Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

RAIT FINANCIAL TRUST 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 First Supplemental
Indenture 
 Dated as of December 10, 2013 

to Indenture Dated as of 

December 10, 2013 
 4.00%
Convertible Senior Notes due 2033 
  
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	Definitions	  	 	2	  
	 Section 1.02.
	 	References to Interest	  	 	12	  
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  
			
	 Section 2.01.
	 	Scope of Supplemental Indenture	  	 	12	  
	 Section 2.02.
	 	Designation and Amount	  	 	12	  
	 Section 2.03.
	 	Form of Notes	  	 	13	  
	 Section 2.04.
	 	Date and Denomination of Notes; Payments of Interest	  	 	13	  
	 Section 2.05.
	 	Exchange and Registration of Transfer of Notes; Depositary	  	 	14	  
	 Section 2.06.
	 	Cancellation of Surrendered Notes	  	 	15	  
	 Section 2.07.
	 	Notice of Defaults	  	 	15	  
	 Section 2.08.
	 	Additional Notes; Repurchases	  	 	15	  
	 Section 2.09.
	 	CUSIP Numbers	  	 	16	  
	
	ARTICLE 3	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 3.01.
	 	Applicability of Article XI of the Base Indenture	  	 	16	  
	 Section 3.02.
	 	Satisfaction and Discharge	  	 	16	  
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 4.01.
	 	Maintenance of Office Or Agency	  	 	17	  
	 Section 4.02.
	 	Reports	  	 	17	  
	 Section 4.03.
	 	Stay, Extension and Usury Laws	  	 	17	  
	
	ARTICLE 5	  
	DEFAULTS AND REMEDIES	  
			
	 Section 5.01.
	 	Applicability of Article VI of the Base Indenture	  	 	18	  
	 Section 5.02.
	 	Events of Default	  	 	18	  
	 Section 5.03.
	 	Payments of Notes on Default; Suit Therefor	  	 	22	  
	 Section 5.04.
	 	Application of Monies Collected by Trustee	  	 	23	  
	 Section 5.05.
	 	Proceedings by Holders of the Notes	  	 	24	  
	 Section 5.06.
	 	Proceedings by Trustee	  	 	25	  

  
 i 

							
	 Section 5.07.
	 	Remedies Cumulative and Continuing	  	 	25	  
	 Section 5.08.
	 	Direction of Proceedings and Waiver of Defaults by Majority of Holders of the Notes	  	 	26	  
	 Section 5.09.
	 	Notice of Defaults	  	 	26	  
	 Section 5.10.
	 	Undertaking to Pay Costs	  	 	27	  
	
	ARTICLE 6	  
	MEETINGS OF HOLDERS OF THE NOTES	  
			
	 Section 6.01.
	 	Rules under Section 13.09 of the Base Indenture	  	 	27	  
	 Section 6.02.
	 	Purpose of Meetings	  	 	27	  
	 Section 6.03.
	 	Call of Meetings by Trustee	  	 	28	  
	 Section 6.04.
	 	Call of Meetings by Company or Holders of the Notes	  	 	28	  
	 Section 6.05.
	 	Qualifications for Voting	  	 	28	  
	 Section 6.06.
	 	Regulations	  	 	28	  
	 Section 6.07.
	 	Voting	  	 	29	  
	 Section 6.08.
	 	No Delay of Rights by Meeting	  	 	29	  
	
	ARTICLE 7	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 7.01.
	 	Applicability of Article IX of the Base Indenture	  	 	30	  
	 Section 7.02.
	 	Supplemental Indentures Without Consent of Holders of the Notes	  	 	30	  
	 Section 7.03.
	 	Supplemental Indentures with Consent of Holders of the Notes	  	 	31	  
	 Section 7.04.
	 	Effect of Supplemental Indentures	  	 	32	  
	 Section 7.05.
	 	Notation on Notes	  	 	33	  
	 Section 7.06.
	 	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	33	  
	
	ARTICLE 8	  
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  
			
	 Section 8.01.
	 	Applicability of Article X of the Base Indenture	  	 	33	  
	 Section 8.02.
	 	Company May Consolidate, Etc. on Certain Terms	  	 	33	  
	 Section 8.03.
	 	Successor Company to Be Substituted	  	 	34	  
	 Section 8.04.
	 	Opinion of Counsel to Be Given to Trustee	  	 	35	  
	
	ARTICLE 9	  
	GUARANTEE OF NOTES	  
			
	 Section 9.01.
	 	Applicability of Article XIV of the Base Indenture	  	 	35	  
	
	ARTICLE 10	  
	CONVERSION OF NOTES	  
			
	 Section 10.01.
	 	Conversion Privilege	  	 	35	  
	 Section 10.02.
	 	Conversion Procedure; Settlement Upon Conversion	  	 	38	  

  
 ii 

							
	 Section 10.03.
	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
	  	 	42	  
	 Section 10.04.
	 	Adjustment of Conversion Rate	  	 	44	  
	 Section 10.05.
	 	Adjustments of Prices	  	 	53	  
	 Section 10.06.
	 	Shares to Be Fully Paid	  	 	53	  
	 Section 10.07.
	 	Effect of Recapitalizations, Reclassifications and Changes of the Common Shares	  	 	54	  
	 Section 10.08.
	 	Certain Covenants	  	 	56	  
	 Section 10.09.
	 	Responsibility of Trustee	  	 	56	  
	 Section 10.10.
	 	Notice to Holders of the Notes Prior to Certain Actions	  	 	57	  
	 Section 10.11.
	 	Shareholder Rights Plans	  	 	57	  
	 Section 10.12.
	 	Ownership Limit; Withholding Tax	  	 	58	  
	
	ARTICLE 11	  
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  
			
	 Section 11.01.
	 	Repurchase at Option of Holders of the Notes	  	 	58	  
	 Section 11.02.
	 	Repurchase at Option of Holders of the Notes Upon a Fundamental Change	  	 	61	  
	 Section 11.03.
	 	Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice	  	 	64	  
	 Section 11.04.
	 	Deposit of Repurchase Price or Fundamental Change Repurchase Price	  	 	64	  
	 Section 11.05.
	 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	65	  
	
	ARTICLE 12	  
	OPTIONAL REDEMPTION	  
			
	 Section 12.01.
	 	Applicability of Article III of the Base Indenture	  	 	65	  
	 Section 12.02.
	 	Optional Redemption	  	 	65	  
	 Section 12.03.
	 	Notice of Optional Redemption; Selection of Notes	  	 	66	  
	 Section 12.04.
	 	Payment of Notes Called for Redemption	  	 	67	  
	 Section 12.05.
	 	Restrictions on Redemption	  	 	68	  
	
	ARTICLE 13	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 13.01.
	 	Governing Law	  	 	68	  
	 Section 13.02.
	 	No Security Interest Created	  	 	68	  
	 Section 13.03.
	 	Benefits of Indenture	  	 	68	  
	 Section 13.04.
	 	Effect of Headings	  	 	68	  
	 Section 13.05.
	 	Supplemental Indenture May Be Executed In Counterparts	  	 	68	  
	 Section 13.06.
	 	Severability	  	 	69	  
	 Section 13.07.
	 	Elections Under Base Indenture; Ratification of Base Indenture	  	 	69	  
	 Section 13.08.
	 	Waiver Of Jury Trial	  	 	69	  
	 Section 13.09.
	 	Force Majeure	  	 	69	  
	 Section 13.10.
	 	U.S.A. Patriot Act	  	 	69	  
	 Section 13.11.
	 	Calculations	  	 	69	  

  
 iii 

							
	EXHIBIT	  
			
	 Exhibit A
	 	 Form of Note
	  	 	A-1	  

  
 iv 

 FIRST SUPPLEMENTAL INDENTURE dated as of December 10, 2013 (this
“Supplemental Indenture”) between RAIT Financial Trust, a Maryland real estate investment trust, as issuer (the “Company”, as more fully set forth in Section 1.01) and Wells Fargo Bank, National Association, a
national banking association organized under the laws of the United States, as trustee (the “Trustee”, as more fully set forth in Section 1.01), supplementing the Indenture dated as of December 10, 2013, between the
Company and the Trustee (the “Base Indenture” and, as amended and supplemented by this Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”). 

W I T N E S S E T H: 
 WHEREAS,
the Company executed and delivered the Base Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s Debt Securities, in an unlimited aggregate principal amount, in one or more series to be
established by the Company under, and authenticated and delivered as provided in, the Base Indenture; 
 WHEREAS, Section 9.01(k) of
the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form and terms of Debt Securities of any series as contemplated by Section 2.01 and Section 2.03 of
the Base Indenture without the consent of Holders of any Debt Securities; 
 WHEREAS, for its lawful corporate purposes, the Company
has duly authorized the issuance of a single series of Debt Securities designated as its 4.00% Convertible Senior Notes due 2033 (the “Notes”), initially in an aggregate principal amount not to exceed $143,750,000, 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 Supplemental Indenture;  

WHEREAS, the Form of Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice, the Form of Purchase Notice and
the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; 
 WHEREAS, the
conditions set forth in the Base Indenture for the execution and delivery of this Supplemental Indenture have been complied with; 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 Supplemental Indenture provided, the valid, binding and legal obligations of the Company, and this Supplemental Indenture a valid agreement according to its terms, have been done and performed, and
the execution of this Supplemental Indenture and the issue hereunder of the Notes have in all respects been duly authorized. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided below), as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. For all purposes of the Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) the terms defined in this Article 1 shall have the respective meanings assigned to them in this Article 1 and
include the plural as well as the singular; 
 (b) all words, terms and phrases defined in the Base Indenture (but not otherwise defined
herein) shall have the same meanings as in the Base Indenture; and 
 (c) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to the Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Additional Shares” shall have the meaning specified in Section 10.03(a). 

“Agent” means any Registrar, Paying Agent or Conversion Agent or any successor entity thereto. 

“Annual Dividend Period” shall have the meaning specified in Section 10.04(d). 

“Base Indenture” has the meaning specified in the first paragraph of this Supplemental 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 Trustees, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, with respect to any Note, any day other than 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” shall mean “capital stock” as defined in the Base Indenture. 
 “Cash Settlement” shall have the
meaning specified in Section 10.02(a). 
 “Charter” means the Declaration of Trust of the Company, as amended or
supplemented from time to time in accordance with the terms thereof and applicable law. 
 “Clause A Distribution” shall
have the meaning specified in Section 10.04(c). 

  
 2 

 “Clause B Distribution” shall have the meaning specified in Section 10.04(c).

 “Clause C Distribution” shall have the meaning specified in Section 10.04(c). 

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

“Combination Settlement” shall have the meaning specified in Section 10.02(a). 

“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 Shares” mean the common shares of beneficial interest of the Company, par value $0.01 per
share, at the date of this Supplemental Indenture, subject to Section 10.07. 
 “Company” shall have the
meaning specified in the first paragraph of this Supplemental Indenture, and subject to the provisions of Article 8, shall include its successors and assigns. 

“Company Notice” shall have the meaning specified in Section 11.01(b). 

“Continuing Trustee” means a trustee who either was a member of the Board of Trustees on December 4, 2013 or who
becomes a member of the Board of Trustees subsequent to that date and whose election, appointment or nomination for election by the shareholders of the Company is duly approved by a majority of the continuing trustees on the Board of Trustees at the
time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board of Trustees in which such individual is named as nominee for trustee. Solely for purposes of this definition,
the phrase “or any authorized committee of the Board of Trustees of the Company or any Trustees and/or officers of the Company to whom such Board of Trustees or such committee shall have duly designated its authority to act hereunder” of
the definition of Board of Trustees shall be disregarded. 
 “Conversion Agent” means the office or agency
maintained by the Company in the Place of Payment pursuant to Section 4.01 of the Base Indenture where the Notes may be surrendered for conversion. 

“Conversion Date” shall have the meaning specified in Section 10.02(c). 

“Conversion Obligation” shall have the meaning specified in Section 10.01(a). 

“Conversion Rate” shall have the meaning specified in Section 10.01(a). 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at 45 Broadway, 14th Floor, New York, New York 10006, Attention: Corporate Trust Services—Administrator for RAIT Financial Trust, or such other address as the Trustee may
designate from  

  
 3 

 
time to time by notice to the Holders of the Notes and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders of the Notes and the Company). 
 “Daily Conversion Value” means, for
each of the 60 consecutive Trading Days during the Observation Period, 1/60th of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP on such Trading Day.

 “Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 60. 

“Daily Settlement Amount,” for each of the 60 consecutive Trading Days during the Observation Period, shall consist of: 

(a) cash equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value; and 

(b) if the Daily Conversion Value exceeds the Daily Measurement Value, a number of Common Shares equal to (i) the
difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day. 

“Daily VWAP” means, for each of the 60 consecutive Trading Days during the applicable Observation Period, the per
share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “RAS <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the
scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one Common Share 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. 
 “Defaulted Amounts” means any amounts on any
Note (including, without limitation, the Redemption Price, Repurchase Price, Fundamental Change Repurchase Price, principal and any interest and Defaulted Interest) that are payable but are not punctually paid or duly provided for. 

“Distributed Property” shall have the meaning specified in Section 10.04(c). 

“Effective Date” shall have the meaning specified in Section 10.03(c). 

“Event of Default” shall have the meaning specified in Section 5.02. 

“Ex-Dividend Date” means the first date on which the Common Shares trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance or distribution in question, from the Company or, if applicable, from the seller of Common Shares on such exchange or market (in the form of due bills or otherwise) as
determined by such exchange or market. 

  
 4 

 “Form of Assignment and Transfer” shall mean the “Form of Assignment
and Transfer” attached as Attachment 4 to the Form of Note attached hereto 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 hereto 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 hereto as Exhibit A. 
 “Form of Repurchase Notice” shall mean the “Form of
Repurchase Notice” attached as Attachment 3 to the Form of Note attached hereto 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, its Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, 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 Shares (other than changes resulting from a subdivision or combination) as a result of which the Common Shares 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 Shares shall be converted into cash, securities or other property; 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 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 shall not be a Fundamental Change pursuant to this clause (b); 

(c) Continuing Trustees cease to constitute at least a majority of the Board of Trustees; 

(d) the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or 

(e) the Common Shares (or other common stock underlying the Notes) cease 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); 

  
 5 

 provided, however, that a transaction or transactions described in clause (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 shareholders of the Company, excluding cash payments for fractional shares, in connection with such transaction
or transactions consists of Publicly Traded Securities, and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares (subject to the provisions of
Section 10.02(a)).  
 “Fundamental Change Company Notice” shall have the meaning specified in Section
11.02(b). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in 11.02(a). 

“Fundamental Change Repurchase Notice” shall have the meaning specified in Section 11.02(c)(i). 

“Fundamental Change Repurchase Price” shall have the meaning specified in 11.02(a). 

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

“Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture. 

“Initial Dividend Period” shall have the meaning specified in Section 10.04(d). 

“Initial Dividend Threshold” shall have the meaning specified in Section 10.04(d). 

“Interest Payment Date” means each April 1 and October 1 of each year, beginning on April 1, 2014. 

“Last Reported Sale Price” of the Common Shares 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 Relevant Stock Exchange. If the
Common Shares are not listed, quoted or traded on a U.S. securities exchange or any other market on the relevant date, the “Last Reported Sale Price” on the relevant date shall be determined by a nationally recognized independent
investment banking firm selected by the Company for this purpose. The Last Reported Sale Price per Common Share shall be determined without reference to extended or afterhours. 

“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). 

  
 6 

 “Market Disruption Event” means (a) a failure by the primary U.S.
national or regional securities exchange or market on which the Common Shares are listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time,
on any Scheduled Trading Day for the Common Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
relevant stock exchange or otherwise) in the Common Shares or in any options, contracts or future contracts relating to the Common Shares. 

“Maturity Date” means October 1, 2033. 

“Merger Common Stock” shall have the meaning specified in Section 10.07(e)(i). 

“Merger Event” shall have the meaning specified in Section 10.07(a). 

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

“Merger Valuation Period” for any Merger Event means the five consecutive Trading Day period immediately preceding,
but excluding, the effective date for such Merger Event. 
 “Note” or “Notes” shall have the
meaning specified in the third paragraph of the recitals of this Supplemental Indenture. 
 “Note Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto. 

“Notice of Conversion” shall have the meaning specified in Section 10.02(b). 

“Observation Period” with respect to any Note surrendered for conversion means: (i) subject to clause (ii), if
the relevant Conversion Date occurs other than during the period beginning on, and including, July 1, 2018 and ending on, but excluding, October 1, 2018, the 60 consecutive Trading Day period beginning on, and including, the second Trading
Day after such Conversion Date; (ii) if the relevant Conversion Date occurs on or after the date of the Company’s issuance of a Redemption Notice with respect to the Notes pursuant to Section 12.03 and prior to the relevant Redemption
Date, the 60 consecutive Trading Days beginning on, and including, the 62nd Scheduled Trading Day immediately preceding such Redemption Date; and (iii) if the relevant Conversion Date occurs during the period beginning on, and including,
July 1, 2018 and ending on, but excluding, October 1, 2018, the 60 consecutive Trading Days beginning on, and including, the 62nd Scheduled Trading Day immediately preceding October 1, 2018. 

  
 7 

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

“Optional Redemption” shall have the meaning specified in Section 12.02. 

“Outstanding,” when used with reference to Notes, shall mean, as of any particular time, all Notes authenticated and
delivered by the Trustee under this Supplemental Indenture, except: 
 (a) Notes theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
 (b) Notes, or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Notes; provided, that, if such Notes are to be redeemed, a Redemption Notice has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made; and 

(c) Notes that have been paid pursuant to Section 2.09 of the Base Indenture 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 2.09 of the Base Indenture 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 10 and required to be canceled pursuant to Section 2.10 of the Base
Indenture; and 
 (e) Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.08; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in conclusively relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer actually knows to be so owned shall be so
disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not
the Company or any other obligor upon the Notes or an Affiliate of the Company or of such other obligor. 

  
 8 

 “Paying Agent” means the office or agency maintained by the Company in
the Place of Payment pursuant to Section 4.02 of the Base Indenture where the Notes may be presented or surrendered for payment or surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of the Notes
and the Indenture may be served. 
 “Physical Notes” means permanent certificated Notes in registered form
issued in denominations of $1,000 principal amount and multiples thereof. 
 “Physical Settlement” shall have the
meaning specified in Section 10.02(a). 
 “Place of Payment” means, with respect to the Notes, the Borough of Manhattan in
the City of New York, New York. 
 “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 2.09 of the Base Indenture 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. 

“Prospectus Supplement” means the Company’s preliminary prospectus supplement dated December 4, 2013, as
supplemented by the Company’s pricing term sheet dated December 5, 2013, relating to the offering and sale of the Notes. 

“Publicly Traded Securities” means 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 a Fundamental Change described in clause (b) of the
definition thereof. 
 “Record Date” means, with respect to any dividend, distribution or other transaction
or event in which the holders of Common Shares (or other security) have the right to receive any cash, securities or other property or in which the Common Shares (or other applicable security) is exchanged for or converted into any combination of
cash, securities or other property, the date fixed for determination of shareholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Trustees, by statute, by contract or otherwise). 

“Redemption Date” shall have the meaning specified in Section 12.03(a). 

“Redemption Notice” shall have the meaning specified in Section 12.03(a). 

“Redemption Price” shall have the meaning specified in Section 12.02. 

“Reference Property” shall have the meaning specified in Section 10.07(a). 

  
 9 

 “Regular Record Date,” with respect to any Interest Payment Date, shall
mean the March 15 or September 15 (whether or not such day is a Business Day) immediately preceding the applicable April 1 or October 1 Interest Payment Date, respectively. 

“REIT” means a real estate investment trust. 

“Relevant Stock Exchange” means The New York Stock Exchange or, if the Common Shares (or other security for which a closing
sale price must be determined) is not then listed on The New York Stock Exchange, the principal other U.S. national or regional securities exchange on which the Common Shares (or such other security) is then listed or, if the Common Shares (or such
other security) is not then listed on a U.S. national or regional securities exchange, the over-the-counter market, as reported by OTC Markets Group Inc. or similar organization or, if the Common Shares are not then quoted by the OTC Markets Group
Inc. or similar organization, the principal other market on which the Common Shares (or such other security) is then traded. 

“Repurchase Date” shall have the meaning specified in Section 11.01(a). 

“Repurchase Expiration Time” shall have the meaning specified in Section 11.01(b). 

“Repurchase Notice” shall have the meaning specified in Section 11.01(c). 

“Repurchase Price” shall have the meaning specified in Section 11.01(a). 

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional
securities exchange or market on which the Common Shares are listed or admitted for trading. If the Common Shares are not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

“Settlement Amount” has the meaning specified in Section 10.02(a)(v). 

“Settlement Blocker” has the meaning specified in Section 10.12(a). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or
Combination Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the
meaning specified in Section 10.02(a)(iv). 
 “Share Price” shall have the meaning specified in Section 10.03(c). 

“Significant Subsidiary” means, as of any date of determination, a Subsidiary of the Company that would constitute a
“significant subsidiary” of the Company as such term is defined under Rule 1-02(w) of Regulation S-X of the SEC as in effect on the date of this Supplemental Indenture; provided that it shall not include (a) any
entity consolidated by the Company where the Company holds 50% or less of the voting power of such entity or (b) any bankruptcy remote, special purpose entity, used to securitize assets and consolidated by the Company, whose indebtedness is
without recourse to the Company. 

  
 10 

 “Special Interest” means all amounts, if any, payable pursuant to Section
5.02(k). 
 “Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be
received upon conversion as specified in the Settlement Notice related to any converted Notes. 
 “Spin-Off” shall
have the meaning specified in Section 10.04(c). 
 “Successor Company” shall have the meaning specified in Section 8.02(a).

 “Supplemental Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture. 

“Trading Day” means a day on which (i) trading in the Common Shares (or other security for which a Last Reported
Sale Price must be determined) generally occurs on the Relevant Stock Exchange and (ii) a Last Reported Sale Price for the Common Shares (or such other security) is available on the Relevant Stock Exchange; provided that if
the Common Shares (or such other security) are not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due upon
conversion only, “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Shares (or such other security) generally occurs on The New York Stock Exchange or, if the Common
Shares (or such other security) are not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Shares (or such other security) are then listed or, if the Common Shares (or
such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Shares (or such other security) are then listed or admitted for trading, except that if the Common Shares
(or such other security) are not so listed or admitted for trading, “Trading Day” means a Business Day. 

“Trading Price” of the Notes on any date of determination means the average of the secondary market bid quotations per
$1,000 principal amount of Notes obtained by the Trustee for $5,000,000 principal amount of the Notes at approximately 3:30 p.m., New York City time, on such determination date from two independent nationally recognized securities dealers the
Company selects, provided that if at least two such bids cannot reasonably be obtained by the Trustee, but one such bid can reasonably be obtained by the Trustee, this one bid will be used. If the Trustee cannot reasonably obtain at least one bid
for $5,000,000 principal amount of the Notes from a nationally recognized securities dealer or, in the Company’s reasonable judgment, the bid quotations are not indicative of the secondary market value of the Notes, then, for purposes of the
condition set forth in Section 10.01(a)(iv) only, the Trading Price of the Notes shall be deemed to be less than 98% of the applicable Conversion Rate of the Notes multiplied by the Last Reported Sale Price of the Common
Shares on such determination date. 
 “Trigger Event” shall have the meaning specified in Section 10.04(c). 

  
 11 

 “Trust Officer” means any officer within the corporate trust department
of the Trustee, including any vice president, assistant vice president, trust officer, assistant trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the
Indenture. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this Supplemental Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder.

 “unit of Reference Property” shall have the meaning specified in Section 10.07(a). 

“Valuation Period” shall have the meaning specified in Section 10.04(c). 

Section 1.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect
of, any Note in the Indenture shall be deemed to include Special Interest if, in such context, Special Interest is, was or would be payable pursuant to Section 5.02. Unless the context otherwise requires, any express mention of Special Interest
in any provision hereof shall not be construed as excluding Special Interest in those provisions hereof where such express mention is not made. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Scope of Supplemental Indenture. This Supplemental Indenture supplements the provisions of the Base
Indenture, to which provisions reference is hereby made. The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the
Notes, which may be issued from time to time, and shall not apply to any other Debt Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other Debt Securities specifically incorporates such
changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any conflicting provisions in the Base Indenture; provided that no provision of this Supplemental Indenture shall be construed (a) to
supersede any obligation that the Company would otherwise have under the Base Indenture to deliver a Company Order, an Officer’s Certificate or an Opinion of Counsel to the Trustee, or (b) to limit any right that the Trustee would
otherwise have under the Base Indenture to request and conclusively rely on a Company Order, an Officer’s Certificate or an Opinion of Counsel. 

Section 2.02. Designation and Amount. The Notes are hereby created and authorized as a single series of Debt Securities under the
Base Indenture. The Notes shall be designated as the “4.00% Convertible Senior Notes due 2033.” The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $143,750,000,
subject to Section 2.08 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 2.07 and Section 2.09 of the Base Indenture and
Section 7.05, Section 10.02 and Section 11.04 of this Supplemental Indenture. 

  
 12 

 Section 2.03. Form of Notes. The Notes shall be substantially in the form set forth
in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of the Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of the 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 the Indenture as may be required by the Note Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder
or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the
Outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented
thereby may from time to time be increased or reduced to reflect redemptions, repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global Note to reflect the amount of any increase or decrease in the amount of
Outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the written direction of the Company, in such manner and upon written instructions given by the Holder of such Notes in accordance with the Indenture.
Payment of principal (including the Redemption Price, Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the 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 of the Notes eligible to receive payment is provided for herein. 

Section 2.04. Date and Denomination of Notes; Payments of Interest. (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 bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be
computed on the basis of a 360-day year composed of twelve 30-day months. 
 (b) This Section 2.04(b) shall replace the second sentence
of Section 4.01 of the Base Indenture and Section 2.12(a) of the Base Indenture in its entirety and all references to such provisions shall be deemed, for the purposes of the Notes, to be references to this Section 2.04(b). The Person
in whose name any Note (or its Predecessor Note) is registered on the Debt Security 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 Corporate Trust Office. The Company shall pay

  
 13 

 
interest (i) on any Physical Notes (A) to Holders of the Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address
as it appears in the Debt Security Register and (B) to Holders of the Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to the Holders of these Notes or upon application by a Holder of the Notes to the
Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to such Holder’s account within the United States, which application shall remain in effect until such Holder notifies, in writing, the
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. 

Section 2.05. Exchange and Registration of Transfer of Notes; Depositary. (a) For the purposes of the Notes, the reference to
“transfer, exchange or payment” in the first paragraph of Section 2.07(b) of the Base Indenture shall be deemed to include a repurchase or conversion of Notes. 

(b) This Section 2.05(b) shall replace the fourth paragraph of Section 2.07(b) of the Base Indenture and all references to such
paragraph shall be deemed, for the purposes of the Notes, to be references to this Section 2.05(b). The Company shall not be required (i) to issue, register the transfer of or exchange any Notes either during a period beginning 15 Business
Days prior to the mailing of a Redemption Notice and ending on the close of business on the day of such mailing, or between a Regular Record Date and the next succeeding Interest Payment Date, (ii) to register the transfer of or exchange of
(A) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion in accordance with Article 10, (B) any Notes, or a portion of any Note, surrendered for
repurchase (and not withdrawn) in accordance with Article 11, or (C) any Notes selected for Redemption in accordance with Article 12. 

(c) So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, all Notes shall be
represented by one or more Global Securities (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve
the issuance of a Physical Note, shall be effected through the Depositary (but not the Trustee or the Note Custodian) in accordance with the Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary
therefor. 
 (d) 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. Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

(e) This Section 2.05(e) shall replace Section 2.15(c)(ii) of the Base Indenture and all references to such provision shall be
deemed, for the purposes of the Notes, to be references to this Section 2.05(e). If an Event of Default with respect to the Notes has occurred and is 

  
 14 

 
continuing and a beneficial owner of the Notes requests that its Notes be issued as Physical Notes, the Company shall execute, and the Trustee, upon receipt of an Officers’ Certificate and a
Company Order for the authentication and delivery of Notes, shall authenticate and deliver Physical Notes to each such beneficial owner of the related Notes (or a portion thereof) in an aggregate principal amount equal to the principal amount of
such Global Note, in exchange for such Global Note, and upon delivery of the Global Note to the Trustee such Global Note shall be canceled. 

(f) 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 customary procedures and existing instructions between the Depositary and the Note Custodian. 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 Note Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the
Note Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 (g) Each certificate representing any Common
Shares issued upon conversion of any Notes shall bear the legend required pursuant to Article VII of the Charter. 
 Section 2.06.
Cancellation of Surrendered Notes. Any Notes surrendered for repurchase (including pursuant to Article 11) or conversion shall, if surrendered to the Company, any Paying Agent or a Registrar, be delivered to the Trustee for cancellation by
it, or if surrendered to the Trustee, shall be canceled by it in accordance with its customary procedures, and no Notes shall be issued in lieu thereof except as expressly permitted by any provision of the Indenture. Section 2.10 of the Base
Indenture shall apply to all canceled Notes. 
 Section 2.07. Notice of Defaults. This Section 2.07 shall replace
Section 4.06(b) of the Base Indenture and all references to Section 4.06(b) of the Base Indenture shall be deemed, for the purposes of the Notes, to be references to this Section 2.07. The Company shall, so long as any of the Notes
are Outstanding, deliver to the Trustee promptly in writing upon becoming aware of the occurrence of any Default or Event of Default under the Indenture, an Officers’ Certificate specifying such Default or Event of Default, the status thereof
and what action the Company is taking or proposes to take with respect thereto. 
 Section 2.08. Additional Notes; Repurchases.
The Company may, at any time and without the consent of the Holders of the Notes and notwithstanding Section 2.01, reopen the Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder in an
unlimited aggregate principal amount; provided that if the additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, the additional Notes shall have a separate CUSIP number. Prior to the
issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ 

  
 15 

 
Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 13.05 of the Base Indenture, as
the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes 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, including by cash-settled swaps or other derivatives. The Company shall cause any Notes so
repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.10 of the Base Indenture. 

Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use CUSIP numbers (if then generally in use), and, if so,
the Trustee shall use CUSIP numbers in Redemption Notices as a convenience to Holders; provided that any such Redemption Notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or
as contained in any Redemption Notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee in writing of any change in the CUSIP numbers.  
 ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Applicability of Article XI of the Base Indenture. Sections 11.02 and 11.03 of the Base Indenture shall not
apply to the Notes. Instead, the satisfaction and discharge provisions set forth in this Article 3 shall, with respect to the Notes, supersede in their entirety Sections 11.02 and 11.03 of the Base Indenture and all references in the Base Indenture
to Sections 11.02 and 11.03 thereof and satisfaction and discharge provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 3 and the satisfaction and discharge provisions set forth in this
Article 3.  
 Section 3.02. Satisfaction and Discharge. This Supplemental Indenture shall upon request of the Company
contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Supplemental 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 2.09 of the Base Indenture and (y) Notes
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 11.05 of the Base Indenture) have been
delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders of the Notes, as applicable, after the Notes have become due and payable, whether at the Maturity Date, any Repurchase Date,
any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, Common Shares or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the Outstanding Notes and
all other 

  
 16 

 
sums due and payable under this Supplemental Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Supplemental Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Supplemental Indenture, the obligations of
the Company to the Trustee under Section 7.06 of the Base Indenture shall survive. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Maintenance of Office Or Agency. (a) In addition to the offices or agencies required to be maintained by
the Company pursuant to Section 4.02 of the Base Indenture, the Company shall also maintain an office or agency in the Place of Payment where the Notes may be surrendered for conversion.  

(b) The Company hereby initially designates the Trustee as the Paying Agent, Registrar, Note Custodian and Conversion Agent and the Corporate
Trust Office and the office or agency of the Trustee in the Place of Payment each shall be considered as one office or agency of the Company where the Notes may be presented or surrendered for payment or surrendered for transfer, exchange or
conversion and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. 

Section 4.02. Reports. The Company shall file with the Trustee within 15 days after the same are required to be filed with
the SEC, copies of any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such
document or report that the Company files with the SEC via the SEC’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.02 at the time such documents are filed via the EDGAR system; provided,
however, the Trustee shall have no responsibility to determine whether such filing via EDGAR has occurred. Delivery of the reports and documents described in this Section 4.02 to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely on an Officers’ Certificate). 
 Section 4.03. 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 (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) of, or interest on, the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  
 17 

 ARTICLE 5 

DEFAULTS AND REMEDIES 

Section 5.01. Applicability of Article VI of the Base Indenture. Article VI of the Base Indenture shall not apply to the
Notes. Instead the Events of Default provisions set forth in this Article 5 shall, with respect to the Notes, supersede in their entirety Article VI of the Base Indenture, and all references in the Base Indenture to Article VI thereof and Events of
Default provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 5 and Events of Default provisions set forth in this Article 5, respectively.  

Section 5.02. Events of Default. “Event of Default,” wherever used herein, means any one of
the following events (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): 
 (a) default in the payment of any principal amount (including any Redemption Price,
Repurchase Price or Fundamental Change Repurchase Price, if applicable) due with respect to the Notes when the same shall be due and payable, whether at maturity, upon redemption or repurchase, by acceleration or otherwise; 

(b) default in the payment of interest (including Special Interest, if any) under the Notes as and when the same shall be due and payable, and
continuance of such default for a period of 30 calendar days; 
 (c) default in the delivery when due of the amounts owing upon conversion,
whether due in cash, Common Shares or a combination thereof, on the terms set forth herein and in the Notes, upon exercise of the conversion rights of a Holder of the Notes in accordance with Article 10, and continuance of such default for ten
calendar days; 
 (d) failure by the Company to provide a Fundamental Change Company Notice after the occurrence of a Fundamental Change
within the time period required by Section 11.02(b) and continuance of such default for five calendar days; 
 (e) failure by the
Company to comply with its obligations under Article 8; 
 (f) failure on the part of the Company to comply with any other term, covenant or
agreement in the Notes or in the Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section 5.02 specifically dealt with) and such failure continues for a period of 60 calendar days
after the date on which written notice of such failure, requiring the Company to remedy the same, shall have been given to the Company by the Trustee, or to the Company and a Trust Officer by the Holders of not less than 25% in aggregate principal
amount of the Notes at the time Outstanding; 

  
 18 

 (g) default in the payment of principal when due on, or resulting in acceleration of, other
indebtedness of the Company or any Significant Subsidiary of the Company for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $25.0 million and such indebtedness has not been
discharged, or such default in payment or acceleration has not been cured or rescinded, prior to written notice of acceleration of the Notes pursuant to this Section 5.02; 

(h) failure by the Company or any of its Significant Subsidiaries to pay final judgments entered by a court or courts of competent
jurisdiction aggregating in excess of $25.0 million, which judgments are not paid, discharged or stayed for a period of 30 calendar days after such judgments become final and non-appealable; 

(i) the Company or any Significant Subsidiary of the Company pursuant to or under or within meaning of any Bankruptcy Law: 

(i) commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to it or its
debts or seeking the appointment of a trustee, receiver, liquidator, Custodian or other similar official of it or any substantial part of its property; 

(ii) consents 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; 
 (iii) consents to the appointment of a Custodian of it or for all or substantially
of its property; or 
 (iv) makes a general assignment for the benefit of creditors; 

(j) an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary of the Company seeking
liquidation, reorganization or other relief with respect to it 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 it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 calendar days; or 

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

(i) is for relief against the Company or any Significant Subsidiary of the Company in an involuntary case or proceeding; 

  
 19 

 (ii) appoints a trustee, receiver, liquidator, Custodian or other similar
official of the Company or any Significant Subsidiary of the Company or any substantial part of their respective properties; or 

(iii) orders the liquidation of the Company or any Significant Subsidiary of the Company; 

and, in each case in this clause (k), the order or decree remains unstayed and in effect for 60 calendar days. 

If an Event of Default (other than an Event of Default specified in Section 5.02(i), Section 5.02(j) or Section 5.02(k) with
respect to the Company) shall occur and be continuing, 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,
by notice in writing to the Company (and to the Trustee if given by Holders of the Notes), may declare the principal of, and interest (including Special Interest, if any) accrued and unpaid on, all the Notes to be immediately due and payable, and
upon any such declaration the same shall be immediately due and payable. If an Event of Default specified in Section 5.02(i), Section 5.02(j) or Section 5.02(k) occurs with respect to the Company, the principal of, and interest
(including Special Interest, if any) accrued and unpaid on, all the Notes shall be immediately and automatically due and payable without necessity of further action. 

Notwithstanding the preceding paragraph, to the extent elected by the Company, the sole remedy for an Event of Default relating to
(i) the failure to comply with the reporting obligations under Section 4.02 or (ii) any failure to comply with the requirements of Section 314(a)(1) of the TIA shall, for the first 365 days after the occurrence of such Event of
Default, consist exclusively of the right to receive special interest (“Special Interest”) on the Notes at an annual rate equal to 0.50% of the principal amount of the Notes. This Special Interest shall be payable semi-annually in
arrears, with the first semi-annual payment due on the first Interest Payment Date following the date on which such Special Interest shall have begun to accrue on the Notes. Special Interest shall accrue on all Outstanding Notes from, and including,
the date on which an Event of Default relating to a failure to comply with the reporting obligations in Section 4.02 or the requirements of Section 314(a)(1) of the TIA first occurs to, but excluding, the 365th day thereafter (or such
earlier date on which such Event of Default shall have been cured or waived). On such 365th day (or earlier, if such Event of Default is cured or waived prior to such 365th day), such Special Interest shall cease to accrue and, if the Event of
Default relating to reporting obligations has not been cured or waived prior to such 365th day, the Notes shall be subject to acceleration as provided in the immediately preceding paragraph. The provisions of the Indenture described in this
paragraph shall not affect the rights of holders in the event of the occurrence of any other Event of Default. In the event the Company does not elect to pay Special Interest upon an Event of Default in accordance with this paragraph, the Notes
shall be subject to acceleration as provided in the immediately preceding paragraph. 
 If the Company elects to pay Special Interest
in connection with an Event of Default relating to (i) the failure to comply with the reporting obligations under Section 4.02 or (ii) any 

  
 20 

 
failure to comply with the requirements of Section 314(a)(1) of the TIA in accordance with the immediately preceding paragraph, the Company shall notify all Holders of the Notes and the
Trustee and Paying Agent in writing of such election on or before the close of business on the date on which such Event of Default first occurs. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as
provided in this Section 5.02. 
 The Trustee shall not at any time be under any duty or responsibility to any Holder of the Notes to
determine the Special Interest, or with respect to the nature, extent, or calculation of the amount of Special Interest owed, or with respect to the method employed in such calculation of the Special Interest. 

If, at any time after the principal of and interest on the Notes shall have been so declared due and payable, and before any judgment or
decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding on behalf of the Holders of all of the Notes then Outstanding, by
written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences (subject to Section 5.07 and except with respect to nonpayment of principal (including the
Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) or interest (including Special Interest, if any) or with respect to the failure to deliver the consideration due upon conversion) if: 

(a) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; 

(b) interest on overdue installments of interest (including Special Interest, if any) (to the extent that payment of such interest is lawful)
and on overdue principal (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable), which has become due otherwise than by such declaration of acceleration, has been paid; 

(c) the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances
(including those of its agents and counsel, if applicable) pursuant to Section 7.06 of the Base Indenture; and 
 (d) all Events of
Default (other than the nonpayment of the principal amount (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) and any accrued and unpaid interest (including Special Interest, if any) that have
become due solely because of such acceleration) have been cured or waived. 
 No such rescission and annulment shall extend to or shall
affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. The Company shall notify in writing a Trust Officer, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 5.09.

 In case the Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or
abandoned because of such waiver or 

  
 21 

 
rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders of the Notes, and the Trustee shall
be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders of the Notes, and the Trustee shall continue as though no such proceeding had been taken. 

Section 5.03. Payments of Notes on Default; Suit Therefor. The Company covenants that in the case of an Event of Default pursuant
to Section 5.02(a) or Section 5.02(b) the Company shall pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount that then shall be due and payable on all such Notes for principal (including the Redemption
Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) or interest (including Special Interest, if any), as the case may be, with interest upon the overdue principal and (to the extent that payment of such interest is
enforceable under applicable law) upon the overdue installments of accrued and unpaid interest at the rate borne by the Notes, plus 1%, from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under
Section 7.06 of the Base Indenture. 
 In case the Company shall fail forthwith to pay such amounts, the Trustee, in its own name and
as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or any other obligor on the Notes and collect in the manner provided by law out of the property of the Company or any other obligor on the Notes wherever situated the
monies adjudged or decreed to be payable. 
 In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Notes under any Bankruptcy Law, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, Custodian 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 case 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, 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 (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest (including
Special 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 as may be necessary or advisable in order to have the claims of the Trustee and of the Holders of
the Notes allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such
claims, and to distribute the same after the deduction of any amounts due the Trustee under Section 7.06 of the Base Indenture, and to take any other action with respect to such claims, including participating as a member of any official
committee of creditors, as it reasonably deems necessary or advisable, unless prohibited by law 

  
 22 

 
or applicable regulations, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, Custodian or similar official is hereby authorized by each of the Holders of the
Notes to make such payments to the Trustee, and, in the event that the Trustee shall consent in writing to the making of such payments directly to the Holders of the Notes, to pay to the Trustee any amount due it for reasonable compensation,
expenses, advances and disbursements, including the fees and expenses of its agents and counsel 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 which the Holders of the
Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of the
Notes any plan of reorganization, arrangement, adjustment or composition affecting the Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of the Notes in any such proceeding. 

All rights of action and of asserting claims under the Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of the 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 the Indenture and such proceedings shall have been discontinued or
abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders of the Notes, and the Trustee shall, subject to any
determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders of the Notes, and the Trustee shall continue as though no such proceeding had
been instituted. 
 Section 5.04. Application of Monies Collected by Trustee. Any monies collected by the Trustee
pursuant to this Article 5 with respect to the Notes shall be applied in the order following, 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 of the Base Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel as provided in Section 7.06 of the Base Indenture); 

  
 23 

 Second, in case the principal of the Outstanding Notes shall not have become due and be unpaid,
to the payment of accrued and unpaid interest on, and any cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent
that such interest has been collected by the Trustee) upon such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the Outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the
whole amount (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price and any cash due upon conversion, if applicable) 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 accrued and unpaid interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in
full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and such 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 and such accrued and unpaid interest; and 

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

Section 5.05. Proceedings by Holders of the Notes. No Holder of any Note shall have any right by virtue of or by availing
of any provision of the Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture, or for the appointment of a receiver, trustee, liquidator, Custodian or other similar official, or for
any other remedy hereunder, except in the case of a default in the payment of principal (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) or interest (including Special Interest, if any), on the
Notes or the payment or delivery of the consideration due upon conversion of the Notes, unless:  
 (a) such Holder shall have given
to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided; 
 (b) the Holders of at
least 25% in aggregate principal amount of the Notes then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and have offered security or indemnity
reasonably satisfactory to the Trustee against any costs, liability or expense of the Trustee; 
 (c) the Trustee fails to comply with the
request within 60 calendar days after receipt of the request and offer of indemnity; and 
 (d) the Trustee does not receive an inconsistent
written direction from the Holders of a majority in aggregate principal amount of the Notes then Outstanding within such 60-day period pursuant to Section 5.07; 

  
 24 

 it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every
other taker and Holder of the Notes and the Trustee that no one or more Holders of the Notes shall have any right in any manner whatever by virtue of or by availing of any provision of the Indenture to affect, disturb or prejudice the rights of any
other Holder of the Notes, or to obtain or seek to obtain priority over or preference to any other such Holder of the Notes, or to enforce any right under the Indenture, except in the manner herein provided and for the equal, ratable and common
benefit of all Holders of the Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders) (except as otherwise provided herein). For
the protection and enforcement of this Section 5.05, each and every Holder of the Notes and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of the Indenture and any provision of any Note, the right of any Holder of any Notes to receive payment or
delivery, as the case may be, of (x) the principal (including the Redemption price, the Repurchase Price or the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest (including Special 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 the Indenture, or to institute suit for the enforcement of any such payment or deliver, 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 of the Notes. 

Anything contained in this Indenture or the Notes to the contrary notwithstanding, the Holder of any Note, without the consent of either the
Trustee or the Holder of any other Note, in its own behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to enforce, its rights of conversion as provided herein. 

Section 5.06. Proceedings by Trustee. In case of an Event of Default the Trustee may proceed to protect and enforce the
rights vested in it by the 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 the Indenture or in aid of the exercise of any power granted in the Indenture, or to enforce any other legal or equitable right vested in the Trustee by the Indenture or by law.

 Section 5.07. Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.09 of the
Base Indenture, all powers and remedies given by this Article 5 to the Trustee or to the Holders of the Notes shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available
to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in the Indenture, and no 

  
 25 

 
delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid 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 5.05, every power and remedy given by this Article 5 or by law
to the Trustee or to the Holders of the Notes may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders of the Notes. 

Section 5.08. Direction of Proceedings and Waiver of Defaults by Majority of Holders of the Notes. The Holders of not less
than a majority in aggregate principal amount of the Notes at the time Outstanding 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 Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with the 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 of the Notes 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 may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default hereunder and its consequences except (i) a default in
the payment of principal of or interest (including Special Interest, if any) on, any Note when due; (ii) a failure by the Company to convert any Notes in accordance with the provisions of the Indenture; (iii) a failure by the Company to
pay the Redemption Price on the Redemption Date in connection with a redemption by the Company, the Repurchase Price on the Repurchase Date in connection with a Holder of the Notes exercising its repurchase rights or the Fundamental Change
Repurchase Price on the Fundamental Change Repurchase Date in connection with a repurchase by the Company in connection with a Fundamental Change, in each case, in accordance with the Indenture; or (iv) a failure the Company to comply with any
of the provisions of the Indenture the non-compliance with which would require the consent of the Holder of each Outstanding Note affected thereby. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as
permitted by this Section 5.08, said Default or Event of Default shall for all purposes of the Notes and the 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 5.09. Notice of Defaults. The Trustee shall, within
90 calendar days after the occurrence and continuance of a Default of which a Trust Officer has actual knowledge, mail to all Holders of the Notes as the names and addresses of such Holders of the Notes appear upon the Debt Security Register, notice
of all Defaults known to a Trust Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption
Price, Repurchase Price and Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest (including Special Interest, if any) on, any of the Notes or a Default in the payment or delivery of

  
 26 

 
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 of the Notes. 
 Section 5.10. Undertaking to Pay Costs. All parties to the 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 the 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 5.10 (to the extent permitted by law)
shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder of the Notes, or group of Holders of the Notes, holding in the aggregate more than 10% in principal amount of the Notes at the time Outstanding, or to any
suit instituted by any Holder of the Notes for the enforcement of the payment of the principal (including the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest (including
Special Interest), if any, on, any Note 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 10. 

ARTICLE 6 
 MEETINGS
OF HOLDERS OF THE NOTES 
 Section 6.01. Rules
under Section 13.09 of the Base Indenture. The provisions set forth in this Article 6 for meetings of Holders of the Notes shall constitute “reasonable rules for action by or a meeting of Holders” within the meaning of
Section 13.09 of the Base Indenture. 
 Section 6.02. Purpose of Meetings. A meeting of Holders of the Notes
may be called at any time and from time to time pursuant to the provisions of this Article 6 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 the Indenture, or to consent
to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Holders of the Notes pursuant to any of the provisions of Article 5; 

(b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Section 7.08 of the Base Indenture; 

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 7.03; or 

(d) to take any other action authorized to be taken by or on behalf of the Holders of the Notes of any specified aggregate principal amount of
the Notes under any other provision of the Indenture or under applicable law. 

  
 27 

 Section 6.03. Call of Meetings by Trustee. The Trustee may at any time call a meeting
of Holders of the Notes to take any action specified in Section 6.02, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders of the Notes, 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 5.04 of the Base Indenture, shall be mailed to Holders of such Notes at their addresses as they shall
appear on the Debt Security Register. Such notice shall also be mailed to the Company. Such notices shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

Any meeting of Holders of the Notes 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 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 6.04. Call of Meetings by Company or Holders of the Notes. In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% in aggregate principal amount of the Notes then Outstanding, shall have requested the Trustee to call a meeting of Holders of the Notes, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders of the Notes may determine the time and the place for such meeting
and may call such meeting to take any action authorized in Section 6.02, by mailing notice thereof as provided in Section 6.03. 

Section 6.05. Qualifications for Voting. To be entitled to vote at any meeting of Holders of the Notes a Person shall
(a) be a Holder of the Notes 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 of the Notes 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 6.06. Regulations. Notwithstanding any other provisions of the
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of the Notes, 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 of the Notes as provided in Section 6.04, in which case the Company or the Holders of the Notes 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 principal amount of the Notes represented at the meeting and entitled to vote at the meeting. 

  
 28 

 Subject to the proviso in the definition of “Outstanding” in Section 1.01,
at any meeting of Holders of the Notes each Holder of Notes or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him; 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 of the Notes. Any meeting of Holders of the Notes duly called pursuant to the provisions of Section 6.03 or Section 6.04 may be adjourned from time to
time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 6.07. Voting. The vote upon any resolution submitted to any meeting of Holders of the Notes shall be by written ballot on
which shall be subscribed the signatures of the Holders of the Notes or of their representatives by proxy and the Outstanding 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 of the Notes shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 6.03. The record shall show the 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 6.08. No Delay of Rights by Meeting. Nothing
contained in this Article 6 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of the Notes or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the
exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders of the Notes under any of the provisions of the Indenture or of the Notes. 

  
 29 

 ARTICLE 7 

SUPPLEMENTAL INDENTURES 

Section 7.01. Applicability of Article IX of the Base Indenture. Article IX of the Base Indenture shall not apply to the
Notes. Instead the provisions set forth in this Article 7 shall, with respect to the Notes, supersede in their entirety Article IX of the Base Indenture, and all references in the Base Indenture to Article IX thereof and provisions therein, as the
case may be, shall, with respect to the Notes, be deemed to be references to this Article 7 and provisions set forth in this Article 7, respectively. 

Section 7.02. Supplemental Indentures Without Consent of Holders of the Notes. The Company, when authorized by the
resolutions of the Board of Trustees, and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of
the following purposes: 
 (a) to evidence a successor to the Company and the assumption by that successor of the obligations of the
Company under the Indenture and the Notes pursuant to Article 8 hereof; 
 (b) to provide for conversion rights of Holders of the Notes in
accordance with the terms of the Indenture if any Merger Event occurs; 
 (c) to add to the covenants of the Company for the benefit of the
Holders of the Notes or to surrender any right or power conferred upon the Company; 
 (d) to secure the obligations of the Company in
respect of the Notes; 
 (e) to add guarantees with respect to the Notes; 

(f) to evidence and provide the acceptance of the appointment of a successor Trustee under the Indenture; 

(g) to comply with the requirements of the SEC in order to effect or maintain qualification of the Indenture under the TIA, as contemplated by
the Indenture or otherwise; 
 (h) to cure any ambiguity, omission, defect or inconsistency in the Indenture that the Company may
deem necessary or desirable, which shall not be inconsistent with provisions of the Indenture; provided that such modification or amendment does not, in the good faith opinion of the Board of Trustees, adversely affect the interests of the
Holders of the Notes in any material respect; 
 (i) to add or modify any provision with respect to matters or questions arising
under the Indenture which the Company may deem necessary or desirable and which will not adversely affect the interests of the Holders of the Notes in any material respect, as evidenced in an Officers’ Certificate; or 

(j) to make any change to the Indenture or the Notes to conform the terms thereof to the “Description of Notes” section in the
Prospectus Supplement, as evidenced in an Officers’ Certificate. 

  
 30 

 Upon the written request of the Company in the form of an Officers’ Certificate, accompanied
by a copy of the resolutions of the Board of Trustees certified by the Company’s Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that
affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section 7.02 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 7.03. 

Section 7.03. Supplemental Indentures with Consent of Holders of the Notes. With the consent (evidenced as provided in
Article VIII of the Base Indenture) of the Holders of not less than a majority in aggregate principal amount of the Notes then Outstanding (determined in accordance with Article VIII of the Base Indenture 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 Trustees, and the Trustee, at the Company’s expense, may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or any supplemental indenture or modifying in any manner the rights
of the Holders of the Notes; provided, however, that, without the consent of each Holder of an Outstanding Note affected, no such supplemental indenture shall: 

(a) impair or adversely affect the manner of calculation or rate of accrual of interest (including Special Interest) on the Notes or change
the time of payment thereof; 
 (b) make the Notes payable in money or securities other than that stated in the Notes; 

(c) change the Maturity Date of the Notes; 

(d) reduce the principal amount of, or the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price with respect to, the
Notes; 
 (e) make any change that impairs or adversely affects the rights of a Holder of the Notes to convert the Notes; 

(f) make any change that impairs or adversely affects the rights of a Holder of the Notes to require the Company to repurchase the Notes; 

  
 31 

 (g) impair the right to institute suit for the enforcement of any payment with respect to the
Notes or with respect to conversion of the Notes; 
 (h) change the obligation of the Company to redeem any Notes called for redemption on a
Redemption Date in a manner adverse to the Holders of the Notes; 
 (i) change the obligation of the Company to maintain an office or agency
for payment and presentation of Notes; 
 (j) make the Notes subordinate in right of payment to any other indebtedness; 

(k) reduce the percentage in aggregate principal amount of Notes Outstanding required to modify or amend the Indenture; or 

(l) make any change in this Article 7 that requires the consent of each Holder of the Notes or in the waiver provisions in Section 5.02
or Section 5.07. 
 Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Trustees
certified by the Company’s Secretary or Assistant Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders of the Notes as aforesaid and subject to
Section 7.06, 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 the Indenture or otherwise, in which case
the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
 Holders of the Notes do not
need under this Section 7.03 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders of the Notes approve the substance thereof. After any such supplemental indenture becomes effective, the
Company shall mail to the Holders of the Notes a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders of the Notes, or any defect in the notice, will not impair or affect the validity of
the supplemental indenture. 
 Section 7.04. Effect of Supplemental Indentures. Any supplemental indenture executed
pursuant to the provisions of this Article 7 shall comply with the TIA, as then in effect, provided that this Section 7.04 shall not require such supplemental indenture or the Trustee to be qualified under the TIA prior to the time, if ever,
such qualification is in fact required under the terms of the TIA or the Indenture has been qualified under the TIA, nor shall it constitute any admission or acknowledgment by any party to such supplemental indenture that any such qualification is
required prior to the time, if ever, such qualification is in fact required under the terms of the TIA or the Indenture has been qualified under the TIA. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 7,
the 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 the Indenture of the Trustee, the Company and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of the Indenture for any and all purposes. 

  
 32 

 Section 7.05. Notation on Notes. The Trustee may place on the Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 7 may, at the Company’s expense, bear an appropriate notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Trustees, to any modification of the Indenture contained in any such supplemental indenture may, at the
Company’s expense, be prepared and executed by the Company, authenticated by the Trustee upon receipt of a Company Order (or an authenticating agent duly appointed by the Trustee pursuant to Section 2.05 of the Base Indenture) and
delivered in exchange for the Notes then Outstanding, upon surrender of such Notes then Outstanding. 
 Section 7.06.
Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. Prior to entering into any supplemental indenture pursuant to this Article 7, the Trustee shall be provided with, and may conclusively rely, upon an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 7, is otherwise authorized or permitted by the Indenture and is the legal, valid and
binding obligation of the Company enforceable against the Company in accordance with its terms. 
 ARTICLE 8 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 8.01. Applicability of Article X of the Base Indenture. Article X of the Base Indenture shall not apply to the
Notes. The provisions set forth in this Article 8 shall, with respect to the Notes, supersede in their entirety Article X of the Base Indenture, and all references in the Base Indenture to Article X thereof shall, with respect to the Notes, be
deemed to be references to this Article 8. 
 Section 8.02. Company May Consolidate, Etc. on Certain Terms.
Subject to the provisions of Section 8.03, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its assets to another Person, unless: 

(a) the Company shall be the continuing entity, or the successor entity (the “Successor Company”), if not the Company,
formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be an entity 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 the Indenture; and 

(b) if as a result of such transaction the Notes become convertible into common stock or other securities issued by a third party, such third
party fully and unconditionally guarantees all obligations under the Notes and the Indenture; 

  
 33 

 (c) immediately after giving effect to the transaction, no Default or Event of Default under the
Indenture shall have occurred and be continuing; and 
 (d) an Officer’s Certificate and Opinion of Counsel covering the conditions in
clauses (a), (b) and (c) above shall be delivered to the Trustee. 
 For purposes of this Section 8.02, the sale, conveyance,
transfer or lease of all or substantially all of the assets of one or more Subsidiaries of the Company to another Person, which assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties
and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person. 

Section 8.03. Successor Company to Be Substituted. In case of any such consolidation, merger, sale, conveyance, 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 (including the Redemption Price,
Repurchase Price or Fundamental Change Repurchase Price, if applicable) of and accrued and unpaid interest (including Special Interest, if any) 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 the Indenture to be performed by the Company, such Successor Company shall succeed to and, except in the case of a lease of all or
substantially all of the Company’s assets, be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its
own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the written order of such Successor Company instead of the Company
(in the form of a Company Order) and subject to all the terms, conditions and limitations in the 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 the Indenture as the Notes theretofore or thereafter issued in accordance with the terms of the Indenture as though all of such Notes had been issued at the date of the execution hereof. In the
event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 8 the Person named as the “Company” in the first paragraph of this Supplemental Indenture (or any
successor that shall thereafter have become such in the manner prescribed in this Article 8) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as
obligor and maker of the Notes and from its obligations under the Indenture. 

  
 34 

 In case of any such consolidation, merger, sale, conveyance, 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 8.04. Opinion of Counsel to Be Given to Trustee. No consolidation, merger, sale, conveyance, transfer or lease
shall be effective unless the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, 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 8. 

ARTICLE 9 

GUARANTEE OF NOTES 

Section 9.01. Applicability of Article XIV of the Base Indenture. Article XIV of the Base Indenture shall not apply to the
Notes. 
 ARTICLE 10 

CONVERSION OF NOTES 

Section 10.01. Conversion Privilege.  

(a) Subject to and upon compliance with the provisions of this Article 10, each Holder of the Notes 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 an initial conversion rate of 104.4523 Common Shares (subject to adjustment as provided
in Section 10.04 hereof, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of Section 10.02 hereof, the “Conversion Obligation”). Prior to July 1, 2018,
Holders shall have the right to convert their Notes only under the circumstances described in clauses (i) through (iv) below. On or after July 1, 2018, a Holder may surrender its Notes for conversion at any time prior to the close of
business on the Business Day immediately preceding the Maturity Date without regard to the conditions in clauses (i) through (iv) below. In no event may Notes be surrendered for conversion after the close of business on the Business Day
immediately preceding the Maturity Date. 
 (i) Conversion Based on Common Share Price. Notes may be surrendered for
conversion on any date during any calendar quarter beginning after December 31, 2013 (and only during such calendar quarter) if the Last Reported Sale Price of the Common Shares was more than 130% of the then current Conversion Price for at
least 20 Trading Days in the period of the 30 consecutive Trading Days ending on the last Trading Day of the previous calendar quarter. 

(ii) Conversion Upon Specified Corporate Transactions. 

(A) If the Company (x) distributes to all holders of its Common Shares rights, options or warrants entitling them to
purchase, for a period of 45 calendar 

  
 35 

 
days or less from the declaration date for such distribution, Common Shares at a price per share less than the average Last Reported Sale Prices of the Common Shares for the ten consecutive
Trading Days immediately preceding, but excluding, the declaration date for such distribution, or (y) distributes to holders of its Common Shares cash, other assets, debt securities or rights to purchase securities of the Company (other than
pursuant to a rights plan), which distribution has a per share value exceeding 10% of the Last Reported Sale Price of the Common Shares on the Trading Day immediately preceding the declaration date for such distribution, then, in each case, the
Company shall notify all Holders at least 60 calendar days prior to the Ex-Dividend Date for any such distribution. Once the Company has given notice in connection with any such distribution, a Holder may surrender all or a portion of its Notes for
conversion at any time until the earlier of the close of business on the Business Day immediately preceding the Ex-Dividend Date or the Company’s public announcement that such distribution shall not take place. A Holder may not convert any of
its Notes based on this Section 10.01(a)(ii)(A) if as a result of holding its Notes such Holder shall otherwise participate in the distribution, without converting the Notes, at the same time and on the same terms as holders of the Common
Shares as if such Holder held a number of Common Shares equal to the Conversion Rate on the Record Date of such distribution for each $1,000 principal amount of Notes held by such Holder (calculated on an aggregate basis per Holder). 

(B) Holders shall have the right to surrender all or a portion of their Notes for conversion if the Company is a party to a
consolidation, merger, binding share exchange or sale or conveyance of all or substantially all of its property and assets that does not constitute a Fundamental Change, in each case pursuant to which the Common Shares would be converted into cash,
securities and/or other property. In the event of any such transaction, the Company shall notify all Holders at least 60 calendar days prior to the anticipated effective date for any such transaction. In such event, Holders shall have the right to
surrender all or a portion of their Notes for conversion at any time beginning 35 Business Days prior to the date which the Company has notified Holders will be the anticipated effective date of any such transaction and until and including the date
which is 15 calendar days after the date that is the actual effective date of any such transaction. 

  
 36 

 (iii) Conversion Upon a Fundamental Change. If a Fundamental Change
occurs, Holders shall have the right to surrender for conversion all or a portion of their Notes at any time beginning 15 calendar days prior to the date announced by the Company as the anticipated effective date of any such Fundamental Change until
the close of business on the date 15 calendar days after the actual effective date, or, if applicable, the Business Day preceding the Fundamental Change Repurchase Date relating to any such Fundamental Change. The Company shall notify all Holders of
the anticipated effective date of any such Fundamental Change at least 20 calendar days prior to the anticipated Effective Date of any such Fundamental Change. If a Holder surrenders all or a portion of its Notes for conversion in connection with
any such Fundamental Change, such Holder shall receive: 
 (A) the number of Common Shares into which such Holder’s
Notes are convertible (if the Notes are surrendered for conversion prior to the earlier of the actual effective date of any such Fundamental Change and the Record Date for receiving distributions in connection with any such Fundamental Change) or
the kind and amount of cash, securities and other assets or property which such Holder would have received if such Holder had held the number of Common Shares into which the Notes were convertible immediately prior to any such Fundamental Change (if
Notes are surrendered for conversion after such date, provided that, if such date is the Record Date, Holders shall receive the cash, securities and other assets or property on the actual effective date and provided, further, that, in the event that
the Company has elected the Combined Settlement method pursuant to Section 10.02 below , such election shall remain binding notwithstanding the form of consideration received by holders of Common Shares); and 

(B) under certain circumstances, Additional Shares, which will be in an amount determined pursuant to Section 10.03 below
in connection with a Make-Whole Fundamental Change. 
 If a Holder has submitted any or all of its Notes for repurchase in connection with any such
Fundamental Change pursuant to Section 11.02 below, unless such Holder has withdrawn such Notes in a timely fashion, such Holder’s conversion rights on the Notes so subject to repurchase will expire at the close of business on the Business
Day immediately preceding the Fundamental Change Repurchase Date, unless the Company defaults in the payment of the Fundamental Change Repurchase Price. 

(iv) Conversion Upon Satisfaction of Trading Price Condition. Notes may be surrendered for conversion during the five
Business Day period following any five consecutive Trading Day period in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth in this
Section 10.01(a)(iv), for each Trading Day of such five Trading Day period was less than 98% of the product of the Last Reported Sale Price of the Common Shares for each Trading Day during such five Trading Day period and the then current
Conversion Rate. The Trustee shall determine the Trading Price of the Notes upon the Company’s request. The Trustee shall have no obligation to determine the Trading Price per $1,000 principal amount of notes unless the Company has requested
such determination and the Company will have no obligation to make that request unless a Holder requests that the Company do so and provides reasonable evidence that the then current Trading Price of the Notes is less than the minimum Trading Price
threshold. Once a Holder provides such a request, the Company shall instruct the Trustee to determine the Trading Price of the Notes for each Trading Day until the minimum Trading Price threshold is exceeded. If the Trading Price condition has been
met, the 

  
 37 

 
Company will so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition has been met, the Trading Price
per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the last reported sale price of the Common Shares and the conversion rate for such date, the Company will so notify the holders, the Trustee and the Conversion
Agent (if other than the Trustee) in writing. 
 Section 10.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Section 10.02, Section 10.03(b) and Section 10.07(a), upon conversion of any Note, the Company shall
pay or deliver, as the case may be, to the converting Holder of the Notes, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), Common Shares, together with cash, if applicable, in lieu of
any fractional Common Share in accordance with subsection (j) of this Section 10.02 (“Physical Settlement”) or a combination of cash and Common Shares, together with cash, if applicable, in lieu of any fractional Common
Share in accordance with subsection (j) of this Section 10.02 (“Combination Settlement”), at its election, as set forth in this Section 10.02. 

(i) All conversions for which the relevant Conversion Date occurs during the period beginning on, and including, July 1,
2018 and ending on, but excluding, October 1, 2018 shall be settled using the same Settlement Method. 
 (ii) All
conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice with respect to the Notes and prior to the related Redemption Date shall be settled using the same Settlement Method. 

(iii) Except for any conversions that occur after the Company’s issuance of a Redemption Notice with respect to the Notes
but prior to the related Redemption Date and any conversions occurring during the period beginning on, and including, July 1, 2018 and ending on, but excluding, October 1, 2018, the Company shall use the same Settlement Method for all
conversions occurring on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions that occur on different Conversion Dates. 

(iv) Other than as set forth in the two immediately succeeding sentences, if, in respect of any Conversion Date the Company
elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee at the Company’s written
direction, shall deliver such Settlement Notice to converting Holders of the Notes no later than the close of business on the Trading Day immediately following the relevant Conversion Date. Notwithstanding the foregoing, in the case of any
conversions occurring after the date of issuance of a Redemption Notice with respect to the Notes and prior to the related Redemption Date, the Company shall notify converting Holders of the Notes of the relevant Settlement Method by including a
Settlement Notice in such Redemption Notice. In addition, in the case of any conversions during the period 

  
 38 

 
beginning on, and including, July 1, 2018 and ending on, but excluding, October 1, 2018, the Company, through the Trustee at the Company’s written direction, shall deliver a
Settlement Notice of the relevant Settlement Method applicable to such conversions to converting Holders of the Notes no later than July 1, 2018. If the Company does not elect a Settlement Method prior to the relevant deadline set forth in the
three immediately preceding sentences, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the
Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. The Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall
indicate the Specified Dollar Amount. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount in such Settlement Notice, the Specified Dollar
Amount shall be deemed to be $1,000. At any time prior to the 26th Trading Day preceding the Maturity Date, the Company may, in its sole discretion and without the consent of the Holders of the
Notes, irrevocably elect to satisfy the Conversion Obligation with respect to all conversions during the period beginning on the 25th Trading Day prior to the Maturity Date and ending on the close
of business on the Business Day immediately preceding the Maturity Date by deciding to pay cash in a specified dollar amount equal to $1,000 after the date of such election, with any remaining amount to be satisfied in Common Shares or Cash as the
Company may subsequently elect. If the Company makes such irrevocable election, the Company will notify the Trustee, the Conversion Agent (if other than the Trustee) and the Holders of the Notes. 

(v) The cash, Common Shares or combination of cash and Common Shares in respect of any conversion of Notes (the
“Settlement Amount”) shall be computed by the Company as follows: 
 (A) if the Company elects to satisfy
its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder a number of Common Shares equal to the product of (1) the aggregate principal amount of Notes to be converted,
divided by $1,000, and (2) the Conversion Rate in effect on the Conversion Date; 
 (B) if the Company
elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of
the Daily Conversion Values for each of the 60 consecutive Trading Days during the related Observation Period; and 
 (C) if
the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000

  
 39 

 
principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 60 consecutive Trading Days during the related Observation Period.

 (vi) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by
the Company promptly following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of any fractional
share, the Company shall notify the Trustee and the Conversion Agent in writing (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of fractional
Common Shares. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(b) Subject to Section 10.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder
shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 10.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or 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 any Common Shares 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 to which such Holder is
not entitled as set forth in Section 10.02(h). The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 10 on the Conversion Date for such conversion. No Notice of Conversion with
respect to any Notes may be surrendered by a Holder of the Notes thereof if such Holder has also delivered a Repurchase Notice or Fundamental Change Repurchase Notice to the Company in respect of such Notes and not validly withdrawn such Repurchase
Notice or Fundamental Change Repurchase Notice in accordance with Section 11.03. 
 If more than one Note shall be surrendered for
conversion at one time by the same Holder of the Notes, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted
thereby) so surrendered. 
 (c) A Note shall be deemed to have been converted immediately prior to the close of business on the date
(the “Conversion Date”) that the Holder of the Notes has complied with the requirements set forth in subsection (b) above. The Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion
Obligation on the third Business Day  

  
 40 

 
immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the third Business Day immediately following the last Trading Day of the Observation Period,
in the case of any other Settlement Method (subject to the provisions of Section 10.03(b) and Section 10.07(a)). If any Common Shares are due to converting Holders of the Notes, the Company shall issue or cause to be issued, and deliver to
the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the full number of Common Shares to which such Holder shall be entitled in satisfaction of the
Company’s Conversion Obligation. 
 (d) In case any Note shall be surrendered for partial conversion, the Company shall execute and the
Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note,
without payment of any service charge by the converting Holder of the Notes but with payment of a sum sufficient to cover any 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 of the Notes submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due
on the issue of any Common Shares upon conversion, unless the tax is due because the Holder requests such Common Shares to be issued in a name other than such Holder’s name, in which case such Holder shall pay that tax. The Conversion Agent may
refuse to deliver the certificates representing the Common Shares being issued in a name other than such 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 10.04, no adjustment shall be made for dividends on any shares issued upon the
conversion of any Note as provided in this Article 10. 
 (g) Upon the conversion of an interest in a Global Note, the Trustee, or the Note
Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any
Conversion Agent other than the Trustee. 
 (h) Upon conversion, a Holder of the Notes shall not receive any separate cash payment for
accrued and unpaid interest (excluding any Special Interest), if any, except as set forth below. The Company’s settlement of the Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and
accrued and unpaid interest (excluding any Special Interest), if any, and accrued tax original issue discount, if any, to, but not including, the Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the
Conversion Date shall be deemed to be paid in full rather than canceled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash and Common Shares, accrued and unpaid interest shall be deemed to be paid first out of the cash
paid upon 

  
 41 

 
such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular
Record Date shall 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 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 following the Regular Record Date immediately preceding the Maturity Date; (2) for conversions following the Regular Record Date immediately preceding October 1, 2018; (3) if the Company has specified a
Redemption Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; (4) 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 following the corresponding Interest Payment Date; or (5) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note.

 (i) The Person in whose name the certificate for any Common Shares delivered upon conversion is registered shall be treated as a
shareholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company
elects to satisfy the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

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

Section 10.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental
Changes. (a) If the Effective Date in respect of a Make-Whole Fundamental Change occurs prior to October 1, 2018 and a Holder of the Notes elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company
shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional Common Shares (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 relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the
Make-Whole Fundamental Change up to, and including, the Business Day  

  
 42 

 
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, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change).  

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its option,
satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 10.02; provided, however, that if, at the effective time of a Make-Whole Fundamental Change
described in clause (b) of the definition of Fundamental Change, the Reference Property is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation
shall be calculated based solely on the Share 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 Share Price. In such event, the Conversion Obligation shall be paid to Holders of the Notes in cash on the third Business Day following the Conversion Date. The Company shall notify the Holders of Notes and the Trustee in
writing of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date no later than five Business Days after such Effective Date. 

(c) 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 price (the “Share Price”) paid (or deemed to be paid) per Common Share in the
Make-Whole Fundamental Change. If the holders of the Common Shares receive only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Share Price shall be the cash amount paid per share.
Otherwise, the Share Price shall be the average of the Last Reported Sale Prices of the Common Shares over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental
Change. The Board of Trustees shall make appropriate adjustments to the Share Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion
Rate where the Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period. 
 (d) The Share 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 Share Prices shall equal the Share Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Share 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 10.04. 

  
 43 

 (e) The following table sets forth the number of Additional Shares to be received per $1,000
principal amount of Notes pursuant to this Section 10.03 for each Share Price and Effective Date set forth below: 
  

																																													
	 	  	Share Price	 
	 Effective Date
	  	$8.51	 	  	$9.00	 	  	$9.57	 	  	$10.00	 	  	$10.50	 	  	$11.00	 	  	$11.50	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$20.00	 
	 December 10, 2013
	  	 	13.0565	  	  	 	9.9743	  	  	 	7.1532	  	  	 	5.4475	  	  	 	3.8634	  	  	 	2.6334	  	  	 	1.0011	  	  	 	0.1791	  	  	 	0.1343	  	  	 	0.0896	  	  	 	0.0448	  
	 October 1, 2014
	  	 	13.0565	  	  	 	9.8523	  	  	 	6.9547	  	  	 	5.2075	  	  	 	3.5906	  	  	 	2.3362	  	  	 	0.6547	  	  	 	0.0409	  	  	 	0.0307	  	  	 	0.0205	  	  	 	0.0102	  
	 October 1, 2015
	  	 	13.0565	  	  	 	9.8474	  	  	 	6.8602	  	  	 	5.0742	  	  	 	3.4339	  	  	 	2.1771	  	  	 	0.5327	  	  	 	0.0307	  	  	 	0.0230	  	  	 	0.0153	  	  	 	0.0077	  
	 October 1, 2016
	  	 	13.0565	  	  	 	9.7897	  	  	 	6.6456	  	  	 	4.7950	  	  	 	3.1215	  	  	 	1.8687	  	  	 	0.2924	  	  	 	0.0205	  	  	 	0.0153	  	  	 	0.0102	  	  	 	0.0051	  
	 October 1, 2017
	  	 	13.0565	  	  	 	9.4220	  	  	 	5.9770	  	  	 	4.0255	  	  	 	2.3449	  	  	 	1.1568	  	  	 	0.0409	  	  	 	0.0102	  	  	 	0.0077	  	  	 	0.0051	  	  	 	0.0026	  
	 October 1, 2018
	  	 	13.0565	  	  	 	6.6588	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The exact Share Prices and Effective Dates may not be set forth in the table above, in which case: 

(i) if the Share Price is between two Share Prices in the table above or the Effective Date is between two Effective Dates in
the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Share Prices and the earlier and later Effective Dates, as applicable, based
on a 365-day year; 
 (ii) if the Share Price is greater than $20.00 per share (subject to adjustment in the same manner as
the Share Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Share Price is less than $8.51 per share (subject to adjustment in the same manner as the Share Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the total number of Common Shares issuable upon conversion exceed 117.5088 per $1,000 principal amount
of Notes, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 10.04. 
 (f) Nothing in this
Section 10.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 10.04 in respect of a Make-Whole Fundamental Change. 

Section 10.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any
of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of a share split or share combination), at the same time and upon the same
terms as holders of the Common Shares and solely as a result of holding the Notes, in any of the transactions described in this Section 10.04, without having to convert their Notes, as if they held a number of Common Shares equal to the
Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder of the Notes. 

  
 44 

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

							
		 	CR’ = CR0 x	 	 OS’
	  	
		 	 	OS0	  	

 where, 
  

					
	CR0	 	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date 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;
			
	CR’	 	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or effective date;
			
	OS0	 	=	  	the number of Common Shares outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date; and
			
	OS’	 	=	  	the number of Common Shares outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 10.04(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 10.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Trustees determines not to pay such dividend or distribution, to the Conversion Rate that would
then be in effect if such dividend or distribution had not been declared. 
 (b) If the Company issues to all or substantially all holders
of its Common Shares any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Common Shares at a price per share that is less than the
average of the Last Reported Sale Prices of the Common Shares 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: 
  

							
		 	CR’ = CR0 x	 	 OS0 + X
	  	
		 	 	OS0 + Y	  	

  
 45 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	  	=	  	the number of Common Shares outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of Common Shares issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of Common Shares 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 Shares 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 10.04(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 Common Shares 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 Common Shares 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 Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 10.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for or
purchase Common Shares at less than such average of the Last Reported Sale Prices of the Common Shares for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such
issuance, and in determining the aggregate offering price of such Common Shares, 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 Trustees. 
 (c) If the Company distributes
shares of its Capital Stock, evidences of its indebtedness, other assets or property or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Shares, excluding
(i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 10.04(a) or Section 10.04(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected
pursuant to Section 10.04(d), and (iii) Spin-Offs as to which the provisions set forth below in this Section 10.04(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 of the Company, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 

 

							
		 	CR’ = CR0 x	 	 SP0
	  	
		 	 	SP0 – FMV	  	

  
 46 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Shares 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 Trustees) of the Distributed Property with respect to each Outstanding Common Share on the Ex-Dividend Date for such distribution.

 Any increase made under the portion of this Section 10.04(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 dividend or distribution had not been declared.
Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note
shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Shares receive the Distributed Property, the amount of Distributed Property such Holder would have received if such
Holder owned a number of Common Shares equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Trustees determines the “FMV” (as defined above) of any distribution for purposes of this
Section 10.04(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 Shares 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 10.04(c) where there has been a payment of a dividend or other distribution on the
Common Shares of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national
securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 
  

							
		 	CR’ = CR0 x	 	 FMV0 + MP0
	  	
		 	 	MP0	  	

  
 47 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the end of the 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 Shares applicable to one Common Share (determined by reference to the definition of Last Reported Sale
Price as set forth in Section 1.01 as if references therein to Common Shares 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
“Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Shares over the Valuation Period.

 The adjustment to the Conversion Rate under the preceding paragraph shall occur on the last Trading Day of the Valuation
Period; provided that in respect of any conversion during the Valuation Period, references in the portion of this Section 10.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading
Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate. 
 For
purposes of this Section 10.04(c) (and subject in all respect to Section 10.11), rights, options or warrants distributed by the Company to all holders of its Common Shares entitling them to subscribe for or purchase shares of the
Company’s Capital Stock, including Common Shares (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed
to be transferred with such Common Shares; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Shares, shall be deemed not to have been distributed for purposes of this Section 10.04(c)
(and no adjustment to the Conversion Rate under this Section 10.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate
adjustment (if any is required) to the Conversion Rate shall be made under this Section 10.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Supplemental
Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such
event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date
without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, 

  
 48 

 
or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which
an adjustment to the Conversion Rate under this Section 10.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final
redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed
distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Shares with respect to such rights, options or warrants (assuming
such holder had retained such rights, options or warrants), made to all holders of Common Shares as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated
without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 

For purposes of Section 10.04(a), Section 10.04(b) and this Section 10.04(c), any dividend or distribution to which this
Section 10.04(c) is applicable that also includes one or both of: 
 (A) a dividend or distribution of Common Shares to which
Section 10.04(a) is applicable (the “Clause A Distribution”); or 
 (B) a dividend or distribution of rights, options
or warrants to which Section 10.04(b) is applicable (the “Clause B Distribution”), 
 then (1) such dividend or distribution,
other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 10.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment
required by this Section 10.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion
Rate adjustment required by Section 10.04(a) and Section 10.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B
Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any Common Shares included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open
of business on such Ex-Dividend Date or effective date” within the meaning of Section 10.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 10.04(b). 

(d) If any cash dividend or distribution is made to all or substantially all holders of the Common Shares during the period from, and
including, the date of the initial issuance of the Notes to, and including, December 31, 2014 (the “Initial Dividend Period”) or during any subsequent annual period from, and including, each January 1 to, and including,
the immediately following December 31 (the Initial Dividend Period and each such annual period, an “Annual Dividend Period”) that, when added to all other cash dividends or distributions made to all or

  
 49 

 
substantially all holders of Common Shares in such Annual Dividend Period, exceeds $0.60 per share (the “Initial Dividend Threshold”), the Conversion Rate shall be adjusted based
on the following formula: 
  

							
		 	CR’ = CR0 x	 	
SP0 – T
	  	
		 	 	SP0 – C	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the Last Reported Sale Price of the Common Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
			
	T	  	=	  	the Initial Dividend Threshold; provided that after the first adjustment made under this Section 10.04(d) with respect to a particular Annual Dividend Period, the value of “T” for each subsequent adjustment under
this Section 10.04(d) with respect to the same Annual Dividend Period shall be deemed to be zero; and
			
	C	  	=	  	the aggregate amount of cash per share the Company distributes to all or substantially all holders of Common Shares in the relevant Annual Dividend Period; provided that after the first adjustment made under this Section
10.04(d) with respect to a particular Annual Dividend Period, the value of “C” for each subsequent adjustment under this Section 10.04(d) with respect to the same Annual Dividend Period shall be deemed to be the amount of the cash dividend
or distribution causing such subsequent adjustment.

 The Initial Dividend Threshold shall be subject to adjustment in a manner inversely proportional to adjustments to the
Conversion Rate; provided that no adjustment shall be made to the Initial Dividend Threshold for any adjustment to the Conversion Rate pursuant to this Section 10.04(d). 

Any increase pursuant to this Section 10.04(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 Trustees determines not to make or pay such dividend or distribution, to the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined
above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of Common Shares, the amount of cash that such Holder would have received
if such Holder owned a number of Common Shares equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or distribution. 

  
 50 

 (e) If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange
offer for the Common Shares, to the extent that the cash and value of any other consideration included in the payment per Common Share exceeds the Last Reported Sale Price of the Common Shares on 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: 
  

							
		 	CR’ = CR0 x	 	 AC + (SP’xOS’)
	  	
		 	 	OS0 x SP’	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Trustees) paid or payable for Common Shares purchased in such tender or exchange offer;
			
	OS0	  	=	  	the number of Common Shares outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange
offer);
			
	OS’	  	=	  	the number of Common Shares outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange offer);
and
			
	SP’	  	=	  	the average of the Last Reported Sale Prices of the Common Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 The adjustment to the Conversion Rate under this Section 10.04(e) shall occur at the close of business on the 10th
Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any conversion within the 10 Trading Days immediately following, and including, the
expiration date of any tender or exchange offer, references in this Section 10.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date that such tender or exchange
offer expires and the Conversion Date in determining the Conversion Rate. 

  
 51 

 (f) Notwithstanding this Section 10.04 or any other provision of the Indenture or the Notes,
if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the Common
Shares as of the related Conversion Date as described under Section 10.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 10.04, the
Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the Common Shares on an unadjusted basis and participate in
the related dividend, distribution or other event giving rise to such adjustment. 
 (g) Except as stated herein, the Company shall not
adjust the Conversion Rate for the issuance of Common Shares or any securities convertible into or exchangeable for Common Shares or the right to purchase Common Shares or such convertible or exchangeable securities. 

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 10.04, and to the extent
permitted by applicable law and subject to the applicable rules of The New York Stock Exchange, 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 Trustees
determines that such increase would be in the Company’s best interest. In addition, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Shares or rights to purchase
Common Shares in connection with a dividend or distribution of shares (or rights to acquire Common Shares) or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall mail to the
Holder of each Note at its last address appearing on the Debt Security Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the
period during which it will be in effect. 
 (i) Notwithstanding anything to the contrary in this Article 10, the Conversion Rate shall not
be adjusted: 
 (i) upon the issuance of any Common Shares 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 Common Shares under any plan; 

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

(iii) upon the issuance of any Common Shares 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; 

  
 52 

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

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

(j) All calculations and other determinations under this Article 10 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000) of a share. 
 (k) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Trust
Officer shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still
in effect. 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 mail
such notice of such adjustment of the Conversion Rate to each Holder of the Notes at its last address appearing on the Debt Security Register. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(l) For purposes of this Section 10.04, the number of Common Shares at any time outstanding shall not include shares held in the treasury
of the Company so long as the Company does not pay any dividend or make any distribution on Common Shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of Common
Shares. 
 Section 10.05. Adjustments of Prices. Whenever any provision of the Indenture requires the Company to calculate the
Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period and the period for determining the Share Price for purposes of a Make-Whole
Fundamental Change), the Board of Trustees shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date
of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

Section 10.06. 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 Common Shares 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 of the Notes and that Physical Settlement is applicable). 

  
 53 

 Section 10.07. Effect of Recapitalizations, Reclassifications and Changes of the Common
Shares. 
 (a) In the case of: 

(i) any recapitalization, reclassification or change of the Common Shares (other than 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 Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert
such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of Common Shares equal to the Conversion Rate immediately
prior to such Merger Event would have owned or been entitled to receive (the “Reference Property”, with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one Common
Share is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture
permitted under Section 7.02(b) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event (A) the Company shall
continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 10.02 and (B) (I) any amount payable in cash upon conversion of the
Notes in accordance with Section 10.02 shall continue to be payable in cash, (II) any Common Shares that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 10.02 shall instead be
deliverable in the amount and type of Reference Property that a holder of that number of Common Shares would have been entitled to receive in such Merger Event and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference
Property. 
 If the Merger Event causes the Common Shares 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 shareholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of
consideration received by the holders of Common Shares that affirmatively make such an election, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause
(i) attributable to one Common Share. If the holders receive only cash in such Merger Event, then for all conversions that occur after the effective date of such Merger Event (x) the consideration due upon conversion of each $1,000
principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate 

  
 54 

 
in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 10.03), multiplied by the price paid per Common Share in such Merger Event and
(y) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders of the Notes on the third Business Day immediately following the Conversion Date. The Company shall notify Holders of the Notes, the Trustee and the
Conversion Agent in writing (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for adjustments that shall be as nearly
equivalent as is possible to the adjustments provided for in this Article 10. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any combination thereof) of
a Person other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests
of the Holders of the Notes as the Board of Trustees shall reasonably consider necessary by reason of the foregoing, including to the extent required by the Board of Trustees and practicable the provisions providing for the purchase rights set forth
in Article 11. 
 (b) In the event the Company shall execute a supplemental indenture pursuant to subsection (a) of this
Section 10.07, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or asset that will comprise the Reference Property after any
such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders of the Notes. The Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Holder of the Notes, at its address appearing on the Debt Security Register, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such
supplemental indenture. 
 (c) The Company shall not become a party to any Merger Event unless its terms are consistent with this
Section 10.07. None of the foregoing provisions shall affect the right of a Holder of the Notes to convert its Notes into cash, Common Shares or a combination of cash and Common Shares, as applicable, as set forth in Section 10.01 and
Section 10.02 prior to the effective date of such Merger Event. 
 (d) The above provisions of this Section shall similarly apply to
successive Merger Events. 
 (e) In connection with any Merger Event, the Initial Dividend Threshold shall be subject to adjustment as
described in clause (i), clause (ii) or clause (iii) below, as the case may be. 
 (i) In the case of a Merger
Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of shares of common stock (the

  
 55 

 
“Merger Common Stock”), the Initial Dividend Threshold at and after the effective time of such Merger Event will be equal to (x) the Initial Dividend Threshold immediately
prior to the effective time of such Merger Event, divided by (y) the number of shares of Merger Common Stock that a holder of one Common Share would receive in such Merger Event (such quotient rounded down to nearest cent). 

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

(iii) For the avoidance of doubt, in the case of a Merger Event in which the Reference Property (determined, as appropriate,
pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of consideration other than shares of common stock, the Initial Dividend Threshold at and after the effective time of such Merger Event
will be equal to zero. 
 Section 10.08. Certain Covenants. (a) The Company covenants that all Common Shares issued upon
conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(b) The Company covenants that, if any Common Shares to be provided for the purpose of conversion of Notes hereunder require registration with
or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the SEC, secure such registration
or approval, as the case may be. 
 (c) The Company further covenants that if at any time the Common Shares shall be listed on any national
securities exchange or automated quotation system the Company will list and keep listed, so long as the Common Shares shall be so listed on such exchange or automated quotation system, any Common Share issuable upon conversion of the Notes. 

Section 10.09. Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or
responsibility to any Holder of the Notes to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or
extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be
accountable with respect to the validity or value (or the kind or amount) of any Common Shares, 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 

  
 56 

 
any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any Common Shares or stock certificates or other securities or property or cash upon the
surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion
Agent shall be under any responsibility to determine whether a supplemental indenture pursuant to Section 10.07 needs to be entered into or the correctness of any provisions contained in any supplemental indenture entered into pursuant to
Section 10.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of the Notes upon the conversion of their Notes after any event referred to in such Section 10.07 or to
any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01 of the Base Indenture, 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 Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 

Section 10.10. Notice to Holders of the Notes Prior to Certain Actions. In case of any: 

(a) action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 10.04 or
Section 10.11; 
 (b) Merger Event; or 

(c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries; 

then, in each case (unless notice of such event is otherwise required pursuant to another provision of the Indenture), the Company shall cause to be filed
with the Trustee and the Conversion Agent (if other than the Trustee) and to be mailed to each Holder of the Notes at its address appearing on the Debt Security Register, as promptly as possible but in any event at least 20 days prior to the
applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders
of Common Shares of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Common Shares of record shall be entitled to exchange their Common Shares for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 

Section 10.11. Shareholder Rights Plans. To the extent that the Company has a rights plan in effect upon conversion of the Notes,
each Common Share, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and any certificate representing the Common Share issued upon such conversion shall bear such legends,

  
 57 

 
if any, in each case as may be provided by the terms of any such shareholder rights plan, as the same may be amended from time to time. If at the time of conversion, however, the rights have
separated from the Common Shares in accordance with the provisions of the applicable shareholder rights plan so that the Holders of the Notes would not be entitled to receive any rights in respect of Common Shares, if any, issuable upon conversion
of the Notes, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of Common Shares of Capital Stock of the Company, evidences of its indebtedness, other assets or property
or rights, options or warrants to acquire its Capital Stock or other securities as provided in Section 10.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

Section 10.12. Ownership Limit; Withholding Tax. 

(a) Notwithstanding any other provision of the Indenture or the Notes, no Holder of the Notes shall be entitled to receive Common Shares upon
a conversion of any Notes to the extent that receipt of such Common Shares would cause such Holder (together with the Affiliates of such Holder) to exceed the ownership limit contained in the Charter (the “Settlement Blocker”). If
any delivery of Common Shares owed to a Holder of the Notes upon conversion of any Notes is not made, in whole or in part, as a result of the Settlement Blocker, the Company’s obligation to make such delivery shall not be extinguished and the
Company shall deliver, or cause to be delivered, such Common Shares as promptly as practicable after such delivery would not cause such Holder (together with the Affiliates of such Holder) to exceed the ownership limit contained in the Charter and
such Holder gives notice thereof to the Company. 
 (b) If the Settlement Blocker is applicable to any delivery of Common Shares upon
conversion of any Notes, the Company shall promptly deliver written notice thereof to the Trustee and the Conversion Agent. Neither the Trustee nor the Conversion Agent shall be charged with knowledge that such conversion of any Notes is subject to
the Settlement Blocker unless either (i) a Trust Officer or the Conversion Agent, as the case may be, shall have actual knowledge thereof or (ii) written notice thereof has been provided to the Trustee or the Conversion Agent, as the case
may be, by the Company. The Trustee and the Conversion Agent may, for purposes of the Indenture, conclusively rely on any such notice from the Company in accordance with the provisions of Section 7.07 of the Base Indenture. 

ARTICLE 11 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 11.01. Repurchase at Option of Holders of the Notes. 

(a) Each Holder of the Notes shall have the right, at such Holder’s option, to require the Company to repurchase for cash on each of
October 1, 2018, October 1, 2023 and October 1, 2028 (each, a “Repurchase Date”), all of such Holder’s Notes, or any portion thereof that is equal to $1,000 principal amount or an integral multiple of $1,000
principal amount, at a repurchase price (the “Repurchase Price”) that is equal to 100% of the principal amount of the Notes to be repurchased, together with accrued and unpaid interest to, but excluding, such

  
 58 

 
Repurchase Date; provided that any such accrued and unpaid interest shall be paid not to the Holders of the Notes submitting the Notes for repurchase on the relevant Repurchase Date but
instead to the Holders of such Notes at the close of business on the Regular Record Date immediately preceding such Repurchase Date. 
 (b)
Not later than 20 Business Days prior to each Repurchase Date, the Company shall provide to all Holders of the Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Company
Notice”). Each Company Notice shall include a Form of Repurchase Notice to be completed by a holder, and shall specify: 

(i) the CUSIP number and the designation of the Notes; 

(ii) the last date on which a Holder of the Notes may exercise its repurchase right pursuant to this Section 11.01 (the
“Repurchase Expiration Time”); 
 (iii) the Repurchase Price; 

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

(v) that the Notes with respect to which a Repurchase Notice has been delivered by a Holder of the Notes may be converted only
if the Holder withdraws the Repurchase Notice in accordance with the terms of the Indenture; 
 (vi) that a Holder of the
Notes shall have the right to withdraw any Notes surrendered prior to the Repurchase Expiration Time; and 
 (vii) the
procedures a Holder of the Notes must follow to exercise its repurchase rights under this Section 11.01 and a brief description of those rights. 
 At
the Company’s written 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 Company Notice shall be prepared by the
Company. 
 Such notice shall be by first class mail to the Trustee, to the Paying Agent and to each Holder of the Notes at its address
shown in the Debt Security Register (and to beneficial owners as required by applicable law) or, in the case of Global Notes, in accordance with the applicable procedures of the Depositary. Simultaneously with providing the Company Notice, the
Company shall publish a notice containing the information included in the Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as
the Company may use at that time. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the
repurchase rights of the Holders of the Notes or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 11.01. 

  
 59 

 (c) Repurchases of Notes under this Section 11.01 shall be made, at the option of the Holder
of the Notes thereof, upon: 
 (i) delivery to the Paying Agent by the Holder of the Notes of a duly completed notice (the
“Repurchase Notice”) in the form set forth in Attachment 3 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in
Global Notes, if the Notes are Global Notes, in each case during the period beginning at any time from the open of business on the date that is 20 Business Days prior to the relevant Repurchase Date until the close of business on the Business Day
immediately preceding the Repurchase Date; and 
 (ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying
Agent at any time after delivery of the 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 Notes of the Repurchase Price therefor. 

(d) The Repurchase Notice in respect of any Notes to be repurchased shall state: 

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

(ii) the portion of the principal amount of the Notes to be repurchased, which must be $1,000 or an integral multiple thereof;
and 
 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and the
Indenture; 
 provided, however, that if the Notes are Global Notes, the Repurchase Notice must comply with appropriate Depositary procedures.

 Notwithstanding anything herein to the contrary, any Holder of the Notes delivering to the Paying Agent the Repurchase Notice
contemplated by this Section 11.01 shall have the right to withdraw, in whole or in part, such Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Repurchase Date by delivery of a written
notice of withdrawal to the Paying Agent in accordance with Section 11.03. 
 The Paying Agent shall promptly notify the Company of the
receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
 No Repurchase Notice with respect to any Notes may be
surrendered by a Holder of the Notes thereof if such Holder has also surrendered a Fundamental Change Repurchase Notice and not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 11.03. 

  
 60 

 (e) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of
the Holders of the Notes on any Repurchase Date if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such Repurchase Date (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders of the Notes 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 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 Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 11.02. Repurchase at Option of Holders of the Notes Upon a Fundamental Change. (a) If a Fundamental Change occurs at
any time, each Holder of the Notes 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 thereof that is equal to $1,000 principal amount or an integral
multiple of $1,000 principal amount, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar 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, together with accrued and unpaid interest to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change
Repurchase Price”); provided that if 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, then any such accrued and unpaid
interest shall be paid not to the Holders of the Notes submitting the Notes for repurchase on the Fundamental Change Repurchase Date but instead to the Holders of such Notes at the close of business on the Regular Record Date, and the Fundamental
Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 11. 
 (b) On or
before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders of the Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a
notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders of the Notes arising as a result thereof. Each Fundamental
Change Company Notice shall specify: 
 (i) the CUSIP number and the designation of the Notes; 

(ii) the events causing the Fundamental Change; 

(iii) the date of the Fundamental Change; 

(iv) the last date on which a Holder of the Notes may exercise the repurchase right pursuant to this Article 11; 

  
 61 

 (v) the Fundamental Change Repurchase Price; 

(vi) the Fundamental Change Repurchase Date; 

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

(viii) if applicable, the Conversion Rate and any adjustments to the Conversion Rate; 

(ix) if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder
of the Notes may be converted only if such Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the Indenture; 

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

At the Company’s written 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. 

Such notice shall be by first class mail to the Trustee, to the Paying Agent and to each Holder of the Notes at its address shown in the Debt
Security Register (and to beneficial owners as required by applicable law) or, in the case of Global Notes, in accordance with the applicable procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice
containing the information set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as the Company
may use at that time. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the repurchase rights of
the Holders of the Notes or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 11.02. 

(c) Repurchases of Notes under this Section 11.02 shall be made, at the option of the Holder of the Notes thereof, upon: 

(i) delivery to the Paying Agent by a Holder of the Notes of a duly completed notice (the “Fundamental Change
Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes,
if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 

  
 62 

 (ii) delivery of the Notes, 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 Notes of the Fundamental Change Repurchase Price therefor. 

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

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

(ii) the portion of the principal amount of the Notes to be repurchased, which must be $1,000 or an integral multiple thereof;
and 
 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and the
Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate
Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder of the Notes delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 11.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 11.03. 

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. 
 (e) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the
Holders of the Notes 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 of the Notes 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. 

  
 63 

 Section 11.03. Withdrawal of Repurchase Notice or Fundamental Change Repurchase
Notice. (a) A Repurchase Notice or Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this
Section 11.03 at any time prior to the close of business on the Business Day immediately preceding the Repurchase Date or prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, as the
case may be, specifying: 
 (i) the principal amount of the Notes with respect to which such notice of withdrawal is being
submitted; 
 (ii) if Physical Notes have been issued, the certificate number of the Note in respect of which such notice of
withdrawal is being submitted; and 
 (iii) the principal amount, if any, of such Note that remains subject to the original
Repurchase Notice or Fundamental Change Repurchase Notice, as the case may be, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

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

Section 11.04. Deposit of Repurchase Price or Fundamental Change Repurchase Price. (a) The Company shall 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 of the Base Indenture) on or prior to 11:00 a.m., New York City
time, on the Repurchase Date or Fundamental Change Repurchase Date, as the case may be, an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Repurchase Price or 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 surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the
Fundamental Change Repurchase Date) will be made on the later of (i) the Repurchase Date or Fundamental Change Repurchase Date, as the case may be, with respect to such Note (provided the Holder of the Notes has satisfied the conditions
in Section 11.01 or Section 11.02, as the case may be) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required
by Section 11.01 or Section 11.02, as applicable, by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Debt Security 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 Repurchase Price or Fundamental Change Repurchase Price, as the case may be. 

  
 64 

 (b) If by 11:00 a.m. New York City time, on the Repurchase Date or Fundamental Change Repurchase
Date, as the case may be, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Repurchase Date or Fundamental Change Repurchase
Date, as the case may be, then (i) such Notes will cease to be Outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or
Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Repurchase Price or Fundamental Change Repurchase Price, as the case may be,). 

(c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 11.01 or Section 11.02, the Company shall execute
and the Trustee upon receipt of a Company Order 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 11.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the
Company shall, if required: 
 (a) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange
Act; 
 (b) file a Schedule TO or any successor or similar schedule; 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 11 to be exercised in the time and in the manner specified in this Article 11.

 ARTICLE 12 

OPTIONAL REDEMPTION 

Section 12.01. Applicability of Article III of the Base Indenture. Article III of the Base Indenture shall not apply to the Notes.
Instead the redemption provisions set forth in this Article 12 shall, with respect to the Notes, supersede in their entirety Article III of the Base Indenture, and all references in the Base Indenture to Article III thereof and the redemption
provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 12 the redemption provisions set forth in this Article 12, respectively. 

Section 12.02. Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the Company
prior to October 1, 2018 except to the extent the Company determines that redemption of any Notes is necessary to preserve the Company’s status as a REIT. In addition, the Company may redeem all or part of the Notes at any time on or after
October 1, 2018 and prior to the Maturity Date (the “Optional Redemption”). In each case, Notes shall be redeemed for cash upon notice as set forth in Section 12.03 at a redemption price equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid 

  
 65 

 
interest, if any, to, but excluding, the Redemption Date (the “Redemption Price”) (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately
succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid to Holders of record of such Notes on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of the
Notes to be redeemed). 
 Section 12.03. Notice of Optional Redemption; Selection of Notes. 

(a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to
Section 12.02, it shall fix a date for redemption (each, a “Redemption Date”), and it or, at its written request received by the Trustee not less than 60 calendar days prior to the Redemption Date (or such shorter period of
time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall mail or cause to be mailed a notice of such Optional Redemption (a “Redemption Notice”) not less than 45 nor more than
60 calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part at its last address as the same appears on the Debt Security Register; provided, however, that if the Company shall give such
notice, it shall also give written notice of the Redemption Date to the Trustee. 
 (b) The Redemption Notice, if mailed in the manner
herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder of any Note receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to the Holder of
any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(c) Each Redemption Notice shall specify: 

(i) the Redemption Date (which must be a Business Day); 

(ii) the Redemption Price; 

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

  
 66 

 (vii) the Conversion Rate and, if applicable, the number of Additional Shares
added to the Conversion Rate in accordance with Section 10.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if
any, assigned to such Notes; and 
 (ix) in case any Note is to be redeemed in part only, the portion of the principal amount
thereof to be redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued. 

(x) A Redemption Notice shall be irrevocable. 

(d) If fewer than all of the Outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of a Global Note or
the Physical Notes to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by another method the Trustee considers to be fair and appropriate in accordance with the procedures of the Depositary. If
any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption. 

Section 12.04. Payment of Notes Called for Redemption. 

(a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 12.03, the Notes shall become due and
payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid
and redeemed by the Company at the applicable Redemption Price. 
 (b) Prior to the open of business on the Redemption Date, the Company
shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 4.04 of the Base Indenture an amount of cash (in immediately available
funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made
promptly after the later of: 
 (i) the Redemption Date for such Notes; and 

(ii) the time of presentation of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder
thereof in the manner required by this Section 12.04. 
 The Paying Agent shall, promptly after such payment and upon written demand by the Company,
return to the Company any funds in excess of the Redemption Price. 

  
 67 

 Section 12.05. Restrictions on Redemption. The Company may not redeem any Notes on
any date if the principal amount of the Notes has been accelerated in accordance with the terms of the Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from
a Default by the Company in the payment of the Redemption Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders of the Notes 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 Redemption 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 Redemption Notice with respect thereto shall be deemed to have been withdrawn. 

ARTICLE 13 

MISCELLANEOUS PROVISIONS 

Section 13.01. Governing Law. THE INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THE
INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

Section 13.02. No Security Interest Created. Nothing in the 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 13.03. Benefits of Indenture. Nothing in the Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Registrar and their successors hereunder or the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under the
Indenture. 
 Section 13.04. Effect of Headings. The article and section headings herein and in the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 13.05. Supplemental Indenture May Be Executed In
Counterparts. This Supplemental 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
Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 68 

 Section 13.06. Severability. In case any provision in the Indenture or the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.07. Elections Under Base Indenture; Ratification of Base Indenture. Except as amended hereby with respect to the Notes,
the Base Indenture, as amended and supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein
provided. For the avoidance of doubt, each of the Company and each Holder of the Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under
the Base Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee, whether acting as Trustee, Paying Agent, Security Registrar or Conversion Agent hereunder, as if set forth herein in full. 

Section 13.08. 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 THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 13.09. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 13.10.
U.S.A. Patriot Act. The parties hereto 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 legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Supplemental 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 13.11. Calculations. Except as otherwise provided herein, 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 Last Reported Sale Prices of the Common Shares, 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 of the Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion
Agent, and each of the Trustee and 

  
 69 

 
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 of Notes upon the written request of such Holder at the sole cost and expense of the Company. None of the Trustee, Conversion Agent or Paying Agent shall be responsible or liable for the calculations of the Company. 

  
 70 

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

					
	RAIT FINANCIAL TRUST
		
	By:	 	 /s/ James J. Sebra

		 	Name:	 	James J. Sebra
		 	Title:	 	Chief Financial Officer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Martin Reed

		 	Name:	 	Martin Reed
		 	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL 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 SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

  
 A-1 

 RAIT FINANCIAL TRUST 

4.00% Convertible Senior Note due 2033 
  

			
	No. [        ]	  	Initially $[        ]

 CUSIP No. 749227 AB0 

RAIT Financial Trust, a real estate investment trust duly organized and validly existing under the laws of the State of Maryland (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 $143,750,000 in
aggregate at any time, in accordance with the rules and procedures of the Depositary, on October 1, 2033, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 4.00% per year from December 10, 2013, or from the most recent date to which interest
had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until October 1, 2033. Interest is payable semi-annually in arrears on each April 1 and October 1, commencing on April 1, 2014, to Holders
of record of the Notes at the close of business on the preceding March 15 and September 15 (whether or not such day is a Business Day), respectively. Special Interest will be payable as set forth in Section 5.02 of the
within-mentioned Supplemental Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of such
Section 5.02 and any express mention of the payment of Special Interest in any provision therein shall not be construed as excluding Special Interest in those provisions thereof where such express mention is not made. 

The Company shall pay the principal of and interest on this Note, so long as such Note is a Global Note, in immediately available funds to the
Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are 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 Registrar in respect of the Notes and its agency in New York, New York as a place where Notes may be presented for
payment or for registration of transfer. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the right to convert this Note into cash, Common Shares or a combination of cash and Common Shares, as applicable, on the terms and subject to the limitations set forth in the
Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-2 

 This Note, and any claim, controversy or dispute arising under or related to this Note, shall
be construed in accordance with and governed by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 

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
signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left blank] 

  
 A-3 

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

 

			
	RAIT FINANCIAL TRUST
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, As Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

RAIT FINANCIAL TRUST 
 4.00%
Convertible Senior Note due 2033 
 This Note is one of a duly authorized issue of Debt Securities of the Company, designated as its 4.00%
Convertible Senior Notes due 2033 (the “Notes”), limited to the aggregate principal amount of $143,750,000 all issued or to be issued under and pursuant to an Indenture dated as of December 10, 2013 (the “Base
Indenture”), as amended and supplemented by the First Supplemental Indenture dated as of December 10, 2013 (herein called the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by the
Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”), by and between the Company and Wells Fargo Bank, National Association (the “Trustee”) to which Indenture
and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be
issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. 
 In case an Event 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 Redemption Price,
the Repurchase Price, the Fundamental Change Repurchase Price 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 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. 
 The
Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture
that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its
consequences. 
 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 the principal (including the Redemption Price, the Repurchase Price and the Fundamental 

  
 A-6 

 
Change Repurchase Price, if applicable) of and accrued and unpaid interest (including Special Interest, if any) on this Note at the place, at the respective times, at the rate and in the lawful
money herein prescribed. 
 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. 

The Notes shall be redeemable at the Company’s option in accordance with the terms and conditions specified in the Indenture. 

The provisions in Article III, Article VI, Article IX, Article X, Article XIV, Section 2.12(a), Section 2.15(c)(ii),
Section 4.06(b), Section 11.02, Section 11.03, the second sentence of Section 4.01 and the fourth paragraph of Section 2.07(b) of the Base Indenture shall not apply to the Notes, and Article 3, Article 5, Article 7, Article
8, Article 9, Article 12, Section 2.04(b), Section 2.05(b), Section 2.05(e) and Section 2.07 of the Supplemental Indenture supersede the entirety thereof as specified in the Indenture. 

The Holder of the Notes 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 each of October 1, 2018, October 1, 2023 and October 1, 2028 at a price equal to the Repurchase Price. 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 and without regard to the conditions set forth in Section 10.01(a)(i)-(iv) of the Supplemental Indenture, the Holder hereof has the right, at its option, during the period beginning on, and including, July 1, 2018 and ending
at 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 cash, Common Shares or a combination of cash and Common Shares, as
applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 
 Subject to the
conditions set forth in Section 10.01(a)(i)-(iv) of the Supplemental Indenture, the Holder hereof has the right, at its option, prior to July 1, 2018, to convert any Notes or portion thereof that is $1,000 or an integral multiple
thereof, into cash, Common Shares or a combination of cash and Common Shares, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

  
 A-7 

 Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 A-8 

 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-9 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

RAIT FINANCIAL TRUST 
 4.00%
Convertible Senior Notes due 2033 
 The initial principal amount of this Global Note is         
DOLLARS ($        ). The following increases or decreases in this Global Note have been made: 
  

									
	Date of Exchange	 	Amount of decrease
in Principal Amount
of this Global Note	 	Amount of increase in
Principal Amount of
this Global Note	 	Principal Amount of
this Global Note
following such
decrease or increase	 	Signature of
authorized signatory
of Trustee or Note
Custodian
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-10 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	RAIT Financial Trust 

 Wells Fargo Bank, National Association 

Corporate Trust Services 
 150
East 42nd Street, 40th Floor 
 New York, New York 10017 

Tel: 917-260-1544 
 Fax:
917-260-1593 
 Attn: Corporate Trust Services – Administrator for RAIT Financial Trust 

The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000
principal amount or an integral multiple thereof) below designated, into cash, Common Shares or a combination of cash and Common Shares, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash
payable and any Common Shares issuable and deliverable upon such conversion, together with any cash for any fractional Common Share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder
of the Notes hereof unless a different name has been indicated below. If any Common Shares 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 transfer or
similar taxes in accordance with Section 10.02(e) of the Supplemental 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 Common Shares are to be issued, or
	 		 	

  
 A-11 

							
	Notes are to be delivered, other than to and in the name of the registered holder. Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered
holder:	 		 	
			
	  
	 		 	
	(Name)	 		 	
			
	  
	 		 	
	(Street Address)	 		 	
			
	  
	 		 	
	(City, State and Zip Code)	 		 	
	Please print name and address	 		 	
				
		 		 		 	Principal amount to be converted (if less than all): $        ,000
				
		 		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
				
		 		 		 	  

		 		 		 	Social Security or Other Taxpayer
		 		 		 	Identification Number

  
 A-12 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

	To:	RAIT Financial Trust 

 Wells Fargo Bank, National Association 

Corporate Trust Services 
 150
East 42nd Street, 40th Floor 
 New York, New York 10017 

Tel: 917-260-1544 
 Fax:
917-260-1593 
 Attention: Corporate Trust Services Administration – RAIT Financial Trust 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from RAIT Financial Trust (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 the applicable provisions 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. 
 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 repaid (if less than all): $        ,000
				
		 		 		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

  
 A-13 

 ATTACHMENT 3 

[FORM OF REPURCHASE NOTICE] 
  

	To:	RAIT Financial Trust 

 Wells Fargo Bank, National Association 

Corporate Trust Services 
 150
East 42nd Street, 40th Floor 
 New York, New York 10017 

Tel: 917-260-1544 
 Fax:
917-260-1593 
 Attention: Corporate Trust Services Administration – RAIT Financial Trust 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from RAIT Financial Trust (the
“Company”) regarding the right of Holders of the Notes to elect to require the Company to repurchase the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof)
below designated, in accordance with the applicable provisions of the Indenture referred to in this Note, at the Repurchase Price to the registered Holder of the Notes hereof. 

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

 

							
	Dated:	 	  
	 		 	
				
		 		 		 	  

		 		 		 	Signature(s)
				
		 		 		 	  

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

  
 A-14 

 ATTACHMENT 4 

[FORM OF ASSIGNMENT AND TRANSFER] 
 Wells Fargo
Bank, National Association, 
 as Trustee and Registrar – DAPS Reorg 

MAC N9303-121 
 608 2nd Avenue
South 
 Minneapolis, MN 55479 

Telephone No.: (877) 872-4605 

Fax No.: (866) 969-1290 

Email: DAPSReorg@wellsfargo.com 
 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. 
  

	
	  

	
	  

	Signature(s)
	
	Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	
	(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP) or (iv) another guarantee program acceptable to
the Trustee.
	
	  

	
	  

	Signature Guarantee

  
 A-15EX-10.1

 Exhibit 10.1 

NOTE: This Performance Restricted Stock Unit Award Agreement is applicable to performance restricted stock unit awards made to members of the Managing
Committee (“Participants”) of U.S. Bancorp (the “Company”) on and after January 1, 2014. These performance restricted stock unit awards have the terms and conditions set forth in (a) each Participant’s award
summary (the “Award Summary”), which can be accessed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other stock plan administrator selected by the Company in the future), and
(b) the form of Exhibit A hereto (which will be completed to include all information called for therein) (the “Completed Exhibit A”) provided to such Participant as soon as administratively feasible following the date on which
the award is made. The Award Summary may be viewed at any time on this Website, and the Award Summary may also be printed out. In addition to the individual terms and conditions set forth in the Award Summary and the Completed Exhibit A, each
performance restricted stock unit award will have the terms and conditions set forth in the form of Performance Restricted Stock Unit Award Agreement below. As a condition of each performance restricted stock unit award, Participant accepts the
terms and conditions of the Performance Restricted Stock Unit Award Agreement, the Award Summary and the Completed Exhibit A. 

U.S. BANCORP 

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS AGREEMENT, together with the Award Summary and the Completed Exhibit A which are incorporated herein by reference (collectively, the
“Agreement”), sets forth the terms and conditions of a performance restricted stock unit award representing the right to receive shares of common stock of the Company, par value $0.01 per share (the “Common Stock”). The grant of
this performance restricted stock unit award is made pursuant to the Company’s Amended and Restated 2007 Stock Incentive Plan, which was approved by shareholders on April 20, 2010 (the “Plan”) and is subject to its terms.
Capitalized terms that are not defined in the Agreement shall have the meaning ascribed to such terms in the Plan. 
 The Company and Participant
agree as follows: 
  

	1.	Award 

 Subject to the terms and conditions of the Plan and the Agreement, the
Company grants to Participant a performance restricted stock unit award entitling Participant to the number of performance restricted stock units (the “Units”) equal to the “Target Award Number” set forth in Participant’s
Award Summary (such number of units, the “Target Award Number”). The Target Award Number shall be adjusted upward or downward as provided in the Completed Exhibit A. The number of Units that Participant will receive under the
Agreement, after giving effect to such adjustment, is referred to herein as the “Final Award Number.” Each Unit represents the right to receive one share of Common Stock, subject to the vesting requirements and distribution provisions of
the Agreement and the terms of the Plan. The shares of Common Stock distributable to Participant with respect to the Units granted hereunder are referred to as the “Shares.” Participant’s Award Summary sets forth the date of grant of
this award (the “Grant Date”). The Completed Exhibit A sets forth (a) the performance period over which the Final Award Number will be determined (the “Performance Period”), and (b) the date on which the Final
Award Number will be determined (the “Determination Date”). 
  

	2.	Vesting; Forfeiture 

 (a) Time Based Vesting Conditions. Subject to
the terms and conditions of the Agreement, the Units shall vest in installments on the date or dates set forth in the Participant’s Award Summary (each such date, a “Scheduled Vesting Date”), if the Participant remains continuously
employed by the Company or an Affiliate of the Company until the applicable Scheduled Vesting Date. Except as otherwise provided in the Agreement, if Participant ceases to be an employee of the Company or any Affiliate (as defined in
Section 11) prior to an applicable Scheduled Vesting Date, all Units that have not become vested previously in accordance with the Award Summary shall be immediately and irrevocably forfeited. 

 (b) Continued Vesting Upon Separation From Service Due to Retirement or Disability.
Notwithstanding Section 2(a), if Participant has a Separation From Service (as defined in Section 11) with the Company or any Affiliate by reason of Disability (as defined in Section 11) or Retirement (as defined in Section 11),
the Units shall not be forfeited, but rather, the Final Award Number will be determined in accordance with Section 1 (if not already determined prior to Retirement or death), and thereafter the Units shall continue to vest on the Scheduled
Vesting Dates in accordance with Participant’s Award Summary, subject to the terms of the Agreement, including Section 2(f) hereof, as though such Separation From Service had never occurred, so long as the Participant has at all times
since the Grant Date complied with the terms of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant. 

(c) Acceleration of Vesting Upon Death. If Participant ceases to be an employee by reason of death, or if Participant dies after
a Separation From Service with the Company or an Affiliate due to Disability or Retirement but prior to any Scheduled Vesting Date, then the Units will become vested in accordance with this Section 2(c). If such death occurs prior to the last
day of the Performance Period, a number of Units equal to the Target Award Number will vest upon Participant’s death. If the death occurs on or after the last day of the Performance Period, then a number of Units equal to the Final Award Number
will vest upon Participant’s death. Notwithstanding the foregoing, such accelerated vesting shall occur only if the Participant has at all times since the Grant Date complied with the terms of any confidentiality and non-solicitation agreement
between the Company or an Affiliate and the Participant. 
 (d) Acceleration of Vesting Upon Qualifying Termination.
Notwithstanding the vesting provisions contained in Sections 2(a) through (c) above, but subject to the other terms and conditions of the Agreement, if Participant has been continuously employed by the Company or any Affiliate of the Company
until the date of a Qualifying Termination (as defined in Section 11), then immediately upon such Qualifying Termination, Participant shall be vested in the number of Units determined in accordance with this Section 2(d). If the Qualifying
Termination occurs prior to the last day of the Performance Period, a number of Units equal to the Target Award Number will vest upon such Qualifying Termination. If the Qualifying Termination occurs on or after the last day of the Performance
Period, a number of Units equal to the Final Award Number will vest upon such Qualifying Termination. 
 (e) Forfeiture on
Termination of Employment for Cause and on Breach of Confidentiality Agreement. If Participant violates the terms of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant, all Units that have
not been settled (and Shares delivered) previously shall be immediately and irrevocably forfeited. If Participant’s employment with the Company is terminated for Cause (as defined in Section 11), all Units that have not been settled (and
Shares delivered) previously shall be immediately and irrevocably forfeited. Upon forfeiture, Participant shall have no rights relating to the forfeited Units (including, without limitation, any rights to receive a distribution of Shares with
respect to the Units and the right to receive dividend equivalents). 
 (f) Special Risk-Related Cancellation Provisions 

(A) Cancellation Resulting From Acts Occurring During the Grant Year. Notwithstanding any other provision of the Agreement, if it shall be
determined at any time subsequent to the Grant Date that Participant has, during the calendar year in which the Grant Date occurs (the “Grant Year”), (i) failed to comply with Company policies and procedures, including the Code of
Ethics and Business Conduct, (ii) violated any law or regulation, (iii) engaged in negligent or willful misconduct, or (iv) engaged in activity resulting in a significant or material control deficiency under the Sarbanes-Oxley Act of
2002, and such failure, violation, misconduct or activity (A) demonstrates an Inadequate Sensitivity (as defined below) to the inherent risks of Participant’s business line or functional area, and (B) results in, or is reasonably
likely to result in, a material adverse impact (whether financial or reputational) on the Company or Participant’s business line or functional area, all or part of the Units granted under the Agreement that have not been settled (and Shares
delivered) at the time of such determination may be cancelled, and, if so cancelled, Participant will have no rights with respect to the Units. “Inadequate Sensitivity” means Participant has engaged in imprudent activities that subject the
Company to risk outcomes in future periods, including risks that may not be apparent at the time the activities are undertaken. 

  
 -2- 

 (B) Cancellation Resulting From Acts Occurring in Years other than the Grant Year.
Notwithstanding any other provisions of the Agreement, if Participant receives an Award in any year other than the Grant Year (an “Other Grant Year”) pursuant to an Award Agreement that contains a provision substantially similar to
paragraph 2(f)(A), and it is determined that all or a portion of the Award made in the Other Grant Year (the “Other Grant Year Award”), as a result of risk-related behavior on the part of Participant occurring in the Other Grant Year,
should be subject to the cancellation in accordance with the terms of such provision, but some or all of the Other Grant Year Award is not subject to cancellation because vesting or settlement, as applicable, already has occurred, then the Units
granted under this Agreement that have not been settled (and Shares delivered) previously may be cancelled to the extent necessary to satisfy the Unsatisfied Cancellation Value (as defined below). The initial determination of the Unsatisfied
Cancellation Value will be made by the Incentive Review Committee (as defined in Section 11), subject to review and approval or adjustment by the Committee, in its sole discretion. “Unsatisfied Cancellation Value” means the excess of
(i) the value of the Other Grant Year Award, or portion thereof, that the Incentive Review Committee determines should be subject to cancellation (which amount shall not exceed the original Grant Date fair value of the Other Grant Year Award)
over (ii) the value of that portion of the Other Grant Year Award that is subject to cancellation at the time of such determination. All or a portion of the Units granted under this Agreement that have not been settled (and Shares delivered)
shall be subject to cancellation in order to satisfy the Unsatisfied Cancellation Value. For avoidance of doubt, the valuation of each Unit for the purpose of determining the number of such Units to be cancelled shall be determined in the absolute
discretion of the Committee. 
  

	3.	Distribution of Shares with Respect to Units 

 Subject to the restrictions in this Section 3,
following the vesting of Units and following the payment of any applicable withholding taxes pursuant to Section 8 hereof, the Company shall cause to be issued and delivered to Participant (including through book entry) Shares registered in the
name of Participant or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, as follows: 

(a) Scheduled Vesting Date Distributions. As soon as administratively feasible following each Scheduled Vesting Date (but in no
event later than December 31st of the year in which such Scheduled Vesting Date occurs), all Shares issuable pursuant to Units that become vested as of such Scheduled Vesting Date (and with
respect to which Shares have not been distributed previously) shall be distributed to Participant, or in the event of Participant’s death, to the representatives of Participant or to any Person to whom the Units have been transferred by will or
the applicable laws of descent and distribution. 
 (b) Qualifying Termination Distributions. As soon as
administratively feasible following a Separation From Service in connection with a Qualifying Termination (but in no event later than 60 days following such Separation From Service), all Shares issuable pursuant to Units that become vested as a
result of such Qualifying Termination (and with respect to which Shares have not been distributed previously) shall be distributed to Participant. Notwithstanding the foregoing, any Shares issuable to a Specified Employee (as defined in
Section 11) as a result of a Separation From Service in connection with a Qualifying Termination will not be delivered to such Specified Employee until the date that is six months and one day after the date of the Separation From Service.

 (c) Distributions Following Retirement or Disability. If a Participant has a Separation From Service with the Company or
its Affiliates due to Retirement or Disability (so long as such Separation From Service is not in connection with a Qualifying Termination), the distribution of Shares with respect to Units will not be accelerated, and Shares will be distributed as
soon as administratively feasible following the applicable Scheduled Vesting Dates (but in no event later than December 31st of the year in which such Scheduled Vesting Date occurs).

 (d) Distributions Following Death. As soon as administratively feasible following the death of a Participant (but in no event
later than 90 days following such death) all Shares issuable pursuant to Units that become vested pursuant to Section 2(c) (and with respect to which Shares have not been distributed previously) shall be distributed to Participant. 

  
 -3- 

 In the event that the number of Shares distributable pursuant to this Section 3 is a number that is not a
whole number, then the number of Shares distributed shall be rounded down to the nearest whole number. 
  

	4.	Rights as Shareholder; Dividend Equivalents 

 Prior to the distribution of Shares with respect to
Units pursuant to Section 3 above, Participant shall not have ownership or rights of ownership of any Shares underlying the Units; provided, however, that Participant shall be entitled to receive cash dividend equivalents on
outstanding Units (i.e. Units that have not been forfeited or settled), whether vested or unvested, if cash dividends on the Common Stock are declared by the Board on or after the Grant Date. Participant shall be entitled to dividend equivalents
with respect to a number of Units equal to the Final Award Number. Such dividend equivalents will be in an amount of cash per Unit equal to the cash dividend paid with respect to a share of outstanding Common Stock. The dividend equivalents shall be
treated as earnings on, and as a separate amount from, the Units for purposes of Section 409A of the Code. Dividend equivalents accrued prior to the Determination Date will be paid to Participant as soon as administratively feasible following
the Determination Date, provided, however, that such payment will occur in all cases between January 1st and March 15th
of the calendar year immediately following the calendar year in which the last day of the Performance Period occurs. After the Determination Date, dividend equivalents will be paid to Participant with respect to Units that have not been settled and
paid out on the same payment dates as dividends are paid to holders of the Common Stock. For avoidance of doubt, such dividend equivalents will be paid in the year in which the dividends on Common Stock are declared, provided, however,
that for dividends declared in December, the dividend equivalents will be paid in January of the following year. Dividend equivalents paid with respect to dividends declared before the delivery of the Shares underlying the Units will be treated as
compensation income for tax purposes and will be subject to income and payroll tax withholding by the Company. 
  

	5.	Restriction on Transfer  

 Except for transfers by will or the applicable laws of descent and
distribution, the Units cannot be sold, assigned, transferred, gifted, pledged, or in any manner encumbered, alienated, attached or disposed of, and any purported sale, assignment, transfer, gift, pledge, alienation, attachment or encumbrance shall
be void and unenforceable against the Company. No such attempt to transfer the Units, whether voluntary or involuntary, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the Units
or the Shares issuable with respect to the Units. 
  

	6.	Securities Law Compliance 

 The delivery of all or any of the Shares in accordance with this Award
shall be effective only at such time that the issuance of such Shares will not violate any state or federal securities or other laws. The Company is under no obligation to effect any registration of the Shares under the Securities Act of 1933 or to
effect any state registration or qualification of the Shares. The Company may, in its sole discretion, delay the delivery of the Shares or place restrictive legends on such Shares in order to ensure that the issuance of any Shares will be in
compliance with federal or state securities laws and the rules of the New York Stock Exchange or any other exchange upon which the Company’s Common Stock is traded. 
  

	7.	Distributions and Adjustments 

 The Award shall be subject to adjustment, in accordance with
Section 4(c) of the Plan, in the event that any distribution, recapitalization, reorganization, merger or other event covered by Section 4(c) of the Plan shall occur. 

 

	8.	Income Tax Withholding 

 In order to comply with all applicable federal, state,
local and foreign income and payroll tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable withholding, income or other taxes, which are the sole and absolute responsibility of Participant,
are withheld or collected from Participant. Without limiting the foregoing, the Company may, but is not obligated to, permit or require the satisfaction of the minimum statutory tax withholding obligations through net Share settlement at the time of
delivery of Shares (i.e. the Company withholds a portion of the Shares otherwise to be delivered with a Fair Market Value, as such term is defined in the Plan, equal to the amount necessary to satisfy such obligations) or through an open market sale
of Shares otherwise to be delivered, in each case pursuant to such rules and procedures as may be established by the Company. 

  
 -4- 

	9.	Miscellaneous 

 (a) The Agreement is issued pursuant to the Plan and is subject to
its terms. The Plan is available for inspection during business hours at the principal office of the Company. In addition, the Plan may be viewed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other
stock plan administrator selected by the Company in the future). 
 (b) The Agreement shall not confer on Participant any right with respect
to continuance of employment with the Company or any Affiliate, nor will it interfere in any way with the right of the Company or any Affiliate to terminate such employment at any time. 

(c) Participant acknowledges that the grant, vesting or any payment with respect to this Award, and the sale or other taxable disposition of
the Shares issued with respect to the Units hereunder may have tax consequences pursuant to the Code or under local, state or international tax laws. Participant acknowledges that Participant is relying solely and exclusively on Participant’s
own professional tax and investment advisors with respect to any and all such matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Participant understands and agrees that any and all tax
consequences resulting from the Award and its grant, vesting or any payment with respect thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Award, is solely and exclusively the responsibility of Participant
without any expectation or understanding that the Company or any of its employees or representatives will pay or reimburse Participant for such taxes or other items. 

(d) It is intended that the Plan and the Agreement shall comply with Section 409A of the Code and Department of Treasury regulations and
other interpretive guidance issued thereunder and the provisions of the Agreement shall be construed and administered accordingly. 
  

	10.	Venue 

 Any claim or action brought with respect to this Award shall be brought in a federal or
state court located in Minneapolis, Minnesota. 
  

	11.	Definitions 

 For purposes of the Agreement, the following terms shall have the definitions as set
forth below: 
 (a) “Affiliate” shall be defined as defined in Rule 12b-2 promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).  
 (b) “Announcement Date” shall mean the date of the
public announcement of the transaction, event or course of action that results in a Change in Control.  
 (c)
“Cause” shall mean: 
 (A) the continued failure by Participant to substantially perform Participant’s duties
with the Company or any Affiliate (other than any such failure resulting from Participant’s Disability), after a demand for substantial performance is delivered to Participant that specifically identifies the manner in which the Company
believes that Participant has not substantially performed Participant’s duties, and Participant has failed to resume substantial performance of Participant’s duties on a continuous basis; 

(B) gross and willful misconduct during the course of employment (regardless of whether the misconduct occurs on the Company’s premises),
including, without limitation, theft, assault, battery, malicious destruction of property, arson, sabotage, embezzlement, harassment, acts or omissions which violate the Company’s rules or policies (such as breaches of confidentiality), or
other conduct which demonstrates a willful or reckless disregard of the interests of the Company or its Affiliates; or 

  
 -5- 

 (C) Participant’s conviction of a crime (including, without limitation, a misdemeanor
offense) which impairs Participant’s ability substantially to perform Participant’s duties with the Company. 
 (d) “Change
in Control” shall mean any of the following events occurring after the date of the Agreement, but only if such event also constitutes a change in ownership or effective control of the Company, or a change in the ownership of a substantial
portion of the assets of the Company, within the meaning of Section 409A of the Code: 
 (A) The acquisition by any Person (as defined
in Section 11(h))of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (1) the then outstanding shares of Common Stock (the
“Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that, for purposes of this clause (A), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the
Company, (iii) any acquisition by a subsidiary of the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or a subsidiary of the Company (a “Company Entity”) or (iv) any acquisition by
any corporation pursuant to a transaction which complies with clause (i), (ii) or (iii) of this clause (A); or 
 (B) Individuals
who, as of the Grant Date, constitute the Company’s Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors (except as a result of the death, retirement or disability
of one or more members of the Incumbent Board); provided, however, that any individual becoming a director subsequent to the date of the Agreement whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, (1) any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than
the Incumbent Board, (2) any director designated by or on behalf of a Person who has entered into an agreement with the Company (or which is contemplating entering into an agreement) to effect a Business Combination (as defined in paragraph
(C) of this Section 11(d)) with one or more entities that are not Company Entities or (3) any director who serves in connection with the act of the Board of Directors of increasing the number of directors and filling vacancies in
connection with, or in contemplation of, any such Business Combination; or 
 (C) Consummation of a reorganization, merger or consolidation
or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively,
the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any Company Entity or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (3) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or 

  
 -6- 

 (D) Approval by the shareholders of the Company of a complete liquidation or dissolution of the
Company. 
 (e) “Disability” means leaving active employment and qualifying for and receiving disability benefits under the
Company’s long-term disability programs as in effect from time to time. 
 (f) “Incentive Review Committee” means a
committee of executive officers of the Company as identified in the Company’s Incentive Compensation Policy from time to time, and initially comprised of the Company’s chief financial officer, chief credit officer, chief risk officer,
general counsel and executive vice-president human resources. 
 (g) “Notice of Termination” means a written notice which
sets forth the date of termination of Participant’s employment. 
 (h) “Person” means person as defined in Sections
13(d)(3) and 14(d)(2) of the Exchange Act. 
 (i) “Qualifying Termination” means: 

(A) Participant’s Separation From Service with the Company and its Affiliates as a result of the Company’s termination of
Participant’s employment for any reason other than Cause within 12 months following a Change in Control, provided that such a termination will not be a Qualifying Termination if: i) the Company has notified the Participant in writing more than
30 days prior to the Announcement Date that Participant’s employment is not expected to continue for more than 12 months following the date of such notification, and Participant’s employment is in fact terminated within such 12 month
period; or ii) Participant has announced in writing, prior to the date the Company provides a Notice of Termination to Participant, that Participant intends to terminate his or her employment; 

(B) Participant’s Separation From Service with the Company and its Affiliates as a result of Disability within 12 months following a
Change in Control; or 
 (C) Participant’s Separation From Service with the Company and its Affiliates (other than as a result of
Participant’s termination of employment by the Company for Cause) within 12 months following a Change in Control, if, at the time of the Change in Control, such Participant is age 59 1/2 or older and has had 10 or more years of employment
with the Company or its Affiliates following such Participant’s most recent date of hire by the Company or its Affiliates. 
 (j)
“Retirement” means termination of employment (other than for Cause) by a Participant who is age 59 1/2 or older and has had 10 or more years of employment with the Company or its Affiliates following such Participant’s
most recent date of hire by the Company or its Affiliates. 
 (k) “Separation From Service” means a Participant’s
separation from service with the Company and its affiliates, as determined under Treasury Regulation section 1.409A-1(h)(1), provided, that the term “affiliate” shall mean a business entity which is affiliated in ownership with the Company
and that is treated as a single employer under the rules of section 414(b) and (c) of the Code (applying the eighty percent common ownership standard). 

(l) “Specified Employee” shall mean any Participant who is a specified employee for purposes of section 1.409A-1(i) of the
U.S. Treasury Regulations, determined in accordance with the rules set forth in the separate document entitled “U.S. Bank Specified Employee Determination.” 

  
 -7- 

 EXHIBIT A 

TO 
 PERFORMANCE
RESTRICTED STOCK UNIT AWARD AGREEMENT 
 This Exhibit A to the Performance Restricted Stock Unit Award Agreement sets forth the manner in which the
Final Award Number will be determined for each Participant. 
 Definitions 

Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan, the Performance Restricted Stock Unit Award Agreement
and Participant’s Award Summary. The following terms used in the text of this Exhibit A and in the ROE Performance Matrix shall have the meanings set forth below: 

“Company ROE Maximum” means             %. 

“Company ROE Minimum” means             %. 

“Company ROE Result” means the ROE achieved by the Company during the Performance Period. 

“Company ROE Target” means             %. 

“Determination Date” means the date on which the Final Award Number is determined, which date shall not be later than 45 days after the last
day of the Performance Period. 
 “Final Award Number” means the “Final Award Number” determined in accordance with this
Exhibit A. 
 “Peer Group Companies” means the following companies:
                    . 
 “Peer Group ROE Ranking
Maximum” means the              percentile. 
 “Peer Group ROE Ranking
Minimum” means the              percentile. 
 “Peer Group ROE Ranking
Target” means the              percentile. 
 “Peer Group ROE” means
the ROE achieved by the Peer Group Companies during the Performance Period. 
 “Peer Group ROE Ranking” means the percentile rank of the
Company ROE Result relative to Peer Group ROE. 
 “Performance Period” means the year ending December 31,
            . 
 “ROE” means (a) net income applicable to the common
shareholders of a company during the Performance Period, divided by (b) that company’s average common shareholders’ equity during the Performance Period. 

“ROE Performance Matrix” means the ROE Performance Matrix set forth in this Exhibit A. 

  
 -8- 

 “Target Award Number” means the “Target Award Number” set forth in a
Participant’s Award Summary. 
 “Target Award Number Percentage” means the “Target Award Number Percentage” determined in
accordance with the ROE Performance Matrix and the related rules set forth in this Exhibit A. 
 Determination of Final Award Number 

Each Participant has been granted a number of Units equal to the Target Award Number. The Target Award Number will be adjusted upward or downward depending on
(a) whether the Company ROE Result is greater or less than the Company ROE Target, and (b) the Peer Group ROE Ranking. The Final Award Number for each Participant will be determined by multiplying (i) the Target Award Number
Percentage by (ii) the Target Award Number. The Target Award Number Percentage will be determined in accordance with the following ROE Performance Matrix and the related rules below: 

ROE PERFORMANCE MATRIX 
  

															
	 	  	 	  	Target Award Number Percentage	 
	 Company ROE Result (Vertical Axis)
	  	Company ROE Maximum (    %) or more	  	 	75	% 	 	 	112.5	% 	 	 	125	% 
		  	Company ROE Target (    %)	  	 	50	% 	 	 	100	% 	 	 	112.5	% 
		  	Company ROE Minimum (    %) or less (but greater than zero)	  	 	25	% 	 	 	50	% 	 	 	75	% 
		  	Company ROE is 0% or less	  	 	0	% 	 	 	0	% 	 	 	0	% 
					
	 	  	 	  	Peer Group
ROE Ranking
Minimum
or below	 	 	Peer Group
ROERanking
Target	 	 	Peer Group
ROE Ranking
Maximum
or above	 
	 	  	 	  	Peer Group ROE Ranking(Horizontal Axis)	 

 In determining the Target Award Number Percentage in accordance with the ROE Performance Matrix, the following rules will
apply: 
  

	 	•	 	If the Company ROE Result is greater than the Company ROE Minimum and less than the Company ROE Target, the Target Award Number Percentage on the vertical axis will be determined by interpolation of the Company ROE
Result between the Company ROE Minimum and the Company ROE Target. 

  

	 	•	 	If the Company ROE Result is greater than the Company ROE Target and less than the Company ROE Maximum, the Target Award Number Percentage on the vertical axis will be determined by interpolation of the Company ROE
Result between the Company ROE Target and the Company ROE Maximum. 

  

	 	•	 	If the Peer Group ROE Ranking is greater than the Peer Group ROE Ranking Minimum and less than the Peer Group ROE Ranking Target, the Target Award Number Percentage on the horizontal axis will be determined by
interpolation of the Peer Group ROE Ranking between the Peer Group ROE Minimum and the Peer Group ROE Target. 

  
 -9- 

	 	•	 	If the Peer Group ROE Ranking is greater than the Peer ROE Group Ranking Target and less than the Peer Group ROE Ranking Maximum, the Target Award Number Percentage on the horizontal axis will be determined by
interpolation of the Peer Group ROE Ranking between the Peer Group ROE Target and the Peer Group ROE Maximum. 

  

	 	•	 	After the Target Award Number Percentage on each of the vertical axis and horizontal axis has been determined, the actual Target Award Number Percentage will be determined by interpolation of the data points
(i.e., the percentages) set forth in the ROE Performance Matrix. 

  

	 	•	 	In no event shall the Target Award Number Percentage be greater than 125.0%. 

 The Final Award Number for each
Participant shall be determined by the Committee on the Determination Date. The Award Summary of each Participant shall be amended to reflect the Final Award Number as soon as administratively feasible after the Final Award Number for such
Participant is determined. 
 Committee Determinations 

The Committee shall make all determinations necessary to arrive at the Final Award Number for each Participant. The Committee shall determine the Company ROE
Result by reference to the Company’s audited financial statements as of and for the year ending on the last day of the Performance Period. The Committee shall determine the Peer Group ROE Ranking by reference to publicly available financial
information regarding the Peer Companies. Any determination by the Committee pursuant to this Exhibit A will be binding upon each Participant and the Company. 

No Fractional Units 
 In the event the Final Award Number
is a number of Units that is not a whole number, then the Final Award Number shall be rounded down to the nearest whole number. 

  
 -10-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]