Document:

EX-4.1

 Exhibit 4.1 

CLOVIS ONCOLOGY, INC. 

AND 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 

INDENTURE 
 Dated as of
[            ], 2020 
 4.50% Convertible Senior Notes due 2024 

 

 TABLE OF CONTENTS 

 

							
		  	 	Page	 
	 ARTICLE I     DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 References to Interest
	  	 	9	 
		
	 ARTICLE II     ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND
EXCHANGE OF NOTES
	  	 	10	 
			
	 Section 2.01
	 	 Designation and Amount
	  	 	10	 
	 Section 2.02
	 	 Form of Notes
	  	 	10	 
	 Section 2.03
	 	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	  	 	11	 
	 Section 2.04
	 	 Execution, Authentication and Delivery of Notes
	  	 	12	 
	 Section 2.05
	 	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	  	 	13	 
	 Section 2.06
	 	 Removal of Transfer Restrictions
	  	 	18	 
	 Section 2.07
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	19	 
	 Section 2.08
	 	 Temporary Notes
	  	 	20	 
	 Section 2.09
	 	 Cancellation of Notes Paid, Converted, Etc
	  	 	20	 
	 Section 2.10
	 	 CUSIP Numbers
	  	 	21	 
	 Section 2.11
	 	 Additional Notes; Repurchases
	  	 	21	 
		
	 ARTICLE III     SATISFACTION AND DISCHARGE
	  	 	21	 
			
	 Section 3.01
	 	 Satisfaction and Discharge
	  	 	21	 
		
	 ARTICLE IV     PARTICULAR COVENANTS OF THE COMPANY
	  	 	22	 
			
	 Section 4.01
	 	 Payment of Principal and Interest
	  	 	22	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	22	 
	 Section 4.03
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	22	 
	 Section 4.04
	 	 Provisions as to Paying Agent
	  	 	22	 
	 Section 4.05
	 	 Existence
	  	 	24	 
	 Section 4.06
	 	 Rule 144A Information Requirement and Annual Reports
	  	 	24	 
	 Section 4.07
	 	 Stay, Extension and Usury Laws
	  	 	26	 
	 Section 4.08
	 	 Compliance Certificate; Statements as to Defaults
	  	 	26	 
	 Section 4.09
	 	 Further Instruments and Acts
	  	 	26	 
		
	 ARTICLE V     LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE
	  	 	26	 
			
	 Section 5.01
	 	 Lists of Holders
	  	 	26	 
	 Section 5.02
	 	 Preservation and Disclosure of Lists
	  	 	26	 

  
 i 

							
	 ARTICLE VI     DEFAULTS AND REMEDIES
	  	 	27	 
			
	 Section 6.01
	 	 Events of Default
	  	 	27	 
	 Section 6.02
	 	 Acceleration: Rescission and Annulment
	  	 	28	 
	 Section 6.03
	 	 Additional Interest
	  	 	29	 
	 Section 6.04
	 	 Payments of Notes on Default; Suit Therefor
	  	 	30	 
	 Section 6.05
	 	 Application of Monies Collected by Trustee
	  	 	31	 
	 Section 6.06
	 	 Proceedings by Holders
	  	 	32	 
	 Section 6.07
	 	 Proceedings by Trustee
	  	 	33	 
	 Section 6.08
	 	 Remedies Cumulative and Continuing
	  	 	33	 
	 Section 6.09
	 	 Direction of Proceedings and Waiver of Defaults by Majority of Holders
	  	 	33	 
	 Section 6.10
	 	 Notice of Defaults
	  	 	34	 
	 Section 6.11
	 	 Undertaking to Pay Costs
	  	 	34	 
		
	 ARTICLE VII     CONCERNING THE TRUSTEE
	  	 	34	 
			
	 Section 7.01
	 	 Duties and Responsibilities of Trustee
	  	 	34	 
	 Section 7.02
	 	 Reliance on Documents, Opinions, Etc
	  	 	36	 
	 Section 7.03
	 	 No Responsibility for Recitals, Etc
	  	 	37	 
	 Section 7.04
	 	 Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes
	  	 	37	 
	 Section 7.05
	 	 Monies and Property to Be Held in Trust
	  	 	37	 
	 Section 7.06
	 	 Compensation and Expenses of Trustee
	  	 	38	 
	 Section 7.07
	 	 Officer’s Certificate as Evidence
	  	 	38	 
	 Section 7.08
	 	 Eligibility of Trustee
	  	 	39	 
	 Section 7.09
	 	 Resignation or Removal of Trustee
	  	 	39	 
	 Section 7.10
	 	 Acceptance by Successor Trustee
	  	 	40	 
	 Section 7.11
	 	 Succession by Merger, Etc
	  	 	40	 
	 Section 7.12
	 	 Trustee’s Application for Instructions from the Company
	  	 	41	 
		
	 ARTICLE VIII     CONCERNING THE HOLDERS
	  	 	41	 
			
	 Section 8.01
	 	 Action by Holders
	  	 	41	 
	 Section 8.02
	 	 Proof of Execution by Holders
	  	 	42	 
	 Section 8.03
	 	 Who Are Deemed Absolute Owners
	  	 	42	 
	 Section 8.04
	 	 Company-Owned Notes Disregarded
	  	 	42	 
	 Section 8.05
	 	 Revocation of Consents; Future Holders Bound
	  	 	43	 
		
	 ARTICLE IX     HOLDERS’ MEETINGS
	  	 	43	 
			
	 Section 9.01
	 	 Purpose of Meetings
	  	 	43	 
	 Section 9.02
	 	 Call of Meetings by Trustee
	  	 	43	 
	 Section 9.03
	 	 Call of Meetings by Company or Holders
	  	 	44	 
	 Section 9.04
	 	 Qualifications for Voting
	  	 	44	 
	 Section 9.05
	 	 Regulations
	  	 	44	 
	 Section 9.06
	 	 Voting
	  	 	45	 
	 Section 9.07
	 	 No Delay of Rights by Meeting
	  	 	45	 

  
 ii 

							
	 ARTICLE X     SUPPLEMENTAL INDENTURES
	  	 	45	 
			
	 Section 10.01
	 	 Supplemental Indentures Without Consent of Holders
	  	 	45	 
	 Section 10.02
	 	 Supplemental Indentures with Consent of Holders
	  	 	46	 
	 Section 10.03
	 	 Effect of Supplemental Indentures
	  	 	47	 
	 Section 10.04
	 	 Notation on Notes
	  	 	48	 
	 Section 10.05
	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	 	48	 
		
	 ARTICLE XI     CONSOLIDATION, MERGER, SALE AND LEASE
	  	 	48	 
			
	 Section 11.01
	 	 Company May Consolidate, Etc
	  	 	48	 
	 Section 11.02
	 	 Successor Corporation to Be Substituted
	  	 	48	 
	 Section 11.03
	 	 Opinion of Counsel to Be Given to Trustee
	  	 	49	 
		
	 ARTICLE XII     IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS
	  	 	49	 
			
	 Section 12.01
	 	 Indenture and Notes Solely Corporate Obligations
	  	 	49	 
		
	 ARTICLE XIII     CONVERSION OF NOTES
	  	 	50	 
			
	 Section 13.01
	 	 Conversion Privilege
	  	 	50	 
	 Section 13.02
	 	 Conversion Procedure; Settlement Upon Conversion
	  	 	50	 
	 Section 13.03
	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes
	  	 	52	 
	 Section 13.04
	 	 Adjustment of Conversion Rate
	  	 	54	 
	 Section 13.05
	 	 Adjustments of Prices
	  	 	62	 
	 Section 13.06
	 	 Shares to Be Fully Paid
	  	 	62	 
	 Section 13.07
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	  	 	62	 
	 Section 13.08
	 	 Certain Covenants
	  	 	63	 
	 Section 13.09
	 	 Responsibility of Trustee
	  	 	64	 
	 Section 13.10
	 	 Stockholder Rights Plans
	  	 	64	 
	 Section 13.11
	 	 Exchange in Lieu of Conversion
	  	 	65	 
	 Section 13.12
	 	 Limits Upon Issuance of Shares of Common Stock Upon Conversion
	  	 	65	 
		
	 ARTICLE XIV     REPURCHASE OF NOTES AT OPTION OF HOLDERS
	  	 	67	 
			
	 Section 14.01
	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	67	 
	 Section 14.02
	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	70	 
	 Section 14.03
	 	 Deposit of Fundamental Change Repurchase Price
	  	 	70	 
	 Section 14.04
	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	71	 
	 Section 14.05
	 	 Repurchase of Notes by Third Party
	  	 	71	 

  
 iii 

							
	 ARTICLE XV     NO OPTIONAL REDEMPTION
	  	 	71	 
			
	 Section 15.01
	 	 No Optional Redemption
	  	 	71	 
		
	 ARTICLE XVI     MISCELLANEOUS PROVISIONS
	  	 	71	 
			
	 Section 16.01
	 	 Provisions Binding on Company’s Successors
	  	 	71	 
	 Section 16.02
	 	 Official Acts by Successor Corporation
	  	 	72	 
	 Section 16.03
	 	 Addresses for Notices, Etc
	  	 	72	 
	 Section 16.04
	 	 Governing Law; Jurisdiction
	  	 	73	 
	 Section 16.05
	 	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to
Trustee
	  	 	73	 
	 Section 16.06
	 	 Legal Holidays
	  	 	74	 
	 Section 16.07
	 	 No Security Interest Created
	  	 	74	 
	 Section 16.08
	 	 Benefits of Indenture
	  	 	74	 
	 Section 16.09
	 	 Table of Contents, Headings, Etc
	  	 	74	 
	 Section 16.10
	 	 Authenticating Agent
	  	 	74	 
	 Section 16.11
	 	 Execution in Counterparts
	  	 	75	 
	 Section 16.12
	 	 Severability
	  	 	75	 
	 Section 16.13
	 	 Waiver of Jury Trial
	  	 	75	 
	 Section 16.14
	 	 Force Majeure
	  	 	76	 
	 Section 16.15
	 	 Calculations
	  	 	76	 
	 Section 16.16
	 	 U.S.A. Patriot Act
	  	 	76	 
	 Section 16.17
	 	 Tax Compliance
	  	 	76	 
	 Section 16.18
	 	 Withholding Tax
	  	 	77	 

 EXHIBIT A – FORM OF NOTE 

  
 iv 

 INDENTURE, dated as of
[            ], 2020, between CLOVIS ONCOLOGY, INC., a Delaware corporation, as issuer (the “Company”, as more fully set forth in Section 1.01), and THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”, as more fully set forth in Section 1.01). 

W I T N E S S E T H: 
 WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance of its 4.50% Convertible Senior Notes due 2024 (the “Notes”), initially in an aggregate principal amount not to exceed $50,000,000 (or up to
$70,000,000, if the Initial Purchasers exercise their Option), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this
Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion,
the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms provided in this Indenture; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done and performed, and the execution of this
Indenture and the issuance under this Indenture of the Notes have in all respects been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE
WITNESSETH: 
 That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and
delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time
(except as otherwise provided below), as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. The terms defined in this Section 1.01 (except
as otherwise expressly provided in this Indenture or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental to this Indenture shall have the respective meanings specified in this
Section 1.01. The terms defined in this Article include the plural as well as the singular. 
 “Additional Interest”
means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable. 

“Additional Shares” shall have the meaning specified in Section 13.03(a). 

  
 1 

 “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. 
 “Applicable Law” shall have the meaning specified in Section 16.17. 

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

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Capital Stock” means, for any entity, any and
all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

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

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

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

“Common Stock” means the common stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to
Section 13.07. 
 “Common Stock Change Event” shall have the meaning specified in Section 13.07(a). 

“Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article
XI, shall include its successors and assigns. 
 “Company Order” means a written order of the Company, signed by
(a) the Company’s Chief Executive Officer, Chief Financial Officer, President or any Executive Vice President and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant
Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee. 
 “Conversion Agent” shall have the
meaning specified in Section 4.02. 

  
 2 

 “Conversion Date” shall have the meaning specified in
Section 13.02(c). 
 “Conversion Obligation” shall have the meaning specified in Section 13.01. 

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

“Conversion Rate” shall have the meaning specified in Section 13.01. 

“Corporate Trust Office” means the designated office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date of this Indenture is located at The Bank of New York Mellon Trust Company, N.A. 2 North LaSalle Street, Suite 700, Chicago, IL 60602, Tel (312) 827-8617, Attention:
Corporate Unit, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may
designate from time to time by notice to the Holders and the Company). 
 “Default” means any event that is, or after
notice or passage of time, or both, would be, an Event of Default. 
 “Defaulted Amounts” means any amounts on any Note
(including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“Deferral Exception” means the provisions set forth in Section 13.04(j). 

“Depositary” means, with respect to each Global Note, The Depository Trust Company, a New York corporation, until a successor
shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

“Distributed Property” shall have the meaning specified in Section 13.04(c). 

“Effective Date” shall have the meaning specified in Section 13.03(b), except that, as used in Section 13.04,
“Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

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

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or
in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or
otherwise) as determined by such exchange or market. For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be
considered “regular way” for purposes of the preceding sentence. 

  
 3 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Form of Assignment and Transfer” shall mean the “Form of
Assignment and Transfer” attached as Attachment 3 to the Form of Note attached to this Indenture as Exhibit A. 
 “Form of
Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached to this Indenture as Exhibit A. 

“Form of Note” shall mean the “Form of Note” attached to this Indenture as Exhibit A. 

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

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

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

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

  
 4 

 provided, however, that any transaction that constitutes a Fundamental Change pursuant to both
clause (a) and clause (b) above (without regarding to the proviso to such clause (b)) shall be deemed a Fundamental Change solely under clause (b) above (subject to such proviso); and provided, further that a transaction
or transactions described in clauses (a) or (b) above shall not constitute a Fundamental Change if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional
shares or pursuant to stockholders’ statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select
Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and such transaction constitutes a Common Stock Change Event whose
Reference Property consists of such consideration. 
 “Fundamental Change Company Notice” shall have the meaning specified
in Section 14.01(c). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in
Section 14.01(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning specified in
Section 14.01(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 14.01(a). 
 “Global Note” shall have the meaning specified in Section 2.05(a). 

“Holder” shall mean any Person in whose name at the time a particular Note is registered on the Note Register. 

“Indenture” means this instrument as originally executed or, if amended or supplemented as provided in this Indenture, as so
amended or supplemented. 
 “Initial Purchasers” means
[                    ]. 

“Interest Payment Date” means each February 1 and August 1 of each year, beginning on February 1, 2021 (or
beginning on such other date as may be set forth in the certificate representing the applicable Note). 
 “Last Original Issue
Date” means (a) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued pursuant to the exercise of the Option by the Initial Purchasers), and any Notes issued in exchange therefor or in
substitution thereof, the later of (i) the date of this Indenture and (ii) the last date any Notes are originally issued pursuant to the exercise of the Option; and (b) with respect to any Notes issued pursuant to the first sentence
of Section 2.11, and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the
same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the
original issuance of such Notes. 

  
 5 

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

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

“Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of
any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common
Stock. 
 “Maturity Date” means August 1, 2024. 

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

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

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

“Notice of Conversion” shall have the meaning specified in Section 13.02(b). 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary or any Executive Vice President. 
 “Officer’s Certificate,” when used with
respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company. Each such certificate shall include the statements provided for in Section 16.05 if and to the extent required by the
provisions of such Section. The Officer giving an Officer’s Certificate pursuant to Section 4.09 shall be the principal executive, financial or accounting officer of the Company. 

  
 6 

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

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements provided for in Section 16.05 if and to the extent
required by the provisions of such Section 16.05. 
 “Option” means the option, granted to the Initial Purchasers
pursuant to the Purchase Agreement to purchase up to an additional $20,000,000 principal amount of Notes. 
 The term
“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

(a)    Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 

(b)    Notes, or portions thereof, that have become due and payable and in respect of which monies in the necessary amount
shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); 

(c)    Notes that have been paid pursuant to Section 2.07 or Notes in lieu of which, or in substitution for which,
other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 

(d)    Notes converted pursuant to Article XIII and required to be canceled pursuant to Section 2.09; and 

(e)    Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.11. 

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

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

“Physical Notes” means any Note that is not a Global Note. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 

  
 7 

 “Purchase Agreement” means the Exchange and Purchase Agreements, dated
November 4, 2020, between the Company and each of the Initial Purchasers. 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is
exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such
date is fixed by the Board of Directors, by statute, by contract or otherwise). 
 “Reference Property” shall have the
meaning specified in Section 13.07(a). 
 “Reference Property Unit” shall have the meaning specified in
Section 13.07(a). 
 “Regular Record Date,” with respect to any Interest Payment Date, shall mean the January 15
or July 15 (whether or not such day is a Business Day) immediately preceding the applicable February 1 or August 1 Interest Payment Date, respectively. 

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

“Responsible Officer” means, when used with respect to the Trustee, any officer or employee within the corporate trust
department of the Trustee, including any vice president, assistant vice president, trust officer or any other employee of the Corporate Trust Office 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 Note Legend” shall have the meaning specified in Section 2.05(a). 

“Restricted Securities” shall have the meaning specified in Section 2.05(a). 

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

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

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

“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in
Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 

“Spin-Off” shall have the meaning specified in Section 13.04(c). 

  
 8 

 “Spin-Off Valuation Period”
shall have the meaning specified in Section 13.04(c). 
 “Stock Price” shall have the meaning specified in
Section 13.03(c). 
 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or
other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries
of such Person. 
 “Successor Company” shall have the meaning specified in Section 11.01(a). 

“Successor Person” shall have the meaning specified in Section 13.07(a). 

“Tender/Exchange Offer Valuation Period” shall have the meaning specified in Section 13.04(e). 

“Trading Day” means any day on which (a) trading in the Common Stock generally occurs on the principal U.S. national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and
(b) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. 

The term “transfer” shall have the meaning specified in Section 2.05(a). 

“Transfer Agent” means the Continental Stock Transfer & Trust Company. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date of this Indenture, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended (assuming that the Trust Indenture Act applies to this Indenture). 
 “Trustee” means
the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee under this Indenture. 
 “Wholly Owned Subsidiary” means, with respect to any Person, any
Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

Section 1.02    References to Interest. Unless the context otherwise requires, any
reference to interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant 

  
 9 

 
to any of Section 4.06(d), Section 4.06(e) and Section 6.03. Unless the context otherwise requires, any express mention of Additional Interest in any provision of this Indenture
shall not be construed as excluding Additional Interest in those provisions of this Indenture where such express mention is not made. 

ARTICLE II 
 ISSUE, DESCRIPTION,
EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 
 Section 2.01    Designation and
Amount. The Notes shall be designated as the “4.50% Convertible Senior Notes due 2024.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $50,000,000 (or up
to $70,000,000, if the Initial Purchasers exercise their Option), subject to Section 2.11 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to
Section 2.05, Section 2.07, Section 2.08, Section 10.04, Section 13.02 and Section 14.03. 

Section 2.02    Form of Notes. The Notes and the Trustee’s certificate of
authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the
extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Indenture as may be required by the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon
which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officers
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee, in such manner and upon 

  
 10 

 
instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and
unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for in this Indenture. 

Section 2.03    Date and Denomination of Notes; Payments of Interest and Defaulted
Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day
month. The Company shall pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

(b)    The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of
business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the Company
for such purposes, which shall initially be the office of the Trustee located in Chicago, IL or any other office or agency located in the United States of America so designated by the Trustee. The Company shall pay interest (i) on any Physical
Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check sent to the Holders and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000,
either by check sent to each such Holder or, upon written application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the
United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its
nominee. 
 (c)    Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date
but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be
paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i)    The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the
Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date),
and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for

  
 11 

 
such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause
provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in the Note Register, or by electronic means to the Depositary in the case of Global Notes, not less than 10 days
prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 

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

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes. The Trustee shall also receive an
Opinion of Counsel as to the enforceability of the Indenture and the Notes. 
 Only such Notes as shall bear thereon a certificate of
authentication substantially in the form set forth on the form of Note attached as Exhibit A to this Indenture, executed electronically or manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as
provided by Section 16.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate of the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be
conclusive evidence that the Note so authenticated has been duly authenticated and delivered under this Indenture and that the Holder is entitled to the benefits of this Indenture. 

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

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

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly
authorized in writing. 
 No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of
transfer. 

  
 13 

 None of the Company, the Trustee, the Note Registrar or any
co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof
surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article XIV. 

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

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

Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the
Last Original Issue Date of any Note, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any certificate
evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(b), if applicable) shall bear a
legend (any such legend or similar legend, a “Restricted Note Legend”) in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective
under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise
agreed by the Company in writing, with notice thereof to the Trustee): 
 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON
CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE 

  
 14 

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

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

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

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

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

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

No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on
the Form of Assignment and Transfer has been checked. 
 Without limiting the application of Section 2.06, (x) any Note (or security
issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Note Registrar

  
 15 

 
in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend
required by this Section 2.05(a) and shall not be assigned a restricted CUSIP number; and (y) the Company shall be entitled to instruct the Trustee in writing to so surrender any Global Note as to which such restrictions on transfer shall
have expired in accordance with their terms for exchange, and, upon such instruction, the Trustee shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this
Section 2.05(a) and shall not be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect
to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(a)), a Global Note may
not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a
beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.05(a). 

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

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

  
 16 

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

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

(2) AGREES FOR THE BENEFIT OF CLOVIS ONCOLOGY, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST 

  
 17 

 
ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

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

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

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

(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO
DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 
 Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may, upon
surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of
shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(b). 
 (c)    Any
Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by
such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as
the case may be, no longer being a “restricted security” (as defined under Rule 144 under the Securities Act). The Company shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in
accordance with Section 2.09. 
 Section 2.06    Removal of Transfer
Restrictions. Without limiting the generality of any other provision of this Indenture (including, without limitation, Section 4.06(d) and Section 

  
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4.06(e)), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.06 and the footnote to such Restricted Note Legend, to be removed therefrom upon the
Company’s delivery to the Trustee of notice, signed on behalf of the Company by one of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel
in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be
deemed, pursuant to this Section 2.06 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such
footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers
in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of Section 4.06(e), such Global Note will not be deemed to be identified by
“unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.07    Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall
become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a
registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the
same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required
in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is
about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article XIII shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a
substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish
to the Company, to the Trustee, to the Conversion Agent, to the Paying Agent and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or
expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of
such Note and of the ownership thereof. 

  
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 Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue
of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of
(but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued under this Indenture. To the extent permitted by law, all Notes shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement, payment conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment, conversion or repurchase of negotiable instruments or other securities without their surrender. 

Section 2.08    Temporary Notes. Pending the preparation of Physical Notes, the
Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any
authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be
executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall
execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency
maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be
made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes
authenticated and delivered under this Indenture. 
 Section 2.09    Cancellation of
Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the
Company’s agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange therefor except as expressly
permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the
Company’s written request in a Company Order. If the Company shall acquire any of the Notes, such acquisition shall not operate as a repurchase or satisfaction of the indebtedness represented by such Notes unless and until the same are
delivered to the Trustee for cancellation. 

  
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 Section 2.10    CUSIP Numbers.
The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company
shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

Section 2.11    Additional Notes; Repurchases. The Company may, without the
consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes under this Indenture with the same terms as the Notes initially issued under this Indenture (other than differences in the issue date,
issue price and interest accrued prior to the issue date of such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued under this Indenture
for U.S. federal income tax purposes, such additional Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate
and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters required by Section 16.05. Nothing in this Indenture or the Notes shall prohibit or limit the right of the Company or any Affiliate of the
Company to repurchase the Notes from time to time at any price in open market purchases or private transactions at negotiated prices, by private or public tender or exchange offer or otherwise, including cash-settled swaps or cash-settled
derivatives, in each case without any notice to or consent by the Holders. The Company shall cause any Notes repurchased in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange
offer or through counterparties to private agreements (other than Notes effectively repurchased pursuant to cash-settled swaps or other cash-settled derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.09.

 ARTICLE III 
 SATISFACTION AND
DISCHARGE 
 Section 3.01    Satisfaction and Discharge. This Indenture shall
upon request of the Company contained in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when
(a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (y) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust for the benefit of the Holders and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for
cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or
otherwise, cash or cash and shares of Common Stock or other Reference Property (if applicable), if any (solely to satisfy the Company’s Conversion Obligation, if applicable) sufficient to pay all of the outstanding Notes and all other sums due
and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent in this Indenture provided for relating to the
satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

  
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 ARTICLE IV 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01    Payment of Principal and Interest. The Company covenants and
agrees that it will cause to be paid the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided in this
Indenture and in the Notes. 
 Section 4.02    Maintenance of Office or Agency.
The Company will maintain in the State of New York, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion
(“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office or the office or agency of the Trustee in Los Angeles, CA, as a place where Notes may be presented for payment or for registration of transfer. 

The Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the
United States of America for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and
“Conversion Agent” include any such additional or other offices or agencies, as applicable. 
 The Company hereby initially
designates the Trustee as the Paying Agent, Note Registrar and Conversion Agent and the Corporate Trust Office as the office or agency in the United States of America where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. 

Section 4.03    Appointments to Fill Vacancies in
Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be
a Trustee under this Indenture. 
 Section 4.04    Provisions as to Paying
Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver 

  
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to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

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

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

(iii)    that at any time during the continuance of an Event of Default, upon request of the Trustee, it
will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including
the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) or
accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received
by the Paying Agent by 11:00 a.m., New York City time, on such date. 
 (b)    If the Company shall act as its own
Paying Agent, it will, on or before each due date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the
Holders of the Notes a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take
such action and of any failure by the Company to make any payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable. 

(c)    Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose
of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent under this Indenture as required by this
Section 4.04, such sums or amounts to be held by the Trustee upon the trusts contained in this Indenture and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released
from all further liability but only with respect to such sums or amounts. 
 (d)    Any money or property deposited with
the Trustee, Conversion Agent or any Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due
upon conversion of any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable), interest or 

  
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consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money
and property, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and property remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money and property then remaining will be repaid or delivered to the Company. 

Section 4.05    Existence. Subject to Article XI, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 4.06    Rule 144A Information Requirement and Annual Reports. (a) At
any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or the shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or the shares of Common
Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A. 

(b)    The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission
(giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or
15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the Company files with the
Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system, it being understood that the Trustee shall not be
responsible for determining whether such filings have been made. 
 (c)    Delivery of the reports and documents
described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). 

(d)    If, at any time during the six-month period beginning on, and including, the date that is six months after the Last
Original Issue Date of any Note, the Company fails to timely file 

  
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any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods
thereunder and other than reports on Form 8-K), or such Note is not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the preceding three months (as a
result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), then the Company shall pay Additional Interest on such Note. Such Additional Interest shall accrue on such Note at the rate of 0.50% per annum of
the outstanding principal amount of such Note for each day during such period for which the Company’s failure to file continues or such Note is not otherwise freely tradable during such period as provided in the preceding sentence. As used in
this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the
Commission pursuant to Section 13 or 15(d) of the Exchange Act. 
 (e)    If the restrictive legend on any Note
specified in Section 2.05(b), or any similar legend, has not been removed (or deemed removed pursuant to Section 2.06), any Note is assigned a restricted CUSIP number or any Note is not otherwise freely tradable by Holders other than the
Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the preceding three months (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 375th day after
the Last Original Issue Date of such Note, then the Company shall pay Additional Interest on such Note at a rate equal to 0.50% per annum of the outstanding principal amount of such Note for each day from, and including, such 375th day until the
restrictive legend on such Note has been removed (or deemed removed pursuant to Section 2.06) in accordance with this Indenture, such Note is assigned an unrestricted CUSIP number and such Note is freely tradable as provided above in this
sentence. 
 (f)    Additional Interest will be payable in arrears on each Interest Payment Date following accrual in
the same manner as regular interest on the Notes. 
 (g)    The Additional Interest that is payable in accordance with
Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided, however, in no
event shall Additional Interest accrue under the terms of this Indenture (aggregating any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e) with any Additional Interest payable pursuant to Section 6.03) at a
rate per year in excess of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

(h)    If Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the
Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable, (ii) the amount of Additional Interest that is payable per $1000 principal amount of
Notes and (iii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such
Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment. The Trustee
shall not at any time be under any duty or responsibility to any Holder to determine the Additional Interest or calculate the amount of Additional Interest owed, or the method employed in such calculation of Additional Interest. 

  
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 Section 4.07    Stay, Extension and
Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other
law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated in this Indenture, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power in this Indenture granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.08    Compliance Certificate; Statements as to Defaults. The
Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s Certificate stating whether the signers thereof have knowledge
of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

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

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

ARTICLE V 
 LISTS OF HOLDERS AND
REPORTS BY THE COMPANY AND THE TRUSTEE 
 Section 5.01    Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 13 days after each January 15 or July 15 in each year beginning with January 15, 2021, and at such other times as
the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it under this
Indenture), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices)
prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02    Preservation and Disclosure of Lists. The Trustee shall preserve,
in as current a form as is reasonably practicable, all information as to the names and addresses of the 

  
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Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy
any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. Each of the following events shall be an
“Event of Default” with respect to the Notes: 
 (a)    default in any payment of interest on any Note
when due and payable, and the default continues for a period of 30 days; 
 (b)    default in the payment of principal
of any Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration of acceleration or otherwise; 

(c)    subject to the ownership limitations set forth in Section 13.12, failure by the Company
to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for a period of three Business Days; 

(d)    failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 14.01(c) or
notice of a Make-Whole Fundamental Change in accordance with Section 13.03(a), in each case when due; 

(e)    failure by the Company to comply with its obligations under Article XI; 

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

(g)    default by the Company or any Significant Subsidiary with respect to any mortgage, agreement or other instrument
under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $25,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant
Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt
when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise and such default continues for a period of 30 days without such default having been cured or waived, such acceleration having been
rescinded or annulled (if applicable) and such indebtedness not having been paid or discharged, as the case may be; 

(h)    the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, 

  
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custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 

(i)    an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30
consecutive days. 
 Section 6.02    Acceleration: Rescission and
Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with
respect to the Company), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with
Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such
declaration, the same shall become and shall automatically be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding. However, if an Event of Default specified in Section 6.01(h) or
Section 6.01(i) with respect to the Company (and not solely involving one or more Significant Subsidiaries) occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall
automatically be immediately due and payable. 
 At any time after the principal of the Notes shall have become due and payable, and before
any judgment or decree for the payment of the monies due shall have been obtained or entered as provided in this Indenture, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest
upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under
applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of, and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall
have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice
to the Company and to the Trustee, may waive all past Defaults or Events of Default with respect to the Notes and 

  
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rescind and annul any such acceleration and its consequences, and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture (but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon). Notwithstanding anything to the contrary in this
Indenture, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal of, or accrued and unpaid interest on, any Notes, (ii) a failure to
repurchase any Notes when required (including any Fundamental Change Repurchase Price) or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 

Section 6.03    Additional Interest. Notwithstanding anything in this Indenture or
in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 180 days after
the occurrence of such an Event of Default (and, for the avoidance of doubt, giving effect to the 60-day period set forth in Section 6.01(f)), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i)
0.25% per annum of the principal amount of the Notes outstanding for each day during the first 90 calendar days after the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such
Event of Default is cured or waived as provided for in this Indenture) and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day from, and including, the 91st calendar day to, and including, the 180th calendar day after
the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture). Subject to the last sentence of this
Section 6.03, Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such
Additional Interest shall be payable in the same manner and on the same dates as regular interest on the Notes. On the 181st day after such Event of Default (if the Event of Default relating to the Company’s failure to comply with its
obligations as set forth in Section 4.06(b) is not cured or waived prior to such 181st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in
Section 6.02. 
 In order to elect to pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any
Event of Default described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the occurrence of such Event of Default. Upon the failure to timely give
such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 
 In no event shall Additional
Interest accrue under the terms of this Indenture (aggregating any Additional Interest payable pursuant to this Section 6.03 with any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e)) at a rate per year in
excess of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

  
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 Section 6.04    Payments of Notes on
Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the
Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as
shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 In the
event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other
judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents
and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under
Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders may be entitled to receive in such proceedings, whether in liquidation or under any
plan of reorganization or arrangement or otherwise. 
 Nothing contained in this Indenture shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 

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

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the
Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights under this Indenture, and all rights, remedies and powers of the Company, the Holders and the Trustee
shall continue as though no such proceeding had been instituted. 

Section 6.05    Application of Monies Collected by Trustee. Any monies collected
by the Trustee pursuant to this Article VI with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon
the payment, if only partially paid, and upon surrender thereof, if fully paid: 
 First, to the payment of all amounts due the
Trustee under Section 7.06; 
 Second, in case the principal of the outstanding Notes shall not have become due and be unpaid,
to the payment of interest on, and any cash for any fractional shares due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash for any fractional shares due upon conversion, as the case may
be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Fundamental Change Repurchase Price and any cash for any fractional shares due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest
on the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the
whole amounts 

  
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so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase Price and the cash for any fractional shares due upon
conversion) and interest without preference or priority of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate
of such principal (including, if applicable, the Fundamental Change Repurchase Price and any cash due for any fractional shares upon conversion) and accrued and unpaid interest; and 

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

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

(b)    Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee under this Indenture; 

(c)    such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against any
loss, liability or expense to be incurred therein or thereby; 
 (d)    the Trustee for 60 days after its receipt of
such notice, written request and offer of security or indemnity shall have neglected or refused to institute any such action, suit or proceeding; and 

(e)    no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given
to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it being understood and intended, and being expressly covenanted by the taker and
Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal, ratable and common benefit of
all Holders (except as otherwise provided in this Indenture). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

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

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

Section 6.07    Proceedings by Trustee. In case of an Event of Default, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law
or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable
right vested in the Trustee by this Indenture or by law. 
 Section 6.08    Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.07, all powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not
exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any
acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Holders. 
 Section 6.09    Direction of Proceedings and Waiver of
Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any
rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial
to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of
all of the Holders waive any past Default or Event of Default with respect to the Notes and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change
Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a
default in respect of a covenant or provision of this Indenture which under Article X cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of
the Notes shall be restored to their former positions and rights under this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or

  
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Event of Default under this Indenture shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be
deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.10    Notice of Defaults. The Trustee shall, within 90 days after it
receives written notice of the occurrence and continuance of a Default, send to all Holders as the names and addresses of such Holders appear upon the Note Register, or including by electronic means to the Depositary in the case of Global Notes,
notice of all such Defaults, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Fundamental Change Repurchase
Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as it in good faith
determines that the withholding of such notice is in the interests of the Holders. 

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

CONCERNING THE TRUSTEE 

Section 7.01    Duties and Responsibilities of Trustee. The Trustee, prior to the
occurrence of an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has
occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any
of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

  
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 No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(a)    prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may
have occurred: 
 (i)    the duties and obligations of the Trustee shall be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 
 (ii)    (in the absence of bad faith, willful misconduct or gross
negligence on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions of this Indenture are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers
of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

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

(d)    whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the
liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e)    the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes; 
 (f)    if any party fails to deliver a
notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a
Responsible Officer of the Trustee had actual knowledge of such event; 

  
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 (g)    in the absence of written investment direction from the Company,
all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon
or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to
provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held under this Indenture in the absence of such written investment direction from the Company; and 

(h)    in the event that the Trustee is also acting as Note Registrar, Paying Agent, Conversion Agent or transfer agent
under this Indenture, the rights and protections afforded to the Trustee pursuant to this Article VII shall also be afforded to such Note Registrar, Paying Agent, Conversion Agent or transfer agent. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

Section 7.02    Reliance on Documents, Opinions, Etc. Except as otherwise provided
in Section 7.01: 
 (a)    the Trustee may conclusively rely and shall be fully protected in acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties; 
 (b)    any request, direction, order or demand of the Company mentioned in this Indenture shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be specifically prescribed in this Indenture); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or
an Assistant Secretary of the Company; 
 (c)    the Trustee may consult with counsel of its selection and require an
opinion of counsel and any advice of such counsel or opinion of counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it under this Indenture in good faith and in accordance with such advice or
opinion of counsel; 
 (d)    the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the
expense of the Company for any reasonable expenses incurred and shall incur no liability of any kind by reason of such inquiry or investigation; 

  
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 (e)    the Trustee may execute any of the trusts or powers under this
Indenture or perform any duties under this Indenture either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or
attorney appointed by it with due care under this Indenture; and 
 (f)    the permissive rights of the Trustee
enumerated in this Indenture shall not be construed as duties; 
 (g)    in no event shall the Trustee be liable for any
special, indirect, consequential or punitive loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(h)    the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes,
unless written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes; 

(i)    the Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence
of any agent appointed with due care; and 
 (j)    the Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

Section 7.03    No Responsibility for Recitals, Etc. The recitals contained in
this Indenture and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee
in conformity with the provisions of this Indenture. 
 Section 7.04    Trustee, Paying
Agents, Conversion Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would
have if it were not the Trustee, Paying Agent, Conversion Agent or Note Registrar. 

Section 7.05    Monies and Property to Be Held in Trust. All monies and any
property received by the Trustee or the Conversion Agent, as applicable, shall, until used or applied as provided in this Indenture, be held in trust for the purposes for which they were received. Money and property held by the Trustee in trust
under this Indenture need not be segregated from other funds or property except to the extent required by law. The Trustee or the Conversion Agent, as applicable, shall be under no liability for interest on any money or property received by it under
this Indenture except as may be agreed from time to time by the Company and the Trustee or the Conversion Agent, as applicable. 

  
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 Section 7.06    Compensation and
Expenses of Trustee. The Company covenants and agrees to pay to the Trustee, in any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it under this
Indenture in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse
the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable
compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its own gross negligence, willful misconduct or
bad faith. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its officers, directors, employees and agents and any authenticating
agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or such agent or
authenticating agent, as the case may be, (such gross negligence, willful misconduct or bad faith to be determined by a final, non-appealable decision of a court of competent jurisdiction), and arising out of
or in connection with the acceptance or administration of this Indenture or in any other capacity under this Indenture, including the reasonable costs and expenses of defending themselves against any claim of liability in the premises. The
obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made
subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds or property held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to
receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge
of this Indenture and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06
shall extend to the officers, directors, agents and employees of the Trustee. 
 Without prejudice to any other rights available to the
Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 

Section 7.07    Officer’s Certificate as
Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
omitting any action under this Indenture, such matter (unless other evidence in respect thereof be specifically prescribed in this Indenture) may, in the absence of gross negligence, willful misconduct and bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence, willful misconduct and bad faith on the part of the Trustee, shall
be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 

  
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 Section 7.08    Eligibility of
Trustee. There shall at all times be a Trustee under this Indenture which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person
publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article. 
 Section 7.09    Resignation or
Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company, and the Company shall send notice thereof to the Holders. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and have accepted appointment within 30 days after the sending of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the
Holders, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the
provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee. 
 (b)    In case at any time any of the following shall occur: 

(i)    the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and
shall fail to resign after written request therefor by the Company or by any such Holder, or 

(ii)    the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

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

  
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 (c)    The Holders of a majority in aggregate principal amount of the
Notes at the time outstanding, as determined in accordance with Section 8.04, may upon 30 days’ notice remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after
notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee. 
 (d)    Any resignation or removal of the Trustee and
appointment of a successor trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

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

No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor
trustee shall be eligible under the provisions of Section 7.08. 
 Upon acceptance of appointment by a successor trustee as provided in
this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall send notice of the succession of such trustee under this Indenture to the Holders. If the Company fails to send
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

Section 7.11    Succession by Merger, Etc. Any corporation or other entity into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity
succeeding to all or substantially all of the corporate 

  
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trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee under this Indenture without the execution or filing of any paper or any
further act on the part of any of the parties to this Indenture; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other
entity shall be eligible under the provisions of Section 7.08. 
 In case at the time such successor to the Trustee shall succeed to
the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by
such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may
authenticate such Notes either in the name of any predecessor trustee under this Indenture or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this
Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor
trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

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

ARTICLE VIII 
 CONCERNING THE
HOLDERS 
 Section 8.01    Action by Holders. Whenever in this Indenture it is
provided that the Holders of a specified percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other
action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by
agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article IX, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders 

  
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of the Notes, the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled to take such action.
The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 8.02    Proof of Execution by Holders. Subject to the provisions of
Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in
Section 9.06. 
 Section 8.03    Who Are Deemed Absolute Owners. The
Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such
Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the
principal of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion
Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder for the time being, or upon its
order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the
contrary in this Indenture or the Notes following an Event of Default, any owner of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the
Depositary or any other Person, such owner’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 

Section 8.04    Company-Owned Notes Disregarded. In
determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any
Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination;
provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such
Notes and that the pledgee is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or a Subsidiary thereof. In the case of a dispute as to
such right, any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 

  
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 Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate
listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

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

HOLDERS’ MEETINGS 

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

(b)    to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VII; 

(c)    to consent to the execution of an indenture or indentures supplemental to this Indenture pursuant to the provisions
of Section 10.02; or 
 (d)    to take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 

Section 9.02    Call of Meetings by Trustee. The Trustee may at any time call a
meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be sent to Holders of such Notes. Such notice shall also be sent to the Company. Such notices shall be sent
not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

  
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 Any meeting of Holders shall be valid without notice if the Holders of all Notes then
outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before
or after the meeting, waived notice. 
 Section 9.03    Call of Meetings by Company or
Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by
written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have sent the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may
determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by sending notice thereof as provided in Section 9.02. 

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

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

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without further notice. 

  
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 Section 9.06    Voting. The vote
upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of
the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was sent as provided in Section 9.02.
The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

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

Section 9.07    No Delay of Rights by Meeting. Nothing contained in this Article
IX shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred under this Indenture to make such call, any hindrance or delay in the exercise of any right or
rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. Nothing contained in this Article IX shall be deemed or construed to limit any Holder’s actions pursuant to the
applicable procedures of the Depositary so long as the Notes are Global Notes. 
 ARTICLE X 

SUPPLEMENTAL INDENTURES 

Section 10.01    Supplemental Indentures Without Consent of Holders. The Company,
when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental to this Indenture for one or more of the following
purposes: 
 (a)    to cure any ambiguity, omission, defect or inconsistency that is not materially adverse to Holders;

 (b)    to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture
pursuant to Article XI; 
 (c)    to add guarantees with respect to the Notes; 

(d)    to secure the Notes; 

  
 45 

 (e)    to add to the covenants or Events of Default of the Company for
the benefit of the Holders or surrender any right or power conferred upon the Company under this Indenture; 
 (f)    to
make any change that does not adversely affect the rights of any Holder in any material respect; 
 (g)    to increase
the Conversion Rate as provided in this Indenture; 
 (h)    to provide for the acceptance of appointment by a successor
trustee pursuant to Section 7.09 or to facilitate the administration of the trusts under this Indenture by more than one trustee; 

(i)    in connection with any Common Stock Change Event, provide that the Notes are convertible into Reference Property,
subject to the provisions of Section 13.02, and make such related changes to the terms of the Notes to the extent expressly required or permitted by Article XIII; 

(j)    comply with any requirement of the Commission in connection with any qualification of this Indenture or any
supplemental indenture under the Trust Indenture Act; or 
 (k)    provide for the issuance of additional Notes in
accordance with Section 2.11 and provide for any additional transfer restrictions that may apply to any such additional Notes that, at the time of their original issuance, constitute “restricted securities” within the meaning of Rule
144 or that are originally issued in reliance upon Regulation S under the Securities Act (it being understood, for the avoidance of doubt, that no such transfer restrictions will apply to any Notes issued pursuant to the Purchase Agreement or any
Notes issued in exchange therefor or in substitution thereof). 
 Upon the written request of the Company, the Trustee is hereby authorized
to, and shall join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, except that the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, and, for the avoidance of doubt, with respect to Sections 10.01(a) and 10.01(f), an Officer’s
Certificate shall be delivered to the Trustee which shall certify that the Company has made such determination in good faith. 
 Any
supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of
Section 10.02. 
 Section 10.02    Supplemental Indentures with Consent of
Holders. With the consent (evidenced as provided in Article VIII) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article VIII and including, without
limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to
time and at any time enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any 

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

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

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

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

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

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

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

(g)    change the ranking of the Notes; 

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

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

Section 10.03    Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article X, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company 

  
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and the Holders shall thereafter be determined, exercised and enforced under this Indenture subject in all respects to such modifications and amendments and all the terms and conditions of any
such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 10.04    Notation on Notes. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this Article X may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or
the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be
prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then
outstanding. 
 Section 10.05    Evidence of Compliance of Supplemental Indenture to Be
Furnished Trustee. In addition to the documents required by Section 16.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to
this Indenture complies with the requirements of this Article X and is permitted or authorized by this Indenture. 
 ARTICLE XI 

CONSOLIDATION, MERGER, SALE AND LEASE 

Section 11.01    Company May Consolidate, Etc. on Certain Terms. Subject to the
provisions of Section 11.02, the Company shall not consolidate with, merge with or into, or (whether directly or indirectly through one or more subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all
or substantially all of the consolidated assets of it and its Subsidiaries, taken as a whole to another Person, unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall
be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and this Indenture; and 
 (b)    immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture. 

Section 11.02    Successor Corporation to Be Substituted. In case of any such
consolidation, merger, sale, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the
principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or 

  
 48 

 
substantially all of the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had been named in this Indenture as the party of the first part.
Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable under this Indenture which theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be
authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of
such Notes had been issued at the date of the execution of this Indenture. In the event of any such consolidation, merger, sale or transfer (but not in the case of a lease), upon compliance with this Article XI the Person named as the
“Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article XI) may be dissolved, wound up and liquidated at any time thereafter and, except in the
case of any such lease, such Person shall be released from its liabilities as obligor and maker of the Notes and discharged from its obligations under this Indenture and the Notes. 

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

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

  
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 ARTICLE XIII 

CONVERSION OF NOTES 

Section 13.01    Conversion Privilege. Subject to and upon compliance with the
provisions of this Article XIII (including the ownership limitations set forth in Section 13.12), each Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal
amount or an integral multiple thereof) of such Note at any time prior to the close of business on the Business Day immediately preceding the Maturity Date at an initial conversion rate of 160.3334 shares of Common Stock (subject to adjustment as
provided in this Article XIII, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 13.02, the “Conversion Obligation”). 

Section 13.02    Conversion Procedure; Settlement Upon Conversion. 

(a)    Upon conversion of any Note, the Company shall deliver to the converting Holder, in respect of each $1,000 principal
amount of Notes being converted, a number of shares of Common Stock equal to the Conversion Rate in effect immediately after the close of business on the Conversion Date for such conversion, together with a cash payment, if applicable, in lieu of
delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 13.02, on the second Business Day immediately following such Conversion Date. 

(b)    Subject to Section 13.02(e), before any Holder shall be entitled to convert a Note as set forth above, in
addition to any certificates that may be required to be delivered pursuant to Section 13.12, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and,
if required, pay funds equal to the interest payable on the next Interest Payment Date and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form
of Notice of Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in
which such Holder wishes the certificate or certificates for the shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and
accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the
next Interest Payment Date. The Trustee (and, if different, the Conversion Agent) shall notify the Company of receipt of any Notice of Conversion, receipt of any Notes from Holders and receipt of any payment of interest from a Holder pursuant to
this Article XIII on the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect
of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 14.02. 
 If more than
one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the
extent permitted thereby) so surrendered. 

  
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 (c)    A Note shall be deemed to have been converted immediately prior
to the close of business on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in subsection (a) above. The Company shall issue or cause to be issued, and deliver to the Transfer Agent
or to such Holder, or such Holder’s nominee or nominees, certificates (or, if the Note to be converted is a Global Note, a book-entry transfer through the Depositary) for the full number of shares of Common Stock to which such Holder shall be
entitled in satisfaction of the Company’s Conversion Obligation. 
 (d)    In case any Physical Note shall be
surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate
principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or
similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the
Holder of the old Notes surrendered for such conversion. 
 (e)    If a Holder submits a Note for conversion, the
Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the
Holder’s name, in which case the Holder shall pay that tax. The Transfer Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee receives a
sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence. 

(f)    Except as provided in Section 13.04, no adjustment shall be made for dividends on shares of Common Stock
issued upon the conversion of any Note as provided in this Article XIII. 
 (g)    Upon the conversion of an interest in
a Global Note, the Trustee shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent
other than the Trustee. 
 (h)    Upon conversion, a Holder shall not receive any separate cash payment for accrued and
unpaid interest, if any, except as set forth below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any,
to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than canceled, extinguished or forfeited.
Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such Notes
on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of business on the

  
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immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required
(1) for conversions whose Conversion Date occurs after the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or
prior to the Business Day immediately after the corresponding Interest Payment Date; or (3) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such Note. Therefore, for the avoidance
of doubt, all Holders of record as of the close of business on the Regular Record Date immediately preceding the Maturity Date, or immediately preceding any Fundamental Change Repurchase Date as described in the immediately preceding sentence, shall
receive the full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether their Notes have been converted following such Regular Record Date. 

(i)    Subject to Section 13.12, the Person in whose name the certificate for the shares of Common Stock delivered
upon conversion is registered shall be deemed to become a stockholder of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for
conversion. 
 (j)    The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and
shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on the Last Reported Sale Price of the Common Stock on the relevant Conversion Date. 

Section 13.03    Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with
Make-Whole Fundamental Changes. 
 (a)    If the Effective Date of a Make-Whole Fundamental
Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, then the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so
surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole
Fundamental Change if the Conversion Date of such conversion occurs during the period from, and including, the Effective Date of the Make-Whole Fundamental Change to, and including, the Business Day immediately prior to the related Fundamental
Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, to, and including, the 35th Trading Day immediately following the
Effective Date of such Make-Whole Fundamental Change). 
 For the avoidance of doubt, upon conversion of Notes in connection with a
Make-Whole Fundamental Change as provided in the preceding paragraph, the Company shall deliver shares of Common Stock, including the Additional Shares, in accordance with Section 13.02, subject to the provisions set forth in
Section 13.07. If the consideration for Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental 

  
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Change is composed entirely of cash, then for any conversion of Notes with a Conversion Date on or after the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall
be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares),
multiplied by such Stock Price. The Company shall notify the Holders of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after such Effective Date. 

(b)    The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by
reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the Stock Price for such Make-Whole Fundamental Change. If the holders of the Common
Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price
shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. 

(c)    The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the
Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such
adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the
Conversion Rate as set forth in Section 13.04. 
 (d)    The following table sets forth the number of Additional
Shares by which the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 13.03 for each Stock Price and Effective Date set forth below: 

 

																																									
	 	  	Stock Price	 
	 Effective Date
	  	$5.67	 	  	$6.00	 	  	$6.24	 	  	$7.00	 	  	$8.00	 	  	$10.00	 	  	$12.00	 	  	$16.00	 	  	$20.00	 	  	$25.00	 
	 November [17], 2020
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	15.2032	 	  	 	9.4291	 	  	 	6.1476	 	  	 	2.6201	 	  	 	0.9102	 	  	 	0.0000	 
	 August 1, 2021
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	14.2902	 	  	 	8.6819	 	  	 	5.6378	 	  	 	2.5015	 	  	 	0.8944	 	  	 	0.0000	 
	 August 1, 2022
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	12.0602	 	  	 	6.8913	 	  	 	4.3751	 	  	 	2.0174	 	  	 	0.8734	 	  	 	0.0000	 
	 August 1, 2023
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	12.4970	 	  	 	7.8766	 	  	 	3.8601	 	  	 	2.3553	 	  	 	1.1621	 	  	 	0.5888	 	  	 	0.0000	 
	 August 1, 2024
	  	 	16.0334	 	  	 	6.3333	 	  	 	0.0001	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact Stock Price and Effective Date may not be set forth in the table above, in which case: 

(i)    if the Stock Price is between two Stock Prices in the table above or the Effective Date is between
two dates in the table above, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock
Prices and the earlier and later dates in the table above, as applicable, based on a 365- or 366-day year, as applicable; 

  
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 (ii)    if the Stock Price is greater than $25.00 per
share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii)    if the Stock Price is less than $5.67 per share (subject to adjustment in the same manner as the
Stock Prices set forth in the column headings of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 176.3668 shares of Common
Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 13.04. 
 (e)    Nothing
in this Section 13.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 13.04 in respect of a Make-Whole Fundamental Change. 

Section 13.04    Adjustment of Conversion Rate. The Conversion Rate shall be
adjusted as set forth below, except that the Company shall not make any adjustments to the Conversion Rate if Holders participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the
same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 13.04, without having to convert their Notes, as if they held a number of shares
of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

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

									
	 CR1 
	  	=	  	CR0 	  	×	  	 OS1 

	  	OS0 

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective
Date of such share split or share combination, as applicable;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;
			
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable; and
			
	OS1	 	=	 	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable.

  
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 Any adjustment made under this Section 13.04(a) shall become effective immediately
after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable.
If any dividend or distribution of the type described in this Section 13.04(a) is declared but not so paid or made, or any share split or combination of the type described in this Section 13.04(a) is announced but the outstanding shares of
Common Stock are not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or not to split or combine the
outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or such share split or combination had not been announced. 

(b)    If the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants
(other than pursuant to a stockholders rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is
less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall
be increased based on the following formula: 
  

									
	CR1	  	=	  	CR0	  	×	  	 OS0 + X

	  	OS0 + Y

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	 	=	 	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	 	=	 	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 13.04(b) shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common

  
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Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with
respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall be
decreased to the Conversion Rate that would then be in effect if such Record Date for such issuance had not occurred. 
 For purposes of
this Section 13.04(b), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common
Stock for the applicable 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of Common Stock,
there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the
Board of Directors. 
 (c)    If the Company distributes shares of its Capital Stock, evidences of its indebtedness,
other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities of the Company, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances
as to which an adjustment is required (or would be required, disregarding the Deferral Exception) pursuant to Section 13.04(a) or Section 13.04(b), (ii) rights issued pursuant to a stockholders right plan, except as set forth in
Section 13.10, (iii) dividends or distributions paid exclusively in cash as to which an adjustment is required (or would be required, disregarding the Deferral Exception) pursuant to Section 13.04(d), (iv) distributions of Reference
Property in a Common Stock Change Event, as to which the provisions set forth in Section 13.07(a) shall apply and (v) Spin-Offs as to which the provisions set forth below in this Section 13.04(c) shall apply (any of such shares of
Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the
following formula: 
  

									
	CR1	  	=	  	CR0	  	×	  	 SP0

	  	SP0 – FMV

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;
			
	SP0	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
			
	FMV	 	=	 	the fair market value (as determined by the Board of Directors), as of the Record Date for such distribution, of the Distributed Property distributed with respect to each outstanding share of the Common Stock.

  
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 Any increase made under the portion of this Section 13.04(c) above shall become
effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that
would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined
above), then, in lieu of the foregoing increase, each Holder shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock, the amount and kind of Distributed Property such
Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any
distribution for purposes of this Section 13.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period
used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution. 
 With respect to an adjustment pursuant to this Section 13.04(c) where there has been a payment of a dividend or other
distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading
on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 
  

									
	CR1	  	=	  	CR0	  	×	  	 FMV0 + MP0

	  	MP0

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the Spin-Off Valuation Period;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the close of business on the last Trading Day of the Spin-Off Valuation Period;
			
	FMV0	 	=	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last
Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Spin-Off Valuation Period”); and
			
	MP0	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the Spin-Off Valuation Period.

  
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 The adjustment to the Conversion Rate under the preceding paragraph shall occur on the last
Trading Day of the Spin-Off Valuation Period; provided that in respect of any conversion of Notes with a Conversion Date occurring during the Spin-Off Valuation
Period, references in the portion of this Section 13.04(c) related to Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Conversion Date in determining the Conversion Rate applicable to such conversion. 

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

									
	CR1	  	=	  	CR0	  	×	  	 SP0

	  	SP0 – C

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	 	=	 	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	 	=	 	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any increase pursuant to this Section 13.04(d) shall become effective immediately after the open of
business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors
determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal
to or greater than “SP0” (as defined above), then, in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of Notes, at the same time and upon
the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for such cash dividend
or distribution. 
 (e)    If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange
offer for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive
Trading Day period (such period, the “Tender/Exchange Offer Valuation Period”) commencing on, and including, 

  
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 the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such
tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 
  

									
	CR1	  	=	  	CR0	  	×	  	 AC + (SP1 × OS1)

	  	OS0 × SP1

 where, 
  

					
	CR0	 	=	 	the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	AC	 	=	 	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
			
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the time such tender or exchange offer expires (prior to giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange
in such tender or exchange offer);
			
	OS1	 	=	 	the number of shares of Common Stock outstanding immediately after the time such tender or exchange offer expires (after giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange in
such tender or exchange offer); and
			
	SP1	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the Tender/Exchange Offer Valuation Period.

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to the provisions
described in this Section 13.04(e), except to the extent provided in the second immediately following paragraph. 
 The adjustment to
the Conversion Rate pursuant to this Section 13.04(e) shall occur on the last Trading Day of the Tender/Exchange Offer Valuation Period; provided that in respect of any conversion of Notes with a conversion date occurring during the
Tender/Exchange Offer Valuation Period, references in this Section 13.04(e) with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next
succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer to, and including, such Conversion Date in determining the Conversion Rate applicable to such conversion. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of being precluded from consummating such
tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender 

  
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or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or
exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. 

(f)    Notwithstanding this Section 13.04 or any other provision of this Indenture or the Notes, if a Conversion Rate
adjustment becomes effective on any Record Date, and a Holder that has converted its Notes with a Conversion Date occurring on such Record Date would be treated as the record holder of the shares of Common Stock as of such Record Date as described
under Section 13.02(i) based on such adjusted Conversion Rate, then, notwithstanding the Conversion Rate adjustment provisions in this Section 13.04, for purposes of such conversion, such Conversion Rate adjustment shall not be made.
Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

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

(h)    In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 13.04,
and to the extent permitted by applicable law and subject to applicable stock exchange rules, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines
that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to applicable stock exchange rules, the Company may (but is not required to) increase the Conversion Rate to avoid or
diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion
Rate is increased pursuant to either of the preceding two sentences, the Company shall send to each Holder a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect. 
 (i)    Notwithstanding anything to the
contrary in this Article XIII, the Conversion Rate shall not be adjusted: 
 (i)    upon the issuance of
any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any
plan; 
 (ii)    upon the issuance of any shares of Common Stock or options or rights to purchase those
shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 

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

(iv)    upon the repurchase of shares of Common Stock pursuant to an
open-market share repurchase program, including pursuant to structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives, or other buyback transaction,
in each case, that is not a tender offer or exchange offer of the nature described in Section 13.04(e); 

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

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

(j)    The Company shall not adjust the Conversion Rate pursuant to clauses (a), (b), (c), (d) or (e) of this
Section 13.04 unless such adjustment would result in a change of at least 1% of the then effective Conversion Rate. However, the Company shall carry forward any adjustment to the Conversion Rate that the Company would otherwise have to make and
take that adjustment into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried-forward adjustments shall be made with respect to the Notes (i) in connection with any subsequent adjustment to the Conversion Rate
of at least 1% of the Conversion Rate (when such carried-forward adjustments are taken into account) when taken together with all prior deferred adjustments that have not yet been given effect; and (ii) (x) on the Conversion Date for any Notes,
and (y) upon the occurrence of a Make-Whole Fundamental Change pursuant to Section 14.03. 
 (k)    All
calculations and other determinations under this Article XIII shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. 

(l)    Whenever the Conversion Rate is adjusted as provided in this Indenture, the Company shall promptly file with the
Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible
Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has
knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes
effective and shall send such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(m)    For purposes of this Section 13.04, the number of shares of Common Stock at any time outstanding shall not
include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 

  
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 Section 13.05    Adjustments of
Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices over a span of multiple days (including to calculate the Stock Price), the Company shall make appropriate adjustments, if any,
to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Record Date of the event occurs, at any time during the period when the Last Reported Sale
Prices are to be calculated. 
 Section 13.06    Shares to Be Fully Paid. The
Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for
conversion (assuming that at the time of computation of such number of shares, all such Notes would be converted by a single Holder). 

Section 13.07    Effect of Recapitalizations, Reclassifications and Changes
of the Common Stock. (a) In the case of: 
 (i)    any recapitalization, reclassification or
change of the Common Stock (other than a change in par value or changes resulting from a subdivision or combination), 

(ii)    any consolidation, merger or combination involving the Company, 

(iii)    any sale, lease or other transfer to a third-party of the consolidated assets of the Company and
the Company’s Subsidiaries substantially as an entirety, or 
 (iv)    any statutory share exchange,

 in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets,
including cash or any combination thereof (such transaction, a “Common Stock Change Event,” and such stock, securities, property, asset or cash, “Reference Property,” and the amount and kind of reference property
that a holder of one share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue fractional shares of securities or other property), a “Reference
Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, from and after the effective time of such Common Stock Change Event, (x) the Conversion Consideration due upon conversion of any Note, and
the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article XIII (or in any related definitions) were instead a reference to the same number of Reference
Property Units; (y) for purposes of Section 15.01, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property
Units; and (z) for purposes of the definition of “Fundamental Change” and “Make-Whole Fundamental Change,” the term “Common Stock” and “common equity” will be deemed to mean the common equity, if any,
forming part of such Reference Property. For these purposes, the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or
portion thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). 

  
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 If the Common Stock Change Event causes Common Stock to be converted into, or exchanged for,
the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), then the Reference Property will be deemed to be (x) the weighted average of the types and amounts of consideration
received by the holders of Common Stock that affirmatively make such an election; or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received by the holders of Common Stock.
The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the
Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 10.01(i), which supplemental indenture will (x) provide for
subsequent conversions of Notes in the manner set forth in this Section 13.07; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 13.04 in a manner consistent with this Section 13.07 (including giving
effect, in the reasonable discretion of the Company, to the Dividend Threshold in a manner that reflects the nature and value of the Reference Property Unit to preserve; and (z) contain such other provisions as the Company reasonably determines
are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 13.07. If the Reference Property in respect of any Common Stock Change Event includes shares of stock, other securities or
other property or assets of a Person other than the Company or the Successor Person, as the case may be, in such Common Stock Change Event, then such other Person will also execute such supplemental indenture, and such supplemental indenture will
contain such additional provisions to protect the interests of the Holders, including the right of Holders to require the Company to repurchase their Notes upon a Fundamental Change, as the Board of Directors reasonably considers necessary by reason
of the foregoing. The Company shall not become a party to any Common Stock Change Event unless its terms are consistent with the foregoing. 

(b)    Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event to
Holders no later than the effective date of such Common Stock Change Event. 
 (c)    Compliance Covenant. The
Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 13.07. 

Section 13.08    Certain Covenants. 

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

  
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 (b)    The Company further covenants that if at any time the Common
Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable
upon conversion of the Notes. 
 Section 13.09    Responsibility of Trustee. The
Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any
increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or in this Indenture or in any supplemental indenture provided to be employed, in
making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued
or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue,
transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the
Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to (a) determine whether a supplemental indenture needs to be entered into or
(b) determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 13.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable
by Holders upon the conversion of their Notes after any event referred to in such Section 13.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent
investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the
execution of any such supplemental indenture) with respect thereto. 
 The Trustee shall not be accountable for and makes no representation
as to the validity or value of any securities or assets issued upon conversion of Notes. The Trustee shall not be responsible for the Company’s failure to comply with this Article XIII. Each Conversion Agent (other than the Company or an
Affiliate of the Company) shall have the same protection under this Section 13.09 as the Trustee. 

Section 13.10    Stockholder Rights Plans. If the Company has a stockholder rights
plan in effect upon conversion of the Notes, each converting Holder will receive, in addition to any shares of Common Stock received in connection with the conversion of such Holder’s Notes, the rights under the stockholder rights plan, as the
same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights plan, the Conversion Rate shall be
adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in Section 13.04(c), subject to readjustment in the event of the expiration, termination
or redemption of such rights. 

  
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 Section 13.11    Exchange in Lieu of Conversion.

 (a)    Notwithstanding any other provision of this Article XIII, when a Holder surrenders a Note for conversion,
the Company may, at its election, direct the Conversion Agent to surrender, on or prior to the Business Day immediately following the relevant Conversion Date, such Notes to a financial institution designated by the Company for exchange in lieu of
conversion. In order to accept any Notes surrendered for conversion, the designated financial institution must agree to pay and/or deliver, as applicable, in exchange for such Notes, all of the shares of Common Stock (and cash in lieu of fractional
shares) due upon conversion, all in accordance with Section 13.02. By the close of business on the Business Day immediately following the relevant Conversion Date, the Company shall notify the Holder surrendering Notes for conversion that the
Company has directed the designated financial institution to make an exchange in lieu of conversion. 
 (b)    If the
designated financial institution accepts any such Notes, it will deliver the shares of Common Stock (and cash in lieu of fractional shares) due upon conversion to the Transfer Agent, and the Transfer Agent shall deliver such shares of Common Stock
(and cash in lieu of fractional shares ) to such Holder on the second Business Day immediately following the relevant Conversion Date). Any Notes exchanged by the designated financial institution will remain outstanding. If the designated financial
institution agrees to accept any Notes for exchange but does not timely deliver the related shares of Common Stock (and cash in lieu of fractional shares) or if such designated financial institution does not accept the Notes for exchange, the
Company shall convert the Notes and deliver shares or Common Stock (and cash in lieu of fractional shares) due upon conversion on the second Business Day immediately following the relevant Conversion Date as set forth in Section 13.02(c). The
Company’s designation of a financial institution to which the Notes may be submitted for exchange does not require the financial institution to accept any 

Notes (unless the financial institution has separately made an agreement with the Company to do so). The Company may, but will not be obligated to, enter into
a separate agreement with any designated financial institution that would compensate it for any such transaction. 

Section 13.12    Limits Upon Issuance of Shares of Common Stock Upon Conversion.

 (a)    Notwithstanding anything to the contrary herein, no Person will be entitled to receive any shares of Common
Stock otherwise deliverable upon conversion of the Notes to the extent, but only to the extent, that such receipt would cause such Person to become, directly or indirectly, a Beneficial Owner of more than 9.9% of the shares of the Common Stock
outstanding at such time (such restriction, the “Ownership Limit”); provided, however, that this Section 13.12 will not apply to any Person that is subject to Section 16(a) or (b) of the Exchange Act
with respect to the Company by virtue of being deemed to be a “director” or “officer” of the Company within the meaning of Section 16 of the Exchange Act. For purposes of this Section 13.12 only, a Person
shall be deemed the “Beneficial Owner” of and shall be deemed to beneficially own any shares of Common Stock that such Person or any of such Person’s affiliates (as defined in Rule 12b-2
under the Exchange Act) or associates (as defined in Rule 12b-2 under the Exchange Act) is deemed to beneficially own, together with any shares of Common Stock beneficially owned by any other persons
whose beneficial ownership 

  
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would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including without limitation, any “group” of which such Person is a member). For
purposes of this Section 13.12, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For the avoidance of doubt, the term
“Beneficial Owner” as used in this Section 13.12 shall not include (i) (x) with respect to any Global Note, the nominee of the Depositary or any Person having an account with the Depositary or its nominee, and
(y) with respect to any Physical Note, the Holder of such Physical Note unless, in each case of clause (x) and (y), such nominee, account holder or Holder shall also be a Beneficial Owner of such Note; and (ii) the number of shares of
Common Stock that would be issuable upon (a) conversion of the remaining, unconverted portion of any Notes beneficially owned by such Person or any of its affiliates or associates and any other persons whose beneficial ownership would be
aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including without limitation, any “group” of which such Person is a member), and (b) exercise or conversion of the unexercised or unconverted portion
of any of the Company’s other securities subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Person or any of its affiliates or associates and any other persons whose
beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including without limitation, any “group” of which such Person is a member). 

(b)    Any purported delivery of shares of Common Stock upon conversion of the Notes shall be void and have no effect to
the extent, but only to the extent, that such delivery would result in any Person becoming the Beneficial Owner of shares of Common Stock outstanding at such time in excess of the Ownership Limit applicable to such Person. 

(c)    Unless the Company has waived the Ownership Limit as set forth in Section 13.12(e), when such Holder tenders
Notes for conversion, that Holder must provide a certification to the Company as to whether the Person (or Persons) receiving shares of Common Stock upon conversion is, or would, as a result of such conversion, assuming settlement upon conversion,
become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or Persons); provided that in the case of a Global Note, compliance with the procedures of the
Depositary in effect at that time for the conversion of Notes shall be deemed to be such Holder’s certification to the Company that the Person (or Persons) receiving shares of Common Stock upon conversion is, or would, as a result of such
conversion, assuming settlement upon conversion, become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or Persons). 

(d)    If any delivery of shares of Common Stock otherwise owed to any Person (or Persons) upon conversion of the Notes is
not made, in whole or in part, as a result of the Ownership Limit, the Company’s obligation to make such delivery shall not be extinguished and, such Holder may either: 

(i)    request the return of the Notes surrendered by such Holder for conversion, after which the Company
shall deliver such Notes to such Holder within two Trading Days after receipt of such request; or 

  
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 (ii)    certify to the Company that the Person (or
Persons) receiving shares of Common Stock upon conversion is not, and would not, as a result of such delivery, become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of the Ownership Limit, after which the Company
shall deliver any such shares of Common Stock withheld on account of such Ownership Limit by the later of (i) the date such shares were otherwise due to such Person (or Persons) and (ii) two Trading Days after receipt of such
certification; provided, however, until such time as the affected Holder gives such notice, no Person shall be deemed to be the stockholder of record with respect to the shares of Common Stock otherwise deliverable upon conversion in
excess of the Ownership Limit. Upon delivery of such notice, the provisions under Section 13.02 shall apply to the shares of Common Stock to be delivered pursuant to such notice.

(e)    The Company may, at its option with the approval of the Board of Directors and subject to the applicable listing
standards of the Nasdaq Market, waive the Ownership Limit (as to a particular Person or as to all Persons, in each case other than as to the Initial Purchasers). In the event that the Company exercises its right to waive the Ownership Limit to all
Persons, the Company or, at the Company’s written request (given at least five (5) days before such notice is to be sent, or such shorter period as may be acceptable to the Trustee) and the Company’s expense, the Trustee, shall
deliver or cause to be delivered to each Holder 61 days prior to the effective waiver date an irrevocable notice stating that as of an effective date specified therein, the Company waives any restrictions that limit a Holder from converting its
Notes in the event that such Holder is, or would, as a result of a conversion of Notes, become, a Beneficial Owner of more than 9.9% of the shares of the Common Stock outstanding at such time. Neither the Trustee nor the Conversion Agent shall have
any obligation to monitor the Ownership Limit (as to a particular Person or as to all Persons). 
 ARTICLE XIV 

REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 14.01    Repurchase at Option of Holders Upon a Fundamental Change.
(a) If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the
principal amount thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days
following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase
Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case
the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of the Notes to be
repurchased pursuant to this Article XIV. 

  
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 (b)    Repurchases of Notes under this Section 14.01 shall be made,
at the option of the Holder thereof, upon: 
 (i)    delivery to the Paying Agent by a Holder of a duly
completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached to this Indenture as Exhibit A, if the Notes are Physical Notes, or in compliance with the
Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (subject to
postponement to comply with changes in applicable law after the date of this Indenture); and 

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

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

(iii)    the certificate numbers of the Notes to be delivered for repurchase; 

(iv)    the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral
multiple thereof; and 
 (v)    that the Notes are to be repurchased by the Company pursuant to the
applicable provisions of the Notes and this Indenture. 
 Notwithstanding anything to the contrary in the two preceding sentences, if the Notes are Global
Notes, then the Holder must instead comply with the applicable Depositary procedures to exercise the Fundamental Change repurchase right. 

Notwithstanding anything in this Indenture to the contrary, a Holder that has exercised its Fundamental Change repurchase right with respect
to any Note may withdraw such exercise in accordance with Section 14.02. 
 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 or any corresponding exercise or withdrawal pursuant to the applicable Depositary procedures. 

(c)    On or before the 20th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all
Holders and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a written notice (the “Fundamental Change Company Notice”) of the occurrence of the Fundamental Change and of the repurchase right
at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by 

  
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first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Each Fundamental Change Company Notice shall
specify: 
 (i)    the events causing the Fundamental Change; 

(ii)    the effective date of the Fundamental Change; 

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

 (iv)    the Fundamental Change Repurchase Price; 

(v)    the Fundamental Change Repurchase Date; 

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

(vii)    if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of the
Fundamental Change; 
 (viii)    that the Notes with respect to which a Fundamental Change Repurchase
Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 14.01. 
 At the Company’s request, the
Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

(d)    Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders
upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment
of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration
resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the
procedures of the Depositary shall be deemed to have been canceled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

  
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 Section 14.02    Withdrawal of
Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Trustee and the Paying Agent in accordance with this
Section 14.02 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying: 

(i)    the principal amount of the Notes with respect to which such notice of withdrawal is being
submitted, and if Physical Notes have been issued, the certificate numbers of the Notes in respect of which such notice of withdrawal is being submitted, and 

(ii)    the principal amount, if any, of such Notes that remain subject to the original Fundamental Change
Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided, however, that if the Notes
are Global Notes, such Holder must instead comply with the applicable procedures of the Depositary to withdraw an exercise of the Fundamental Change repurchase right. 

Section 14.03    Deposit of Fundamental Change Repurchase Price. 

(a)    The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is
acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the
Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes that have been validly tendered for
repurchase and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, subject to postponement to comply with changes in applicable law after the date of this Indenture, will be
made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 14.01) and (ii) the time of book-entry transfer or the
delivery of the Notes to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 14.01 by sending checks for the amount payable to the Holders of such Notes entitled thereto as they
shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such
payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 

(b)    If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent
appointed by the Company) holds money sufficient to pay the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly
withdrawn in accordance with the provisions of this Indenture, (i) such Notes will 

  
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cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes
have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price), in each case, subject to the right of any
Holder as of the close of business on any Regular Record Date to receive the related interest payment on the corresponding Interest Payment Date. 

(c)    Upon surrender of a Note that is to be repurchased in part pursuant to Section 14.01, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 

Section 14.04    Covenant to Comply with Applicable Laws Upon Repurchase of Notes.
In connection with any repurchase offer pursuant to this Article XIV, the Company will, if required: 
 (a)    comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable; 

(b)    file a Schedule TO or any other required schedule under the Exchange Act; and 

(c)    otherwise comply with all federal and state securities laws in connection with any offer by the Company to
repurchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article XIV to be exercised in the time and in the manner
specified in this Article XIV. 
 Section 14.05    Repurchase of Notes by Third Party. 

Notwithstanding the foregoing provisions of this Article XIV, the Company shall not be required to repurchase, or to make an offer to
repurchase, the Notes upon a Fundamental Change if (i) a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth in this Article XIV;
and (ii) such third party repurchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth
in this Article XIV. 
 ARTICLE XV 

NO OPTIONAL REDEMPTION 

Section 15.01    No Optional Redemption. The Notes shall not be redeemable at the
Company’s option prior to the Maturity Date. No sinking fund is provided for the Notes. 
 ARTICLE XVI 

MISCELLANEOUS PROVISIONS 

Section 16.01    Provisions Binding on Company’s
Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

  
 71 

 Section 16.02    Official Acts by
Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect
by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company. 

Section 16.03    Addresses for Notices, Etc. Any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Clovis Oncology, Inc., 2525 28th Street, Boulder, Colorado 80301, or sent electronically in PDF format.
Any notice, direction, request or demand under this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in
a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF format. 
 The Trustee agrees to accept and
act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the
Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced
whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the
Note Register and shall be sufficiently given to it if so mailed within the time prescribed; provided that notices given to Holders of Global Notes may be given by electronic transmission to the facilities of the Depositary, and each such
electronic transmission will be deemed to be notice “in writing.” 
 Failure to mail or transmit a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or transmitted in the manner provided above, it is duly given, whether or not the addressee receives it. 

  
 72 

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

Section 16.04    Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD
RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 
 Any legal action, suit or proceeding arising out of or
in connection with the Indenture or the Notes shall be brought exclusively in the courts of the State of New York or the courts of the United States located in the Southern District in the Borough of Manhattan, New York City, New York, and, by
execution and delivery of this Indenture, each party hereto hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of each such court. The Company irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of
New York or the courts of the United States located in the Southern District in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 16.05    Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate and an
Opinion of Counsel stating that such action is permitted by the terms of this Indenture and that all conditions precedent under the Indenture, if any, have been complied with. 

Each Officer’s Certificate provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to
compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.09) and each Opinion of Counsel shall include (a) a statement that the person signing such Officer’s Certificate or Opinion of
Counsel is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that,
in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to
whether or not, in the judgment of such person, such action is permitted by this Indenture. 
 Notwithstanding anything to the contrary in
this Section 16.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company under this Indenture, the Trustee
shall be entitled to such Opinion of Counsel. 

  
 73 

 Section 16.06    Legal Holidays.
In any case where any Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day
with the same force and effect as if taken on such date, and no interest shall accrue in respect of any payment that would otherwise need to be made on such date on account of the delay. 

Section 16.07    No Security Interest Created. Nothing in this Indenture or in the
Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 16.08    Benefits of Indenture. Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the Holders, the parties to this Indenture, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors under this Indenture, any benefit or any
legal or equitable right, remedy or claim under this Indenture. 

Section 16.09    Table of Contents, Headings, Etc. The table of contents and the
titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture, and shall in no way modify or restrict any of the terms or provisions of this
Indenture. 
 Section 16.10    Authenticating Agent. The Trustee may appoint an
authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes under this Indenture,
including under Section 2.04, Section 2.05, Section 2.07, Section 2.08, Section 10.04, Section 13.02 and Section 14.03 as fully to all intents and purposes as though the authenticating agent had been expressly
authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such
Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement under this Indenture or in the Notes for the Trustee’s certificate of
authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee under this Indenture pursuant to Section 7.08. 

Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall
be the successor of the authenticating agent under this Indenture, if such successor corporation or other entity is otherwise eligible under this Section 16.10, without the execution or filing of any paper or any further act on the part of the
parties to this Indenture or the authenticating agent or such successor corporation or other entity. 

  
 74 

 Any authenticating agent may at any time resign by giving written notice of resignation to
the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to
the Company and shall send notice of such appointment to all Holders. 
 The Company agrees to pay to the authenticating agent from time to
time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 

The provisions of Section 7.02, Section 7.03, Section 7.04, Section 7.06, Section 8.03 and this Section 16.10
shall be applicable to any authenticating agent. 
 If an authenticating agent is appointed pursuant to this Section 16.10, the Notes
may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

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

			
	By:	 	  

		 	 Authorized Officer

 Section 16.11    Execution in Counterparts. This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties to this Indenture and may be used in lieu of the original Indenture for all purposes. Signatures of the parties to this Indenture
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 16.12    Severability. In the event any provision of this Indenture or in
the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 16.13    Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 75 

 Section 16.14    Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 16.15    Calculations. Except as otherwise provided in this Indenture, the
Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the stock price, the Last Reported Sale Prices of the Common Stock, accrued interest payable
on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders. Upon written request, the Company shall
provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent
verification. The Trustee will forward the Company’s calculations to any Holder upon the request of that Holder at the sole cost and expense of the Company. 

None of the Trustee, Conversion Agent, Note Registrar or Paying Agent (in each case, if different from the Company) shall have any
responsibility for making any calculations, for determining amounts to be paid or for monitoring stock price, or be charged with any knowledge of or have any duties to monitor any measurement period. These calculations include, but are not limited
to, determinations of the Last Reported Sale Prices of the Common Stock, and the Conversion Rate of the Notes. 

Section 16.16    U.S.A. Patriot Act. The parties to this Indenture acknowledge
that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that
identifies each Person or other legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the
Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 Section 16.17    Tax
Compliance. In order to assist the Trustee with its compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable
Law”) the Company agrees (i) to provide to the Trustee reasonably available information collected and stored in the Company’s ordinary course of business regarding holders of Notes (solely in their capacity as such) and which is
necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent
necessary to comply with Applicable Law. Nothing in the immediately preceding sentence shall be construed as obligating the Company to make any “gross up” payment or similar reimbursement in connection with a payment in respect of which
amounts are so withheld or deducted. 

  
 76 

 Section 16.18    Withholding
Tax. Notwithstanding any other provision of this Indenture, if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of the Holder or beneficial owner as a result of an adjustment to
the Conversion Rate, the Company or other applicable withholding agent may, at its option, set off such payments against payments of cash and shares of Common Stock on the Note (or any payments on the Company’s Common Stock) or sales proceeds
received by or other funds or assets of the Holder or beneficial owner. 
 [Remainder of page intentionally left blank] 

  
 77 

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

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 1 

 EXHIBIT A 

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

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY] 

[THE OFFER AND SALE OF THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY AND SUCH COMMON STOCK MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER: 
  

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

  

	 	(2)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY
OR 

  
 A-1 

	 	
ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT: 

  

	 	(A)	 TO CLOVIS ONCOLOGY, INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, OR 

 

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

  

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

  

	 	(D)	 PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE
2(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE
WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1 

 
  

	1 	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.06 of the within-mentioned Indenture. 

  
 A-2 

 Clovis Oncology, Inc. 

4.50% Convertible Senior Note due 2024 
  

			
	No. [                    ]	  	Initially $[        ]

 CUSIP No.
[                    ]2 

ISIN No. [                    ]2 
 Clovis Oncology, Inc., a corporation duly organized and validly existing under the laws
of the State of Delaware (the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the
Indenture, exceed $50,000,000 (or up to $70,000,000, if the Initial Purchasers exercise their Option) in aggregate at any time, in accordance with the rules and procedures of the Depositary, on August 1, 2024, and interest thereon as set forth
below. 
 This Note shall bear interest at the rate of 4.50% per year from November [17], 2020, or from the most recent date to which
interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until August 1, 2024, unless earlier repurchased or converted pursuant to and in accordance with the provisions of the Indenture. Accrued
interest on this Note shall be computed on the basis of a 360 day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day month. Interest is payable semi-annually in arrears on each
February 1 and August 1, commencing on February 1, 2021, to Holders of record at the close of business on the preceding January 15 and July 15 (whether or not such day is a Business Day), respectively. Additional Interest
will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest
if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein
shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 
 Any Defaulted
Amounts shall accrue interest per annum at the rate borne by the Notes, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance
with Section 2.03(c) of the Indenture. 
 The Company shall pay the principal of and interest on this Note, if and so long as such Note
is a Global Note, in immediately available funds in lawful money of the United States at the time to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. 

 
  

	2 	 This Note will be deemed to be identified by CUSIP No.
[                    ] and ISIN No.
[                    ] from and after such time when the Company delivers, pursuant to Section 2.06 of the within-mentioned Indenture, written
notice to the Trustee of the deemed removal of the Restricted Note Legend affixed to this Note. 

  
 A-3 

 
As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the
Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into shares of Common Stock on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at
this place. 
 This Note, and any claim, controversy or dispute arising under or related to this Note, shall be governed by and construed
in accordance with the internal laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of New York. 

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

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

  
 A-4 

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

 

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	
                    

		 	Name:
		 	Title:

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 THE BANK OF NEW YORK MELLON TRUST 

COMPANY, N.A. as Trustee, 
 certifies that this is one of the 

Notes described in the 

within-named Indenture. 
  

			
	By:	 	
                    

		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

Clovis Oncology, Inc. 
 4.50%
Convertible Senior Note due 2024 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.50% Convertible
Senior Notes due 2024 (the “Notes”), initially limited to the aggregate principal amount of $50,000,000 (or up to $70,000,000, if the Initial Purchasers exercise their Option), all issued or to be issued under and pursuant to an
Indenture dated as of November [17], 2020 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 

In case certain Events of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all
Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions
and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all
payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to
collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the
Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change
Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 

  
 A-6 

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

No sinking fund is provided for the Notes. The Notes shall not be redeemable at the Company’s option prior to the Maturity Date. 

Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase for
cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price. 

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, prior to the close of business on the Business Day
immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture. 
 Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 A-7 

 ABBREVIATIONS 

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

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

  
 A-8 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

Clovis Oncology, Inc. 
 4.50%
Convertible Senior Notes due 2024 
 The initial principal amount of this Global Note is [        ]
DOLLARS ($[        ]). The following increases or decreases in this Global Note have been made: 
  

									
	 Date of

exchange
	  	 Amount of

decrease in

principal amount

of this Global

Note
	  	 Amount of

increase in

principal amount

of this Global

Note
	  	 Principal amount

of this Global

Note following

such decrease or

increase
	  	 Signature of

authorized
 signatory of

Trustee

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	 Clovis Oncology, Inc. 

 

	To:	 The Bank of New York Mellon Trust Company, N.A., 

2 North LaSalle Street, Suite 700 

Chicago, IL 60602 
 The
undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into shares of Common Stock in accordance with the
terms of the Indenture referred to in this Note, and directs that the shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount
hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the
undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 13.02(d) and Section 13.02(e) of the Indenture. Any amount required to be paid to the undersigned on account
of interest accompanies this Note. 
  

					
	Dated:                                     
                        	 		 	  

			
		 		 	
                    

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

  
 A-10 

 Fill in for registration of shares if to be issued, and 

Notes if to be delivered, other than to and in the 
 name of the
registered holder: 
  

	
	  

	(Name)
	
	  

	(Street Address)
	
	     

	(City, State and Zip Code)
	Please print name and address

 Principal amount to be converted (if less than all): 

$ ,000 
 NOTICE: The above
signature(s) of the Holder(s) hereof must correspond with the 
 name as written upon the face of the Note in every particular without
alteration or 
 enlargement or any change whatever. 
  

 

	
	Social Security or Other Taxpayer Identification Number

  
 A-11 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

	To:	 Clovis Oncology, Inc. 

 

	To:	 The Bank of New York Mellon Trust Company, N.A., 

2 North LaSalle Street, Suite 700 

Chicago, IL 60602 
 The
undersigned registered owner of this Note hereby acknowledges receipt of a notice from Clovis Oncology, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change
Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 14.01 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof
(that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 

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

Dated:                         

  
  

Signature(s) 
  

 
 Social Security or Other
Taxpayer Identification Number 
 Principal amount to be repurchased (if less than all): 

$ ,000 
 NOTICE: The above
signature(s) of the Holder(s) 
 hereof must correspond with the name as written upon 

the face of the Note in every particular without 

alteration or enlargement or any change whatever. 

  
 A-12 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 The Bank of
New York Mellon Trust Company, N.A. 
 as Trustee and Registrar 

2 North LaSalle Street, Suite 700 
 Chicago, IL 60602 

For value received hereby sell(s), assign(s) and transfer(s) unto (Please insert social security or Taxpayer Identification Number of assignee) the within
Note, and hereby irrevocably constitutes and appoints attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 

In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such
Note, the undersigned confirms that such Note is being transferred: 
  

	☐	 	 To Clovis Oncology, Inc. or a subsidiary thereof; or 

 

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

  

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

  

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

  

					
	Dated:                                     
                                         
       	  		  	
                     

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

  
 A-13 

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

  
 A-14EX-10.1

 Exhibit 10.1 

EXCHANGE AND PURCHASE AGREEMENT 

This Exchange and Purchase Agreement (this “Agreement”) is made and entered into as of November 4, 2020 by and among
Clovis Oncology, Inc., a Delaware corporation (the “Company”), and each of the entities (each, a “Noteholder” and, collectively, the “Noteholders”) listed on Schedule “A” attached to this
Agreement (collectively, “Schedule A”; the Schedule A pertaining to each individual Noteholder is referred to herein as the “applicable Schedule A”, and the accounts, if any, on behalf of which any Noteholder
may be acting, as specified on the applicable Schedule A, for whom the Noteholder holds contractual and investment authority, are referred to herein as the “Represented Accounts”). The Company and the Noteholders are
sometimes collectively referred to in this Agreement as the “Parties” and individually as a “Party”. 

WHEREAS, the Noteholders or Represented Accounts currently own $[●] aggregate principal amount of the Company’s 4.50% Convertible
Senior Notes due 2024 (CUSIP 189464 AE0) (the “Existing 2024 Notes”); 
 WHEREAS, the Parties desire that the Company
acquire, and that each Noteholder delivers to the Company, the principal amount of the Existing 2024 Notes owned by each such Noteholder or its Represented Account and specified in the applicable Schedule A in exchange for the Company’s
issuance to such Noteholder or its Represented Account of shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”), upon the terms and conditions set forth in this Agreement; and 

WHEREAS, the Parties desire that the Company issue and sell, and that the Noteholders (and the Other Noteholder (as defined below) pursuant to
the Other Exchange and Purchase Agreement (as defined below)) purchase from the Company, a new series of 4.50% Convertible Senior Notes due 2024 of the Company to be issued pursuant to an indenture by and between the Company and The Bank of New York
Mellon Trust Company N.A., as trustee (the “Trustee”), substantially in the form attached hereto as Exhibit A (the “2020 Indenture”) in the aggregate principal amount of $50,000,000, upon the terms and
conditions set forth in this Agreement and the 2020 Indenture (such notes, the “Purchased Notes”). 
 NOW, THEREFORE, in
consideration of the mutual covenants, agreements and understandings herein contained, the Parties agree as follows: 
 SECTION 1.
Exchange & Purchase. 
 1.1 Exchange of Existing 2024 Notes. 

(a) On and subject to the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties set forth
below, on the Initial Closing Date (as defined below), the Company shall acquire from each Noteholder or its Represented Account, and each Noteholder shall transfer, assign and deliver to the Company, all of its or its Represented Account’s
rights, title and interest in the aggregate principal amount of the Existing 2024 Notes owned by such Noteholder and as set forth in the applicable Schedule A hereto for such Noteholder, free and clear of any Liens (as defined below), in
exchange for (i) a number of shares of Common Stock equal to the Exchanged Shares, free and clear of any Liens 

 
to be issued at the Initial Closing and the Second Closing as contemplated herein, plus (ii) an amount in cash equal to the accrued and unpaid interest on such Existing 2024 Notes to and
including the Initial Closing Date as calculated in accordance with that certain indenture by and between the Company and the Trustee, dated August 13, 2019, relating to the Existing 2024 Notes (such interest payment, the “Cash Interest
Payment”). The Cash Interest Payment shall be made by wire transfer to the account of the Noteholder specified in the applicable Schedule A at the Initial Closing. It is acknowledged that [●] (the “Other
Noteholder”) has entered into a substantially similar agreement with the Company (the “Other Exchange and Purchase Agreement”) on the date hereof to exchange its Existing 2024 Notes and purchase New 2024 Notes (as defined
below) and it is understood that the Noteholder’s exchange of its Existing 2024 Notes and purchase of New 2024 Notes hereunder shall be dependent upon the exchange of Existing 2024 Notes and purchase of New 2024 Notes under the Other Exchange
and Purchase Agreement. 
 (b) No additional consideration for any purpose shall be due to the Noteholders in respect of such Existing 2024
Notes other than the Exchanged Shares issuable hereunder and the Cash Interest Payment. 
 (c) Within one day following the end of the VWAP
Period, the Company shall deliver a certificate to each Noteholder setting forth the Company’s determination of the applicable number of Exchanged Shares, and such Noteholder shall promptly thereafter confirm in writing its agreement with such
calculation. To the extent there is any disagreement in the calculation of the Exchange Ratio or the Exchanged Shares, the Company and the applicable Noteholder shall confer in good faith and confirm the calculation and determination of the number
of Exchanged Shares. To the extent no agreement is reached between the Company and the applicable Noteholder and judicial proceedings are instituted to resolve such dispute, the non-prevailing party in such
dispute shall pay the legal costs and expenses of the prevailing party in such dispute. 
 1.2 Purchase of the Purchased Notes. On
and subject to the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties set forth below, on the Second Closing Date (as defined below), the Company shall issue and sell to each Noteholder, and each
Noteholder shall, severally (and not jointly), purchase the aggregate principal amount of the Purchased Notes set forth in in such Noteholder’s applicable Schedule A, at a purchase price of $1,000 per $1,000 principal amount thereof (the
aggregate purchase price based on the aggregate principal amount of the Purchased Notes to be purchased by such Noteholder, the “Aggregate Purchase Price”). 

1.3 Purchase Option of the Option Notes. In addition, the Company agrees to issue and sell up to an additional $20,000,000 aggregate
principal amount of its 4.50% Convertible Senior Notes due 2024 to be issued pursuant to the 2020 Indenture (the “Option Notes”, and, together with the Purchased Notes, the “New 2024 Notes”) to the Noteholders as
provided in this Agreement (and the Other Noteholder as provided in the Other Exchange and Purchase Agreement), and each Noteholder, in reliance upon the representations and warranties set forth herein and subject to the conditions set forth herein,
shall have the option to purchase, severally and not jointly, from the Company up to the aggregate principal amount of Option Notes (in integral multiples of $1,000) set forth in the notice delivered pursuant to Section 1.6
at 

  
 2 

 
a purchase price of $1,000 per $1,000 principal amount thereof plus accrued interest, if any, from the Second Closing Date to the Additional Closing Date (as defined below) (the aggregate
purchase price based on the aggregate principal amount of Option Notes to be purchased by such Noteholder, the “Aggregate Option Purchase Price”). 

1.4 Delivery of Exchanged Shares. 

(a) Notwithstanding anything herein to the contrary, but subject to the conditions set forth in Section 1.6, at the
Initial Closing, the Company shall issue and deliver to each Noteholder the number of Exchanged Shares set for on Schedule A applicable to such Noteholder (the “Initial Closing Exchanged Shares”). Notwithstanding
anything herein to the contrary, but subject to Section 1.4(b) and the conditions set forth in Section 1.6, at the Second Closing, the Company shall issue and deliver to each Noteholder the number of Exchanged Shares
equal to the number of Exchanged Shares as finally determined pursuant to Section 1.1(c) less the number of Exchanged Shares delivered to such Noteholder at the Initial Closing (the “Second Closing Exchanged Shares”). 

(b) Notwithstanding anything herein to the contrary, no Second Closing Exchanged Shares will be delivered at the Second Closing to a
Noteholder or Represented Account to the extent, but only to the extent, that such delivery would cause such Noteholder or Represented Account to become, directly or indirectly, a Beneficial Owner (as defined below) of more than 9.9% of the shares
of the Common Stock outstanding at such time (such restriction, the “Ownership Limit”). For purposes of this Section 1.4(b) only, a Noteholder or Represented Account shall be deemed the “Beneficial
Owner” of, and shall be deemed to beneficially own, any shares of Common Stock that such Noteholder or Represented Account or any of such Noteholder’s or Represented Account’s affiliates (as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or associates (as defined in Rule 12b-2 under the Exchange Act) is deemed to
beneficially own, together with any shares of Common Stock beneficially owned by any other persons whose beneficial ownership would be aggregated with such Noteholder or Represented Account for purposes of Section 13(d) of the Exchange Act
(including any “group” of which such Noteholder or Represented Account is a member). For purposes of this Section 1.4(b), beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder (including any determination as to any “group” status). For the avoidance of doubt, the term “Beneficial Owner” as used in this
Section 1.4(b) shall not include (i) the number of shares of Common Stock that would be issuable upon exercise or conversion of the unexercised or unconverted portion of any of the Company’s securities subject to
a limitation on conversion or exercise analogous to the limitation contained in this Section 1.4(b) beneficially owned by such Noteholder or Represented Account or any of their respective affiliates or associates and any
other persons whose beneficial ownership would be aggregated with such Noteholder or Represented Account for purposes of Section 13(d) of the Exchange Act (including any “group” of which such Noteholder or Represented Account is a
member). If any Second Closing Exchange Shares are not delivered at the Second Closing to any Noteholder or Represented Account as a result of this Section 1.4(b), the Company’s obligation to make such delivery shall
not be extinguished and the Company shall deliver such Second Closing Exchange Shares to such Noteholder or Represented Account on the earlier of (i) the second business day after such Noteholder certifies to the Company that such Noteholder or
Represented Account receiving any 

  
 3 

 
portion of the Second Closing Exchange Shares not delivered is not, and would not as a result of such delivery, become the Beneficial Owner of shares of Common Stock outstanding at such time
in excess of the Ownership Limit, or (ii) February 12, 2021. Until the time as such shares are delivered, no Person shall be deemed to be the stockholder of record with respect to any Second Closing Exchanged Shares not delivered pursuant
to this Section 1.4(b). 
 1.5 Announcement of the Transactions The Company shall, by 9:00 a.m., New York
City time, on the first (1st) business day immediately following the date hereof, issue one or more press releases or file with the Securities and Exchange Commission (the “Commission”) a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated hereby and any other material,
nonpublic information that the Company or the Financial Advisors (as defined in Section 6.17) or any of their respective officers, directors or employees has provided to any Noteholder at any time prior to the issuance or
filing, as applicable, of the Disclosure Document.
 1.6 Closings. 

(a) The closing of the transactions contemplated by Section 1.1 with respect to the Initial Closing Exchanged
Shares (the “Initial Closing”) will take place on the second business day following the date hereof, subject to the satisfaction or waiver of the conditions set forth in this Section 1.6 (other than those
that by their terms are to be satisfied or waived at the Initial Closing) or the first business day thereafter as the conditions set forth in this Section 1.6 have been satisfied or waived (the “Initial Closing
Date”). The closing of the transactions contemplated by Sections 1.1 with respect to the Second Closing Exchanged Shares and the transactions contemplated by Section 1.2 (the “Second Closing”) will take place on the
second business day following final determination of the calculations contemplated in Section 1.1(c), subject to Section 1.4 (with respect to the Second Closing Exchanged Shares only) and to the satisfaction or waiver
of the conditions set forth in this Section 1.6 (other than those that by their terms are to be satisfied or waived at the Initial Closing and the Second Closing) or at the first date thereafter as the conditions set forth
in this Section 1.6 have been satisfied or waived (the “Second Closing Date”). Subject to the limitations contained in this Section 1.6, the Noteholders may exercise their option to purchase the Option Notes in whole, or
from time to time in part, by written notice to the Company in accordance with the terms hereof. Such notice shall set forth the aggregate principal amount of Option Notes as to which the option is being exercised (which when taken together with the
Option Notes to be purchased by the Other Noteholder pursuant to the Other Exchange and Purchase Agreement shall not exceed $20,000,000 aggregate principal amount) and the date and time when the Option Notes are to be delivered and paid for which
may be the same date and time as the Second Closing Date but shall not be earlier than the Second Closing Date, nor later than the third full business day after the date of such notice, nor later than the thirteenth calendar day from, and including,
the Second Closing Date. Any such notice shall be given at least two business days prior to the date and time of delivery of the Option Notes specified therein, unless the time of delivery of the Option Notes is to be the Second Closing Date, in
which case such notice shall be given at least one business day prior. The closing of the sale of the Option Notes with respect to the Company and each Noteholder (the “Additional Closing”) and time and date for such payment and
delivery for the Option Notes, if other than the Second Closing Date, is herein referred to as the “Additional Closing Date”. 

  
 4 

 (b) On the Initial Closing Date, each Noteholder shall (i) direct the eligible
Depository Trust Company (“DTC”) participant through which such Noteholder, or its Represented Account, holds a beneficial interest in the Existing 2024 Notes to submit a one-sided withdrawal
instruction through DTC’s DWAC program to the Bank of New York Mellon Trust Company, N.A., as custodian and trustee for the Existing 2024 Notes (the “Trustee”), of such Noteholder’s, or its Represented Account’s,
Existing 2024 Notes set forth on such Noteholder’s applicable Schedule A, on (and not before) the Initial Closing Date no later than 9:30 a.m., New York City time, on the Initial Closing Date (and such Noteholder acknowledges that any
such withdrawal instruction submitted on any day before the Initial Closing Date will expire unmatched at the close of business on such day and will need to be resubmitted on the Initial Closing Date); and (ii) submit, for its own account or
the account of its Represented Account, through the DTC’s DWAC program, a deposit instruction to Continental Stock Transfer & Trust Company, acting as transfer agent and DTC custodian for the Common Stock (the “Stock Transfer
Agent”), for the aggregate number of Exchanged Shares set forth on Schedule A applicable to such Noteholder, which deposit instruction must be submitted on (and not before) the Initial Closing Date no later than 9:30 a.m., New York
City time, on the Initial Closing Date (and such Noteholder acknowledges that any such deposit instruction submitted on any day before the Initial Closing Date will expire unmatched at the close of business on such day and will need to be
resubmitted on the Initial Closing Date). 
 (c) On the Second Closing Date, each Noteholder shall (i) submit, for its own account or
the account of its Represented Account, through the DTC’s DWAC program, a deposit instruction to the Trustee, as custodian and trustee for the New 2024 Notes, for the aggregate principal amount of the Purchased Notes set forth on the applicable
Schedule A, which deposit instruction must be submitted on (and not before) the Second Closing Date no later than 9:30 a.m., New York City time, on the Second Closing Date (and such Noteholder acknowledges that any such deposit instruction
submitted on any day before the Second Closing Date will expire unmatched at the close of business on such day and will need to be resubmitted on the Second Closing Date); (ii) submit, for its own account or the account of its Represented Account,
through the DTC’s DWAC program, a deposit instruction to the Stock Transfer Agent, for the aggregate number of Exchanged Shares equal to the Second Closing Exchanged Shares, which deposit instruction must be submitted on (and not before) the
Second Closing Date no later than 9:30 a.m., New York City time, on the Second Closing Date (and such Noteholder acknowledges that any such deposit instruction submitted on any day before the Second Closing Date will expire unmatched at the close of
business on such day and will need to be resubmitted on the Second Closing Date); and (iii) deliver to the Company, no later than 9:30 a.m., New York City time, on the Second Closing Date, by wire transfer to the account of the Company
specified below, an amount of cash equal to the Aggregate Purchase Price payable by such Noteholder: 
 Account Name: Clovis Oncology Inc.

 Account number: 
 Wire ABA
Routing number: 
 ACH ABA Routing number: 

SWIFT: 
 Bank: JP Morgan Chase
Bank N.A. 
 Bank address: 1125 17th Street, Denver, CO 80202 

  
 5 

 (d) On the Additional Closing Date, each Noteholder shall (i) submit, for its own
account or the account of its Represented Account, through the DTC’s DWAC program, a deposit instruction to the Trustee, as custodian and trustee for the New 2024 Notes, for the aggregate principal amount of the Option Notes set forth on the
applicable Schedule A, which deposit instruction must be submitted on (and not before) the Additional Closing Date no later than 9:30 a.m., New York City time, on the Additional Closing Date (and such Noteholder acknowledges that any such
deposit instruction submitted on any day before the Additional Closing Date will expire unmatched at the close of business on such day and will need to be resubmitted on the Additional Closing Date); and (ii) deliver to the Company, no later
than 9:30 a.m., New York City time, on the Additional Closing Date, by wire transfer to the account of the Company specified below, an amount of cash equal to the Aggregate Option Purchase Price payable by such Noteholder: 

Account Name: Clovis Oncology Inc. 

Account number: 
 Wire ABA Routing
number: 
 ACH ABA Routing number: 

SWIFT: 
 Bank: JP Morgan Chase
Bank N.A. 
 Bank address: 1125 17th Street, Denver, CO 80202 

(e) On the Initial Closing Date, the Company shall deliver or caused to be delivered to such Noteholder or Represented Account the number of
Exchanged Shares set forth on Schedule A applicable to such Noteholder via book-entry delivery pursuant to DWAC instructions specified on the applicable Schedule A, with any transfer taxes payable in connection with the delivery of
such Exchanged Shares duly paid by the Company; provided that it is understood that no delivery of such Exchanged Shares shall be made until a valid DWAC withdrawal instruction for the Existing 2024 Notes and a valid DWAC deposit instruction for
such Exchanged Shares has been received by the Trustee and the Stock Transfer Agent. 
 (f) (i) On the Second Closing Date, the Company
will deliver or caused to be delivered to such Noteholder or Represented Account (A) the aggregate principal amount of Purchased Notes set forth on such Noteholder’s applicable Schedule A pursuant to DWAC instructions specified on
the applicable Schedule A, and (B) the Second Closing Exchanged Shares applicable to such Noteholder via book-entry delivery pursuant to DWAC instructions specified on the applicable Schedule A, with any transfer taxes payable in
connection with the delivery of such Second Closing Exchanged Shares duly paid by the Company; provided that it is understood that no delivery of such Second Closing Exchanged Shares shall be made until a valid DWAC deposit instruction for the
Purchased Notes has been received by the Trustee, and (ii) on the Additional Closing Date, the Company will deliver or caused to be delivered to such Noteholder or Represented Account pursuant to DWAC instructions specified on the applicable
Schedule A that portion of the aggregate principal amount of Option Notes pursuant to which the option in Section 1.3 has been exercised. 

  
 6 

 (g) On the Initial Closing Date, the Company will deliver to such Noteholder the applicable
Cash Interest Payment by wire transfer to the account of such Noteholders, or its Represented Accounts as set forth on the applicable Schedule A. 

(h) As a condition to the obligations of the Noteholders at the Initial Closing, the Second Closing and the Additional Closing, as
applicable, on the Initial Closing Date, the Second Closing Date and any Additional Closing Date, the Company shall furnish to such Noteholder a certificate, dated as of such date, executed on behalf of the Company by an executive officer of the
Company, stating that the representations and warranties of the Company in Section 2 hereof are true and correct as of such date in all material respects (other than those representations and warranties which are qualified by reference to
materiality or Material Adverse Effect (as defined below), which shall be true and correct as of such date in all respects) and the Company has complied in all material respects with all its agreements contained herein. 

(i) As a condition to the purchase and sale of the Purchased Notes pursuant to Section 1.2, at the Second Closing, as of the Second
Closing Date, the 2020 Indenture shall have been executed by the Trustee and the Company. 
 (j) As a condition to the Initial Closing and
Second Closing, as of the Initial Closing Date and the Second Closing Date, the Exchanged Shares and the Conversion Shares (as defined below) shall have been approved for listing on the Nasdaq Global Select Market (“Nasdaq Market”)
without requiring approval thereof by the Company’s stockholders under the rules of the Nasdaq Market, subject to official notice of issuance. 

(k) The Initial Closing, the Second Closing and the Additional Closing, if any, shall be conditioned on the simultaneous consummation of the
transactions contemplated by the Other Exchange and Purchase Agreement. The Company intends to complete the transactions contemplated at each of the Initial Closing, the Second Closing and the Additional Closing, as applicable, concurrently for all
such other holders of Existing 2024 Notes who have submitted valid DWAC withdrawals and DWAC deposits in respect of the Exchanged Shares and the New 2024 Notes, as applicable, by the applicable deadlines above. In the event that the Noteholder
complies with the deadlines above for the DWAC withdrawal and other noteholders do not, subject to the satisfaction of the other conditions to Initial Closing or Second Closing set forth herein, the Company will use its commercially reasonable best
efforts to ensure that the Exchanged Shares and New 2024 Notes, as applicable, are delivered to the Noteholder pursuant to this Agreement on the Initial Closing Date, the Second Closing Date or the Additional Closing Date, as applicable. However, in
the event that such Exchanged Shares and/or New 2024 Notes are not delivered on the Initial Closing Date, the Second Closing Date or the Additional Closing Date, as applicable, they will be delivered on the business day immediately following the
Initial Closing Date, the Second Closing Date or the Additional Closing Date, as applicable. 
 (l) If (i) the Trustee is unable to
locate the Noteholder’s DWAC withdrawal in respect of the Existing 2024 Notes, (ii) the Stock Transfer Agent is unable to locate the DWAC deposit in respect of the Exchanged Shares or (iii) such DWAC withdrawal or DWAC deposit does
not conform with the Existing 2024 Notes or the Exchanged Shares to be exchanged or issued, as applicable, pursuant to this Agreement, the Company will promptly 

  
 7 

 
notify the applicable Noteholder. If, because of the occurrence of such an event, the Exchanged Shares are not delivered on the Initial Closing Date or the Second Closing Date, as applicable,
they will be delivered on the business day following the Initial Closing Date or the Second Closing Date, as applicable, on which the Trustee is able to locate the DWAC withdrawal or the Stock Transfer Agent is able to locate the DWAC deposit and/or
the DWAC withdrawal or DWAC deposit conforms with the Existing 2024 Notes or the Exchanged Shares, as applicable. All questions as to the form of all documents and the validity and acceptance of the Existing 2024 Notes and the issuance of the
Exchanged Shares will be determined by the Company, in its reasonable discretion, which determination shall be final and binding. 
 (m) If
the Trustee is unable to locate the Noteholder’s DWAC deposit in respect of the New 2024 Notes or such DWAC deposit does not conform with the New 2024 Notes to be issued pursuant to this Agreement, the Company will promptly notify the
applicable Noteholder. If, because of the occurrence of such an event, the New 2024 Notes not delivered on the Second Closing Date or the Additional Closing Date, as applicable, they will be delivered on the business day following the Second Closing
Date or the Additional Closing Date, as applicable, on which the Trustee is able to locate the DWAC deposit or the DWAC deposit conforms with the New 2024 Notes. All questions as to the form of all documents and the issuance of the New 2024 Notes
will be determined by the Company, in its reasonable discretion, which determination shall be final and binding. 
 1.7 Share Cap.
Notwithstanding anything herein to the contrary, in the event following the calculations contemplated by Sections 1.1(c), the sum of (i) the number of Exchanged Shares issuable to all Noteholders (and the Other Noteholder pursuant to the
Other Exchange and Purchase Agreement) minus the product of (A) the Existing Conversion Ratio and (B) the aggregate principal amount of Existing 2024 Notes exchanged by all Noteholders (and the other noteholders pursuant to the Other
Exchange and Purchase Agreement), divided by 1,000 and (ii) the maximum number of shares issuable upon conversion of the aggregate principal amount of the Purchased Notes and the Option Notes issued to all Noteholders (and the Other Noteholder
pursuant to the Other Exchange and Purchase Agreement) (including, for avoidance of doubt, after taking into account any adjustment to the Conversion Rate in connection with a Fundamental Change (as defined in the 2020 Indenture)) (such sum of
clauses (i) and (ii), with respect to all Noteholders, the “Issuable Shares”) exceeds the Share Cap, first, the aggregate amount of the Option Notes shall be reduced such that the Issuable Shares equals the Share Cap and then
if insufficient, second the aggregate principal amount of the Purchased Notes to be purchased by all Noteholders (and the Other Noteholder pursuant to the Other Exchange and Purchase Agreement) shall be proportionately reduced such that the Issuable
Shares equals the Share Cap. 
 1.8 Registration Rights. 

(a) No later than fifteen (15) business days following the Second Closing Date, the Company shall file with the Commission a
Registration Statement on Form S-3 (or such other resale registration statement filed in place thereof in the event the Company ceases to be eligible to use Form S-3, as
amended and supplemented from time to time, the “Resale Registration Statement”) to register under the Securities Act the resale by the Noteholder of any or all of the Conversion Shares that the New 2024 Notes issued to the
Noteholders are 

  
 8 

 
initially convertible into (the “Registrable Securities”) in accordance with methods and distribution set forth in the “Plan of Distribution” therein, and Rule 415
under the Securities Act. The Resale Registration Statement shall contain a prospectus naming the Noteholder as the selling stockholder. The Company shall use its reasonable best efforts to respond to comments received from the Commission to such
Resale Registration Statement, and amend or supplement such filing, if required, as promptly as practicable (which shall include consideration of the timing and commercial impact on the Company of disclosure of an Intervening Event, if any), and
thereafter to use its reasonable best efforts to cause such initially filed Resale Registration Statement to be declared effective as promptly as practicable by the Commission. The Company shall use its reasonable best efforts to keep the Resale
Registration Statement effective until the earliest of (i) the date that the Registrable Securities or the New 2024 Notes issued to the Noteholders are sold or otherwise transferred by the Noteholder, or (ii) the date when all of the
Registrable Securities could be sold pursuant to Rule 144 under the Securities Act by the Noteholder, or (iii) the one-year anniversary of the Second Closing Date. All expenses related to preparation and
the filing with the Commission of the Resale Registration Statement and maintaining the effectiveness of the Resale Registration Statement under the Securities Act shall be borne by the Company. 

(b) The Noteholder shall furnish to the Company such information regarding itself and its partners and members and its controlling persons,
and the manner of distribution proposed by the Noteholder as the Company may reasonably request in connection with the Resale Registration Statement and the information required to be included therein by the Securities Act and the rules promulgated
thereunder. The Company shall provide the Noteholder with a reasonable opportunity to review any disclosures relating to the Noteholder and the “Plan of Distribution” included in the Resale Registration Statement and will consider in good
faith any comments offered by the Noteholder to such disclosures. Notwithstanding anything herein to the contrary, the Company shall be under no obligation to assist or cooperate with the Noteholder or any of its agents (including any underwriter or
broker-dealer) in connection with any marketing or selling efforts to sell or otherwise transfer the Registrable Securities by the Noteholder. The Company shall give prompt notice to the Noteholder of the issuance of any stop-order by the Commission
or the occurrence of any event or the existence of any facts or circumstance that requires the Company to amend or supplement the Resale Registration Statement and the prospectus contained therein in order to keep the Resale Registration Statement
effective and such prospectus from containing any untrue statement of material fact or from omitting to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of all circumstances then
existing (an “Intervening Event”), and the Noteholder agrees that upon receipt of any such notice from the Company, it shall forthwith discontinue using such prospectus until it receives copies of a supplemented or amended
prospectus or until it is advised in writing by the Company that the use of such prospectus may be resumed. The Company may delay the filing of any such amendment or supplement or the effective date of the Resale Registration Statement for up to
sixty (60) days upon notice to the Noteholder in the event that the Company determines in good faith that such amendment or supplement or effectiveness would require the Company to make a disclosure that would be materially detrimental to the
Company or jeopardize the ability of the Company to undertake the Intervening Event; provided, that such right to delay a filing shall be exercised by the Company for a period no longer than ninety (90) days in any 12-month period; provided further that in the event of such a delay, the Company shall not provide any material, non-public information concerning such
event to the Noteholder.

  
 9 

 (c) The Company agrees to indemnify and hold the Noteholder, each person, if any, who
controls the Noteholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, harmless against any and all losses, claims, damages and liabilities (including, without limitation, any legal or
other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by the Noteholder directly that are caused by any untrue statement or alleged untrue statement of a material fact contained in the
Resale Registration Statement (including the prospectus contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material fact necessary in order to
make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by
the Noteholder expressly for use therein. The indemnity agreement contained in this Section 1.8(c) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld). 
 (d) Each Noteholder agrees to, severally
and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
harmless against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by the Company
directly that are caused by any untrue statement or alleged untrue statement of a material fact contained in the Resale Registration Statement (including the prospectus contained therein) or any amendment thereof (including the prospectus contained
therein) or caused by any omission or alleged omission to state therein of a material fact necessary in order to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made), not misleading,
insofar as the same are caused by or contained in any information furnished in writing to the Company by the Noteholder expressly for use therein. In no event shall the liability of any Noteholder be greater in amount than the dollar amount of the
net proceeds received by such Noteholder upon the sale of the Registrable Shares giving rise to such indemnification obligation. The indemnity agreement contained in this Section 1.8(d) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the applicable Noteholder (which consent shall not be unreasonably withheld). 

SECTION 2. Representations and Warranties of the Company. The Company hereby represents and warrants to each Noteholder that:

2.1 Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware. 

  
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 2.2 Authorization. 

(a) The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and
subject to Section 2.6, all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly
and validly taken. 
 (b) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’
rights generally and by general equitable principles. 
 (c) The 2020 Indenture has been duly authorized, and as of the Second Closing Date
will be duly executed and delivered by the Company, and assuming due authorization, execution and delivery by the Trustee as of the Second Closing Date, will constitute a valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’ rights generally and by general equitable principles. 

(d) The New 2024 Notes have been duly authorized by the Company, and when executed by the Company and duly authenticated by the Trustee at
the Second Closing or Additional Closing, as applicable, and issued and delivered in the manner provided for in the 2020 Indenture against the delivery of the applicable Aggregate Purchase Price or the Aggregate Option Purchase Price, as applicable,
will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar
laws affecting creditors’ rights generally and by general equitable principles. 
 2.3 Validity of the Shares. 

(a) Subject to the terms of the 2020 Indenture, the New 2024 Notes will be convertible into shares of Common Stock. The Company has duly
authorized and reserved for issuance a number of shares of Common Stock upon conversion of the New 2024 Notes equal to the maximum number of such shares issuable upon conversion (the “Conversion Shares”). When issued and delivered
in accordance with the terms of the New 2024 Notes and the 2020 Indenture, the Conversion Shares will be validly issued, fully paid and nonassessable, and the issuance of any such Conversion Shares will not subject to any preemptive or similar
rights. 
 (b) The Company has duly authorized and reserved for issuance a number of shares of Common Stock equal to the maximum number of
Exchanged Shares that may be issued pursuant to this Agreement. When issued and delivered in accordance with the terms of this Agreement, the Exchanged Shares will be validly issued, fully paid and nonassessable, and the issuance of any such
Exchanged Shares will not subject to any preemptive or similar rights. 

  
 11 

 2.4 SEC Filings. 

(a) The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the Commission under
Sections 13, 14(a) and 15(d) of the Exchange Act, in the two years preceding the date hereof on a timely basis, except where the failure to file on a timely basis would not reasonably be expected to affect the Company’s ability to sell and
issue the New 2024 Notes and to carry out and perform all of its obligations under this Agreement. As of their respective filing dates (or, if amended prior to the date of this Agreement, when amended), such documents filed with the Commission
pursuant to the Exchange Act (the “SEC Documents”) complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. The Company has made available to
each Noteholder or its representatives, or each Noteholder has had access through the Commission’s EDGAR website to, true and complete copies of the SEC Documents. 

(b) The Company is not and, after giving effect to the transactions contemplated by this Agreement, will not be required to register as an
“investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder. 

(c) As of the date hereof, the Covered Documents (as defined below), taken as a whole, do not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As used herein, “Covered Documents” means each of the following
documents: (i) the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, including those portions of the Company’s Proxy Statement on Schedule 14A filed on
April 24, 2020 that are incorporated therein by reference; (ii) the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2020 and June 30, 2020; (iii) the
Company’s Current Reports on Form 8-K (excluding any Current Reports or portions thereof that are furnished, and not filed, pursuant to Item 2.02 or Item 7.01 of Form
8-K, and any related exhibits) filed with the SEC after December 31, 2018; and (iv) the draft earnings release with regard to the Company’s results of operations for the fiscal quarter ended
September 30, 2020 in the form provided to each Noteholder prior to the execution of this Agreement. 
 2.5 Non-Contravention. The execution, delivery and performance by the Company of this Agreement, the 2020 Indenture and the New 2024 Notes, the issuance of the New 2024 Notes and the Exchanged Shares and the
consummation by the Company of the transactions contemplated by this Agreement, the 2020 Indenture and the New 2024 Notes will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, result in the termination of any right or asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property, right or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the
charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or

  
 12 

 
regulation of any court or arbitrator or governmental or regulatory authority applicable to the Company or any of its subsidiaries or by which the Company or any of its subsidiaries is bound or
to which any of the property, right or assets of the Company or any of its subsidiaries is subject, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default or termination that, would not,
individually or in the aggregate, have, or would reasonably be expected to have, a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations and prospects of the Company and
its subsidiaries taken as a whole or on the performance by the Company of its obligations under this Agreement (a “Material Adverse Effect”). 

2.6 No Consents or Approvals. No consent, filing, approval, authorization, order, registration or qualification of or with any court or
arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of its obligations under this Agreement, the 2020 Indenture and the New 2024 Notes, the issuance of the New 2024 Notes and the
Exchanged Shares and the consummation by the Company of the transactions contemplated by this Agreement, the 2020 Indenture and the New 2024 Notes, except for such filings, consents, approvals, authorizations, orders and registrations or
qualifications (i) which have been obtained or made or (ii) as may be required by the Financial Industry Regulatory Authority, Inc. and the Nasdaq Market. 

2.7 No Registration Required. Assuming the accuracy of each Noteholder’s representations in Section 3 hereof, it is not
necessary in connection with the issuance and sale of the New 2024 Notes, and the issuance of the Exchanged Shares, to such Noteholder in the manner contemplated by this Agreement to register such issuances and sales under the Securities Act of
1933, as amended (the “Securities Act”), or to qualify the 2020 Indenture under the Trust Indenture Act of 1939, as amended. Upon issuance, the Exchanged Shares will be issued without any restricted CUSIP or other restrictive legend
and will be freely tradable (other than by affiliates of the Company) under the Securities Act. 
 2.8 New Class. The New 2024 Notes,
when issued, will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule
144A(d)(3)(i) under the Securities Act. 
 SECTION 3. Representations and Warranties of the Noteholders. Each Noteholder, severally
with respect to itself and its Represented Accounts (if any) and not jointly with other Noteholders, hereby represents and warrants to the Company that the following statements are true and correct as of the date of this Agreement and will be true
and correct as of the Initial Closing Date, the Second Closing Date and the Additional Closing Date, if any: 
 3.1 Organization.
Such Noteholder is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 

3.2 Authorization. 
 (a)
Such Noteholder has full right, power and authority to exchange, sell, assign and transfer the Existing 2024 Notes, to purchase the New 2024 Notes and to execute 

  
 13 

 
and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and
the consummation by it of the transactions contemplated hereby has been duly and validly taken. 
 (b) This Agreement has been duly
authorized, executed and delivered by the Noteholder and constitutes a valid and binding obligation of the Noteholder, enforceable against the Noteholder in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’ rights generally and by general equitable principles. 

3.3 Ownership. Such Noteholder, or each of its Represented Accounts, is the beneficial owner of the Existing 2024 Notes set forth on
the applicable Schedule A and, as of the Initial Closing, will be the beneficial owner of such Existing 2024 Notes. Such Noteholder, or each of its Represented Accounts, has, and will have at the Initial Closing, good, valid and marketable
title to the Existing 2024 Notes set forth on the applicable Schedule A opposite the name of such Noteholder or Represented Account, free and clear of all mortgages, liens, pledges, charges, security interests, encumbrances, title retention
agreements, options, preemptive rights, equity or other adverse claims thereto (collectively, “Liens”) (other than pledges or security interests that the Noteholder may have created in favor of a prime broker under and in accordance
with its prime brokerage agreement with such broker, which will be terminated in connection with Closing). No proceeding relating to such Noteholder is pending or, to the knowledge of such Noteholder, is threatened before any court, arbitrator or
administrative or governmental body that would adversely affect such Noteholder’s right to transfer the Existing 2024 Notes to the Company. Such Noteholder is not, and has not been during the consecutive three-month period preceding the date
hereof, a director, officer or “affiliate” within the meaning of Rule 144 under the Securities Act of the Company. To its knowledge, such Noteholder did not acquire any of the Existing 2024 Notes, directly or indirectly, from the Company
or any affiliate of the Company and no affiliate of the Company has held such Existing 2024 Notes within the past year. As of the date hereof, such Noteholder “beneficially owns” (as determined pursuant to Rule 13d-3 of the Exchange Act) [●]% of the Common Stock of the Company. 
 3.4 Transfer of the
Existing 2024 Notes. Such Noteholder has made an independent decision to transfer such Noteholder’s Existing 2024 Notes based on the information available to such Noteholder. Each Noteholder acknowledges that it has independently made its
own analysis and decision to transfer such Noteholder’s Existing 2024 Notes and without reliance upon the Company or its affiliates or representatives and based on such information as it has deemed appropriate in its independent judgment. Such
Noteholder has not relied on any information (in any form, whether written or oral, including any representation or warranty of the Company) furnished by or on behalf of the Company, the Financial Advisors, the Financial Advisor Parties or any of
their respective affiliates or representatives in making that decision (other than, with respect to the Company, filings made by the Company with the Commission and other public disclosures and the representations of the Company expressly set forth
herein). 
 3.5 Investment. 

(a) Such Noteholder is knowledgeable, sophisticated and experienced in business and financial matters and has previously invested in
securities similar to the New 

  
 14 

 
2024 Notes and the Exchanged Shares. Such Noteholder is able to bear the economic risk of its investment in the New 2024 Notes and the Exchanged Shares and is presently able to afford the
complete loss of such investment and has been afforded access to information about the Company and its affiliates and their financial condition, results of operations, business, property and management sufficient to enable such Noteholder to
evaluate its investment in the New 2024 Notes and the Exchanged Shares. Such Noteholder was given a meaningful opportunity to negotiate the terms of the transactions contemplated hereby and neither the Company nor any of its affiliates or
representatives put any pressure on such Noteholder to respond to the opportunity to participate in the transactions contemplated hereby or condition its participation on such Noteholder exchanging a minimum amount of its Existing 2024 Notes. Such
Noteholder and Represented Account for which it is acting are each an “accredited investor” as defined in Rule 501(a) under the Securities Act and such Noteholder and any Represented Account for which it is acting are each a
“qualified institutional buyer” as defined in Rule 144A under the Securities Act. 
 (b) Such Noteholder (i) has received
(a) the form of the 2020 Indenture and the form of New 2024 Note attached hereto as Exhibit A, (b) the summary of the New 2024 Notes provisions and related risk factors and certain other information about the Company (the
“Terms Summary”), attached hereto as Exhibit B, and (c) such other information about the Company as requested by such Noteholder, including the SEC Documents and the Covered Documents; (ii) understands and
accepts that the New 2024 Notes and the Exchanged Shares to be issued pursuant to this Agreement involve risk, including those described or incorporated by reference in the SEC Documents, the Covered Documents and the Terms Summary, as applicable,
(iii) has made an independent decision to acquire the New 2024 Notes and the Exchanged Shares based on the information available to such Noteholder, and (iv) has been advised that the New 2024 Notes have not been registered under the
Securities Act or any state securities or blue sky laws, and therefore cannot be resold unless they are registered under such laws or unless an exemption from registration thereunder is available. Such Noteholder acknowledges that it has
independently made its own analysis and decision to acquire the New 2024 Notes and the Exchanged Shares without reliance upon the Company, the Financial Advisors, the Financial Advisor Parties or their respective representatives and based on such
information as it has deemed appropriate in its independent judgment. Such Noteholder has not relied on any information (in any form, whether written or oral, including any representation or warranty of the Company) furnished by or on behalf of the
Company, the Financial Advisors, the Financial Advisor Parties or their respective affiliates and representatives in making that decision (other than, with respect to the Company, the form of the 2020 Indenture and the form of New 2024 Note, the
Terms Summary, filings made by the Company with the Commission and other public disclosures and the representations of the Company expressly set forth herein). Such Noteholder further acknowledges that (i) it has consulted its own tax advisors
and (ii) it has not relied on the Company, Financial Advisors, the Financial Advisor Parties, or their respective affiliates or representatives for any tax advice related to the transactions contemplated hereunder. 

(c) Such Noteholder is acquiring the New 2024 Notes and the Exchanged Shares to be issued to it pursuant to this Agreement for investment
purposes and solely for its account without a view to the distribution thereof. 

  
 15 

 (d) None of the Company, the Financial Advisors, the Financial Advisor Parties, or any of
their respective affiliates, representatives, officers, employees, agents or controlling persons have provided any investment advice or rendered any opinion to such Noteholder as to whether the transaction contemplated hereby is prudent or suitable.

 3.6 Compliance with Laws. 

(a) Each Noteholder will comply with all applicable laws and regulations in effect in any jurisdiction in which the Noteholder purchases (or
acquires pursuant to the transaction described herein) the New 2024 Notes, exchanges the Existing 2024 Notes or is issued the Exchanged Shares and will obtain any consent, approval or permission required for such purchases, acquisitions or exchange
under the laws and regulations of any jurisdiction to which the Noteholder is subject or in which the Noteholder makes such purchases, acquisitions or exchanges, and the Company shall have no responsibility therefor. 

(b) Each Noteholder is a resident of the jurisdiction set forth on the applicable Schedule A hereto. 

3.7 No Guarantees. Each Noteholder confirms that none of the Company, the Financial Advisors, the Financial Advisor Parties nor any of
their respective affiliates or representatives has (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial accounting or otherwise) of the exchange of the
Existing 2024 Notes for the Exchanged Shares or the issuance of the New 2024 Notes, or (B) made any representation to such Noteholder regarding the legality of the transactions contemplated hereby under applicable investment guidelines, laws or
regulations (other than, with respect to the Company, the representations of the Company expressly set forth herein). 
 3.8 Non-Contravention. The execution, delivery and performance by the Noteholder of this Agreement, the exchange of the Existing 2024 Notes for the Exchanged Shares and purchase of the New 2024 Notes and the
consummation by the Noteholder of the transactions contemplated by this Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination of
any right or asset of the Noteholder or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Noteholder or any of its subsidiaries is a party or by which the
Noteholder or any of its subsidiaries is bound or to which any of the property, right or assets of the Noteholder or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Noteholder or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority applicable to the Noteholder or any of its subsidiaries or by which the Noteholder or any of its subsidiaries is bound or to which any of the property, right or assets of the Noteholder or
any of its subsidiaries is subject, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default or termination that, would not, individually or in the aggregate, have, or would reasonably be
expected to have a material adverse effect on the ability of such Noteholder to carry out its obligations hereunder. 

  
 16 

 3.9 No Brokers or Finders. None of such Noteholder nor any of its officers or
directors or persons serving in a similar capacity has retained or authorized any agent, investment banker, financial advisor, broker, finder or other intermediary to act on behalf of such Noteholder or incurred any liability for any agent’s,
banker’s, financial advisor’s, broker’s or finder’s fees or commissions in connection with the transactions contemplated by this Agreement. 

3.10 Represented Accounts. If a Noteholder is acting on behalf of a Represented Account hereunder, such Noteholder has (i) sole
investment discretion with respect to each such Represented Account, (ii) full power to make the foregoing representations, warranties and covenants on behalf of such Represented Account and (iii) the contractual authority to enter into
this Agreement and to carry out the transactions contemplated hereby with respect to such Represented Account. 
 3.11 No Manipulation of
Stock. Such Noteholder has not taken, in violation of applicable law, any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Common Stock to facilitate the transactions
contemplated hereby or the sale or resale of the shares of Common Stock. 
 3.12 Nature of Transactions. Such Noteholder had a
sufficient amount of time to consider whether to participate in the transactions contemplated by this Agreement, and none of the Company, Financial Advisors, the Financial Advisor Parties or their respective affiliates and representatives has placed
any pressure on such Noteholder to respond to the opportunity to participate in such transactions. The Noteholder acknowledges that the terms of such transactions have been mutually negotiated between such Noteholder and the Company. 

3.13 Financial Advisory Fee. Such Noteholder acknowledges that the Company intends to pay an advisory fee to the Financial Advisors a
fee in respect of the transactions contemplated by this Agreement. 
 3.14 No HSR. The transactions contemplated hereby do not
require any filing by such Noteholder (or its affiliates) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). 

SECTION 4. Termination. 

4.1 Conditions of Termination. Notwithstanding anything to the contrary contained herein, with respect to any individual Noteholder,
this Agreement may be terminated (a) at any time by mutual written agreement of the Company and the respective Noteholder, (b) by either Party if (i) the Initial Closing shall not have occurred on or before November 30, 2020 or
(ii) any governmental authority of competent jurisdiction shall have issued or entered any governmental order or taken any other action permanently restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the
transactions contemplated herein; provided, however, the right to terminate this Agreement pursuant to Section 4.1(b) shall not be available to any Party whose failure to comply with or perform in any material respect any covenant under this
Agreement shall have caused the Initial Closing not to occur on or before such termination date. 

  
 17 

 4.2 Effect of Termination. In the event of termination pursuant to Section 4.1
hereof, this Agreement shall become null and void with respect to any individual Noteholder and have no effect (other than this Section 4.2 and Section 6, which shall survive termination) with no liability on the part of the Company or
such Noteholder, or their respective directors, officers, agents or stockholders, with respect to this Agreement, except for the liability of any fraud, or willful or intentional breach of this Agreement. 

SECTION 5. Defined Terms. Capitalized terms used, but not otherwise defined, in this Agreement have the meanings set forth in this
Section 5. 
 5.1 “Bond Reference Price” means $1,135.00. 

5.2 “Daily Exchange Price” means the sum of (i) the product of (A) the difference between (a) the applicable
Daily Reference Price during the VWAP Period and (b) Share Reference Price, multiplied by (B) the Existing Conversion Ratio, multiplied by (C) the Hedge Ratio, plus (ii) the Bond Reference Price, such resulting amount of clauses
(i) and (ii) then divided by 7. 
 5.3 “Daily Exchange Ratio” means the quotient resulting from (i) the
applicable Daily Exchange Price for the applicable trading day during the VWAP Period, divided by (ii) the Daily Reference Price for such trading day during the VWAP Period. 

5.4 “Daily Reference Price” means the greater of (i) the Daily VWAP and (ii) $4.00. 

5.5 “Daily VWAP” means, with respect to any Trading Day (as defined in the 2020 Indenture) during the VWAP Period, the per
share volume-weighted average price of the Common Stock on the Nasdaq Global Select Market (during standard market hours from 9:30am to 4:00pm) as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CLVS <equity>
AQR” (or its equivalent successor if such page is not available) with respect to such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day determined, using a
volume weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading
outside of the regular trading session trading hours. 
 5.6 “Exchange Ratio” means the sum of each Daily Exchange Ratio
during the VWAP Period. 
 5.7 “Exchanged Shares” means the product of (i) the principal amount of the Existing 2024
Notes set forth on the applicable Schedule A for each Noteholder divided by 1,000, and (ii) the Exchange Ratio. 
 5.8
“Existing Conversion Ratio” means 137.2213. 
 5.9 “Hedge Ratio” means 75%. 

  
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 5.10 “Share Cap” shall mean 19.9% of the Company’s shares of Common
Stock issued and outstanding as of the date of this Agreement. 
 5.11 “Share Reference Price” means $5.62. 

5.12 “VWAP Period” means the seven (7) Trading Day (as defined in the 2020 Indenture) period beginning on and including
the Trading Day immediately following the date of this Agreement. 
 SECTION 6. Miscellaneous. 

6.1 Further Assurances. In case at any time after the Initial Closing any further action is necessary or desirable to carry out the
purposes of this Agreement or the transactions contemplated hereby, each of the Parties will take such further action (including the execution and delivery of such further instruments and documents) as the other Party may reasonably request, at the
requesting Party’s expense. 
 6.2 Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising
hereunder or by reason hereof shall be assignable by either the Company or a Noteholder without the prior written consent of the other party. 

6.3 Counterparts. This Agreement may be executed simultaneously in counterparts (including by means of facsimile or other electronic
transmission), any one of which need not contain the signatures of more than one Party, but all such counterparts taken together shall constitute one and the same agreement. 

6.4 Descriptive Headings; Interpretation. The headings and captions used in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. Any capitalized terms used in Schedule A and not otherwise defined therein shall have the meanings set forth in this Agreement. The use of the word “including”
herein shall mean “including without limitation”. The Parties intend that each representation, warranty and covenant contained herein shall have independent significance. 

6.5 Entire Agreement. This Agreement and the agreements and documents referred to herein contain the entire agreement and understanding
among the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. 

6.6 Amendment. This Agreement may be amended, modified, discharged, terminated or supplemented but only in writing (including a writing
evidenced by a facsimile transmission or other electronic transmission) signed by the Party against which enforcement is sought. 
 6.7
Expenses. Except as set forth in the following sentence, each Party will bear its own fees and expenses in connection with the transactions contemplated hereby. The Company shall reimburse the Noteholders for reasonable and documented third
party legal fees of one law firm incurred by such Noteholders in an amount not to exceed in the aggregate for all Noteholders $100,000. 

  
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 6.8 APPLICABLE LAW; WAIVER OF JURY TRIAL. THIS AGREEMENT, AND ANY CLAIM, COUNTERCLAIM
OR DISPUTE OF ANY KIND OR NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. THE PARTIES AGREE TO WAIVE ANY RIGHT TO TRIAL
BY JURY IN ANY DISPUTE ARISING FROM OR RELATED TO THIS AGREEMENT. 
 6.9 Submission to Jurisdiction. Each Party agrees that any suit,
action or proceeding bought by it against the other Party arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted exclusively in federal or state courts located in the State of Delaware, and waives any
objection which it may now or hereafter have to the laying of venue of any such proceeding. 
 6.10 Specific Performance. The Parties
hereto agree that irreparable harm would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms on a timely basis or were otherwise breached. It is accordingly agreed that, without posting bond or
other undertaking, the Parties hereto shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement to enforce specifically the terms and provisions of this Agreement in any court of competent jurisdiction. In the
event that any such action is brought in equity to enforce the provisions of this Agreement, no Party hereto will allege, and each Party hereto hereby waives the defense or counterclaim, that there is an adequate remedy at law. 

6.11 Survival. All authority herein conferred or agreed to be conferred in this Agreement shall survive the dissolution of such
Noteholder and any representation, warranty, undertaking and obligation of such Noteholder hereunder shall be binding upon the trustees in bankruptcy, legal representatives, successors and assigns of such Noteholder. 

6.12 Taxation. The Noteholder acknowledges that, if a Noteholder is a United States person for U.S. federal income tax purposes, either
(i) the Company must be provided with a correct taxpayer identification number (“TIN”) (generally a person’s social security or federal employer identification number) and certain other information on a properly completed
and executed Internal Revenue Service (“IRS”) Form W-9, which is provided herein on Exhibit C attached to this Agreement, or (ii) another basis for exemption from backup
withholding must be established. The Noteholder further acknowledges that, if a Noteholder is not a United States person for U.S. federal income tax purposes, the Company must be provided the appropriate properly completed and executed IRS Form W-8, attesting to that non-U.S. Noteholder’s foreign status. The Company shall request all necessary tax forms, including IRS Form
W-9 and IRS Form W-8, as applicable, from each Noteholder as may be reasonably necessary to reduce or eliminate any such withholding or deduction. Each Noteholder
further acknowledges that, if it fails to provide such necessary tax forms, payments made to such Noteholder pursuant to this Agreement may be subject to 30% U.S. federal withholding on amounts, if any, attributable to accrued and unpaid interest or
24% U.S. federal backup withholding unless such Noteholder properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. 

  
 20 

 6.13 Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be delivered by electronic mail to the address designated below, and shall be effective on the date that the email is sent (provided that the sender has not
received any “bounceback”). However, if the time of deemed receipt of any notice is not before 5:30 p.m. Mountain Time on a business day at the address of the recipient it is deemed to have been received at the commencement of business on
the next business day: 
 If to the Company: 

Clovis Oncology, Inc. 
 Attention:
Paul Gross; Daniel W. Muehl 
 Email: pgross@clovisoncology.com; dmuehl@clovisoncology.com 

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

Willkie Farr & Gallagher LLP 

Attention: Thomas Mark 
 Email:
tmark@willkie.com 
 If to the Noteholders: 

To the address or addresses set forth on Schedule A 

6.14 Notification of Changes. Each Noteholder hereby covenants and agrees to notify the Company upon the occurrence of any event prior
to the Second Closing Date which would cause any representation, warranty or covenant of such Noteholder contained in this Agreement to be false or incorrect. 

6.15 No Construction Against Draftsperson. The Parties have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the
authorship of any of the provisions of this Agreement. 
 6.16 Reserved. 

6.17 Reliance by Financial Advisors. Each of J.P. Morgan Securities LLC and BofA Securities, Inc. (the “Financial
Advisors”) and their respective officers, directors, employees, agents and affiliates (collectively, “Financial Advisor Parties”) may rely on each representation and warranty of the Company and of each Noteholder made
herein or pursuant to the terms hereof (including any certificate delivered pursuant to Section 1.6(h) with the same force and effect as if such representation or warranty were made directly to the Financial Advisor
Parties. The Financial Advisor Parties shall be a third-party beneficiary of this Agreement to the extent provided in this Section 6.17. 

  
 21 

 6.18 HSR. To the extent the conversion of the Purchased Notes or the Option Notes
would require the filing by a Noteholder under the HSR Act, such Noteholder shall not effect such conversion until such filing is made and the applicable waiting periods under the HSR Act shall have expired or been terminated. 

6.19 No Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the New 2024 Notes, the Conversion Shares or the Exchanged Shares in a manner that would (i) require the registration under the
Securities Act of the offer and sale of any of the New 2024 Notes, the Conversion Shares or the Exchanged Shares in the manner contemplated by this Agreement and the 2020 Indenture or (ii) be aggregated with the sale of the Conversion Shares or
the Exchanged Shares for purposes of the rules and regulations of any trading market on which the Common Stock is listed such that it would require shareholder approval for the sale or issuance of the New 2024 Notes, the Conversion Shares or the
Exchanged Shares as contemplated by this Agreement and the 2020 Indenture. 
 (Signatures on next page) 

  
 22 

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

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

			
	NOTEHOLDER:
	
	[        ]
		
	By:	 	
                     

	Name:	 	
	Title:

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