required, if any, relating to interest (including Contingent Interest and Additional Interest, if any), on the Securities, as provided in Section 12.9 and all taxes or duties, if any, as provided in
Section 12.8. 
  

 61 

 If more than one Security shall be surrendered for conversion at one time by the same Holder, the number
of full shares of Class A Common Stock that shall be deliverable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted thereby) so surrendered.

  
 If shares of Class A Common Stock to be issued upon conversion
of a Restricted Security are to be issued in the name of a Person other than the Holder of such Restricted Security, such Holder shall deliver to the Conversion Agent a certification in substantially the form set forth in a Transfer Certificate
dated the date of surrender of such Restricted Security and signed by such Holder, as to compliance with the restrictions on transfer applicable to such Restricted Security. The Company shall not be required to issue Class A Common Stock upon
conversion of any such Restricted Security to a Person other than the Holder if such Restricted Security is not so accompanied by a properly completed certification, and the Registrar shall not be required to register Class A Common Stock upon
conversion of any such Restricted Security in the name of a Person other than the Holder if such Restricted Security is not so accompanied by a properly completed certification. 
  
 (c) A Security shall be deemed to have been converted immediately prior to 5:00 p.m., New York City time on the date of the
surrender of such Security for conversion as provided above (such date, the “Conversion Date” for such Security), and the person or persons entitled to receive the Class A Common Stock issuable upon such conversion shall be treated
for all purposes as the record Holder or Holders of such Class A Common Stock as of immediately prior to 5:00 p.m., New York City time on such date. 
  
 (d) In case any Certificated Security 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 Security so surrendered, without charge to such Holder (subject to the provisions of Section 12.8 hereof), a new Security or Securities in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Certificated Securities. 
  
 (e) If a holder exercises its right to require the Company to repurchase the Securities as described in Article IV or Article V, such Holder may convert its Securities as provided above only if it withdraws its
applicable Repurchase Notice or Fundamental Change Repurchase Notice and converts its Securities prior to the close of business on the business day immediately preceding the applicable Repurchase Date. 
  
 Section 12.3. Adjustment of Conversion Rate. 
  
 The Conversion Rate shall be adjusted from time to time as follows:

  
 (a) In case the Company shall, at any time or from time to
time while any of the Securities are outstanding, pay a dividend or make a distribution in shares of Class A Common Stock to all holders of its outstanding shares of Class A Common Stock, then the Conversion Rate in effect at the opening of business
on the date next following the Record Date fixed for the determination of stockholders entitled to receive such dividend or other distribution shall be increased by multiplying such Conversion Rate by a fraction: 
  
 (i) the numerator of which shall be the sum of the number of
shares of Class A Common Stock outstanding at the close of business on such Record Date fixed for such determination and the total number of shares constituting such dividend or other distribution; and 
  

 62 

 (ii) the denominator of which shall be the number of shares of Class A Common Stock
outstanding at the close of business on such Record Date fixed for such determination. 
  
 Such increase shall become effective immediately after the opening of business on the day following the Record Date fixed for such determination. 
  
 If any dividend or distribution of the type described in this Section 12.3(a) is declared but not so paid or made, the
Conversion Rate shall again be adjusted to the Conversion Rate which would then be in effect if such dividend or distribution had not been declared. 
  
 (b) In case the Company shall, at any time or from time to time while any of the Securities are outstanding, subdivide its outstanding shares of Class A
Common Stock into a greater number of shares of Class A Common Stock, then the Conversion Rate in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately increased, and
conversely, in case the Company shall, at any time or from time to time while any of the Securities are outstanding, combine its outstanding shares of Class A Common Stock into a smaller number of shares of Class A Common Stock, then the Conversion
Rate in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately decreased. In each such case, the Conversion Rate shall be adjusted by multiplying such Conversion Rate by
a fraction, the numerator of which shall be the number of shares of Class A Common Stock outstanding immediately after giving effect to such subdivision or combination and the denominator of which shall be the number of shares of Class A Common
Stock outstanding immediately prior to such subdivision or combination. Such increase or reduction, as the case may be, shall become effective immediately after the opening of business on the day following the day upon which such subdivision or
combination becomes effective. 
  
 (c) In case the Company shall,
at any time or from time to time while any of the Securities are outstanding, issue rights or warrants (other than pursuant to a shareholders rights plan) exercisable for a period less than or equal to 60 days (other than any rights or warrants
referred to in Section 12.3(d)), to all holders of its shares of Class A Common Stock entitling them to subscribe for or purchase shares of Class A Common Stock (or securities convertible into or exchangeable or exercisable for shares of Class A
Common Stock), at a price per share (or having a conversion, exchange or exercise price per share) less than the Sale Price of the Class A Common Stock on the Trading Day immediately preceding the date of the announcement of such issuance (treating
the conversion, exchange or exercise price per share of the securities convertible into or exchangeable or exercisable for Class A Common Stock as equal to the quotient of (x) the sum of (i) the price for a unit of the security convertible into or
exchangeable or exercisable for Class A Common Stock and (ii) any additional consideration initially payable upon the conversion, exchange or exercise of such security into Class A Common Stock divided by (y) the number of shares of Class A Common
Stock initially 
  

 63 

 underlying such convertible, exchangeable or exercisable security), then the Conversion Rate shall be adjusted so that
the same shall equal the rate determined by multiplying the Conversion Rate in effect at the opening of business on the date after such date of announcement by a fraction: 
  
 (i) the numerator of which shall be the number of shares of Class A Common Stock outstanding at the close of
business on the date of announcement, plus the total number of additional shares of Class A Common Stock so offered for subscription or purchase (or into which the convertible, exchangeable or exercisable securities so offered are convertible,
exchangeable or exercisable); and 
  
 (ii) the
denominator of which shall be the number of shares of Class A Common Stock outstanding on the close of business on the date of announcement, plus the number of shares (or convertible, exchangeable or exercisable securities) which the aggregate
offering price of the total number of shares (or convertible, exchangeable or exercisable securities) so offered for subscription or purchase (or the aggregate conversion, exchange or exercise price of the convertible securities so offered) would
purchase at the Sale Price of the Class A Common Stock on the Business Day immediately preceding the date of the announcement of such issuance (determined by multiplying such total number of shares so offered by the exercise price of such rights or
warrants and dividing the product so obtained by such Sale Price). 
  
 Such adjustment shall become effective immediately after the opening of business on the day following the date of announcement of such issuance. 
  
 To the extent that shares of Class A Common Stock (or securities convertible into or exchangeable or
exercisable for shares of Class A Common Stock) are not delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate which would then be
in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of the delivery of only the number of shares of Class A Common Stock (or securities convertible into or exchangeable or exercisable for shares of
Class A Common Stock) actually delivered. In the event that such rights or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate which would then be in effect if the date fixed for the determination of
stockholders entitled to receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Class A Common Stock at less than such Sale Price, and in
determining the aggregate offering price of such shares of Class A Common Stock, there shall be taken into account any consideration received for such rights or warrants and the value of such consideration if other than Cash, to be determined in
good faith by the Board of Directors of the Company. 
  
 (d) (i)
In case the Company shall, at any time or from time to time while any of the Securities are outstanding, by dividend or otherwise, distribute to all holders of its shares of Class A Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing corporation and the Class A Common Stock is not changed or exchanged), shares of its Capital Stock (other than any 
  

 64 

 dividends or distributions to which Section 12.3(a) applies), evidences of its Indebtedness or other non-Cash assets,
including securities, but excluding (x) any rights or warrants referred to in Section 12.3(c), (y) dividends or distributions of stock referred to in Section 12.3(a) and (z) dividends and distributions paid exclusively in Cash (such capital stock,
evidence of its indebtedness, other non-Cash assets or securities being distributed hereinafter in this Section 12.3(d) called the “distributed assets”), then, in each such case, subject to the other provisions of this Section
12.3(d), the Conversion Rate shall be increased so that the same shall be equal to the rate determined by multiplying the Conversion Rate in effect immediately prior to the close of business on the Record Date with respect to such distribution by a
fraction: 
  
 (A) the numerator of which shall be
the Current Market Price of Class A Common Stock; and 
  
 (B) the denominator of which shall be such Current Market Price, less the Fair Market Value on such date of the portion of the distributed assets so distributed applicable to one share of Class A Common Stock (determined on the basis of the
number of shares of Class A Common Stock outstanding on the Record Date) (determined as provided in Section 12.3(h)). 
  
 Such increase shall become effective immediately prior to the opening of business on the day following the Record Date for such distribution. In the event
that such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate which would then be in effect if such dividend or distribution had not been declared. 
  
 (ii) If the Board of Directors determines the Fair Market
Value of any distribution for purposes of this Section 12.3(d) by reference to the actual or when issued trading market for any distributed assets comprising all or part of such distribution, it must in doing so consider the prices in such market
over the same period (the “Reference Period”) used in computing the Current Market Price pursuant to Section 12.3(h) to the extent possible, unless the Board of Directors determines in good faith that determining the Fair Market
Value during the Reference Period would not be in the best interest of the Holders. 
  
 (iii) In the event any such distribution consists of shares of capital stock of, or similar equity interests in, one or more of the
Company’s Subsidiaries (a “Spin-Off”), the Fair Market Value of the securities to be distributed shall equal the average of the closing sale prices of such securities on the principal securities market on which such securities
are traded for the ten consecutive Trading Days commencing on and including the sixth Trading Day of those securities after the effectiveness of the Spin-Off, and the Current Market Price shall be measured for the same period. In the event, however,
that an underwritten initial public offering of the securities in the Spin-Off occurs simultaneously with the Spin-Off, Fair Market Value of the securities distributed in the Spin-Off shall mean the initial public offering price of such securities
and the Current Market Price shall mean the Sale Price for the Class A Common Stock on the same Trading Day. 
  

 65 

 (iv) Rights or warrants distributed by the Company to all holders of its shares of Class
A Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger
Event”), (x) are deemed to be transferred with such shares of Class A Common Stock, (y) are not exercisable and (z) are also issued in respect of future issuances of shares of Class A Common Stock shall be deemed not to have been
distributed for purposes of this Section 12.3(d) (and no adjustment to the Conversion Rate under this Section 12.3(d) will be required) until the occurrence of the earliest Trigger Event. If such right or warrant is subject to subsequent events,
upon the occurrence of which such right or warrant shall become exercisable to purchase different distributed assets, evidences of indebtedness or other assets, or entitle the holder to purchase a different number or amount of the foregoing or to
purchase any of the foregoing at a different purchase price, then the occurrence of each such event shall be deemed to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing
right or warrant without exercise by the holder thereof). Pursuant to rights issued under any Company shareholder’s rights plan, if holders of the Securities exercising the right of conversion after the date the rights separate from the
underlying Class A Common Stock are not entitled to receive the rights that would otherwise be attributable to the shares of Class A Common Stock received upon conversion, the Conversion Rate will be adjusted as though the rights were being
distributed to holders of Class A Common Stock on the date of such separation. If such an adjustment is made and the rights are later redeemed, invalidated or terminated, then a corresponding reversing adjustment will be made to the conversion rate
on an equitable basis. 
  
 In addition, in the
event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding paragraph) with respect thereto, that resulted in an adjustment to the Conversion Rate under this
Section 12.3(d): 
  
 (A) in the case of any such
rights or warrants which shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as
the case may be, as though it were a Cash distribution, equal to the per share redemption or repurchase price received by a holder of shares of Class A Common Stock with respect to such rights or warrants (assuming such holder had retained such
rights or warrants), made to all holders of shares of Class A Common Stock as of the date of such redemption or repurchase; and 
  
 (B) in the case of such rights or warrants which shall have expired or been terminated without exercise, the Conversion Rate shall be
readjusted as if such rights and warrants had never been issued. 
  
 (v) For purposes of this Section 12.3(d) and Sections 12.3(a), 12.3(b) and 12.3(c), any dividend or distribution to which this Section 12.3(d) is applicable that also includes (x) shares of Class A Common Stock, (y) a
subdivision or combination of 
  

 66 

 shares of Class A Common Stock to which Section 12.3(b) applies or (z) rights or warrants to subscribe
for or purchase shares of Class A Common Stock or securities convertible into or exercisable or exchangeable for Class A Common Stock to which Section 12.3(c) applies (or any combination thereof), shall be deemed instead to be: 
  
 (A) a dividend or distribution of the evidences of
indebtedness, assets, shares of capital stock, rights or warrants, other than such shares of Class A Common Stock, such subdivision or combination or such rights or warrants or securities convertible into or exercisable or exchangeable for Class A
Common Stock to which Sections 12.3(a), 12.3(b) and 12.3(c) apply, respectively (and any Conversion Rate increase required by this Section 12.3(d) with respect to such dividend or distribution shall then be made), immediately followed by 

 
 (B) a dividend or distribution of such shares of Class A
Common Stock, such subdivision or combination or such rights or warrants or securities convertible into or exercisable or exchangeable for Class A Common Stock (and any further Conversion Rate increase required by Sections 12.3(a), 12.3(b) and
12.3(c) with respect to such dividend or distribution shall then be made), except: 
  
 (1) the Record Date of such dividend or distribution shall be substituted as (x) “the date fixed for the determination of
stockholders entitled to receive such dividend or other distribution,” “Record Date fixed for such determinations” and “Record Date” within the meaning of Section 12.3(a), (y) “the day upon which such subdivision
becomes effective” and “the day upon which such combination becomes effective” within the meaning of Section 12.3(b), and (z) as “the date fixed for the determination of stockholders entitled to receive such rights or
warrants,” “the Record Date fixed for the determination of the stockholders entitled to receive such rights or warrants” and such “Record Date” within the meaning of Section 12.3(c); and 
  
 (2) any shares of Class A Common Stock included in such
dividend or distribution shall not be deemed “outstanding at the close of business on the date fixed for such determination” within the meaning of Section 12.3(a) and any reduction or increase in the number of shares of Class A Common
Stock resulting from such subdivision or combination shall be disregarded in connection with such dividend or distribution. 
  
 (e) In case the Company shall, by dividend or otherwise, at any time any Securities are outstanding distribute (a “Triggering
Distribution”) Cash to all or substantially all holders of its Class A Common Stock, the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying such Conversion Rate in effect on the Record Date
for such Triggering Distribution by a fraction of which the numerator shall be the Current Market Price per share of the Class A Common Stock on the Record Date, and the denominator shall be the Current Market Price per share of the Class A Common
Stock on the Record Date less the aggregate amount of cash so distributed applicable to one share of Class A Common Stock (determined on the basis of the number of shares of Class A Common Stock 
  

 67 

 outstanding on the Record Date), such increase to become effective immediately prior to the opening of business on the
day following the date on which the Triggering Distribution is paid. It is expressly understood that a stock buyback, repurchase or similar transaction or program shall in no event be considered a Triggering Distribution for purposes of this Section
12.3(e). 
  
 Notwithstanding the foregoing, adjustments to the
Conversion Rate resulting from quarterly cash dividends may not cause the Conversion Rate to exceed 37.31 (the quotient obtained by dividing $1,000 by the last reported sale price per share of the Class A Common Stock on February 24, 2004) as
adjusted for any other adjustment pursuant to this Section 12.3. 
  
 (f) In case the Company or any of its Subsidiaries shall, at any time or from time to time while any of the Securities are outstanding, make any tender offer or exchange offer for all or any portion of the shares of Class A Common Stock for
Cash or other consideration, to the extent that the aggregate amount of Cash and the Fair Market Value, as of the last date on which tenders or exchanges may be made pursuant to such tender offer or exchange offer, of any other consideration paid in
respect of such tender offer or exchange offer (determined on a per share basis) exceeds the Sale Price per share of Class A Common Stock on the trading day next succeeding the last date on which tenders or exchange may be made pursuant to such
tender or exchange offer then the Conversion Rate shall be adjusted such that immediately after the close of business on the date an Excess Amount Per Share is paid or distributed, the Conversion Rate shall be increased so that the same shall equal
the rate determined by multiplying the Conversion Rate in effect immediately prior to the close of business on the Record Date for such payment by a fraction: 
  

(A) the numerator of which shall be equal to the Current Market Price on the Record Date; and 
  
 (B) the denominator of which shall be equal to the Current
Market Price on such date minus such Excess Amount Per Share. 
  
 (g) In case someone other than the Company or one of its Subsidiaries makes a payment of Cash or other consideration in respect of a tender offer or exchange offer in which: 
  
 (A) as of the closing date of the offer, the Company’s Board of Directors is not recommending rejection
of the offer; 
  
 (B) the tender offer or exchange
offer is for an amount that increases the offeror’s ownership of the Company’s Class A Common Stock to more than 10% of the total shares of Class A Common Stock outstanding; and 
  
 (C) the aggregate amount of such Cash and the Fair Market Value, as of the expiration of such tender offer
or exchange offer, of any such other consideration paid in respect of such tender offer or exchange offer (determined on a per share basis) exceeds the Sale Price per share of the Class A Common Stock on the trading day next succeeding the last date
on which tenders or exchanges may be made pursuant to such tender or exchange offer; 
  

 68 

 the Conversion Rate shall be adjusted such that immediately after the close of business on the date an
Excess Amount Per Share is paid or distributed, the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying the Conversion Rate in effect immediately prior to the close of business on the Record Date for
such payment by a fraction: 
  
 (1) the numerator
of which shall be equal to the Current Market Price on the Record Date; and 
  
 (2) the denominator of which shall be equal to the Current Market Price on such date minus such Excess Amount Per Share. 
  
 Provided, however, no adjustment will be made if as of the closing date of such offer, the offering documents disclose a plan or an intention to cause the
Company to engage in a consolidation or merger or sale of substantially all of the Company’s assets, the offeror accepts the tender of at lease 50% of the outstanding Class A Common Stock at the expiration of the offer, and such merger,
consolidation or asset sale is completed within 120 days of the expiration of such tender offer or exchange offer, and provided that if the merger, consolidation or asset sale is not completed by such time, the conversion rate will be adjusted,
retroactive to the date the tender offer or exchange offer expired. 
  
 (h) For purposes of this Article XII, the following terms shall have the meanings indicated: 
  
 (i) “Current Market Price” on any date means the average of the daily Sale Prices per share of Class A Common Stock for
the ten consecutive Trading Days immediately prior to such date; provided, however, that if the “ex” date (as hereinafter defined) for any event (other than the issuance or distribution requiring such computation) that requires an
adjustment to the Conversion Rate pursuant to Section 12.3(a), (b), (c), (d), (e), (f) or (g) occurs during such ten consecutive Trading Days, “Current Market Price” shall be calculated for such period in a manner determined
conclusively in good faith by the Board of Directors to reflect the impact of such event on the Closing Price of the Class A Common Stock during such period. 
  
 For purposes of this paragraph, the term “ex” date, when used: 
  
 (x) with respect to any issuance or distribution, means the first date on which the shares of Class A Common
Stock trade regular way on the relevant exchange or in the relevant market from which the Sale Price was obtained without the right to receive such issuance or distribution; 
  
 (y) with respect to any subdivision or combination of shares of Class A Common Stock, means the first date
on which the shares of Class A Common Stock trade regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective; and 
  

 69 

 (z) with respect to any tender or exchange offer, means the first date on which the
shares of Class A Common Stock trade regular way on such exchange or in such market after the expiration of such offer. 
  
 Notwithstanding the foregoing, whenever successive adjustments to the Conversion Rate are called for pursuant to this Section 12.3, such adjustments shall
be made to the Current Market Price as may be necessary or appropriate to effectuate the intent of this Section 12.3 and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 
  
 (ii) “Excess Amount Per Share” shall mean,
with respect to Section 12.3(f) or (g), the extent that the aggregate amount of Cash and the Fair Market Value, as of the expiration of any tender offer or exchange offer, of any other consideration paid in respect of such tender offer or exchange
offer (determined on a per share basis) exceeds the Sale Price per share of Class A Common Stock on the trading day next succeeding the last date on which tenders or exchange may be made pursuant to such tender or exchange offer. 
  
 (iii) “Fair Market Value” shall mean the
amount which a willing buyer would pay a willing seller in an arm’s length transaction (as determined in good faith by the Board of Directors, whose good faith determination shall be conclusive). 
  
 (iv) “Record Date” shall mean (except as
expressly provided elsewhere in this Section 12.3): 
  
 (w) with respect to Section 12.3(a), the date fixed for determination of stockholders entitled to receive the Class A Common Stock issued in such dividend or distribution; 
  
 (x) with respect to Section 12.3(d), the date fixed for determination of stockholders entitled to receive
the distributed assets; 
  
 (y) with respect to
Section 12.3(e), the date fixed for determination of stockholders entitled to receive the Cash paid in such dividend or distribution; and 
  
 (z) with respect to Sections 12.3(f) and (g), the last date on which tenders or exchanges may be made pursuant to such tender offer or
exchange offer; 
  
 in each case, whether such date is fixed by
the Board of Directors or by statute, contract or otherwise. 
  
 (i) The Company shall be entitled at its election to make such additional increases in the Conversion Rate, in addition to those required by Sections 12.3(a), (b), (c), (d), (e), (f) and (g) as shall be necessary in order that any dividend
or distribution of Class A Common Stock, any subdivision, reclassification or combination of shares of Class A Common Stock or any issuance of rights or warrants referred to above shall not be taxable to the holders of Class A Common Stock for
United States federal income tax purposes. 
  

 70 

 (j) To the extent permitted by applicable law, the Company may, from time to time, increase the
Conversion Rate by any amount for any period of time, if such period is at least 20 days, the Board of Directors determines that the increase in the Conversion Rate is in the best interest of the Company, and the increase is irrevocable during the
period. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the Trustee and each Holder at the address of such Holder as it appears in the register of the Securities maintained by the Registrar, at
least 15 days prior to the date the increased Conversion Rate takes effect, a notice of the increase stating the increased Conversion Rate and the period during which it will be in effect. 
  
 (k) In any case in which this Section 12.3 shall require that any adjustment
be made effective as of or retroactively immediately following a Record Date, the Company may elect to defer (but only for five Trading Days following the filing of the statement referred to in Section 12.5) issuing to the Holder of any Securities
converted after such Record Date the shares of Class A Common Stock issuable upon such conversion over and above the shares of Class A Common Stock issuable upon such conversion on the basis of the Conversion Rate prior to adjustment; provided,
however, that the Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment. 
  
 (l) All calculations under this Section 12.3 shall be made to the nearest
cent or one-hundredth of a share, with one-half cent and 0.005 of a share, respectively, being rounded upward. Notwithstanding any other provision of this Section 12.3, the Company shall not be required to make any adjustment of the Conversion Rate
unless such adjustment would require an increase or decrease of at least 1% of such rate. Any lesser adjustment shall be carried forward and shall be made at the time of and together with the next subsequent adjustment which, together with any
adjustment or adjustments so carried forward, shall amount to an increase or decrease of at least 1% in such rate. Any adjustments under this Section 12.3 shall be made successively whenever an event requiring such an adjustment occurs. 

 
 (m) In the event that at any time, as a result of an adjustment made
pursuant to this Section 12.3, the Holder of any Securities thereafter surrendered for conversion shall become entitled to receive any shares of stock of the Company other than shares of Class A Common Stock into which the Securities originally were
convertible, the Conversion Rate of such other shares so receivable upon conversion of any such Security shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to
Class A Common Stock contained in subparagraphs (a) through (j) of this Section 12.3, and the provision of Sections 12.1, 12.2 and 12.4 through 12.9 with respect to the Class A Common Stock shall apply on like or similar terms to any such other
shares and the good faith determination of the Board of Directors as to any such adjustment shall be conclusive. 
  
 (n) No adjustment shall be made pursuant to this Section 12.3 if the Holders of the Securities may participate in the transaction that would otherwise
give rise to an adjustment pursuant to this Section 12.3. 
  

 71 

 Section 12.4. Consolidation or Merger of the Company. 
  
 If any of the following events occurs, namely: 
  
 (a) any reclassification or change of the outstanding Class A Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination) as a result of which all of the holders of Class A Common Stock shall be entitled to receive
stock, securities or other property or assets (including Cash or any combination thereof) with respect to or in exchange for all of their Class A Common Stock; 
  

(b) any merger, consolidation, statutory share exchange or combination of the Company with another corporation as a result of which all of the holders
of Class A Common Stock shall be entitled to receive stock, securities or other property or assets (including Cash or any combination thereof) with respect to or in exchange for all of their Class A Common Stock; or 
  
 (c) any sale or conveyance of the properties and assets of the Company as, or
substantially as, an entirety to any other person as a result of which all of the holders of Class A Common Stock shall be entitled to receive stock, securities or other property or assets (including Cash or any combination thereof) with respect to
or in exchange for all of their Class A Common Stock; 
  
 the Company or the
successor or purchasing person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture, if such supplemental
indenture is then required to so comply) providing that the Holder’s right to convert a Security into Class A Common Stock shall be changed to a right to convert a Security into the kind and amount of shares of stock and other securities or
property or assets (including Cash) which such Holder would have been entitled to receive upon such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance had such Securities been converted into
Class A Common Stock immediately prior to such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance assuming such holder of Class A Common Stock did not exercise its rights of election, if any,
as to the kind or amount of securities, Cash or other property receivable upon such merger, consolidation, statutory share exchange, sale or conveyance (provided, that if the kind or amount of securities, Cash or other property receivable
upon such merger, consolidation, statutory share exchange, sale or conveyance is not the same for each share of Class A Common Stock in respect of which such rights of election shall not have been exercised (“Non-Electing Share”),
then for the purposes of this Section 12.4, the kind and amount of securities, Cash or other property receivable upon such merger, consolidation, statutory share exchange, sale or conveyance for each Non-Electing Share shall be deemed to be the kind
and amount so receivable per share by a plurality of the Non-Electing Shares). Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article XII.
If, in the case of any such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance, the stock or other securities and assets receivable thereupon by a holder of Class A Common Stock includes shares
of stock or other securities and assets of a 
  

 72 

 corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders
of the Securities as the Board of Directors shall reasonably consider necessary by reason of the foregoing. 
  
 The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on
the register of the Securities maintained by the Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
  
 The above provisions of this Section 12.4 shall similarly apply to successive
reclassifications, changes, mergers, consolidations, statutory share exchanges, combinations, sales and conveyances. 
  
 If this Section 12.4 applies to any event or occurrence, Section 12.3 shall not apply. 
  
 Section 12.5. Notice of Adjustment. 
  
 Whenever an adjustment in the Conversion Rate with respect to the Securities is required: 
  
 (a) the Company shall forthwith place on file with the Trustee and any
Conversion Agent for such securities a certificate of the Treasurer of the Company, stating the adjusted Conversion Rate determined as provided herein and setting forth in reasonable detail such facts as shall be necessary to show the reason for and
the manner of computing such adjustment; and 
  
 (b) a notice
stating that the Conversion Rate has been adjusted and setting forth the adjusted Conversion Rate shall forthwith be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, to each Holder
in the manner provided in Section 15.2 hereof. Any notice so given shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. 
  
 Section 12.6. Notice in Certain Events. 
  
 In case: 
  
 (a) of a consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale or
conveyance to another Person or entity or group of Persons or entities acting in concert as a partnership, limited partnership, syndicate or other group (within the meaning of Rule 13d-3 under the Exchange Act) of all or substantially all of the
property and assets of the Company; or 
  
 (b) of the voluntary or
involuntary dissolution, liquidation or winding up of the Company; or 
  

 73 

 (c) of any action triggering an adjustment of the Conversion Rate referred to in clauses (y) or (z)
below; 
  
 then, in each case, the Company shall cause to be filed with the
Trustee and the Conversion Agent, and shall cause to be given, to the Holders of the Securities in the manner provided in Section 15.2 hereof, at least 15 days prior to the applicable date hereinafter specified, a notice stating: 
  
 (y) the date on which a record is to be taken for the purpose of any
distribution or grant of rights or warrants or other securities triggering an adjustment to the Conversion Rate pursuant to this Article XII, or, if a record is not to be taken, the date as of which the holders of record of Class A Common Stock
entitled to such distribution, rights or warrants or other securities are to be determined, or 
  
 (z) the date on which any reclassification, consolidation, merger, sale, conveyance, dissolution, liquidation or winding up described under clauses (a), (b) and (c) of Section 12.4 that changes a Holder’s right
to convert its Class A Common Stock to a right to convert into another kind and amount of securities or other property or assets is expected to become effective, and the date as of which it is expected that holders of Class A Common Stock of record
shall be entitled to exchange their Class A Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger sale, conveyance, dissolution, liquidation or winding up. 
  
 Failure to give such notice or any defect therein shall not affect the
legality or validity of the proceedings described in clause (a), (b) or (c) of this Section 12.6. 
  
 Section 12.7. Company To Reserve Stock; Registration; Listing. 
  
 (a) The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued shares of Class A Common
Stock for the purpose of effecting the conversion of the Securities, such number of its duly authorized shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all Securities then outstanding into such
Class A Common Stock at any time (assuming that, at the time of the computation of such number of shares or securities, all such Securities would be held by a single Holder). The Company covenants that all shares of Class A Common Stock which may be
issued upon conversion of Securities shall upon issue be fully paid and nonassessable and free from all liens and charges and, except as provided in Section 12.8, taxes with respect to the issue thereof. 
  
 (b) If any shares of Class A Common Stock which would be issuable upon
conversion of Securities hereunder require registration with or approval of any governmental authority before such shares or securities may be issued upon such conversion, the Company shall use its commercially reasonable efforts to cause such
shares or securities to be duly registered or approved, as the case may be. The Company further covenants that so long as the Class A Common Stock shall be quoted on the NASDAQ National Market, the Company shall use its commercially reasonable
efforts, if permitted by the rules of the NASDAQ National Market, to quote and keep quoted all Class A Common Stock issuable upon conversion of the 
  

 74 

 Securities, and the Company shall use its commercially reasonable efforts to list the shares of Class A Common Stock
required to be delivered upon conversion of the Securities prior to such delivery upon any other national securities exchange upon which the outstanding Class A Common Stock is listed at the time of such delivery. 
  
 Section 12.8. Taxes on Conversion. 
  
 The issue of stock certificates on conversion of Securities shall be made
without charge to the converting Holder for any documentary, stamp or similar issue or transfer taxes in respect of the issue thereof, and the Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in
respect of the issue or delivery of shares of Class A Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any such tax which may be payable in respect of any transfer involved in the issue or
delivery of shares of Class A Common Stock or the portion, if any, of the Securities which are not so converted in a name other than that in which the Securities so converted were registered, and no such issue or delivery shall be made unless and
until the Person requesting such issue has paid to the Company the amount of such tax or has established to the satisfaction of the Company that such tax has been paid. Nothing herein shall preclude any tax withholding required by law or regulation.

  
 Section 12.9. Conversion After Record Date. 

 
 Except as provided in this Section 12.9, a converting Holder of Securities
shall not be entitled to receive any cash payments with respect to accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on any such Securities being converted. By delivery to the Holder of the number of shares
of Class A Common Stock or other consideration issuable or Cash payable upon conversion in accordance with this Article XII, any accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on such Securities will be
deemed to have been paid in full. If any Securities are surrendered for conversion subsequent to the record date preceding an Interest Payment Date but prior to such Interest Payment Date, the Holder of such Securities at the close of business on
such record date shall receive the interest (including Contingent Interest and Additional Amounts, if any) payable on such Security on such Interest Payment Date notwithstanding the conversion thereof. Securities surrendered for conversion during
the period from the close of business on any record date preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall be accompanied by payment from converting Holders, for the account of the Company, in New
York Clearing House funds, or other funds of an amount equal to the interest (including Contingent Interest and Additional Amounts, if any) payable on such Interest Payment Date on the Securities being surrendered for conversion; provided
that no such payment is required if (a) the Company has specified a Redemption Date during the period from the close of business on any record date preceding any Interest Payment Date through and including such Interest Payment Date or (b) any
overdue interest (including any overdue Contingent Interest and Additional Amounts, if any) exists at the time of the conversion with respect to the Securities converted, but only to the extent of the amount of such overdue interest. 
  
 Except as provided in Section 12.2(a) and this Section 12.9, no payment or
adjustments in respect of payments of interest (including Contingent Interest and Additional 
  

 75 

 Amounts, if any) on Securities surrendered for conversion or any dividends or distributions or interest on the Class A
Common Stock issued upon conversion shall be made upon the conversion of any Securities. 
  
 Section 12.10. Company Determination Final. 
  
 Any determination that the Company or the Board of Directors must make pursuant to this Article XII shall be conclusive if made in good faith and in accordance with the provisions of this Article, absent manifest
error, and set forth in a Board Resolution. 
  
 Section 12.11.
Responsibility of Trustee for Conversion Provisions. 
  
 The Trustee has no duty to determine when an adjustment under this Article XII should be made, how it should be made or what it should be. The Trustee makes no representation as to the validity or value of any securities or assets issued
upon conversion of Securities. The Trustee shall not be responsible for any failure of the Company to comply with this Article XII. Each Conversion Agent other than the Company shall have the same protection under this Section 12.11 as the Trustee.

  
 The rights, privileges, protections, immunities and benefits
given to the Trustee under this Indenture including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Paying Agent or Conversion Agent acting
hereunder. 
  
 Section 12.12. Unconditional Right of Holders to
Convert. 
  
 Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to convert its Security in accordance with this Article XII and to bring an action for the enforcement of any such right to convert, and such rights
shall not be impaired or affected without the consent of such Holder. 
  
 Section 12.13. Option to Satisfy Conversion Obligation with Cash, Class A Common Stock or Combination Thereof. 
  
 (a) If the Company receives any Holder’s Conversion Notice on or prior to the day that is 31 Trading Days prior to the Stated Maturity (the
“Final Notice Date”), then (i) as to the Principal Amount at Issuance of the Security, the method for settlement shall be in accordance with the Principal Conversion Settlement Election and (ii) as to the Excess Amount, the Company
shall notify the Holder through the Trustee, at any time on or before the date that is three Trading Days following receipt of the Conversion Notice required pursuant to Section 12.2 (such period, the “Settlement Notice Period”) of
the method the Company elects to settle its obligation upon conversion of the Excess Amount (the “Excess Amount Conversion Obligation”, which together with the obligation upon conversion in respect of principal, constitutes the
“Conversion Obligation”). Specifically, the Company shall notify the Holders through the Trustee whether a Holder submitting a Conversion Notice is entitled to receive, in respect of the Excess Amount Conversion Obligation, 100%
Cash, 100% Class A Common Stock, or a combination of Cash and Class A Common Stock. If the Company elects to settle the Excess Amount Conversion Obligation in a combination of Cash and Class A Common Stock, 
  

 76 

 the Company will specify the percentage of each obligation to be settled in Cash. The Company shall treat all Holders
converting on the same Trading Day in the same manner and the Company shall not have any obligation to settle Excess Amount Conversion Obligations arising on different Trading Days in the same manner. 
  
 Settlement of the Company’s entire Conversion Obligation in Class A
Common Stock only shall occur in accordance with Section 12.2(a). Settlement in Cash or in a combination of Cash and Class A Common Stock shall, subject to Section 12.13(c), occur on the third Trading Day following the final Trading Day of the 20
Trading Day period beginning on the final Trading Day of the Settlement Notice Period (the “Cash Settlement Averaging Period”). 
  
 Settlement amounts shall be computed as follows: 
  
 (i) if the Company elects to satisfy its entire Conversion Obligation, including Principal Amount at Issuance and Excess Amount, in shares
of Class A Common Stock (other than with respect to fractional shares), the Company shall deliver to a Holder a number of shares of Class A Common Stock for each $1,000 original Principal Amount at Issuance of a Security equal to the applicable
Conversion Rate; 
  
 (ii) if the Company elects to
satisfy its entire Conversion Obligation in Cash, including Principal Amounts at Issuance and Excess Amount, the Company shall deliver to a Holder, for each $1,000 original Principal Amount at Issuance of Securities, Cash in an amount equal to the
product of (i)) the applicable Conversion Rate multiplied by (ii) the average Sale Price of its Class A Common Stock during the Cash Settlement Averaging Period; 
  
 (iii) if the Company elects to satisfy its Conversion Obligation, including Principal Amount at Issuance and
Excess Amount, in a combination of Cash and Class A Common Stock, the Company shall deliver to a Holder, for each $1,000 original Principal Amount at Issuance of Securities; 
  
 (1) a Cash Amount (the “Cash Amount”) (excluding any Cash in lieu of fraction shares) equal
to the sum of: 
  
 (A) the product of (x) $1,000
multiplied by (y) the percentage of such Principal Amount at Issuance of a Security to be satisfied in Cash; plus 
  
 (B) if greater than zero, the product of (x) the amount of Cash that would be paid pursuant to clause (ii) immediately above minus the
aggregate Principal Amount at Issuance of the Securities surrendered for conversion, multiplied by (y) the percentage of the Excess Amount to be satisfied in Cash; 
  
 and 
  

 77 

 (2) a number of shares of Class A Common Stock equal to the difference between:

  
 (A) the number of shares of Class A Common
Stock that would be issued pursuant to clause (i) immediately above, minus 
  
 (B) the number of shares equal to the quotient of (x) the Cash Amount divided by (y) the average Sale Price of the Class A Common Stock during the Cash Settlement Averaging Period. 
  
 Notwithstanding the foregoing, a Security in respect of which a Holder has delivered a
Fundamental Change Repurchase Notice exercising such Holder’s right to require the Company to repurchase such Security may be converted as described in this Section 12.13(a) only if such notice of exercise is withdrawn in accordance with
Section 5.3 prior to 5:00 p.m., New York city time, on the Business Day immediately preceding the Fundamental Change Repurchase Date. 
  
 (b) The Company shall settle all of its Conversion Obligations arising after the Final Notice Date in the same manner. Settlement of the Conversion
Obligation relating to the principal amount of the Securities shall be according to the Principal Conversion Settlement Election. On or prior to the Final Notice Date, the Company shall notify the Holders through the Trustee of the method it chooses
to settle any Excess Amount Conversion Obligations arising after the Final Notice Date. 
  
 Settlement of Conversion Obligations arising after the Final Notice Date in Class A Common Stock shall occur in accordance with Section 12.2(a). Subject to Section 12.13(c), settlement of Conversion Obligations
arising after the Final Notice Date in Cash or in a combination of Cash and Class A Common Stock shall occur on the third Trading Day following the final Trading Day of the Cash Settlement Averaging Period described in the following sentence. The
settlement amount of Class A Common Stock, Cash or combination of Cash and Class A Common Stock in satisfaction of Conversion Obligations arising after the Final Notice Date shall be computed in the same manner as set forth in Section 12.13(a),
except that the Cash Settlement Averaging Period shall be the 20 Trading Day period beginning on the date that is the 23rd Trading Day prior to the Stated Maturity. 
  
 (c) If any Trading Day during a Cash Settlement Averaging Period is not an undisrupted Trading Day, then determination of
the price for that day shall be delayed until the next undisrupted Trading Day on which a pricing is not otherwise observed and such day shall not count as one of the 20 Trading Days that constitute the Cash Settlement Averaging Period. If this
results in a price being observed later than the eighth Trading Day after the last of the original 20 Trading Days in the Cash Settlement Averaging Period, then the Company shall determine all prices for all delayed and undetermined prices on that
eighth Trading Day based on its good faith estimate of the value of the Class A Common Stock on that date. In the event that any Trading Day during the Cash Settlement Averaging Period beginning on the date that is the 23rd Trading Day prior to the
Stated Maturity is not an undisrupted Trading Day, settlement shall occur after the Stated Maturity. 
  

 78 

 ARTICLE XIII 
  
 CONTINGENT INTEREST 
  
 Section 13.1. Contingent Interest. 
  
 The Company shall make Contingent Interest payments to the Holders of Securities, as set forth in Section 13.2 below, during any six-month period from
March 1 to August 31 and from September 1 to February 28, commencing with the six-month period beginning March 1, 2011 (each a “Contingent Interest Period”), if the average Trading Price of a Security for the five Trading Day period
ending on the third Trading Day immediately preceding the relevant Contingent Interest Period equals 120% or more of the Principal Amount at Issuance of such Security. During any Contingent Interest Period when Contingent Interest is payable
pursuant to this Section 13.1, each Contingent Interest payment due and payable on each $1,000 Principal Amount at Issuance shall equal 0.375% per annum of the average Trading Price of such Security for the five Trading Day period ending on the
third Trading Day immediately preceding the first day of the relevant six-month period. Contingent Interest, if any, shall accrue and be payable to Holders in the same manner as regular Cash interest. Regular Cash interest will continue to accrue at
the rate of 3.125% per year on the principal amount of the Securities whether or not Contingent Interest is paid. 
  
 Section 13.2. Payment of Contingent Interest; Contingent Interest Rights Preserved. 
  
 (a) The Company shall pay Contingent Interest owed pursuant to Section 13.1 for any Interest Period on the Interest Payment Date immediately succeeding
the applicable Interest Period to Holders of Securities as of the Regular Record Date relating to such Interest Payment Date. 
  
 (b) Upon a determination by the Company that Holders of Securities shall be entitled to receive Contingent Interest during a Contingent Interest Period,
on or prior to the first day of such Contingent Interest Period, the Company shall provide notice to the Trustee and issue a press release through a public medium as is customary for such a press release. 
  
 ARTICLE XIV 
  
 TAX TREATMENT 
  
 The Company agrees, and by acceptance of a beneficial ownership interest in
the Securities each Holder and each beneficial owner of the Securities will be deemed to have agreed, for United States federal income tax purposes (1) to treat the Securities as indebtedness that is subject to Treasury regulations section 1.1275-4
(the “Contingent Debt Regulations”) and, for purposes of the Contingent Debt Regulations, to treat the fair market value of any stock beneficially received upon any conversion of the Securities as a contingent payment and (2) to
accrue interest with respect to the Securities as original issue discount on a constant yield basis using the comparable yield of 7.45% per annum compounded semi-annually and the projected payment schedule as determined by the Company. A Holder or
beneficial owner may obtain the 
  

 79 

 projected payment schedule for the Securities by submitting a written request for such information to the Company at the
following address: BankUnited Financial Corporation, 255 Alhambra Circle, Coral Gables, Florida 33134, Attention: Chief Financial Officer. 
  
 Notwithstanding anything to the contrary contained herein, all persons may disclose to any and all persons, without limitation of any kind, the U.S.
federal, state and local tax treatment of the Securities, the Class A Common Stock and the Company any fact relevant to understanding the U.S. federal, state and local tax treatment of the Securities, the Class A Common Stock and the Company and all
materials of any kind (including opinions or other tax analyses) relating to such tax treatment and that may be relevant to understanding such tax treatment, but a Holder may not disclose our name, the name of any party identified in (i) the
Indenture, (ii) any document referenced herein or (iii) any opinion or other tax analysis or information that would permit identification of any such person (and you must redact such names and other such identifying information from any materials
that you do disclose) except as may be required by law. 
  
 ARTICLE XV 
  
 MISCELLANEOUS 
  
 Section 15.1. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies, or conflicts with the
duties imposed by TIA Section 318(c), such section of the TIA shall control. If any provision of this Indenture expressly modifies or excludes any provision of the TIA that may be so modified or excluded, the Indenture provision so modifying or
excluding such provision of the TIA shall be deemed to apply. 
  
 Section 15.2. Notices. 
  
 Any request, demand,
authorization, notice, waiver, consent or communication shall be in writing and delivered in person, mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission (confirmed by guaranteed overnight
courier) to the following facsimile numbers: 
  
 if to the Company: 
  
 BankUnited
Financial Corporation 
 255 Alhambra Circle 
 Coral Gables, Florida 33134 
 Attn: Chief Financial Officer 
 Facsimile No.: (305) 231-6630 
  

 80 

 with a copy (for informational purposes only) to: 
  
 Camner, Lipsitz & Poller, PA 
 550 Biltmore Way, Suite 700 
 Coral Gables, Florida 33134 
 Attn: Corporate 
  
 if to the Trustee: 
  
 U.S. Bank Trust National Association 
 60 Livingston Avenue 
 St. Paul, MN 55107 
 Attn: Richard Prokosch 
 Facsimile No.: (651) 495-8097 
  
 The Company or the Trustee by notice given to the other in the manner provided above may designate additional or different addresses for subsequent
notices or communications. 
  
 Any notice or communication given
to a Securityholder shall be mailed to the Securityholder, by first-class mail, postage prepaid, at the Securityholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the
time prescribed. 
  
 Failure to mail a notice or communication to
a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not received by the addressee. 

 
 If the Company mails a notice or communication to the Securityholders, it
shall mail a copy to the Trustee and each Registrar, Paying Agent, Conversion Agent or co-registrar. 
  
 Section 15.3. Communication by Holders with Other Holders. 
  
 Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar, the Paying Agent, the Conversion Agent and anyone else shall have the protection of TIA Section 312(c). 
  
 Section 15.4. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee, if the Trustee so requests: 
  
 (a) an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  

 81 

 (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with. 
  
 Section 15.5. Statements Required
in Certificate or Opinion. 
  
 Each Officers’ Certificate
or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
  
 (a) a statement that each person making such Officers’ Certificate or Opinion of Counsel has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officers’ Certificate or Opinion of Counsel are based; 
  
 (c) a statement that, in the opinion of each such person, he or she has made such examination or investigation as is necessary to enable such person to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement that, in the opinion of such person, such covenant or condition has been complied with. 
  
 Section 15.6. Separability Clause. 
  
 In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

Section 15.7. Rules by Trustee, Paying Agent, Conversion Agent and Registrar. 
  
 The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar, the Conversion Agent,
the Paying Agent and the Bid Solicitation Agent may make reasonable rules for their functions. 
  
 Section 15.8. Legal Holidays. 
  
 If any specified date (including a date for giving notice) is a Legal Holiday, the action shall be taken on the next succeeding day that is not a Legal Holiday, and, if the action to be taken on such date is a payment in respect of the
Securities, no interest, if any, shall accrue for the intervening period. 
  
 Section 15.9. Governing Law; Submission to Jurisdiction; Service of Process. 
  
 This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

 82 

 The Company submits to the nonexclusive jurisdiction of the courts of the State of New York and the
courts of the United States of America, in each case located in the Borough of Manhattan, The City of New York and State of New York over any suit, action or proceeding arising under or in connection with this Indenture or the transactions
contemplated hereby or the Securities. The Company waives any objection that it may have to the venue of any suit, action or proceeding arising under or in connection with this Indenture or the transactions contemplated hereby or the Securities in
the courts of the State of New York or the courts of the United States of America, in each case located in the Borough of Manhattan, City of New York and State of New York, or that such suit, action or proceeding brought in the courts of the State
of New York or the courts of the United States of America, in each case located in the Borough of Manhattan, City of New York and State of New York, was brought in an inconvenient court and agrees not to plead or claim the same. 
  
 Section 15.10. No Recourse Against Others. 
  
 No recourse under or upon any obligation, covenant or agreement contained in
this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities. 
  
 Section 15.11. Successors. 
  
 All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind
its successor. 
  
 Section 15.12. Multiple Originals.

  
 The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
  
 Section 15.13. Benefits of Indenture. 
  
 Nothing in this Indenture or in the Securities, express or implied, shall give to any person, other than the parties hereto and the Holders of the
Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture or the Securities. 
  

 83 

 IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Indenture on behalf of the
respective parties hereto as of the date first above written. 
  

			
	 BANKUNITED FINANCIAL CORPORATION

		
	 By:
	 	 /s/ Humberto L. Lopez

	 	 	 Name: Humberto L. Lopez

	 	 	 Title: Senior Executive Vice President and CFO

	
	 U.S. BANK NATIONAL ASSOCIATION,
 As Trustee

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

 IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Indenture on behalf of the
respective parties hereto as of the date first above written. 
  

			
	 BANKUNITED FINANCIAL CORPORATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION,
 As Trustee

		
	 By:
	 	 /s/ Richard H. Prokosch

	 	 	 Name: Richard H. Prokosch

	 	 	 Title: Vice President

 EXHIBIT A 
  

[FORM OF FACE OF SECURITY] 
  
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 
  
 [THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE AND THE CLASS A COMMON STOCK ISSUABLE UPON CONVERSION HEREOF MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE
BENEFIT OF BANKUNITED FINANCIAL CORPORATION, THAT (A) THIS NOTE AND THE CLASS A COMMON STOCK ISSUABLE UPON CONVERSION HEREOF MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO
SUCH TRANSFER, FURNISHES TO U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE (OR A 

	1	This legend should be included only if the Security is a Global Security. 

  

 A-1 

 SUCCESSOR TRUSTEE, AS APPLICABLE), A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THE NOTES (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM SUCH TRUSTEE OR SUCCESSOR TRUSTEE, AS APPLICABLE), (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT,
(IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY CASE,
THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH REGARD TO THE SECURITIES EXCEPT AS PERMITTED UNDER THE SECURITIES ACT2] 
  
 [THE HOLDER
OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF
SUCH REGISTRATION RIGHTS AGREEMENT.] 2 
  
 FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED
WITH ORIGINAL ISSUE DISCOUNT. IN ADDITION, THIS SECURITY IS SUBJECT TO REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. UNDER SUCH REGULATIONS, THE COMPARABLE YIELD OF THIS SECURITY IS 7.45% PER ANNUM. 
  
 THE COMPANY AGREES, AND BY ACCEPTANCE OF A BENEFICIAL OWNERSHIP INTEREST IN
THE SECURITIES EACH HOLDER AND EACH BENEFICIAL OWNER OF THE SECURITIES WILL BE DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THE SECURITIES AS INDEBTEDNESS THAT IS SUBJECT TO TREASURY REGULATIONS SECTION 1.1275-4
(THE “CONTINGENT DEBT REGULATIONS”) AND, FOR PURPOSES OF THE CONTINGENT DEBT REGULATIONS, TO TREAT THE FAIR MARKET VALUE OF ANY STOCK BENEFICIALLY RECEIVED UPON ANY CONVERSION OF THE SECURITIES AS A CONTINGENT PAYMENT AND (2) TO ACCRUE
INTEREST WITH RESPECT TO THE SECURITIES AS ORIGINAL ISSUE DISCOUNT ON A CONSTANT YIELD BASIS USING THE COMPARABLE YIELD OF 7.45% PER ANNUM COMPOUNDED SEMI-ANNUALLY AND THE PROJECTED PAYMENT SCHEDULE AS DETERMINED BY THE COMPANY. A HOLDER OR
BENEFICIAL OWNER MAY OBTAIN THE PROJECTED PAYMENT SCHEDULE FOR THE SECURITIES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: BANKUNITED FINANCIAL CORPORATION, 255 ALHAMBRA CIRCLE, CORAL GABLES, FLORIDA
33134, ATTENTION: CORPORATE SECRETARY. 

	2	This legend should be included only if the Security is a Transfer Restricted Security. 

  

 A-2 

 BANKUNITED FINANCIAL CORPORATION 
 3.125% Convertible Senior Notes due 2034 
  

			
	 No.
	 	CUSIP: 06652BAD5

  
 BANKUNITED FINANCIAL
CORPORATION, a Florida corporation (the “Company”, which term shall include any successor corporation under the Indenture referred to on the reverse hereof), promises to pay
to                             , or registered assigns, up to the principal amount of One
Hundred Million Dollars ($100,000,000) [, or such greater or lesser amount as is indicated in the records of the Trustee and the Depositary,]3 on March 1, 2034, and to pay interest thereon, in arrears, from February 27, 2004 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on March 1 and September 1 in each year
(each, an “Interest Payment Date”), commencing on September 1, 2004, at the rate of 3.125% per annum until the principal hereof is paid or made available for payment at March 1, 2034 or upon acceleration, or until such date on which
the Securities are converted, redeemed or repurchased as provided herein, and at the rate of 3.125% per annum on any overdue principal and on any overdue installment of interest, Contingent Interest and Additional Amounts, if any. The interest so
payable and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture (as hereinafter defined), be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at
the close of business on the regular record date for such interest, which shall be the February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding the corresponding Interest Payment Date (a “Regular Record
Date”). Any such interest, Contingent Interest and Additional Amounts, if any, not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid (a) to the Person in
whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee (a “Special Record Date”), notice
whereof shall be given to Holders not less than 10 calendar days prior to such Special Record Date, or (b) at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
  
 From and after the Contingent Interest Period commencing March 1, 2011, the Company shall pay Contingent Interest on this Security under the circumstances
and in the amounts described in Article XIII of the Indenture. Such Contingent Interest, if any shall be payable semi-annually in arrears on each Interest Payment Date to the Holder of this Security as of the close of business on the Regular Record
Date relating to such Interest Payment Date. 
  
 Contingent
Interest, if any, shall accrue from March 1 to August 31 and from September 1 to February 28, as applicable, and shall be payable on the next succeeding Interest Payment Date. Contingent Interest shall be paid to the Person in whose name a Security
is registered on the next preceding Regular Record Date on which Contingent Interest is payable. 
  
 The amount of Contingent Interest payable per $1,000 principal amount of Securities in respect of any Contingent Interest Period shall equal 0.375% per
annum of the average Trading Price of such Security for the five Trading Day period ending on the third Trading Day immediately preceding the first day of the relevant six-month period. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse side of this Security, which
further provisions shall for all purposes have the same effect as if set forth at this place. 

	3	This phrase should be included only if the Security is a Global Security. 

  

 A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated: February 27, 2004 
  

			
	 BANKUNITED FINANCIAL CORPORATION

		
	 By:
	 	  

	 Name:

	 Title:

  

 A-5 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities referred to in the within-mentioned Indenture. 
  
 Dated: February 27, 2004 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  

 A-6 

 [FORM OF REVERSE OF SECURITY] 
  
 3.125% Convertible Senior Notes due 2034 
  
 This Security is one of a duly authorized issue of 3.125% Convertible Senior Notes due 2034 (the
“Securities”) of BANKUNITED FINANCIAL CORPORATION, a Florida corporation (including any successor corporation under the Indenture hereinafter referred to, the “Company”), issued under an Indenture, dated as of
February 27, 2004 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The terms of the Security include those stated in the Indenture, those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”), and those set forth in this Security. This Security is subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement
of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. Capitalized terms used but not defined
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  

	1.	Interest. 

  
 Interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 If this Security is redeemed pursuant to Section 5 of this Security or the
Holder elects to require the Company to repurchase this Security pursuant to Section 6 of this Security, on a date that is after the Regular Record Date and prior to the corresponding Interest Payment Date, interest (including Contingent Interest
and Additional Amounts, if any) accrued and unpaid hereon to, but not including, the applicable Redemption Date, Repurchase Date or Fundamental Change Repurchase Date shall be paid to the same Holder to whom the Company pays the principal of this
Security. 
  
 Interest (including Contingent Interest and
Additional Amounts, if any) on Securities converted after the close of business on a Regular Record Date but prior to the opening of business on the corresponding Interest Payment Date shall be paid to the Holder of the Securities on the Regular
Record Date but, upon conversion, the Holder must pay the Company the interest (including Contingent Interest and Additional Amounts, if any) which have accrued and shall be paid on such Interest Payment Date. No such payment need be made with
respect to Securities which shall be converted after a Regular Record Date and prior to the corresponding Interest Payment Date after being called for redemption if (i) the Company has specified a Redemption Date during the period from the close of
business on any record date preceding any Interest Payment Date through and including such Interest Payment Date or (ii) any overdue interest (including overdue Contingent Interest and Additional Amounts, if any) exists at the time of conversion
with respect to the Securities converted, but only to the extent of the amount of such overdue interest (including overdue Contingent Interest and Additional Amounts, if any). 
  

 A-7 

 Except as otherwise stated herein, any reference herein to interest accrued or payable as of any date
shall include Contingent Interest, if any, and Additional Amounts, if any accrued or payable on such date as provided in the Registration Rights Agreement. 
  

	2.	Method of Payment. 

  
 Payment of the principal of and interest (including Contingent Interest and Additional Amounts, if any), on the Securities shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts or in Applicable Stock, as the case may be, as permitted in the Indenture. The Holder must surrender the Securities to the
Paying Agent to collect payment of principal. Payment of interest (including Contingent Interest and Additional Amounts, if any) on Certificated Securities shall be made by check mailed to the address of the Person entitled thereto as such address
appears in the Register and payment of interest, Contingent Interest and Additional Amounts, if any, on Certificated Securities in aggregate principal amount in excess of $5,000,000 shall be made by wire transfer in immediately available funds at
the written election of such Holder. Notwithstanding the foregoing, so long as the Securities are registered in the name of a Depositary or its nominee, all payments with respect to the Securities shall be made by wire transfer of immediately
available funds to the account of the Depositary or its nominee. 
  

	3.	Paying Agent, Registrar, Conversion Agent and Bid Solicitation Agent. 

  

Initially, U.S. Bank National Association shall act as Paying Agent, Conversion Agent and Bid Solicitation Agent. The Company may appoint and change
any Paying Agent, Registrar, Conversion Agent or Bid Solicitation Agent without notice, other than notice to the Trustee; provided that the Company shall maintain at least one officer or agency of the Trustee, Registrar, Paying Agent and Conversion
Agent in the State of New York, The City of New York, Borough of Manhattan, which shall initially be an office or agency of the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or
Conversion Agent. None of the Company or any Subsidiary or any Affiliate of any of them may act as Bid Solicitation Agent. 
  

	4.	Indenture. 

  
 The Securities are general unsecured obligations of the Company limited to up to $120,000,000 aggregate principal amount ($20,000,000 of which includes
Securities issued upon exercise in full of the Initial Purchasers’ option to purchase additional Notes provided for in the Purchase Agreement). The Indenture does not limit other indebtedness of the Company, secured or unsecured. 
  

	5.	Redemption at the Option of the Company. 

  
 The Company may, at its option, redeem the Securities at any time as a whole, or from time to time in part, on or after March 1, 2011, at a redemption
price in Cash equal to 100% of the principal amount of Securities to be redeemed plus any accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) on those Securities to, but not including, the Redemption Date.

  

 A-8 

 Notice of redemption pursuant to this Section of this Security shall be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder of Securities to be redeemed at the Holder’s registered address. If Cash sufficient to pay the Redemption Price of all Securities (or portions thereof) to be redeemed on the Redemption
Date is deposited with the Paying Agent prior to 10:00 a.m., New York City time, on the Redemption Date, then on such Redemption Date, interest (including Contingent Interest and Additional Amounts, if any) shall cease to accrue on such Securities
or portions thereof. Securities in denominations larger than $1,000 of principal amount may be redeemed in part but only in multiples of $1,000 of principal amount. 
  

	6.	Repurchase By the Company at the Option of the Holder or Upon a Fundamental Change. 

  
 Subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase, at the option of the
Holder, all or any portion of the Securities held by such Holder on March 1, 2011, March 1, 2014, March 1, 2019, March 1, 2024 and March 1, 2029 in multiples of $1,000 at a repurchase price in Cash equal to 100% of the principal amount of those
Securities plus accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) to, but not including, such Repurchase Date. To exercise such right, a Holder shall deliver to the Paying Agent a Repurchase Notice containing
the information set forth in the Indenture, at any time from 9:00 a.m., New York City time, on the date that is 20 Business Days immediately preceding such Repurchase Date until 5:00 p.m., New York City time, on the Business Day immediately
preceding such Repurchase Date, and shall deliver the Securities to the Paying Agent as set forth in the Indenture. 
  
 Subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase, at the option of the Holder, all or any portion of
the Securities held by such Holder upon a Fundamental Change in multiples of $1,000 at the Fundamental Change Repurchase Price. To exercise such right, a Holder shall deliver to the Paying Agent a Fundamental Change Repurchase Notice containing the
information set forth in the Indenture, at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Fundamental Change Repurchase Date, and shall deliver the Securities to the Paying Agent as set forth in the
Indenture. 
  
 Holders have the right to withdraw any Repurchase
Notice or Fundamental Change Repurchase Notice by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture. 
  
 If Cash sufficient to pay the Repurchase Price or Fundamental Change Repurchase Price, as the case may be, of all Securities
or portions thereof to be repurchased with respect to a Repurchase Date or Fundamental Change Repurchase Date, as the case may be, is deposited with the Paying Agent, at 10:00 a.m., New York City time, on the Repurchase Date or Fundamental Change
Repurchase Date, as the case may be, then, immediately after the Repurchase Date or Fundamental Change Repurchase Date, as applicable, such Securities shall cease to be outstanding and interest (including Contingent Interest and Additional Amounts,
if any) on such Securities shall cease to accrue and the Holder thereof shall have no other rights as such other than the right to receive the Repurchase Price or Fundamental Change Repurchase Price upon surrender of such Security. 
  

 A-9 

	7.	Conversion. 

  
 Subject to and in compliance with the provisions of the Indenture (including, without limitation, the conditions to conversion of this Security set forth
in Section 12.1 thereof and the right of the Company to elect to deliver Cash or a combination of Cash and Class A Common Stock set forth in Section 12.2(a) and Section 12.13 thereof), a Holder is entitled, at such Holder’s option, to convert
the Holder’s Security (or any portion of the principal amount thereof that is $1,000 or a multiple of $1,000), into fully paid and nonassessable shares of Class A Common Stock at the Conversion Rate in effect on the date of conversion.

  
 Upon conversion, the Company shall have the right to deliver,
in lieu of shares of Class A Common Stock, Cash or a combination of Cash and shares of Class A Common Stock. 
  
 On the first date the Securities become convertible under the above circumstances, the Company shall notify Holders in writing of its Principal Conversion
Settlement Election. This notification once provided to a Holder on the first conversion date, regardless of a Holder’s decision to convert, is irrevocable and legally binding with regard to any subsequent conversion of the Securities.

  
 Until the Securities are surrendered for conversion, the
Company shall not be required to notify Holders of its method for settling the Excess Amount of its conversion obligation of the $1,000 principal amount of the Securities. 
  
 The Company shall notify Holders of any event triggering the right to convert the Securities as specified above in
accordance with the Indenture. 
  
 A Security in respect of which
a Holder has delivered a Repurchase Notice or Fundamental Change Repurchase Notice, as the case may be, exercising the right of such Holder to require the Company to repurchase such Security may be converted only if such Repurchase Notice or
Fundamental Change Repurchase Notice is withdrawn in accordance with the terms of the Indenture. 
  
 The initial Conversion Rate is 26.2771 shares per $1,000 principal amount of Securities, subject to adjustment in certain events described in the
Indenture. 
  
 To surrender a Security for conversion, a Holder
must, in the case of Global Securities, comply with the Applicable Procedures of the Depositary in effect at that time, and in the case of Certificated Securities, (1) surrender the Security to the Conversion Agent, (2) complete and manually sign
the conversion notice below (or complete and manually sign a facsimile of such notice) and deliver such notice to the Conversion Agent, (3) if required by the Conversion Agent, furnish appropriate endorsements and transfer documents and (4) pay all
funds required, if any, relating to interest (including Contingent Interest and Additional Amounts, if any), and any transfer or similar tax or duty, if required. 
  

 A-10 

 No fractional share of Class A Common Stock shall be issued upon conversion of any Security. Instead, the
Company shall pay a Cash adjustment as provided in the Indenture. 
  
 Except as provided in Section 12.2(a) and Section 12.9 of the Indenture, no payment or adjustment shall be made for accrued and unpaid interest (including Contingent Interest and Additional Amounts, if any) or dividends on the shares of
Class A Common Stock, except as provided in the Indenture. 
  
 If the Company (i) is a party to a consolidation, merger, statutory share exchange or combination of the Company with another corporation as a result of which all the holders of Class A Common Stock shall be entitled to receive stock,
securities or other property or assets (including Cash or a combination thereof) with respect to or in exchange for all of their Class A Common Stock, (ii) reclassifies or changes the shares of Class A Common Stock or (iii) conveys, transfers or
leases its properties and assets as, or substantially as, an entirety to any person, the right to convert a Security into shares of Class A Common Stock may be changed to a right to convert a Security into the kind and amount of shares of stock and
other securities or property or assets (including Cash) which such Holder would have been entitled to receive upon such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance had such Holder
converted its Security into Class A Common Stock immediately prior to such transaction, in each case, in accordance with the Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

  
 The Securities are in fully registered form (except in the case of a Global Security), without coupons, in denominations of $1,000 of principal amount and
multiples of $1,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any
Securities in respect of which a Repurchase Notice or Fundamental Change Repurchase Notice has been given and not withdrawn (except, in the case of a Security to be repurchased in part, the portion of the Security not to be repurchased) or any
Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed. 
  

	9.	Persons Deemed Owners. 

  
 The registered Holder of this Security may be treated as the owner of this Security for all purposes. 
  

	10.	Unclaimed Money or Securities. 

  
 The Trustee and the Paying Agent shall return to the Company upon written request any Cash or securities held by them for the payment of any amount with
respect to the Securities that remains unclaimed for two years, subject to applicable unclaimed property law. After return to the Company, Holders entitled to the money or securities must look to the Company for payment as general creditors unless
an applicable abandoned property law designates another person. 
  

 A-11 

	11.	Amendment; Waiver. 

  
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent or affirmative vote
of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities and (ii) certain Defaults may be waived with the written consent or affirmative vote of the Holders of not less than a majority in aggregate
principal amount of the outstanding Securities. 
  
 Without the
consent of any Securityholder, the Company and the Trustee may amend the Indenture or the Securities to (i) add to the covenants of the Company for the benefit of the Holders of Securities, (ii) surrender any right or power conferred upon the
Company in the Indenture, (iii) provide for the assumption of the Company’s obligations to the Holders of Securities in the case of a merger, consolidation, conveyance, transfer, sale, lease or other disposition pursuant to Article VII of the
Indenture, (iv) increase the Conversion Rate or reduce the Conversion Price; provided, however, that such increase in the Conversion Rate or reduction in the Conversion Price is in accordance with the terms of the Indenture or shall not
adversely affect the interest of the Holders of Securities, (v) provide for a successor Trustee with respect to the Securities, (vi) add any additional Events of Default with respect to all or any of the Securities, (vii) secure the Securities,
(viii) supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the discharge of the Securities, provided that such change or modification does not adversely affect the interests of the Holders
of the Securities, (ix) make any changes or modifications necessary in connection with the registration of the Securities under the Securities Act as contemplated in the Registration Rights Agreement; provided, however, that such action
pursuant to this clause does not adversely affect the interests of the Holders of Securities in any material respect, (x) cure any ambiguity, correct or supplement any provision in the Indenture which may be inconsistent with any other provision
therein or which is otherwise defective, or to make any other provisions with respect to matters or questions arising under the Indenture which the Company may deem necessary or desirable and which shall not be inconsistent with the provisions of
the Indenture; provided, however, that such action pursuant to this clause does not adversely affect the interests of the Holders of Securities, (xi) add or modify any other provisions in the Indenture with respect to matters or questions
arising thereunder which the Company and the Trustee may deem necessary or desirable and which would not adversely affect the interests of the Holders of Securities, (xii) comply with the requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA, (xiii) provide for issuance of the Securities in coupon form; and (xiv) make provision with respect to the conversion rights of Holders of the Securities in accordance with this Indenture in connection
with a reclassification, consolidation, combination, merger or sale of all or substantially all of the Company’s property and assets. 
  

	12.	Defaults and Remedies. 

  
 If any Event of Default other than as a result of certain events of bankruptcy, insolvency or reorganization of the Company or its Significant
Subsidiaries occurs and is continuing, the principal of all the Securities may be declared due and payable in the manner and 
  

 A-12 

 with the effect provided in the Indenture. If an Event of Default occurs as a result of certain events of bankruptcy,
insolvency or reorganization of the Company or its Significant Subsidiaries, the principal of all the Securities shall become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to
the extent provided in the Indenture. 
  

	13.	Trustee Dealings with the Company. 

  
 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	14.	Calculations in Respect of Securities. 

  
 The Company or its agents shall be responsible for making all calculations called for under the Securities including, but not limited to, determination of
the Current Market Price, the Trading Price, Sale Price of the Applicable Stock and Class A Common Stock and amounts of Contingent Interest, as applicable, the number of shares of Class A Common Stock, Applicable Stock and/or amount of Cash issuable
upon conversion and the amounts of interest (including Contingent Interest and Additional Amounts, if any) on the Securities. Any calculations made in good faith and without manifest error shall be final and binding on Holders of the Securities if
set forth in a Board Resolution. The Company or its agents shall be required to deliver to the Trustee a schedule of its calculations and the Trustee shall be entitled to conclusively rely upon the accuracy of such calculations without independent
verification. 
  

	15.	No Recourse Against Others. 

  
 No recourse under or upon any obligation, covenant or agreement contained in the Indenture, or in this Security, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders and as
part of the consideration for the issue of the Securities. 
  

	16.	Authentication. 

  
 This Security shall not be valid until an authorized signatory of the Trustee signs manually or by facsimile, the Trustee’s Certificate of
Authentication on the other side of this Security. 
  

	17.	Abbreviations. 

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

 A-13 

	18.	INDENTURE TO CONTROL; GOVERNING LAW. 

  
 IN THE CASE OF ANY CONFLICT BETWEEN THE PROVISIONS OF THIS SECURITY AND THE INDENTURE, THE PROVISIONS OF THE INDENTURE SHALL CONTROL. THE INDENTURE
AND THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture. Requests may be made to: 
  
 BANKUNITED FINANCIAL CORPORATION 
 255 Alhambra Circle 
 Coral Gables,
Florida 33134 
 Attn: Chief Financial Officer 
 Facsimile No. (305) 231-6630 
  

	19.	Registration Rights.4

  
 The Holders of the Securities are entitled to
the benefits of a Registration Rights Agreement, dated as of February 27, 2004, between the Company and the Initial Purchasers named therein, including, in certain circumstances, the receipt of Additional Amounts upon a registration default (as
defined in such agreement). 
  

	4	This section shall be deleted from any Securities that are not Transfer Restricted Securities. 

  

 A-14 

 ASSIGNMENT FORM 
  
 To assign this Security, fill in the form below: 
  
 I or we assign and transfer this Security to 
  

	
	  

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

	  

	  

	  

	 (Print or type assignee’s name, address and zip code)

  
 and irrevocably appoint agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

					
	 	  	 	  	Your Signature:
			
	 Date:
                                        
    
	  	 	  	
 (Sign exactly as your name appears on the
 other side of this Security)

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

	  	 	  	 
	Authorized
Signatory                                	  	 

  

 A-15 

 CONVERSION NOTICE 
  
 To convert this Security into shares of Class A Common Stock (or Cash or a combination of shares of Class A Common Stock and Cash, if the
Company so elects) of the Company, check the box   ̈ 
  
 To convert only part of this Security, state the principal amount to be converted (which must be $1,000 or a multiple of $1,000):

  
 If you want the stock certificate made out in another person’s name fill
in the form below: 
  

	
	

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

  

  

	(Print or type assignee’s name, address and zip code)

  

					
	 	  	 	  	Your Signature:
			
	 Date:
                                        
    
	  	 	  	
 (Sign exactly as your name appears on the
 other side of this Security)

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

	  	 	  	 
	Authorized
Signatory                                	  	 

  

 A-16 

 TRANSFER CERTIFICATE5 
  
 Re:
3.125% Convertible Senior Notes due 2034 
 (the “Securities”) of BankUnited Financial Corporation (the
“Company”) 
  
 This certificate relates to
$     principal amount of Securities owned in (check applicable box) 
  

			
	  ̈ book-entry or
	  	 ̈ definitive form by
                     (the “Transferor”).

  
 The Transferor has
requested a Registrar or the Trustee to exchange or register the transfer of such Securities. 
  
 In connection with such request and in respect of each such Security, the Transferor does hereby certify that the Transferor is familiar with transfer restrictions relating to the Securities as provided in Sections
2.6 and 2.12 of the Indenture dated February 27, 2004 between the Company and U.S. Bank National Association, as trustee (the “Indenture”), and the transfer of such Security is being made pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), or the transfer or exchange, as the case may be, of such Security does not require registration under the Securities Act because (check applicable box):

  

	 	 ̈	Such Security is being transferred pursuant to an effective registration statement under the Securities Act; or 

  

	 	 ̈	Such Security is being transferred to the Company or a Subsidiary; or 

  

	 	 ̈	Such Security is being transferred inside the United States to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act; or

  

	 	 ̈	Such Security is being transferred inside the United States to an “institutional accredited investor” that prior to such transfer has furnished to U.S. Bank National
Association as Trustee (or a successor trustee, as applicable) a signed letter containing certain representations and agreements relating to the restrictions on transfer of the Securities (in the form obtained from such Trustee or successor trustee,
as applicable); or 

  

	 	 ̈	Such Security is being transferred outside the United States in compliance with Rule 904 under the Securities Act; or 

  

	5	This certificate should only be included if this Security is a Transfer Restricted Security. 

  

 A-17 

	 	 ̈	Such Security is being transferred pursuant to and in compliance with an exemption from the registration requirements under the Securities Act in accordance with Rule 144 (or any
successor thereto) (“Rule 144”) under the Securities Act; or 

  

	 	 ̈	Such Security is being acquired for the Transferor’s own account, without transfer; 

  
 and unless the Such Security is being transferred to the Company or a Subsidiary box is checked, the undersigned confirms that such Security
is not being transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act. 
  

			
	 DATE:
	 	  

	 	 	 Signature(s) of Transferor

  
 (If the registered owner is a
corporation, partnership or fiduciary, the title of the person signing on behalf of such registered owner must be stated.) 
  

	
	 Signature Guaranteed

	
	  

	 Participant in a Recognized Signature

  

 A-18 

 EXHIBIT B 
  

[FORM OF RESTRICTIVE LEGEND FOR 
 COMMON STOCK ISSUED UPON CONVERSION] 
  
 [THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE
HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF BANKUNITED FINANCIAL CORPORATION, THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO
AMERICAN STOCK AND TRANSFER COMPANY, AS TRANSFER AGENT (OR A SUCCESSOR TRANSFER AGENT, AS APPLICABLE), A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE SECURITIES (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM SUCH TRANSFER AGENT OR A SUCCESSOR TRANSFER AGENT, AS APPLICABLE), (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF WILL NOT,
DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH REGARD TO THE SECURITIES EXCEPT AS PERMITTED UNDER THE SECURITIES ACT.] 
  

 B-1 

 EXHIBIT C 
  

[Form of Repurchase Notice] 
  
                     ,
         
  
 U.S. Bank National
Association 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107

  

	 	Re:	BankUnited Financial Corporation (the “Company”)  

 3.125% Convertible Senior Notes due 2034 
  
 This is a Repurchase Notice as defined in Section 4.1 of the Indenture dated as of February 27, 2004 (the “Indenture”) between the Company and U.S. Bank National Association, as Trustee. Terms used
but not defined herein shall have the meanings ascribed to them in the Indenture. 
  
 Certificate No(s). of Securities:
                                       
                                      
  
 I intend to deliver the following aggregate Principal Amount of Securities for purchase by
the Company pursuant to Section 4.1 of the Indenture (in multiples of $1,000): 
  
 $
                                        
                 
  
 I hereby agree that the Securities will be purchased on the Repurchase Date pursuant to the terms and conditions specified in the Securities and the
Indenture. 
  
 Signed:
                                        
                         
  

 C-1 

 EXHIBIT D 
  

[Form of Fundamental Change Repurchase Notice] 
  
                         ,
         
  
 U.S. Bank
National Association 
 60 Livingston Avenue 
 St. Paul, MN 55107

  

	 	Re:	BankUnited Financial Corporation (the “Company”)  

 3.125% Convertible Senior Notes due 2034 
  
 This is a Fundamental Change Repurchase Notice as defined in Section 5.1 of the Indenture dated as of February 27, 2004 (the “Indenture”) between the Company and U.S. Bank National Association, as
Trustee. Terms used but not defined herein shall have the meanings ascribed to them in the Indenture. 
  
 Certificate No(s). of Securities:
                                       
                                         

  
 I intend to deliver the following aggregate Principal Amount of Securities for
purchase by the Company pursuant to Section 5.1 of the Indenture (in multiples of $1,000): 
  
 $
                                        
     
  
 I hereby agree that the Securities
will be purchased on the Fundamental Change Repurchase Date pursuant to the terms and conditions specified in the Securities and the Indenture. 
  
 Signed:
                                        
         
  

 D-1Registration Rights Agreement

 Exhibit 4.3 
  

REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of February 27, 2004, by and between BankUnited
Financial Corporation, a Florida corporation (the “Company”) and Bear Stearns & Co. Inc. and the other Initial Purchasers named in the Purchase Agreement referred to below (collectively, the “Initial
Purchasers”), for whom Bear Stearns & Co. Inc. is acting as representative, pursuant to that certain Purchase Agreement, dated as of February 24, 2004 (the “Purchase Agreement”), between the Company and the Initial
Purchasers. 
  
 In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement. 
  
 The Company agrees with the Initial Purchasers (i) for their benefit as
Initial Purchasers and (ii) for the benefit of the beneficial owners (including the Initial Purchasers) from time to time of the Notes (as defined herein) and the beneficial owners from time to time of the Underlying Common Stock (as defined herein)
issued upon conversion of the Notes (each of the foregoing a “Holder” and together the “Holders”), as follows: 
  
 Section 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings: 
  
 “Additional Amount” has the meaning set forth in Section 2(e) hereof. 
  
 “Affiliate” means with respect to any specified person, an “affiliate,” as defined in Rule 144, of such person. 
  
 “Amendment Effectiveness Deadline Date” has the meaning set
forth in Section 2(d) hereof. 
  
 “Applicable Conversion
Price” means, as of any date of determination, $1,000 divided by the Conversion Rate then in effect as of the date of determination or, if no Notes are then outstanding, the Conversion Rate that would be in effect were Notes then
outstanding. 
  
 “Notes” means the 3.125%
Convertible Senior Notes due 2034 of the Company to be purchased pursuant to the Purchase Agreement. 
  
 “Business Day” means each day on which the Nasdaq National Market is open for trading. 
  

 1 

 “Common Stock” means the shares of Class A Common Stock, par value $0.01 per share, of
the Company and any other shares of capital stock as may constitute “Common Stock” for purposes of the Indenture, including the Underlying Common Stock. 
  
 “Conversion Rate” has the meaning assigned to such term in the Indenture. 
  
 “Damages Payment Date” means each interest payment date
under the Indenture in the case of Notes and the Underlying Common Stock. 
  
 “Effectiveness Deadline Date” has the meaning set forth in Section 2(a) hereof. 
  
 “Effectiveness Period” means a period (subject to extension pursuant to Section 3(i) hereof ) of two years after the original issuance of
the Notes (including any issuance pursuant to the Initial Purchasers’ Option) or such shorter period of time (x) as Holders of Registrable Securities are permitted by Rule 144(k) under the Securities Act or any successor provisions thereunder
to sell Registrable Securities without restriction or (y) when each of the Registrable Securities covered by the Shelf Registration Statement ceases to be a Registrable Security or (z) the date on which all Registrable Securities have been resold
pursuant to Rule 144. 
  
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Filing Deadline Date” has the meaning set forth in Section 2(a) hereof. 
  
 “Holder” has the meaning set forth in the third paragraph of this Agreement. 
  
 “Indenture” means the Indenture, dated as of February 27,
2004, between the Company and U.S. Bank Trust National Association, as trustee, pursuant to which the Notes are being issued. 
  
 “Initial Purchasers” has the meaning set forth in the preamble hereto. 
  
 “Initial Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof. 
  
 “Issue Date” means the first date of original issuance of
the Notes. 
  
 “Material Event” has the meaning
set forth in Section 3(i) hereof. 
  
 “Notice and
Questionnaire” means a written notice and questionnaire delivered to the Company containing substantially the information called for by the Selling Securityholder Notice and Questionnaire attached as Annex A to the Offering Memorandum dated
February 24, 2004 relating to the Notes. 
  

 2 

 “Notice Holder” means, on any date, any Holder that has delivered a Notice and
Questionnaire to the Company on or prior to such date, so long as all of their Registrable Securities that have been registered for resale pursuant to a Notice and Questionnaire have not been sold in accordance with a Shelf Registration Statement.

  
 “Purchase Agreement” has the meaning set
forth in the preamble hereof. 
  
 “Prospectus”
means the prospectus included in any Shelf Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule
415 promulgated under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in
such Prospectus. 
  
 “Record Holder” means (i)
with respect to any Damages Payment Date relating to any Notes as to which any such Additional Amount has accrued, the holder of record of such Note on the record date with respect to the interest payment date under the Indenture on which such
Damages Payment Date shall occur and (ii) with respect to any Damages Payment Date relating to the Underlying Common Stock as to which any such Additional Amount has accrued, the registered holder of such Underlying Common Stock fifteen (15) days
prior to such Damages Payment Date. 
  
 “Registrable
Securities” means the Notes until such Notes have been converted into the Underlying Common Stock and, at all times the Underlying Common Stock and any securities into or for which such Underlying Common Stock has been converted, and any
security issued with respect thereto upon any stock dividend, split or similar event until, in the case of any such security, the earliest of (x) the date on which such security has been effectively registered under the Securities Act and disposed
of, whether or not in accordance with the Shelf Registration Statement and (y) the date that is two years after the later of (1) the original issuance of the Notes (including any issuance pursuant to the Initial Purchasers’ Option) and (2) the
last date that the Company or any of its Affiliates was the owner of such Notes (or any predecessor thereto), or such shorter period of time as permitted by Rule 144(k) under the Securities Act or any successor provisions thereunder. 
  
 “Registration Default” has the meaning set forth in Section
2(e) hereof. 
  
 “Registration Expenses”
has the meaning set forth in Section 5 hereof. 
  

 3 

 “Registration Statement” means any registration statement of the Company that covers any
of the Registrable Securities pursuant to the provisions of this Agreement including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all materials incorporated by
reference or explicitly deemed to be incorporated by reference in such registration statement. 
  
 “Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  
 “Rule 144A” means Rule 144A under the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by
the SEC thereunder. 
  
 “Shelf Registration
Statement” has the meaning set forth in Section 2(a) hereof. 
  
 “Subsequent Shelf Registration Statement” has the meaning set forth in Section 2(b) hereof. 
  
 “Suspension Notice” has the meaning set forth in Section 3(i) hereof. 
  
 “Suspension Period” has the meaning set forth in Section 3(i) hereof. 
  
 “TIA” means the Trust Indenture Act of 1939, as amended.

  
 “Trustee” means U.S. Bank Trust National
Association, the Trustee under the Indenture. 
  
 “Underlying Common Stock” means the Common Stock into which the Notes are convertible or issued upon any such conversion. 
  
 Section 2. Shelf Registration. (a) The Company shall prepare and file or cause to be prepared and filed with the SEC, as soon as practicable but in
any event by the date (the “Filing Deadline Date”) that is ninety (90) days after the Issue Date, a Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act (a
“Shelf Registration Statement”) registering the resale from time to time by Holders thereof (who satisfy certain conditions set forth herein relating to the provision of information in connection with the Shelf Registration
Statement) of all of the Registrable Securities (the “Initial Shelf Registration Statement”). The Initial Shelf Registration Statement shall be on Form S-1 or S-3 or another appropriate form 
  

 4 

 permitting registration of such Registrable Securities for resale by such Holders in accordance with the reasonable
methods of distribution elected by the Holders, approved by the Company, and set forth in the Initial Shelf Registration Statement. The Company shall use its reasonable best efforts to cause the Initial Shelf Registration Statement to be declared
effective under the Securities Act as promptly as is practicable but in any event by the date (the “Effectiveness Deadline Date”) that is one hundred eighty (180) days after the Issue Date, and to keep the Initial Shelf Registration
Statement (or any Subsequent Shelf Registration Statement) continuously effective under the Securities Act until the expiration of the Effectiveness Period. At the time the Initial Shelf Registration Statement is declared effective, each Holder that
became a Notice Holder on or prior to the date that is ten (10) Business Days prior to such time of effectiveness shall be named as a selling securityholder in the Initial Shelf Registration Statement and the related Prospectus in such a manner as
to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law. 
  
 (b) If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during
the Effectiveness Period, the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of such cessation of effectiveness amend
the Shelf Registration Statement in a manner reasonably expected to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the securities that as of the date of
such filing are Registrable Securities (a “Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its reasonable best efforts to cause the Subsequent Shelf
Registration Statement to become effective as promptly as is practicable after such filing and to keep such Shelf Registration Statement (or subsequent Shelf Registration Statement) continuously effective until the end of the Effectiveness Period.

  
 (c) The Company shall supplement and amend the Shelf
Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement, if required by the Securities Act or as reasonably requested by the Initial
Purchasers or by the Trustee on behalf of the Holders of the Registrable Securities covered by such Shelf Registration Statement. 
  
 (d) Each Holder of Registrable Securities agrees that if such Holder wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and
related Prospectus, it will do so only in accordance with this Section 2(d) and Section 3(i). Each Holder of Registrable Securities wishing to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus agrees to
deliver a completed and executed Notice and Questionnaire to the Company prior to any attempted or actual distribution of Registrable Securities under the Shelf Registration Statement; provided that Holders of Registrable 
  

 5 

 Securities shall have twenty (20) Business Days from the date on which the Notice and Questionnaire is first sent to such
Holders by the Company to complete and return the Notice and Questionnaire to the Company. From and after the date the Initial Shelf Registration Statement is declared effective, the Company shall, as promptly as practicable after the date a Notice
and Questionnaire is delivered, (i) if required by applicable law, file with the SEC a post-effective amendment to the Shelf Registration Statement or, if required by applicable law, prepare and file a supplement to the related Prospectus or a
supplement or amendment to any document incorporated therein by reference or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Shelf Registration Statement and
the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities in accordance with applicable law and, if the Company shall file a post-effective amendment to the Shelf
Registration Statement, use its reasonable best efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly as is practicable, but in any event by the date (the “Amendment Effectiveness
Deadline Date”) that is thirty (30) days after the date such post-effective amendment is required by this clause to be filed; (ii) provide such Holder a reasonable number of copies of any documents filed pursuant to Section 2(d)(i); and
(iii) notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i); provided that if such Notice and Questionnaire is delivered during a
Suspension Period, or a Suspension Period is put into effect within five (5) Business Days after such delivery date, the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses (i),
(ii) and (iii) above within five (5) Business Days after expiration of the Suspension Period in accordance with Section 3(i). Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that
is not a Notice Holder as a selling securityholder in any Shelf Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder pursuant to the provisions of this Section 2(d) (whether or
not such Holder was a Notice Holder at the time the Shelf Registration Statement was declared effective) shall be named as a selling securityholder in the Shelf Registration Statement or related Prospectus in accordance with the requirements of this
Section 2(d). 
  
 (e) If: (i) on or prior to the Filing Deadline
Date, the Initial Shelf Registration Statement has not been filed with the SEC; (ii) on or prior to the Effectiveness Deadline Date, the Initial Shelf Registration Statement has not been declared effective by the SEC (and include, without
limitation, any information with respect to an Notice Holder that has properly completed, executed and delivered an Notice and Questionnaire prior to or on the 20th business day after such Holder’s receipt thereof that is required so that such Holder is named as a selling securityholder in the Initial Shelf Registration Statement and is permitted to deliver
the Prospectus forming a part thereof to purchasers of such Holder’s 
  

 6 

 Registrable Securities); (iii) after the Effective Time of any Shelf Registration Statement, such Shelf Registration
Statement ceases to be effective or usable for the offer and sale of Registrable Securities (other than due to a Suspension Period), and the Company fails to file and, in the case of a post-effective amendment, have declared effective, within five
Business Days, a post-effective amendment to such Shelf Registration Statement, a supplement to the Prospectus contained therein or a report with the SEC pursuant to Section 13(a), 13(c) or 14 of the Exchange Act to make such Shelf Registration
Statement effective or such Prospectus usable; (iv) prior to or on the 45th calendar day or 60th calendar day, as the case may be, of any Suspension Period, such suspension has not been terminated; or (v) the Company shall
have failed to timely comply with any of its obligations set forth in Section 2(d) (each such event referred to in clauses (i) through (v), a “Registration Default”), the Company shall be required to pay additional amount
(“Additional Amount”), from and including the day following such Registration Default to but excluding the earlier of (x) the day on which such Registration Default is cured and (y) the date the Shelf Registration Statement is no
longer required to be kept effective, at a rate per annum equal to an additional one-quarter of one percent (0.25%) for the first 90-day period from the dated of the Registration Date, and thereafter at a rate per annum equal to one-half of one
percent (0.5%) of (i) the principal amount of such Notes or, without duplication, (ii) in the case of Notes that have been converted into Underlying Common Stock, the Applicable Conversion Price of such shares of Underlying Common Stock, as the case
may be, in each case determined as of the Business Day immediately preceding the next Damages Payment Date. 
  
 Any amounts to be paid as Additional Amount pursuant to this Section 2(e) shall be payable periodically on each Damages Payment Date to Record Holders of
Notes that are Registrable Securities and of shares of Underlying Common Stock issued upon conversion of Notes that are Registrable Securities, as the case may be. Such Additional Amount shall be calculated and paid in the same manner as interest is
paid under the Indenture in respect of the Notes. 
  
 This Section
2(e) shall be the exclusive remedy available to the Holders of Registrable Securities for any Registration Default. In no event shall the Company be required to pay Additional Amount in excess of a rate per annum equal to one-quarter of one percent
(0.25%) of the principal amount of the Registrable Securities that are Securities to and including the 90th calendar day following such Registration Default, and a rate per annum equal to one-half of one percent (0.5%) thereof from and after the
91st calendar day following such Registration Default, as set forth in this Section 2(e), regardless of whether one or multiple Registration Defaults exist. All obligations of the Company set forth in this Section 2(e) that are outstanding with
respect to any Registrable Security at the time such security ceases to be a Registrable Security shall survive until such time as all such obligations with respect to such Registrable Security shall have been satisfied in full. Each Registration
Default will constitute a Registration Default whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to operation of law or as a result of any action or inaction by the
SEC. 
  

 7 

 Section 3. Registration Procedures. In connection with the registration obligations of the Company
under Section 2 hereof, the Company shall: 
  
 (a) Prepare and
file with the SEC a Shelf Registration Statement or Shelf Registration Statements on Form S-1 or S-3 or any other appropriate form under the Securities Act available for the sale of the Registrable Securities by the Holders thereof in accordance
with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause each such Shelf Registration Statement to become effective and remain effective as provided herein; provided that before filing any
Shelf Registration Statement or Prospectus or any amendments or supplements thereto with the SEC, the Company shall furnish to the Initial Purchasers and counsel for the Holders and for the Initial Purchasers (or, if applicable, separate counsel for
the Holders) copies of all such documents proposed to be filed and use its best efforts to reflect in each such document when so filed with the SEC such comments as the such counsel reasonably shall propose within three (3) Business Days of the
delivery of such copies to the Initial Purchasers and such counsel. 
  
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement continuously effective until the expiration of the
Effectiveness Period; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use its best
efforts to comply with the provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by such Shelf Registration Statement during the Effectiveness Period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Shelf Registration Statement as so amended or such Prospectus as so supplemented. 
  
 (c) As promptly as practicable give notice to the Notice Holders, the Initial Purchasers and counsel for the Holders and for the Initial Purchasers (or,
if applicable, separate counsel for the Holders) (i) when any Prospectus, Prospectus supplement, Shelf Registration Statement or post-effective amendment to a Shelf Registration Statement has been filed with the SEC and, with respect to a Shelf
Registration Statement or any post-effective amendment, when the same has been declared effective, (ii) of any request, following the effectiveness of the Initial Shelf Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to any Shelf Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC or any other federal or state governmental authority of any stop
order suspending the effectiveness of any Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension 
  

 8 

 of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose, (v) after the effective date of any Shelf Registration Statement filed pursuant to this Agreement of the occurrence of (but not the nature of or details concerning) a Material Event
and (vi) of the determination by the Company that a post-effective amendment to a Shelf Registration Statement will be filed with the SEC, which notice may, at the discretion of the Company (or as required pursuant to Section 3(i)), state that it
constitutes a Suspension Notice, in which event the provisions of Section 3(i) shall apply. 
  
 (d) Use its reasonable best efforts to prevent the issuance of, and, if issued, to obtain the withdrawal of any order suspending the effectiveness of a Shelf Registration Statement or the lifting of any suspension of
the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case at the earliest possible moment, and provide prompt notice to each
Notice Holder and the Initial Purchasers of the withdrawal of any such order. 
  
 (e) If requested by the Initial Purchasers or any Notice Holder, as promptly as practicable incorporate in a Prospectus supplement or post-effective amendment to a Shelf Registration Statement such information as the
Initial Purchasers, such Notice Holder or counsel for the Holders and for the Initial Purchasers (or, if applicable, separate counsel for the Holders) shall determine to be required to be included therein by applicable law and make any required
filings of such Prospectus supplement or such post-effective amendment; provided that the Company shall not be required to take any actions under this Section 3(e) that, in the written opinion of counsel for the Company, are not in compliance
with applicable law. 
  
 (f) As promptly as practicable furnish to
each Notice Holder, counsel for the Holders and for the Initial Purchasers (or, if applicable, separate counsel for the Holders) and the Initial Purchasers, without charge, at least one (1) conformed copy of the Shelf Registration Statement and any
amendment thereto, including financial statements but excluding schedules, all documents incorporated or deemed to be incorporated therein by reference and all exhibits (unless requested in writing to the Company by such Notice Holder, such counsel
or the Initial Purchasers). 
  
 (g) During the Effectiveness
Period, deliver to each Notice Holder, counsel for the Holders and for the Initial Purchasers (or, if applicable, separate counsel for the Holders) and the Initial Purchasers, in connection with any sale of Registrable Securities pursuant to a Shelf
Registration Statement, without charge, as many copies of the Prospectus or Prospectuses relating to such Registrable Securities (including each preliminary prospectus) and any amendment or supplement thereto as such Notice Holder and the Initial
Purchasers may reasonably request; and the Company hereby consents (except during such periods that a Suspension Notice is outstanding and has not been revoked) to the 
  

 9 

 use of such Prospectus or each amendment or supplement thereto by each Notice Holder, in connection with any offering and
sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein. 
  
 (h) Prior to any public offering of the Registrable Securities pursuant to the Shelf Registration Statement, use its best efforts to register or qualify
or cooperate with the Notice Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any Notice Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire); prior to any public offering of the Registrable Securities pursuant to the Shelf Registration
Statement, use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale of Registrable Securities
pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth
in the relevant Shelf Registration Statement and the related Prospectus; provided that the Company will not be required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise be
required to qualify but for this Agreement or (ii) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject. 
  
 (i) Upon (A) the issuance by the SEC of a stop order suspending the
effectiveness of the Shelf Registration Statement or the initiation of proceedings with respect to the Shelf Registration Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact as a
result of which any Shelf Registration Statement shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any Prospectus
shall contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (C) the occurrence or
existence of any pending corporate development (a “Material Event”) that, in the reasonable discretion of the Company, makes it appropriate to suspend the availability of the Shelf Registration Statement and the related Prospectus,
(i) in the case of clause (B) or (C) above, subject to the next sentence, as promptly as practicable, prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such Shelf Registration Statement or a supplement to the
related Prospectus or any document incorporated therein by reference or file any other required document that would be incorporated by reference into such Shelf Registration Statement and Prospectus so that such Shelf Registration Statement does not
contain any untrue statement of a material fact or 
  

 10 

 omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being
understood that the Company may rely on information provided by each Notice Holder with respect to such Notice Holder), as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a
post-effective amendment to a Shelf Registration Statement, subject to the next sentence, use its reasonable best efforts to cause it to be declared effective as promptly as is practicable, and (ii) give notice to the Notice Holders and counsel for
the Holders and for the Initial Purchasers (or, if applicable, separate counsel for the Holders) that the availability of the Shelf Registration Statement is suspended (a “Suspension Notice”) and, upon receipt of any Suspension
Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to such Shelf Registration Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (i) above, or
until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The Company will use its
best efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the reasonable judgment of the Company, the Shelf
Registration Statement does not contain any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain any
untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (z) in the case of clause (C) above, as soon
as, in the reasonable discretion of the Company, such suspension is no longer appropriate. The period during which the availability of the Shelf Registration Statement and any Prospectus may be suspended (the “Suspension Period”)
without the Company incurring any obligation to pay additional amount pursuant to Section 2(e) shall not exceed forty-five (45) days in any three (3) month period and ninety (90) days in any twelve (12) month period. The Effectiveness Period shall
be extended by the number of days from and including the date of the giving of the Suspension Notice to and including the date on which the Notice Holder received copies of the supplemented or amended Prospectus provided in clause (i) above, or the
date on which it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. 
  
 (j) Make reasonably available for inspection during normal business hours by
representatives for the Notice Holders of such Registrable Securities, and any broker-dealers, attorneys and accountants retained by such Notice 
  

 11 

 Holders, all relevant financial and other records and pertinent corporate documents and properties of the Company and its
subsidiaries, and cause the appropriate officers, directors and employees of the Company and its subsidiaries to make available for inspection during normal business hours all relevant information reasonably requested by such representatives for the
Notice Holders, or any such broker-dealers, attorneys or accountants in connection with such disposition, in each case as is customary for similar “due diligence” examinations; provided, however, that such persons shall, at
the Company’s request, first agree in writing with the Company that any information that is in good faith designated by the Company in writing as confidential at the time of delivery of such information shall be kept confidential by such
persons and shall be used solely for the purposes of exercising rights under this Agreement, unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities,
(ii) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of any Shelf Registration Statement or the use of any Prospectus referred to in this
Agreement), (iii) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by any such person or (iv) such information becomes available to any such person from a source other than the
Company and such source is not bound by a confidentiality agreement or is not otherwise under a duty of trust to the Company, and provided that the foregoing inspection and information gathering shall, to the greatest extent possible, be
coordinated on behalf of all the Notice Holders and the other parties entitled thereto by the counsel referred to in Section 5. Each recipient of the confidential information shall be deemed to have agreed to be bound by the obligations of this
paragraph. 
  
 (k) Comply with all applicable rules and
regulations of the SEC to the extent that failure to comply could materially adversely affect the Holders and make generally available to its securityholders earning statements (which need not be audited) satisfying the provisions of Section 11(a)
of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year)
commencing on the first day of the first fiscal quarter of the Company commencing after the effective date of a Shelf Registration Statement, which statements shall cover said 12-month periods. 
  
 (l) Cooperate with each Notice Holder to facilitate the timely preparation
and delivery of certificates representing Registrable Securities sold pursuant to a Shelf Registration Statement, which certificates shall not bear any restrictive legends, and cause such Registrable Securities to be in such denominations as are
permitted by the Indenture and registered in such names as such Notice Holder may request in writing at least (2) Business Days prior to any sale of such Registrable Securities. 
  

 12 

 (m) Provide a CUSIP number for all Registrable Securities covered by each Shelf Registration Statement
not later than the effective date of such Shelf Registration Statement and provide the Trustee and the transfer agent for the Common Stock with certificates for the Registrable Securities that are in a form eligible for deposit with The Depository
Trust Company. 
  
 (n) Cooperate and assist in any filings
required to be made with the National Association of Securities Dealers, Inc. 
  
 (o) Upon (i) the filing of the Initial Registration Statement and (ii) the effectiveness of the Initial Registration Statement, announce the same, in each case by release to Reuters Economic Services and Bloomberg
Business News. 
  
 (p) Enter into such customary agreements and
take all such other necessary actions in connection therewith (including those requested by the holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate disposition of such Registrable Securities.

  
 (q) Cause the Indenture to be qualified under the TIA not
later than the effective date of any Shelf Registration Statement; and in connection therewith, cooperate with the Trustee to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms
of the TIA and execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable the Indenture to be
so qualified in a timely manner. 
  
 (r) Cause all Registrable
Securities covered by any Shelf Registration Statement to be listed or quoted, as the case may be, on each securities exchange or automated quotation system on which securities issued by the Company of the same series are then listed or quoted.

  
 Section 4. Holder’s Obligations. Each Holder
agrees, by acquisition of the Registrable Securities, that no Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to a Shelf Registration Statement or to receive a Prospectus relating thereto,
unless such Holder has furnished the Company with a Notice and Questionnaire as required pursuant to Section 2(d) hereof (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next
sentence. Each Notice Holder agrees promptly to furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading and any other information
regarding such Notice Holder and the distribution of such Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such
Holder that the information relating to such Holder and its plan of distribution is as set forth in the Prospectus delivered by such Holder in 
  

 13 

 connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement
of a material fact relating to or provided by such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution
necessary in order to make the statements in such Prospectus, in the light of the circumstances under which they were made, not misleading. 
  
 Section 5. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the performance by the Company of its
obligations under Section 2 and 3 of this Agreement whether or not any of the Shelf Registration Statements are declared effective. Such fees and expenses (“Registration Expenses”) shall include, without limitation, (i) all
registration and filing fees (including, without limitation, fees and expenses (x) with respect to filings required to be made with the National Association of Securities Dealers, Inc. and (y) of compliance with federal and state securities or Blue
Sky laws (including, without limitation, reasonable fees and disbursements of counsel for the Holders in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice Holders of a majority
of the Registrable Securities being sold pursuant to a Shelf Registration Statement may designate), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit
with The Depository Trust Company), (iii) duplication and mailing expenses relating to copies of any Shelf Registration Statement or Prospectus delivered to any Holders hereunder, (iv) fees and disbursements of counsel for the Company and the fees
and disbursements of one counsel for the Holders in connection with the Shelf Registration Statement, (v) fees and disbursements of the Trustee and its counsel and of the registrar and transfer agent for the Common Stock and (vi) Securities Act
liability insurance obtained by the Company in its sole discretion. In addition, the Company shall pay the internal expenses of the Company (including, without limitation, all salaries and expenses of officers and employees performing legal or
accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing by the Company of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed and
the fees and expenses of any person, including special experts, retained by the Company. 
  
 Section 6. Indemnification; Contribution. 
  
 (a) The Company agrees to indemnify, defend and hold harmless each Holder and each person who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a
“Holder Indemnified Party”), from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which such Holder Indemnified Party may incur under the Securities Act, the Exchange Act or
otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact 
  

 14 

 contained in any Shelf Registration Statement or Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated in any Shelf Registration Statement or in any amendment or supplement thereto or necessary to make the
statements therein not misleading, or arises out of or is based upon any omission or alleged omission to state a material fact necessary in order to make the statements made in any Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, in the light of the circumstances under which they were made, not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or omission or alleged
untrue statement or omission of a material fact contained in, or omitted from, and in conformity with information furnished in writing by or on behalf of any Holder to the Company expressly for use therein; provided that the foregoing
indemnity shall not inure to the benefit of any Initial Purchaser who fails to deliver a Prospectus (as then amended or supplemented and provided by the Company to the Initial Purchasers in the requisite quantity and on a timely basis to permit
proper delivery on or prior to the Closing Date) to the person asserting any loss, damage, expense, liability or claim caused by an untrue statement or alleged untrue statement of a material fact contained in the Preliminary Prospectus or caused by
any omission or alleged omission to state therein a material fact necessary to make the statement therein, in the light of the circumstances under which they were made, not misleading, if such Prospectus would have cured the material misstatement or
omission or alleged material misstatement or omission. 
  
 (b)
Each Holder, severally and not jointly, agrees to indemnify, defend and hold harmless the Company, its directors and officers and any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, a “Company Indemnified Party”) from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which such Company Indemnified Party may incur under the Securities
Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in information furnished in writing by or on
behalf of such Holder to the Company expressly for use in any Shelf Registration Statement or Prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arises out of or is based upon any omission or alleged omission
to state a material fact required to be stated in any Shelf Registration Statement or in any amendment or supplement thereto or necessary to make the statements therein not misleading, or arises out of or is based upon any omission or alleged
omission to state a material fact necessary in order to make the statements in any Prospectus or in any amendment or supplement thereto or in any preliminary prospectus, in the light of the circumstances under which they were made, not misleading,
in connection with such information. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of the Registrable
Securities pursuant to the Shelf Registration Statement giving rise to such indemnification obligation. 
  

 15 

 (c) If any action, suit or proceeding (each, a “Proceeding”) is brought against any
person in respect of which indemnity may be sought pursuant to either subsection (a) or (b) of this Section 6, such person (the “Indemnified Party”) shall promptly notify the person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing of the institution of such Proceeding and the Indemnifying Party shall assume the defense of such Proceeding; provided, however, that the omission to notify such Indemnifying Party
shall not relieve such Indemnifying Party from any liability which it may have to such Indemnified Party except to the extent that it has been prejudiced in any material respect by such failure or relieve such Indemnifying Party from any liability
it may have under this Section 6 otherwise. Such Indemnified Party shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the employment of
such counsel shall have been authorized in writing by such Indemnifying Party in connection with the defense of such Proceeding or such Indemnifying Party shall not have employed counsel to have charge of the defense of such Proceeding within 30
days of the receipt of notice thereof or such Indemnified Party shall have reasonably concluded upon the written advice of counsel that there may be one or more defenses available to it that are different from, additional to or in conflict with
those available to such Indemnifying Party (in which case such Indemnifying Party shall not have the right to direct that portion of the defense of such Proceeding on behalf of the Indemnified Party, but such Indemnifying Party may employ counsel
and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of such Indemnifying Party), in any of which events such reasonable fees and expenses shall be borne by such Indemnifying Party and paid as
incurred (it being understood, however, that such Indemnifying Party shall not be liable for the expenses of more than one separate counsel in any one Proceeding or series of related Proceedings together with reasonably necessary local counsel
representing the Indemnified Parties who are parties to such action). An Indemnifying Party shall not be liable for any settlement of such Proceeding effected without the written consent of such Indemnifying Party, but if settled with the written
consent of such Indemnifying Party, such Indemnifying Party agrees to indemnify and hold harmless an Indemnified Party from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an
Indemnified Party shall have requested an Indemnifying Party to reimburse such Indemnified Party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then such Indemnifying Party agrees that it shall be liable
for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 Business Days after receipt by such Indemnifying Party of the aforesaid request, (ii) such Indemnifying Party shall not
have reimbursed such Indemnified Party in accordance with such request prior to 
  

 16 

 the date of such settlement and (iii) such Indemnified Party shall have given such Indemnifying Party at least 30
days’ prior notice of its intention to settle. No Indemnifying Party shall, without the prior written consent of any Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which such Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such
Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such Indemnified Party. 
  
 (d) If the indemnification provided for in this Section 6 is unavailable to an Indemnified Party under subsections (a) and (b) of this Section 6 in
respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as
a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Holders on the other hand from the offering of the
Registrable Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and of the Holders on the other in connection with the statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of the Holders on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission
relates to information supplied by the Company or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a
result of the losses, damages, expenses, liabilities and claims referred to above shall be deemed to include any reasonable legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any
Proceeding. 
  
 (e) The Company and the Holders agree that it
would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in subsection (d) above.
Notwithstanding the provisions of this Section 6, no Holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities sold by it were offered to the public exceeds the amount of
any damages which it has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 
  

 17 

 Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ respective obligations to contribute pursuant to this Section 6 are several in proportion to the respective amount of Registrable Securities they have sold pursuant to a Shelf Registration Statement, and not
joint. The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 
  
 (f) The indemnity and contribution provisions contained in this Section 6
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or any person controlling any Holder, or the Company, or the Company’s officers
or directors or any person controlling the Company and (iii) the sale of any Registrable Security by any Holder. 
  
 Section 7. Information Requirements. (a) The Company covenants that, if at any time before the end of the Effectiveness Period it is not subject to
the reporting requirements of the Exchange Act, it will cooperate with any Holder of Registrable Securities and take such further action as any Holder of Registrable Securities may reasonably request in writing (including, without limitation, making
such representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144, Rule 144A, Regulation S and Regulation D under the Securities Act and customarily taken in connection with sales pursuant to such exemptions. Upon the written request of any Holder of Registrable Securities, the Company shall
deliver to such Holder a written statement as to whether it has complied with such filing requirements, unless such a statement has been included in the Company’s most recent report filed with the SEC pursuant to Section 13 or Section 15(d) of
Exchange Act. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities (other than the Common Stock) under any section of the Exchange Act. 
  
 (b) The Company shall file the reports required to be filed by it under the
Exchange Act and shall comply with all other requirements set forth in the instructions to Form S-1 or Form S-3, as the case may be, in order to allow the Company to be eligible to file registration statements on Form S-1 or Form S-3. 
  
 Section 8. Miscellaneous. 
  
 (a) No Conflicting Agreements. The Company is not, as of the date
hereof, a party to, nor shall it, on or after the date of this Agreement, enter into, any agreement with respect to its securities that conflicts with the rights granted to the Holders of Registrable Securities in this Agreement. The Company
represents and warrants that the rights granted to the Holders of Registrable Securities hereunder do not in any way conflict with the rights granted to the holders of the Company’s securities under any other agreements. 
  

 18 

 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of a majority of the then outstanding
Underlying Common Stock constituting Registrable Securities (with Holders of Notes deemed to be the Holders, for purposes of this Section, of the number of outstanding shares of Underlying Common Stock into which such Notes are or would be
convertible as of the date on which such consent is requested). Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable
Securities whose securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Shelf Registration Statement; provided that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or
consent effected pursuant to this Section 8(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. 
  
 (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by telecopier, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as follows:

  
 (x) if to a Holder of Registrable Securities, at the most
current address given by such Holder to the Company in a Notice and Questionnaire or any amendment thereto; 
  
 (y) if to the Company, to: 
  
 255 Alhambra Circle 
 Coral Gables, Florida
33134 
 Attention: Humberto L. Lopez 
 Telecopy No.: (305) 231-6630 
  

 19 

 with a copy to: 
  

Camner, Lipsitz & Poller 
 550 Biltmore
Way 
 Suite 700 
 Coral Gables,
Florida 33134 
 Attention: Bridget Wong 
 Telecopy No.: (305) 442-2389 
  
 (z) if to the Initial
Purchasers, to: 
  
 c/o Bear Stearns & Co. Inc. 
 383 Madison Avenue 
 New York, New York 10179

 Attention: Corporate Finance 
 Telecopy No.: (212) 272-3092 
  
 with a copy to (for
informational purposes only): 
  
 Simpson Thacher & Bartlett

 425 Lexington Avenue 
 New
York, New York 10017 
 Attention: Gary I. Horowitz, Esq. 
 Telephone No.: (212) 455-2502 
  
 or to such other
address as such person may have furnished to the other persons identified in this Section 8(c) in writing in accordance herewith. 
  
 (d) Approval of Holders. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent Holders are deemed to
be such affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  
 (e) Successors and Assigns. Any person who purchases any Registrable
Securities from the Initial Purchasers or any Holder shall be deemed, for purposes of this Agreement, to be an assignee of the Initial Purchasers or such Holder, as the case may be. This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties and shall inure to the benefit of and be binding upon each Holder of any Registrable Securities. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be original and all of which taken together shall constitute one and the same agreement. 
  

 20 

 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
  
 (h) Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, and the parties hereto shall use its
best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law. 
  
 (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable Securities. Except as provided in the Purchase Agreement, there are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to
such registration rights. No party hereto shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 
  
 (k) Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the Effectiveness Period, except for
any liabilities or obligations under Section 4, 5 or 6 hereof and the obligations to make payments of and provide for additional amount under Section 2(e) hereof to the extent such damages accrue prior to the end of the Effectiveness Period, each of
which shall remain in effect in accordance with its terms. 
  
 (l)
Submission to Jurisdiction. Except as set forth below, no Proceeding may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States
District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company hereby consents to the jurisdiction of such courts and personal service with 
  

 21 

 respect thereto. The Company hereby consents to personal jurisdiction, service and venue in any court in which any
Proceeding arising out of or in any way relating to this Agreement is brought by any third party against the Initial Purchasers. The Company hereby waives all right to trial by jury in any Proceeding (whether based upon contract, tort or otherwise)
in any way arising out of or relating to this Agreement. The Company agrees that a final judgment in any such Proceeding brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts in the
jurisdiction of which the Company is or may be subject, by suit upon such judgment. 
  

 22 

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

  

			
	 BANKUNITED FINANCIAL CORPORATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 Confirmed and accepted as of the
date 
 first above written on behalf of itself 
 and the other
several Initial Purchasers: 
  

			
	 BEAR STEARNS & CO. INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00066-of-00352.parquet"}]]