Document:

EX-4.8

 Exhibit 4.8 

ZILLOW GROUP, INC., 

ISSUER 
 TO 

                       
 , 
 TRUSTEE 

INDENTURE 
 CONVERTIBLE
[SUBORDINATED] DEBT SECURITIES 
 DATED AS OF
                    , 20     
  

 Reconciliation and tie between Trust Indenture Act of 1939 (the “Trust Indenture Act”) and
Indenture 
  

			
	 Trust Indenture Act of 1939 Section
	  	 Indenture Section

	 310  (a)(1)
	  	6.8
	         (a)(2)
	  	6.8
	         (a)(3)
	  	TIA
	         (a)(4)
	  	Not Applicable
	         (a)(5)
	  	TIA
	         (b)
	  	6.9
		
	 311  (a)
	  	TIA
	         (b)
	  	TIA
		
	 312  (a)
	  	7.1
	         (b)
	  	7.2
	         (c)
	  	7.2
		
	 313  (a)
	  	7.3
	         (b)
	  	7.3
	         (c)
	  	7.3
	         (d)
	  	7.3
		
	 314  (a)
	  	7.4; TIA
	         (b)
	  	Not Applicable
	         (c)(1)
	  	1.2
	         (c)(2)
	  	1.2
	         (c)(3)
	  	Not Applicable
	         (d)
	  	Not Applicable
	         (e)
	  	1.2
	         (f)
	  	1.2
		
	 315  (a)
	  	6.1; TIA
	         (b)
	  	6.3
	         (c)
	  	6.1; TIA
	         (d)(1)
	  	6.1; TIA
	         (d)(2)
	  	6.1; TIA
	         (d)(3)
	  	6.1; TIA
	         (e)
	  	5.15; TIA
		
	 316  (a) (last sentence)
	  	1.1
	         (a)(1)(A)
	  	5.2; 5.12
	         (a)(1)(B)
	  	5.13
	         (b)
	  	5.8
	         (c)
	  	TIA

			
	 Trust Indenture Act of 1939 Section
	  	 Indenture Section

	 317  (a)(1)
	  	5.3
	         (a)(2)
	  	5.4
	         (b)
	  	10.3
		
	 318  (a)
	  	1.8
	         (b)
	  	TIA
	         (c)
	  	TIA

 This reconciliation and tie section does not constitute part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 Section 1.1.
	  	Definitions.	  	 	1	 
			
	 Section 1.2.
	  	Compliance Certificates and Opinions.	  	 	11	 
			
	 Section 1.3.
	  	Form of Documents Delivered to Trustee.	  	 	11	 
			
	 Section 1.4.
	  	Acts of Holders.	  	 	12	 
			
	 Section 1.5.
	  	Notices, Etc. to the Trustee and the Company.	  	 	14	 
			
	 Section 1.6.
	  	Notice to Holders of Securities; Waiver.	  	 	14	 
			
	 Section 1.7.
	  	Language of Notices.	  	 	15	 
			
	 Section 1.8.
	  	Conflict with Trust Indenture Act.	  	 	15	 
			
	 Section 1.9.
	  	Effect of Headings and Table of Contents.	  	 	15	 
			
	 Section 1.10.
	  	Successors and Assigns.	  	 	15	 
			
	 Section 1.11.
	  	Separability Clause.	  	 	16	 
			
	 Section 1.12.
	  	Benefits of Indenture.	  	 	16	 
			
	 Section 1.13.
	  	Governing Law.	  	 	16	 
			
	 Section 1.14.
	  	Legal Holidays.	  	 	16	 
			
	 Section 1.15.
	  	Counterparts.	  	 	16	 
			
	 Section 1.16.
	  	Judgment Currency.	  	 	16	 
			
	 Section 1.17.
	  	No Security Interest Created.	  	 	17	 
			
	 Section 1.18.
	  	Limitation on Individual Liability.	  	 	17	 
		
	 ARTICLE 2. SECURITIES FORMS
	  	 	18	 
			
	 Section 2.1.
	  	Forms Generally.	  	 	18	 
			
	 Section 2.2.
	  	Form of Trustee’s Certificate of Authentication.	  	 	18	 
			
	 Section 2.3.
	  	Securities in Global Form.	  	 	18	 
		
	 ARTICLE 3. THE SECURITIES
	  	 	19	 
			
	 Section 3.1.
	  	Amount Unlimited; Issuable in Series.	  	 	19	 
			
	 Section 3.2.
	  	Currency; Denominations.	  	 	23	 
			
	 Section 3.3.
	  	Execution, Authentication, Delivery and Dating.	  	 	23	 
			
	 Section 3.4.
	  	Temporary Securities.	  	 	25	 
			
	 Section 3.5.
	  	Registration, Transfer and Exchange.	  	 	26	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 3.6.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	29	 
			
	 Section 3.7.
	  	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved.	  	 	30	 
			
	 Section 3.8.
	  	Persons Deemed Owners.	  	 	32	 
			
	 Section 3.9.
	  	Cancellation.	  	 	32	 
			
	 Section 3.10.
	  	Computation of Interest.	  	 	32	 
		
	ARTICLE 4. SATISFACTION AND DISCHARGE OF INDENTURE	  	 	33	 
			
	 Section 4.1.
	  	Satisfaction and Discharge.	  	 	33	 
			
	 Section 4.2.
	  	Defeasance and Covenant Defeasance.	  	 	34	 
			
	 Section 4.3.
	  	Application of Trust Money.	  	 	38	 
			
	 Section 4.4.
	  	Reinstatement.	  	 	38	 
		
	ARTICLE 5. REMEDIES	  	 	39	 
			
	 Section 5.1.
	  	Events of Default.	  	 	39	 
			
	 Section 5.2.
	  	Acceleration of Maturity; Rescission and Annulment.	  	 	40	 
			
	 Section 5.3.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	41	 
			
	 Section 5.4.
	  	Trustee May File Proofs of Claim.	  	 	42	 
			
	 Section 5.5.
	  	Trustee May Enforce Claims Without Possession of Securities or Coupons.	  	 	43	 
			
	 Section 5.6.
	  	Application of Money Collected.	  	 	43	 
			
	 Section 5.7.
	  	Limitations on Suits.	  	 	43	 
			
	 Section 5.8.
	  	Unconditional Right of Holders to Receive Principal and Any Premium, Interest and Additional Amounts.	  	 	44	 
			
	 Section 5.9.
	  	Restoration of Rights and Remedies.	  	 	44	 
			
	 Section 5.10.
	  	Rights and Remedies Cumulative.	  	 	44	 
			
	 Section 5.11.
	  	Delay or Omission Not Waiver.	  	 	45	 
			
	 Section 5.12.
	  	Control by Holders of Securities.	  	 	45	 
			
	 Section 5.13.
	  	Waiver of Past Defaults.	  	 	45	 
			
	 Section 5.14.
	  	Waiver of Usury, Stay or Extension Laws.	  	 	45	 
			
	 Section 5.15.
	  	Undertaking for Costs.	  	 	46	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 6. THE TRUSTEE
	  	 	46	 
			
	 Section 6.1.
	  	Certain Duties and Responsibilities.	  	 	46	 
			
	 Section 6.2.
	  	Certain Rights of Trustee.	  	 	47	 
			
	 Section 6.3.
	  	Notice of Defaults.	  	 	48	 
			
	 Section 6.4.
	  	Not Responsible for Recitals or Issuance of Securities.	  	 	49	 
			
	 Section 6.5.
	  	May Hold Securities.	  	 	49	 
			
	 Section 6.6.
	  	Money Held in Trust.	  	 	49	 
			
	 Section 6.7.
	  	Compensation and Reimbursement.	  	 	49	 
			
	 Section 6.8.
	  	Corporate Trustee Required; Eligibility.	  	 	50	 
			
	 Section 6.9.
	  	Resignation and Removal; Appointment of Successor.	  	 	51	 
			
	 Section 6.10.
	  	Acceptance of Appointment by Successor.	  	 	52	 
			
	 Section 6.11.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	 	53	 
			
	 Section 6.12.
	  	Appointment of Authenticating Agent.	  	 	54	 
		
	 ARTICLE 7. HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	55	 
			
	 Section 7.1.
	  	Company to Furnish Trustee Names and Addresses of Holders.	  	 	55	 
			
	 Section 7.2.
	  	Preservation of Information; Communications to Holders.	  	 	56	 
			
	 Section 7.3.
	  	Reports by Trustee.	  	 	56	 
			
	 Section 7.4.
	  	Reports by Company.	  	 	56	 
		
	 ARTICLE 8. CONSOLIDATION, MERGER AND SALES
	  	 	57	 
			
	 Section 8.1.
	  	Company May Consolidate, Etc., Only on Certain Terms.	  	 	57	 
			
	 Section 8.2.
	  	Successor Person Substituted for Company.	  	 	58	 
		
	 ARTICLE 9. SUPPLEMENTAL INDENTURES
	  	 	58	 
			
	 Section 9.1.
	  	Supplemental Indentures Without Consent of Holders.	  	 	58	 
			
	 Section 9.2.
	  	Supplemental Indentures With Consent of Holders.	  	 	59	 
			
	 Section 9.3.
	  	Execution of Supplemental Indentures.	  	 	61	 
			
	 Section 9.4.
	  	Effect of Supplemental Indentures.	  	 	61	 
			
	 Section 9.5.
	  	Reference in Securities to Supplemental Indentures.	  	 	61	 
			
	 Section 9.6.
	  	Conformity With Trust Indenture Act.	  	 	61	 
			
	 Section 9.7.
	  	Notice of Supplemental Indenture.	  	 	61	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 10. COVENANTS
	  	 	61	 
			
	 Section 10.1.
	  	Payment of Principal, Any Premium, Interest and Additional Amounts.	  	 	61	 
			
	 Section 10.2.
	  	Maintenance of Office or Agency.	  	 	62	 
			
	 Section 10.3.
	  	Money for Securities Payments to be Held in Trust.	  	 	63	 
			
	 Section 10.4.
	  	Additional Amounts.	  	 	64	 
			
	 Section 10.5.
	  	[Reserved.]	  	 	65	 
			
	 Section 10.6.
	  	[Reserved.]	  	 	65	 
			
	 Section 10.7.
	  	Corporate Existence.	  	 	65	 
			
	 Section 10.8.
	  	Waiver of Certain Covenants.	  	 	65	 
			
	 Section 10.9.
	  	Company Statement as to Compliance; Notice of Certain Defaults.	  	 	66	 
		
	 ARTICLE 11. REDEMPTION OF SECURITIES
	  	 	66	 
			
	 Section 11.1.
	  	Applicability of Article.	  	 	66	 
			
	 Section 11.2.
	  	Election to Redeem; Notice to Trustee.	  	 	66	 
			
	 Section 11.3.
	  	Selection by Trustee of Securities to be Redeemed.	  	 	67	 
			
	 Section 11.4.
	  	Notice of Redemption.	  	 	67	 
			
	 Section 11.5.
	  	Deposit of Redemption Price.	  	 	69	 
			
	 Section 11.6.
	  	Securities Payable on Redemption Date.	  	 	69	 
			
	 Section 11.7.
	  	Securities Redeemed in Part.	  	 	70	 
		
	 ARTICLE 12. SINKING FUNDS
	  	 	70	 
			
	 Section 12.1.
	  	Applicability of Article.	  	 	70	 
			
	 Section 12.2.
	  	Satisfaction of Sinking Fund Payments With Securities.	  	 	71	 
			
	 Section 12.3.
	  	Redemption of Securities for Sinking Fund.	  	 	71	 
		
	 ARTICLE 13. REPAYMENT AT THE OPTION OF HOLDERS
	  	 	72	 
			
	 Section 13.1.
	  	Applicability of Article.	  	 	72	 
		
	 ARTICLE 14. SECURITIES IN FOREIGN CURRENCIES
	  	 	72	 
			
	 Section 14.1.
	  	Applicability of Article.	  	 	72	 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 15. MEETINGS OF HOLDERS OF SECURITIES
	  	 	72	 
			
	 Section 15.1.
	  	Purposes for Which Meetings May Be Called.	  	 	72	 
			
	 Section 15.2.
	  	Call, Notice and Place of Meetings.	  	 	73	 
			
	 Section 15.3.
	  	Persons Entitled to Vote at Meetings.	  	 	73	 
			
	 Section 15.4.
	  	Quorum; Action.	  	 	73	 
			
	 Section 15.5.
	  	Determination of Voting Rights; Conduct and Adjournment of Meetings.	  	 	74	 
			
	 Section 15.6.
	  	Counting Votes and Recording Action of Meetings.	  	 	75	 
		
	 ARTICLE 16. CONVERSION OF SECURITIES
	  	 	75	 
			
	 Section 16.1.
	  	Conversion Privilege.	  	 	75	 
			
	 Section 16.2.
	  	Exercise of Conversion Privilege.	  	 	76	 
			
	 Section 16.3.
	  	Fractions of Shares.	  	 	77	 
			
	 Section 16.4.
	  	Adjustment of Conversion Price.	  	 	77	 
			
	 Section 16.5.
	  	Notice of Adjustments of Conversion Price.	  	 	77	 
			
	 Section 16.6.
	  	Notice of Certain Corporate Action.	  	 	78	 
			
	 Section 16.7.
	  	Company to Reserve Class C Capital Stock.	  	 	79	 
			
	 Section 16.8.
	  	Taxes on Conversions.	  	 	79	 
			
	 Section 16.9.
	  	Covenant as to Class C Capital Stock.	  	 	79	 
			
	 Section 16.10.
	  	Cancellation of Converted Securities.	  	 	79	 
			
	 Section 16.11.
	  	Provisions in Case of Consolidation, Merger of Sale of Assets.	  	 	79	 
		
	 ARTICLE 17. [SUBORDINATION OF SECURITIES
	  	 	80	 
			
	 Section 17.1.
	  	Securities Subordinate to Senior Indebtedness.	  	 	80	 
			
	 Section 17.2.
	  	Payment Over of Proceeds Upon Dissolution, Etc.	  	 	80	 
			
	 Section 17.3.
	  	No Payment when Senior Indebtedness in Default.	  	 	82	 
			
	 Section 17.4.
	  	Reliance by Senior Indebtedness on Subordination Provisions.	  	 	83	 
			
	 Section 17.5.
	  	Payment Permitted If No Default.	  	 	83	 
			
	 Section 17.6.
	  	Subrogation to Rights of Holders of Senior Indebtedness.	  	 	83	 
			
	 Section 17.7.
	  	Provisions Solely to Define Relative Rights.	  	 	84	 
			
	 Section 17.8.
	  	Trustee to Effectuate Subordination.	  	 	84	 
			
	 Section 17.9.
	  	No Waiver of Subordination Provisions.	  	 	84	 

  
 -v- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 17.10.
	  	Notice to Trustee.	  	 	85	 
			
	 Section 17.11.
	  	Reliance on Judicial Order or Certificate of Liquidating Agent.	  	 	85	 
			
	 Section 17.12.
	  	Trustee Not Fiduciary for Holders of Senior Indebtedness.	  	 	85	 
			
	 Section 17.13.
	  	Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights.	  	 	86	 
			
	 Section 17.14.
	  	Article Applicable to Paying Agents.	  	 	86	 
			
	 Section 17.15.
	  	Defeasance of this Article 17.	  	 	86	 
		
	 EXHIBIT A FORM OF SECURITY
	  	 	88	 

  

  
 -vi- 

 INDENTURE, dated as of
                    , 20     (the “Indenture”), among ZILLOW GROUP, INC., a corporation duly organized and existing
under the laws of the State of Washington (hereinafter called the “Company”), having its principal executive office located at 1301 Second Avenue, Seattle, Washington 98101, and
                    , a                     , as
trustee (hereinafter called the “Trustee”), having its Corporate Trust Office located at                     . 

RECITALS 
 The Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its convertible unsecured, [unsubordinated/subordinated] debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided. 

The Company has duly authorized the execution and delivery of this Indenture. All things necessary to make this Indenture a valid agreement of
the Company, in accordance with its terms, have been done. 
 This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof and any Coupons (as herein defined) as follows: 

ARTICLE 1. 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.1.    Definitions. 

Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this
Indenture: 
 (1)    the terms defined in this Article have the meanings assigned to them in this Article, and include
the plural as well as the singular; 
 (2)    all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
 (3)    all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of 

 
America and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or
permitted hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date or time of such computation; 

(4)    the words “herein,” “hereof,” “hereto” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(5)    the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B
or both,” not “either A or B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in
those Articles. 
 “Act,” when used with respect to any Holders, has the meaning specified in Section 1.4. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in an official language of the place
of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation in each
place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“Authorized Officer” means, when used with respect to the Company, the Chairman of the Board of Directors, the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Chief Operating Officer, the Chief Accounting Officer, the Secretary or an Assistant Secretary, of the Company. 

“Bearer Security” means any Security in the form established pursuant to Section 2.1 which is payable to bearer. 

  
 - 2 - 

 “Board of Directors” means the board of directors of the Company or any committee
of that board duly authorized to act generally or in any particular respect for the Company hereunder. 
 “Board Resolution” means
a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the
Trustee. 
 “Business Day,” with respect to any Place of Payment or other location, means, unless otherwise specified with respect
to any Securities pursuant to Section 3.1, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or other location are authorized or obligated by law, regulation or executive order to close.

 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such equity. 

“Capitalized Lease Obligation” means an obligation under a lease that is required to be capitalized for financial reporting purposes
in accordance with GAAP to the extent such obligation is required to be classified and accounted for as a finance lease on the balance sheet under GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of
such obligation determined in accordance with such principles. 
 “Class C Capital Stock” means the class of Company Common
Stock designated as Class C Capital Stock, par value $0.0001 per share. 
 “Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time. 
 “Common Stock” in respect of any Corporation means
Capital Stock of any class or classes (however designated) which has no preference as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not
subject to redemption by such Corporation. With respect to the Company, subject to the provisions of Section 16.11, shares issuable on conversion of Securities shall include only shares of the class designated as Class C Capital Stock of
the Company at the date of this instrument or shares of any class or classes resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the
shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all
such reclassifications. 

  
 - 3 - 

 “Company” means the Person named as the “Company” in the first paragraph
of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person, and any other obligor upon the Securities. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed in the
name of the Company by an Authorized Officer, and delivered to the Trustee. 
 “Conversion Event” means the cessation of use of
(i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking
community or (ii) any currency unit or composite currency for the purposes for which it was established. 
 “Corporate Trust
Office” means the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at
                    . 

“Corporation” includes corporations and limited liability companies and, except for purposes of Article 8, associations, companies
and business trusts. 
 “Coupon” means any interest coupon appertaining to a Bearer Security. 

“Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or
any Additional Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with
respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 

“CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Ratings Service, CUSIP
Service Bureau. 
 “Defaulted Interest” has the meaning specified in Section 3.7. 

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States of America. 
 “Event of Default” has the meaning specified in Section 5.1. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the
government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

  
 - 4 - 

 “Government Obligations” means securities which are (i) direct obligations of
the United States of America or the other government or governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case
where the payment or payments thereunder are supported by the full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America or such other government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or
governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any
such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 

“Holder,” in the case of any Registered Security, means the Person in whose name such Security is registered in the Security
Register and, in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof. 

“Indebtedness” means, with respect to any Person, (i) the principal of and any premium and interest on (a) indebtedness of
such Person for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all Capitalized Lease Obligations of such Person;
(iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing
obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing
is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations of the type referred to in clauses (i) through (iv) of other
Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type referred to in clauses (i) through (v) of
other Persons secured by any lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount
of the obligation so secured; and (vii) any amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i) through (vi) above. 

  
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 “Indenture” means this instrument as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security and any Coupon appertaining thereto established pursuant
to Section 3.1 (as such terms and provisions may be amended pursuant to the applicable provisions hereof). 
 “Independent Public
Accountants” means accountants or a firm of accountants that, with respect to the Company and any other obligor under the Securities or the Coupons, are independent public accountants within the meaning of the Securities Act of 1933, as
amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent public accountants regularly retained by the Company or who may be other independent public accountants. Such accountants or firm shall be
entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to this Indenture or certificates required to be provided hereunder. 

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be
more or less than the principal face amount thereof at original issuance. 
 “Interest,” with respect to any Original Issue
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.4, includes
such Additional Amounts. 
 “Interest Payment Date,” with respect to any Security, means the Stated Maturity of an installment of
interest on such Security. 
 “Judgment Currency” has the meaning specified in Section 1.16. 

“Legal Holidays” has the meaning specified in Section 1.14. 

“Maturity,” with respect to any Security, means the date on which the principal of such Security or an installment of principal
becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and includes the Redemption
Date. 
 “New York Banking Day” has the meaning specified in Section 1.16. 

“Office” or “Agency,” with respect to any Securities, means an office or agency of the Company maintained or designated in
a Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.2 or, to the extent designated or required by
Section 10.2 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officer’s Certificate”
means a certificate signed by an Authorized Officer that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 

  
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 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of
or counsel for the Company, or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture which provides for declaration of an amount
less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities theretofore
authenticated and delivered under this Indenture, except: 
 (a)    any such Security theretofore cancelled by the
Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; 
 (b)    any
such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section 4.2) 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 Securities and any Coupons appertaining thereto, provided that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(c)    any such Security with respect to which the Company has effected defeasance pursuant to the terms hereof, except to
the extent provided in Section 4.2; 
 (d)    any such Security which has been paid pursuant to Section 3.6 or
in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a bona fide purchaser
in whose hands such Security is a valid obligation of the Company; and 
 (e)    any such Security converted or
exchanged as contemplated by this Indenture into securities of the Company or another issuer, if the terms of such Security provide for such conversion or exchange pursuant to Section 3.1; provided, however, that in determining whether the
Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the
principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of
such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the principal amount
of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in
or pursuant to this Indenture, and (iii) 

  
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the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned by the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any
other obligor upon the Securities or any Coupons appertaining thereto or an Affiliate of the Company or such other obligor. 
 “Paying
Agent” means any Person authorized by the Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security or any Coupon on behalf of the Company. 

[“Payment Blockage Notice” has the meaning specified in Section 17.3.] 

[“Payment Blockage Period” has the meaning specified in Section 17.3.] 

“Person” means any individual, Corporation, partnership, joint venture, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 “Place of Payment,” with respect to any Security, means the place or
places where the principal of, or any premium or interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or such Security. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Indebtedness
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to
which a mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same Indebtedness as the lost, destroyed, mutilated or stolen Security or the Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

 “Preferred Stock” in respect of any Corporation means Capital Stock of any class or classes (however designated) which is
preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares of Capital Stock of any other class of such Corporation. 

“Redemption Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture or such Security. 

  
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 “Redemption Price,” with respect to any Security or portion thereof to be
redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or such Security. 
 “Registered
Security” means any Security established pursuant to Section 2.1 which is registered in a Security Register. 
 “Regular
Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the “Regular Record Date”. 

“Required Currency” has the meaning specified in Section 1.16. 

“Responsible Officer” means any vice president, any assistant vice president, the secretary, any assistant secretary, the treasurer,
any assistant treasurer, or any trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Restricted Subsidiary” has the meaning specified in the Indenture, as supplemented and amended as applicable. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any such
Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

[“Securities Payment” has the meaning specified in Section 17.2.] 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.5. 

[“Senior Indebtedness” means (x) all Indebtedness for money borrowed of the Company and other Indebtedness of the Company
referred to in the definition of Indebtedness other than in clause (iii) thereof, whether incurred on or prior to the date of this Indenture or thereafter incurred, other than the Securities and (y) amendments, renewals, extensions,
modifications, refinancings and refundings of any such Indebtedness; provided, however, the following shall not constitute Senior Indebtedness: (A) any Indebtedness owed to a Person when such Person is a Subsidiary of the Company
and (B) any Indebtedness which by the terms of the instrument creating or evidencing the same is not superior in right of payment to the Securities.] 

“Special Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the Company
pursuant to Section 3.7. 

  
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 “Stated Maturity,” with respect to any Security or any installment of principal
thereof or interest thereon, or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or
interest is, or such Additional Amounts are, due and payable. 
 “Subsidiary” means, in respect of any Person, any Corporation,
limited or general partnership or other business entity of which at the time of determination more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or
(iii) one or more Subsidiaries of such Person. 
 “Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday,
other than any day on which securities are not traded on the applicable securities exchange or in the applicable securities market. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a
particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the
purposes of such Act or provision, as the case may be. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is
then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the
Securities of such series. 
 “United States,” except as otherwise provided in or pursuant to this Indenture or any Security,
means the United States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

“United States Alien,” except as otherwise provided in or pursuant to this Indenture or any Security, means any Person who, for
United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust. 
 “U.S. Depository” or
“Depository” means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture, which Person must be,
to the extent required by applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any 

  
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successor to such Person. If at any time there is more than one such Person, “U.S. Depository” or “Depository” shall mean, with respect to any Securities, the qualifying
entity which has been appointed with respect to such Securities. 
 “Vice President,” when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “Vice President”. 

Section 1.2.    Compliance Certificates and Opinions. 

Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of
them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(1)    a statement that the individual signing such certificate or opinion has read such condition or covenant and the
definitions herein relating thereto; 
 (2)    a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3)    a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4)    a statement as to whether, in the opinion of such individual, such condition or covenant has been complied with.

 Section 1.3.    Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, provided that such officer, after reasonable inquiry, has no reason to believe and does not believe that the
Opinion of Counsel with respect to 

  
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the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, provided that such counsel, after reasonable inquiry, has no reason to believe and does
not believe that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 

Section 1.4.    Acts of Holders. 

(1)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to
this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. If, but only if, Securities of a
series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be given or taken by Holders of Securities of such series may,
alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called
and held in accordance with the provisions of Article 15, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or
both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be
sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any agent of the Trustee and the Company, if made in the manner provided in this
Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.6. 
 Without limiting
the generality of this Section 1.4, unless otherwise provided in or pursuant to this Indenture, a Holder, including a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global Security may provide its
proxy or proxies to the beneficial owners of interests in any such global Security through such U.S. Depository’s standing instructions and customary practices. 

The Company shall fix a record date for the purpose of determining the Persons who are beneficial owners of interest in any permanent global
Security held by a U.S. Depository entitled under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or

  
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other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or
proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other Act shall be valid or effective if made, given or taken more than 90 days after such record date. 

(2)    The fact and date of the execution by any Person of any such instrument or writing referred to in this
Section 1.4 may be proved in any reasonable manner; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(3)    The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the
commencement and the date of the termination of holding the same, shall be proved by the Security Register. 

(4)    The ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the
commencement and the date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other depositary reasonably acceptable to
the Company, wherever situated, if such certificate shall be deemed by the Company and the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may
assume that such ownership of any Bearer Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (ii) such Bearer Security is produced to the Trustee
by some other Person, or (iii) such Bearer Security is surrendered in exchange for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The ownership, principal amount and serial numbers of Bearer Securities held
by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of holding the same may also be proved in any other manner which the Company and the Trustee deem sufficient. 

(5)    If the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the
Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by
the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

  
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 (6)    Any request, demand, authorization, direction, notice, consent,
waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything
done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security. 

Section 1.5.    Notices, Etc. to the Trustee and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1)    the Trustee by any Holder or the Company shall
be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 

(2)    the Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Chief Financial Officer, Chief Accounting Officer or Secretary, at the address of its principal office specified in the first
paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 

Section 1.6.    Notice to Holders of Securities; Waiver. 

Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of
any event, 
 (1)    such notice shall be sufficiently given to Holders of Registered Securities if in writing and
mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice; and 
 (2)    such notice shall be sufficiently given to Holders of Bearer Securities, if any, if
published in an Authorized Newspaper in The City of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise the Trustee that such stock
exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the latest date prescribed for the giving of such notice. 

In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of 

  
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Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 In case by reason of the suspension of
publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearers Securities as provided above, then such notification to Holders of Bearer
Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any
defect in any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 
 Section 1.7.    Language of Notices. 

Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the
English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 
 
Section 1.8.    Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts
with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control. 

Section 1.9.    Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.10.    Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 1.11.    Separability Clause. 

In case any provision in this Indenture, any Security or any Coupon 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 1.12.    Benefits of Indenture. 

Nothing in this Indenture, any Security or any Coupon, express or implied, shall give to any Person, other than the parties hereto, any
Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder[, the holders of Senior Indebtedness] and the Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 1.13.    Governing Law. 

This Indenture, the Securities and any Coupons shall be governed by and construed in accordance with the laws of the State of New York
applicable to agreements made or instruments entered into and, in each case, performed in said state. 

Section 1.14.    Legal Holidays. 

Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or
Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall be a Legal Holiday at any Place of Payment, then (notwithstanding any other
provision of this Indenture, any Security or any Coupon other than a provision in any Security or Coupon that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, and
such Securities need not be converted or exchanged on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such
Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day. 
 
Section 1.15.    Counterparts. 
 This Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. 

Section 1.16.    Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on the Securities of any series (the “Required Currency”) into a currency in which a
judgment will 

  
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be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New
York the requisite amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment
being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or obligated by law, regulation or executive order to be closed. 

Section 1.17.     No Security Interest Created. 

Nothing in this Indenture or in any Security, express 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 where property of the Company or its Subsidiaries is or may be located. 

Section 1.18.    Limitation on Individual Liability. 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, officer or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or
is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or
agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights
and claims against, every such incorporator, shareholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or
in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Security. 

  
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 ARTICLE 2. 

SECURITIES FORMS 
 
Section 2.1.    Forms Generally. 
 Each Registered Security, Bearer Security, Coupon and temporary or
permanent global Security issued pursuant to this Indenture shall be in substantially the form attached as Exhibit A and as set forth pursuant to this Article, or in such other form established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Security or Coupon as evidenced by their execution of such Security or Coupon. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable in registered form without
Coupons and shall not be issuable upon the exercise of warrants. 
 Definitive Securities and definitive Coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities or
Coupons, as evidenced by their execution of such Securities or Coupons. 
 Section 2.2.    Form
of Trustee’s Certificate of Authentication. 
 Subject to Section 6.12, the Trustee’s certificate of authentication shall
be in substantially the following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
  

					
		 	 ,

	Dated:	 	 as Trustee

			
		 	 By:
	 	  

		 	 Authorized Officer

 Section 2.3.    Securities in Global Form. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall not be issuable in temporary or permanent
global form. If Securities of a series shall be issuable in global form, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount
as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement
of any 

  
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Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 3.3 or 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4,
the Trustee shall deliver and redeliver, in each case at the Company’s expense, any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a
Company Order pursuant to Section 3.3 or 3.4 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not be accompanied by or contained in an
Officer’s Certificate and need not be accompanied by an Opinion of Counsel. 
 Notwithstanding the provisions of Section 3.7,
unless otherwise specified in or pursuant to this Indenture or any Security, payment of principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the
Person or Persons specified therein. 
 Notwithstanding the provisions of Section 3.8 and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in registered
form, the Holder of such global Security in registered form, or (ii) in the case of a global Security in bearer form, the Person or Persons specified pursuant to Section 3.1. 

ARTICLE 3. 

THE SECURITIES 
 
Section 3.1.    Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. 
 With respect to
any Securities to be authenticated and delivered hereunder, there shall be established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, 

(1)    the title of such Securities and the series in which such Securities shall be included; 

(2)    any limit upon the aggregate principal amount of the Securities of such title or the Securities of such series
which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5,
3.6, 9.5 or 11.7, upon repayment in part of any Registered Security of such series pursuant to Article 13, upon surrender in part of any Registered Security for conversion into other securities of the Company or exchange for securities of another
issuer pursuant to its terms, or pursuant to or as contemplated by the terms of such Securities); 

  
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 (3)    if such Securities are to be issuable as Registered Securities,
as Bearer Securities or alternatively as Bearer Securities and Registered Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale or delivery of the
Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa; 

(4)    if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in
global form and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange such interests for Securities of the same
series and of like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depository or the U.S.
Depository, as the case may be, with respect to any such global Security; 
 (5)    if any of such Securities are to be
issuable as Bearer Securities or in global form, the date as of which any such Bearer Security or global Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued); 

(6)    if any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a
temporary Bearer Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities shall be paid to any clearing organization with respect to
the portion of such temporary Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to
the Persons entitled to interest payable on such Interest Payment Date; 
 (7)    the date or dates, or the method or
methods, if any, by which such date or dates shall be determined, on which the principal of such Securities is payable; 

(8)    the rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which
such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest
shall be payable and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the
notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if other than that of a
360-day year of twelve 30-day months; 

(9)    if in addition to or other than the Borough of Manhattan, The City of New York, the place or places where the
principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of transfer or exchange, any of such
Securities may be surrendered for conversion or exchange and notices or demands to or upon 

  
 - 20 - 

 
the Company in respect of such Securities and this Indenture may be served, the extent to which, or the manner in which, any interest payment or Additional Amounts on a global Security on an
Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 

(10)    whether any of such Securities are to be redeemable at the option of the Company and, if so, the date or dates on
which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company; 

(11)    whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or
analogous provision or at the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or
purchased, in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 

(12)    the denominations in which any of such Securities that are Registered Securities shall be issuable if other than
denominations of $1,000 and any integral multiple thereof, and the denominations in which any of such Securities that are Bearer Securities shall be issuable if other than the denomination of $5,000; 

(13)    whether the Securities of the series will be convertible into Class C Capital Stock of the Company and/or
exchangeable for securities of another issuer, and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate
the issuance of such convertible or exchangeable Securities or the administration thereof; 
 (14)    if other than the
principal amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion is to be
determined; 
 (15)    if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or
interest on or any Additional Amounts with respect to any of such Securities shall be payable; 
 (16)    if the
principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be payable, at the election of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in
which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate
between the Currency in which such Securities are stated to be payable and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications of or additions to the terms of this
Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency; 

  
 - 21 - 

 (17)    whether the amount of payments of principal of, any premium or
interest on or any Additional Amounts with respect to such Securities may be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more
Currencies, commodities, equity securities, equity indices or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 

(18)    any deletions from, modifications of or additions to the Events of Default or covenants of the Company with
respect to any of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(19)    whether either or both of Section 4.2(2) relating to defeasance or Section 4.2(3) relating to covenant
defeasance shall not be applicable to the Securities of such series, or any covenants in addition to those specified in Section 4.2(3) relating to the Securities of such series which shall be subject to covenant defeasance, and any deletions
from, or modifications or additions to, the provisions of Article 4 in respect of the Securities of such series; 

(20)    whether any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place
for such Securities to be authenticated and delivered; 
 (21)    if any of such Securities are to be issuable in global
form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such
certificates, documents or conditions; 
 (22)    if there is more than one Trustee, the identity of the Trustee and, if
not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 

(23)    [any deletions from or modifications or additions to the provisions of Article 17 in respect of such Securities;]
and 
 (24)    any other terms of such Securities and any other deletions from or modifications or additions to this
Indenture in respect of such Securities. 
 All Securities of any one series and all Coupons, if any, appertaining to Bearer Securities of
such series shall be substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity, and the date from which interest, if any,
shall accrue and except as may otherwise be provided by the Company in or pursuant to the Board Resolution and set forth in the Officer’s Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities.
The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the Officer’s
Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officer’s Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are
specified in such Officer’s Certificate or supplemental indenture. All Securities of any one series need not be issued at the same time and, unless otherwise so provided, a series may be reopened for issuances of additional Securities of such
series or to establish additional terms of such series of Securities. 

  
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 If any of the terms of the Securities of any series shall be established by action taken by
or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of such series. 

[The Securities shall be subordinated in right of payment to Senior Indebtedness as provided in Article 17.] 

Section 3.2.    Currency; Denominations. 

Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and interest on and any Additional Amounts with
respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in denominations of $1,000 and any
integral multiple thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such
Securities in or pursuant to this Indenture. 
 Section 3.3.    Execution, Authentication,
Delivery and Dating. 
 Securities shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer,
the President or any Vice President or the Treasurer or any Assistant Treasurer under its corporate seal reproduced thereon and attested by its Secretary or one of its Assistant Secretaries. Coupons shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Executive Officer, the President or any Vice President, the Treasurer or any Assistant Treasurer, or the Secretary or any Assistant Secretary of the Company. The signature of any of these officers on the Securities
or any Coupons appertaining thereto may be manual or facsimile. 
 Securities and any Coupons appertaining thereto bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities and Coupons or did not hold such offices at the date of original issuance of such Securities or Coupons. 
 At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication and, provided that the Board
Resolution and Officer’s Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 3.1 and a Company Order for the authentication and delivery of such Securities have been delivered to the
Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon,

  
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 (1)    an Opinion of Counsel to the effect that: 

(a)    the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the
provisions of this Indenture; 
 (b)    all conditions precedent to the authentication and delivery of such Securities
and Coupons, if any, appertaining thereto, have been complied with and that such Securities and Coupons, when completed by appropriate insertions, executed under the Company’s corporate seal and attested by duly authorized officers of the
Company, delivered by duly authorized officers of the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be subject to or limited by bankruptcy,
insolvency, reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally, and subject to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and will entitle the Holders thereof to the benefits of this Indenture; such Opinion of Counsel need express no opinion as to the availability of equitable remedies; 

(c)    all laws and requirements in respect of the execution and delivery by the Company of such Securities and Coupons,
if any, have been complied with; and 
 (d)    this Indenture has been qualified under the Trust Indenture Act; and

 (2)    an Officer’s Certificate stating that, to the best knowledge of the Persons executing such certificate,
all conditions precedent to the execution, authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have been complied with, and no event which is, or after notice or lapse of time would become, an Event of Default
with respect to any of the Securities shall have occurred and be continuing. 
 If all the Securities of any series are not to be issued at
one time, it shall not be necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Security of such series. After any such first delivery, any separate written request by an Authorized Officer of the Company or any person designated in writing by an Authorized Officer that the Trustee authenticate and
deliver Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been
complied with and that no Event of Default with respect to any of the Securities has occurred or is continuing. 
 The Trustee shall not be
required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the 

  
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Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised
by counsel, determines that such action may not lawfully be taken. 
 Each Registered Security shall be dated the date of its
authentication. Each Bearer Security and any Bearer Security in global form shall be dated as of the date specified in or pursuant to this Indenture. 

No Security or Coupon appertaining thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Security a certificate of authentication substantially in the form provided for in Section 2.2 or 6.12 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its
authorized officers. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section 3.6 or 3.7, the Trustee shall
not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have been detached and cancelled. 
 
Section 3.4.    Temporary Securities. 
 Pending the preparation of definitive Securities, the Company may
execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more
Coupons or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as conclusively evidenced by their execution of such Securities.
Such temporary Securities may be in global form. 
 Except in the case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of the same series and containing
terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities,
without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however, that no definitive Bearer Security, except as provided in or pursuant
to this Indenture, shall be delivered in exchange for a temporary Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set
forth in or pursuant to this Indenture. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series. 

  
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 Section 3.5.    Registration, Transfer and
Exchange. 
 With respect to the Registered Securities of each series, if any, the Company shall cause to be kept a register (each such
register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the
Registered Securities of such series and of transfers of the Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this
Indenture or the Securities, the Trustee shall be the initial Security Registrar for each series of Securities. The Company shall have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided
that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company and shall have accepted such appointment by the Company. In the event that
the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable times. There shall be only one Security Register for
each series of Securities. 
 Upon surrender for registration of transfer of any Registered Security of any series at any Office or Agency
for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to
this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series
containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. Whenever any Registered Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. 

If provided in or pursuant to this Indenture, with respect to Securities of any series, at the option of the Holder, Bearer Securities of such
series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or
Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive 

  
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the amount of such payment; provided, however, that, except as otherwise provided in Section 10.2, interest represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such Office or Agency for such series in exchange for a Registered
Security of such series and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date
or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may
be, shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when
due in accordance with the provisions of this Indenture. 
 If provided in or pursuant to this Indenture with respect to Securities of any
series, at the option of the Holder, Registered Securities of such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series. 

Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture, any global Security shall be exchangeable for
definitive Securities only if (i) the Depository is at any time unwilling, unable or ineligible to continue as depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so informed in
writing, (ii) the Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If
the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay
but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and of the
same series, containing identical terms and in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security
shall be surrendered from time to time by the U.S. Depository or such other Depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other
Depository, as the case may be (which instructions shall be in writing but need not be contained in or accompanied by an Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the 

  
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Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for
delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be
exchanged, which (unless such Securities are not issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities
are issuable, as provided in or pursuant to this Indenture) shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof, but subject to the satisfaction of any
certification or other requirements to the issuance of Bearer Securities; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to be
redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise provided in or pursuant to this Indenture) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise
delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S.
Depository referred to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such
Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date for
such Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such
global Security shall be payable in accordance with the provisions of this Indenture. 
 All Securities issued upon any registration of
transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or
exchange. 
 Every Registered Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so
required by the Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for such Security duly executed by the Holder
thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange, or
redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4, 9.5 or 11.7 not involving any transfer. 

  
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 Except as otherwise provided in or pursuant to this Indenture, the Company shall not be
required (i) to issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of like tenor and the same series under
Section 11.3 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Registered Security selected for redemption in whole or in part, except in the case of any Security to be
redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security selected for redemption except, to the extent provided with respect to such Bearer Security, that such Bearer Security may be exchanged for a
Registered Security of like tenor and the same series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent with the provisions of this Indenture or (iv) to
issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

Section 3.6.    Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 3.6, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security. 
 If there
be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent
of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser, the Company shall execute and, upon the Company’s request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not destroyed, lost or
stolen, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to such
destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains. 
 Notwithstanding the
foregoing provisions of this Section 3.6, in case any mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such
Security or Coupon; provided, however, that payment of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer Securities shall, except as otherwise provided in Section 10.2, be payable only at an Office or
Agency for such Securities located outside the United States and, unless otherwise provided in or pursuant to this Indenture, any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon
presentation and surrender of the Coupons appertaining thereto. 

  
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 Upon the issuance of any new Security under this Section 3.6, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security, with any Coupons appertaining thereto issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of such series and any Coupons, if any, duly
issued hereunder. 
 The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with respect to
particular Securities or generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons. 

Section 3.7.    Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain
Additional Amounts Preserved. 
 Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts
with respect to any Registered Security which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered
as of the close of business on the Regular Record Date for such interest. 
 Unless otherwise provided in or pursuant to this Indenture, any
interest on and any Additional Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election, as provided in clause
(1) or (2) below: 
 (1)    The Company may elect to make payment of any Defaulted Interest to the Person in whose
name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the Company in the following manner. The
Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such
money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as provided in this clause (1). The Special Record Date for the payment of such Defaulted Interest shall be not more than 15 days and not
less than 10 days 

  
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prior to the date of the proposed payment and not less than 10 days after notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the expense of the Company,
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it
appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized
Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2)    The Company may make
payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this clause (2), such payment shall be deemed practicable by the Trustee. 

Unless otherwise provided in or pursuant to this Indenture or the Securities of any particular series pursuant to the provisions of this
Indenture, at the option of the Company, interest on Registered Securities that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an
account maintained by the payee with a bank located in the United States. 
 Subject to the foregoing provisions of this Section and
Section 3.5, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security. 
 In the case of any Registered Security of any series that is convertible into other securities of the Company or
exchangeable for securities of another issuer, which Registered Security is converted or exchanged after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to which
the Stated Maturity is prior to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and such
interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more predecessor Registered Securities) is registered at the close of business on such Regular Record Date.
Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or exchange of
such Registered Security shall not be payable. 

  
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 Section 3.8.    Persons Deemed Owners. 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, any premium and (subject to Sections 3.5 and
3.7) interest on and any Additional Amounts with respect to such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the Company, the Trustee or
any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever,
whether or not any payment with respect to such Security or Coupon shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 

No Holder of any beneficial interest in any global Security held on its behalf by a Depository shall have any rights under this Indenture with
respect to such global Security, and such Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such global Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. 

Section 3.9.    Cancellation. 

All Securities and Coupons surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee for any such purpose, shall be
cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities
so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture. All
cancelled Securities and Coupons held by the Trustee shall be destroyed by the Trustee, unless by a Company Order the Company directs their return to it. 

Section 3.10.    Computation of Interest. 

Except as otherwise provided in or pursuant to this Indenture or in any Security, interest on the Securities shall be computed on the basis of
a 360-day year of twelve 30-day months. 

  
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 ARTICLE 4. 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 4.1.    Satisfaction and Discharge. 

Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect [and the provisions of Article 17
shall cease to be effective,] with respect to any series of Securities specified in such Company Order and any Coupons appertaining thereto, and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 
 (1)    either 

(a)    all Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other
than (i) Coupons appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and maturing after such exchange whose surrender is not required or has been waived as provided in
Section 3.5, (ii) Securities and Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, (iii) Coupons appertaining to Securities of such series called for
redemption and maturing after the relevant Redemption Date whose surrender has been waived as provided in Section 11.7, and (iv) Securities and Coupons of such series 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 10.3) have been delivered to the Trustee for cancellation; or 

(b)    all Securities of such series and, in the case of (i) or (ii) below, any Coupons appertaining thereto not
theretofore delivered to the Trustee for cancellation, (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on
such Securities and any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such Securities and any Coupons
appertaining thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 

(2)    the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the
Outstanding Securities of such series and any Coupons appertaining thereto; and 
 (3)    the Company has delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

  
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 In the event there are Securities of two or more series hereunder, the Trustee shall be
required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to
the Trustee under Section 6.7 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the Trustee with respect to the Securities of such
series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with
respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any rights to convert or exchange such Securities into securities of the Company or another issuer
shall survive. 
 Section 4.2.    Defeasance and Covenant Defeasance. 

(1)    Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities of or within a series
under clause (2) of this Section 4.2 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 4.2 shall not be
applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may be specified pursuant to Section 3.1 with respect to any
Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any Coupons appertaining thereto, elect to have
Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this Section 4.2. 

(2)    Upon the Company’s exercise of the above option applicable to this Section 4.2(2) with respect to any
Securities of or within a series, the Company shall be deemed to have been discharged from its obligations[, and the provisions of Article 17 shall cease to be effective,] with respect to such Outstanding Securities and any Coupons appertaining
thereto on the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the
entire Indebtedness represented by such Outstanding Securities and any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (5) of this Section 4.2 and the other
Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its other obligations under such Securities and any Coupons appertaining thereto, and this Indenture insofar as such Securities and any Coupons
appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(i) the rights of Holders of such Outstanding Securities and any Coupons appertaining thereto to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set forth in such clause, payments in
respect of the principal of (and premium, if any) and interest, if any, 

  
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on, and Additional Amounts, if any, with respect to, such Securities and any Coupons appertaining thereto when such payments are due, and any rights of such Holder to convert such Securities into
other securities of the Company or exchange such Securities for securities of another issuer, (ii) the obligations of the Company and the Trustee with respect to such Securities under Sections 3.5, 3.6, 10.2 and 10.3 and with respect to the
payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 4.2(4)(a) below), and with respect to any rights to convert such Securities into other securities of the Company or exchange such Securities for securities of another issuer, (iii) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (iv) this Section 4.2. The Company may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option under clause (3) of this Section 4.2
with respect to such Securities and any Coupons appertaining thereto. 
 (3)    Upon the Company’s exercise of the
option to have this Section 4.2(3) apply with respect to any Securities of or within a series, the Company shall be released from its obligations under, to the extent specified pursuant to Section 3.1(19), any covenant applicable to such
Securities [, and the provisions of Article 17 shall cease to be effective as it relates to the aforementioned obligations and covenants,] with respect to such Outstanding Securities and any Coupons appertaining thereto, on and after the date the
conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for
the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such obligation or covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities and any Coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term, condition
or limitation set forth in any such Section or such other covenant, [or Article,] whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant[, or Article,] or by reason of reference in any
such Section or such other covenant[, or Article,] to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 5.1(4) or 5.1(7) or otherwise, as the case
may be, but, except as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto shall be unaffected thereby. 

(4)    The following shall be the conditions to application of clause (2) or (3) of this Section 4.2 to any
Outstanding Securities of or within a series and any Coupons appertaining thereto: 
 (a)    The Company shall
irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.8 who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such
Foreign Currency in which such Securities and any Coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government 

  
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Obligations applicable to such Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such Securities and Coupons appertaining thereto are then specified as
payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any)
and interest, if any, on such Securities and any Coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, (y) the principal of (and premium, if any) and interest, if any, on such Outstanding Securities and any Coupons appertaining thereto at the Stated Maturity of such principal or installment of principal or premium or interest and
(z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the days on which such payments are due and payable in accordance with the terms of this Indenture
and of such Securities and any Coupons appertaining thereto. 
 (b)    Such defeasance or covenant defeasance shall not
result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(c)    No Event of Default or event which with notice or lapse of time or both would become an Event of Default with
respect to such Securities and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit and, with respect to defeasance only, at any time during the period ending on the 123rd day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(d)    In the case of an election under clause (2) of this Section 4.2, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that (i) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any Coupons appertaining thereto
will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
defeasance had not occurred. 
 (e)    In the case of an election under clause (3) of this Section 4.2, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result
of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

  
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 (f)    The Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that, after the 123rd day after the date of deposit, all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including the
proceeds thereof) deposited or caused to be deposited with the Trustee (or other qualifying trustee) pursuant to this clause (4) to be held in trust will not be subject to any case or proceeding (whether voluntary or involuntary) in respect of
the Company under any Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Company issued in connection therewith. 

(g)    [At the time of the deposit, (i) no default in the payment of any principal of, premium, if any, or interest
on any Senior Indebtedness shall have occurred and be continuing, (ii) no event of default with respect to any Senior Indebtedness shall have resulted in such Senior Indebtedness becoming, and continuing to be, due and payable prior to the date
on which it would otherwise have become due and payable (unless payment of such Senior Indebtedness has been made or duly provided for), and (iii) no other event of default with respect to any Senior Indebtedness shall have occurred and be
continuing permitting (after notice or lapse of time or both) the holders of such Senior Indebtedness (or a trustee on behalf of such holders) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have
become due and payable.] 
 (h)    The Company shall have delivered to the Trustee an Officer’s Certificate and
the Company shall have delivered to the Trustee an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied
with. 
 (i)    Notwithstanding any other provisions of this Section 4.2(4), such defeasance or covenant
defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1. 

(5)    Unless otherwise specified in or pursuant to this Indenture or any Security, if, after a deposit referred to in
Section 4.2(4)(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.1 or the terms of such Security to receive payment in a Currency other than
that in which the deposit pursuant to Section 4.2(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to Section 4.2(4)(a) has been made,
the indebtedness represented by such Security and any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and interest, if any, on, and
Additional Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of
such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable market exchange rate for such
Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as feasible) at the time of the Conversion
Event. 

  
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 The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively
for purposes of this Section 4.2(5) and Section 4.3, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.2 or the principal or
interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any Coupons appertaining thereto. 

Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon
Company Request, any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.2. 
 Section 4.3.    Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.3, all money and Government Obligations (or other property as may be
provided pursuant to Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1 or 4.2 in respect of any Outstanding Securities of any series and any Coupons appertaining thereto shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any; but such
money and Government Obligations need not be segregated from other funds except to the extent required by law. [Money and Government Obligations so held in trust shall not be subject to the provisions of Article 17 except to the extent set forth in
Section 17.1.] Money and Government Obligations deposited with the Trustee pursuant to Section 4.1 (and held by it or a Paying Agent) for the payment of Securities subsequently converted shall be returned to the Company upon Company
Request. 
 Section 4.4.    Reinstatement. 

If the Trustee or any Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant
to Section 4.2(2) or 4.2(3) shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust
pursuant to Section 4.3 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Securities following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

  
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 ARTICLE 5. 

REMEDIES 

Section 5.1.    Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be [occasioned by the provisions of Article 17, or 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), unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms of such Series
pursuant to this Indenture: 
 (1)    default in the payment of any interest on any Security of such series, or any
Additional Amounts payable with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 

(2)    default in the payment of the principal of or any premium on any Security of such series, or any Additional Amounts
payable with respect thereto, when such principal or premium becomes or such Additional Amounts become due and payable at their Maturity; or 

(3)    default in the deposit of any sinking fund payment when and as due by the terms of a Security of such series; or

 (4)    default in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the
Securities (other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of
Securities other than such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5)    the entry by a court having competent jurisdiction of: 

(a)    a decree or order for relief in respect of the Company in an involuntary proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b)    a decree or order adjudging the Company to be insolvent, or approving a petition seeking reorganization,
arrangement, adjustment or composition of the Company and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(c)    a final and non-appealable order appointing a custodian, receiver,
liquidator, assignee, trustee or other similar official of the Company of any substantial part of the property of the Company or ordering the winding up or liquidation of the affairs of the Company; or 

  
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 (6)    the commencement by the Company of a voluntary proceeding under
any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company to the entry of a decree or order for relief in an involuntary proceeding under
any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking reorganization, arrangement,
adjustment or composition of the Company or relief under any applicable law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or
similar official of the Company or any substantial part of the property of the Company or the making by the Company of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or

 (7)    any other Event of Default provided in or pursuant to this Indenture with respect to Securities of such
series. 
 Section 5.2.    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time Outstanding (other than an Event of Default specified in clause
(5) or (6) of Section 5.1) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal of all the Securities of such series, or
such lesser amount as may be provided for in the Securities of such series, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable. 
 If an Event of Default specified in clause (5) or (6) of Section 5.1
occurs, all unpaid principal of and accrued interest on the Outstanding Securities of that series (or such lesser amount as may be provided for in the Securities of such series) shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder of any Security of that series. 
 At any time after a declaration of
acceleration with respect to the Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in
principal amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1)    the Company has paid or deposited with the Trustee a sum of money sufficient to pay 

(a)    all overdue installments of any interest on and Additional Amounts with respect to all Securities of such series
and any Coupon appertaining thereto, 

  
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 (b)    the principal of and any premium on any Securities of such
series which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 

(c)    to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of
any interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and 
 (d)    all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.7; and 

(2)    all Events of Default with respect to Securities of such series, other than the
non-payment of the principal of, any premium and interest on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall
have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
 Section 5.3.    Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 The Company covenants that if 

(1)    default is made in the payment of any installment of interest on or any Additional Amounts with respect to any
Security or any Coupon appertaining thereto when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or 

(2)    default is made in the payment of the principal of or any premium on any Security or any Additional Amounts with
respect thereto at their Maturity, 
 the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities
and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any premium and, to the extent that payment of such
interest shall be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.7. 

If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the
Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and any 

  
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Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities
and any Coupons appertaining thereto, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any
other proper remedy. 
 Section 5.4.    Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities of any series or the property of the Company or such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal, premium, interest or Additional Amounts) shall be
entitled and empowered, by intervention in such proceeding or otherwise, 
 (1)    to file and prove a claim for the
whole amount, or such lesser amount as may be provided for in the Securities of any applicable series, of the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining
thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or
counsel) and of the Holders of Securities or any Coupons appertaining thereto allowed in such judicial proceeding, and 

(2)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or any Coupons to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.7. 
 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 a Security or any Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or any Coupon in any such proceeding. 

  
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 Section 5.5.    Trustee May Enforce Claims
Without Possession of Securities or Coupons. 
 All rights of action and claims under this Indenture or any of the Securities or Coupons
may be prosecuted and enforced by the Trustee without the possession of any of the Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery or judgment, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and
every Holder of the Securities or Coupons in respect of which such judgment has been recovered. 

Section 5.6.    Application of Money Collected. 

[Subject to Article 17, any/Any] money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of the Securities or Coupons, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the
Trustee and any predecessor Trustee under Section 6.7; 
 SECOND: To the payment of the amounts then due and unpaid upon the Securities
and any Coupons for principal and any premium, interest and Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due
and payable on such Securities and Coupons for principal and any premium, interest and Additional Amounts, respectively; 
 THIRD: The
balance, if any, to the Person or Persons entitled thereto. 
 Section 5.7.    Limitations on
Suits. 
 No Holder of any Security of any series or any Coupons appertaining thereto shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of such series; 
 (2)    the Holders of not less than 25% in principal amount of the Outstanding Securities
of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3)    such Holder or Holders have offered to the Trustee such indemnity as is reasonably satisfactory to it against the
costs, expenses and liabilities to be incurred in compliance with such request; 

  
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 (4)    the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and 
 (5)    no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of
any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

Section 5.8.    Unconditional Right of Holders to Receive Principal and Any Premium, Interest and
Additional Amounts. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security or Coupon shall have the right,
which is absolute and unconditional, to receive payment of the principal of, any premium and (subject to Sections 3.5 and 3.7) interest on, and any Additional Amounts with respect to, such Security or payment of such Coupon, as the case may be, on
the respective Stated Maturity or Maturities therefor specified in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture,
on the date such repayment is due) and to convert such Security in accordance with Article 16 hereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

Section 5.9.    Restoration of Rights and Remedies. 

If the Trustee or any Holder of a Security or a Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each such Holder shall, subject to any determination in
such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such proceeding had been instituted. 

Section 5.10.    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the
last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security or a Coupon is intended to be exclusive of any other right or remedy, and every right and remedy, to
the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 Section 5.11.    Delay or Omission Not Waiver.

 No delay or omission of the Trustee or of any Holder of any Security or Coupon to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security or a Coupon may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 
 
Section 5.12.    Control by Holders of Securities. 
 The Holders of a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series and any Coupons appertaining thereto, provided that 
 (1)    such direction shall not be in
conflict with any rule of law or with this Indenture or with the Securities of such series, 
 (2)    the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 
 (3)    such
direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action. 
 
Section 5.13.    Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of
the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except a default 

(1)    in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any
Security of such series or any Coupons appertaining thereto, or 
 (2)    in respect of a covenant or provision hereof
which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 
Section 5.14.    Waiver of Usury, Stay or Extension Laws. 
 The Company covenants that (to the extent that
it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, 

  
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any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company expressly waives (to
the extent that it may lawfully do so) all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 Section 5.15.    Undertaking for Costs.

 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit
of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, 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; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
in principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on or Additional Amounts, if any, with respect to
any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment, on or after the date for repayment) or for the enforcement of the
right, if any, to convert or exchange any Security into other securities in accordance with its terms. 

ARTICLE 6. 

THE TRUSTEE 
 
Section 6.1.    Certain Duties and Responsibilities. 
 (1)    Except during the
continuance of an Event of Default, 
 (a)    the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(b)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture but not to verify or confirm the contents thereof. 

(2)    In case an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

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

(a)    this paragraph (3) shall not be construed to limit the effect of paragraph (1) of this Section 6.1;

 (b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (c)    the Trustee shall not
be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
 
Section 6.2.    Certain Rights of Trustee. 
 Subject to the provisions of Section 6.1: 

(1)    the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the
proper party or parties; 
 (2)    any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or a Company Order (in each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be
sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officer’s Certificate;

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

(5)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to
this Indenture at the request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless 

  
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such Holders shall have offered to the Trustee such security or indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 
 (6)    the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may, but shall not be
obligated to make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon
reasonable notice, the books, records and premises of the Company, personally or by agent or attorney; 
 (7)    the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; 
 (8)    the Authenticating Agent, Paying Agent, and Security
Registrar shall have the same protections as the Trustee set forth hereunder; 
 (9)    no provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers; 

(10)    whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article 6; 

(11)    the Trustee shall not be liable for any action taken or omitted to be taken by it in good faith that is believed
to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes negligence; 

(12)    the permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty
unless so specified herein; and 
 (13)    the Trustee shall not be deemed to have notice or actual knowledge of any
Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any Event of Default is received by the Trustee pursuant to Section 1.5 hereof. Except as otherwise expressly provided herein,
the Trustee shall not be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any series of Securities. 

Section 6.3.    Notice of Defaults. 

Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail
to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice of such default hereunder 

  
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actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking fund or purchase fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and
Coupons of such series. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

Section 6.4.    Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, and in any Coupons shall be taken
as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or
the Coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof. 
 Section 6.5.    May Hold Securities.

 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the
Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it
would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 

Section 6.6.    Money Held in Trust. 

Except as provided in Section 4.3 and Section 10.3, money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed to in writing with the Company. 

Section 6.7.    Compensation and Reimbursement. 

The Company agrees: 

(1)    to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder
(which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

  
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 (2)    except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s negligence or bad faith; and 

(3)    to indemnify the Trustee and its agents, officers, directors and employees for, and to hold them harmless against,
any loss, liability or expense incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending themselves
against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder, except to the extent that any such loss, liability or expense was due to the Trustee’s negligence or bad faith. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities of
any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on or any Additional Amounts with respect to Securities or any Coupons appertaining
thereto. 
 To the extent permitted by law, any compensation or expense incurred by the Trustee after a default specified in or pursuant to
Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.7 shall include any predecessor Trustee but the negligence or bad
faith of any Trustee shall not affect the rights of any other Trustee under this Section 6.7. 
 The provisions of this
Section 6.7 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or
Security Registrar. 
 Section 6.8.    Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder that is a Corporation organized and doing business under the laws of the United States of
America, any state thereof or the District of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

  
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 Section 6.9.    Resignation and Removal;
Appointment of Successor. 
 (1)    No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.10. 

(2)    The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

(3)    The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. 

(4)    If at any time: 

(a)    the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust
Indenture Act with respect to Securities of any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 

(b)    the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request
therefor by the Company or any such Holder, or 
 (c)    the Trustee shall become incapable of acting or shall be
adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust
Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of
the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees. 

(5)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of such series (it being understood
that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with
the applicable requirements of Section 6.10. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such 

  
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series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any
series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by Section 6.10, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6)    The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as
their names and addresses appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the United
States. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

(7)    In no event shall any retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder. 

Section 6.10.    Acceptance of Appointment by Successor. 

(1)    Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of
its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.3, shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.7. 

(2)    Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the

  
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retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture,
the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor Trustee relates and subject to
Section 10.3 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 6.7. 

(3)    Upon request of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be. 

(4)    No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such
successor Person shall be qualified and eligible under this Article. 
 Section 6.11.    Merger,
Conversion, Consolidation or Succession to Business. 
 Any Corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding by sale or otherwise to all or substantially all of the corporate trust business
of the Trustee shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated but not delivered by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 

  
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 Section 6.12.    Appointment of Authenticating
Agent. 
 The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to
Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to
the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent must be acceptable
to the Company and, except as provided in or pursuant to this Indenture, shall at all times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding by sale or otherwise to all or substantially all of the corporate agency or corporate trust business of an
Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the
Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall (i) mail written notice
of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register, and
(ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is
located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

  
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 The Company agrees to pay each Authenticating Agent from time to time reasonable
compensation for its services under this Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7. 

The provisions of Sections 3.8, 6.4 and 6.5 shall be applicable to each Authenticating Agent. 

If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 

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

 

					
		 	 ,

	Dated:	 	as Trustee
		 		  	 
			
		 	By: 	  	 
		  	as Authenticating Agent
			
		 	By:	  	 
		  	Authorized Officer

 If all of the Securities of any series may not be originally issued at one time, and if the Trustee does not
have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested in writing (which
writing need not be accompanied by or contained in an Officer’s Certificate by the Company), shall appoint in accordance with this 

Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such series of Securities.

 ARTICLE 7. 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1.    Company to Furnish Trustee Names and Addresses of Holders. 

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee 

(1)    semi-annually with respect to Securities of each series not later than May 1 and November 1 of the year
or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders
as of the applicable date, and 

  
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 (2)    at such other times as the Trustee may request in writing, within
30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided, however, that so long as the Trustee is the Security Registrar no
such list shall be required to be furnished. 
 Section 7.2.    Preservation of Information;
Communications to Holders. 
 The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust
Indenture Act. 
 Every Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that
none of the Company, the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with
Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act. 
 Section 7.3.    Reports by Trustee. 

(1)    Within 60 days after September 15 of each year commencing with the first September 15 following the first
issuance of Securities pursuant to Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such
September 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the immediately preceding September 15 and the date of this Indenture. 

(2)    The Trustee shall transmit the reports required by Section 313(a) and (b) of the Trust Indenture Act at
the times specified therein. 
 (3)    Reports pursuant to this Section shall be transmitted in the manner and to the
Persons required by Sections 313(c) and 313(d) of the Trust Indenture Act. 

Section 7.4.    Reports by Company. 

The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall: 

(1)    file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of 

  
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the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security
listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2)    file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(3)    transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission. 
 ARTICLE 8. 

CONSOLIDATION, MERGER AND SALES 
 
Section 8.1.    Company May Consolidate, Etc., Only on Certain Terms. 
 The Company shall not consolidate
with or merge into any other Person (whether or not affiliated with the Company), or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Company),
and the Company shall not permit any other Person (whether or not affiliated with the Company) to consolidate with or merge into the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the
Company; unless: 
 (1)    in case the Company shall consolidate with or merge into another Person or convey, transfer or
lease its properties and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Company as an entirety or substantially as an entirety shall be a Corporation organized and existing under the laws of the United States of America or any state thereof or the District of Columbia and shall expressly
assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by the successor Person and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest on
and any Additional Amounts with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed and shall provide for conversion or
exchange rights in accordance with the provisions of the Securities (and in the case of conversion Article 16 hereof as well) of any series that are convertible or exchangeable into Class C Capital Stock or other securities; 

(2)    immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of
the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event
of Default, shall have occurred and be continuing; and 

  
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 (3)    either the Company or the successor Person shall have delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 
Section 8.2.    Successor Person Substituted for Company. 
 Upon any consolidation by the Company with or
merger of the Company into any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities and the Coupons. 

ARTICLE 9. 

SUPPLEMENTAL INDENTURES 
 
Section 9.1.    Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders of
Securities or Coupons, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company, and the assumption by any such successor of the
covenants of the Company, contained herein and in the Securities; or 
 (2)    to add to the covenants of the Company
for the benefit of the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; or 

(3)    to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as
to principal, to change or eliminate any restrictions on the payment of principal of, any premium or interest on or any Additional Amounts with respect to Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to
permit Bearer Securities to be exchanged for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interests of the
Holders of Outstanding Securities of any series or any Coupons appertaining thereto in any material respect; or 

  
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 (4)    to establish the form or terms of Securities of any series and
any Coupons appertaining thereto as permitted by Sections 2.1 and 3.1; or 
 (5)    to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10; or 
 (6)    to cure
any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not
adversely affect the interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining thereto in any material respect; or 

(7)    to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or
purposes of issue, authentication and delivery of Securities, as herein set forth; or 
 (8)    to add any additional
Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture); or 

(9)    to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series and any Coupons appertaining thereto or
any other Outstanding Security or Coupon in any material respect; or 
 (10)    to secure the Securities; or 

(11)    to make provisions with respect to conversion or exchange rights of Holders of Securities pursuant to Article 16;
or 
 (12)    to amend or supplement any provision contained herein or in any supplemental indenture, provided that no
such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding. 
 
Section 9.2.    Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a
Company’s Board Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of such series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding
Security affected thereby, shall 

  
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 (1)    change the Stated Maturity of the principal of, or any premium or
installment of interest on or any Additional Amounts with respect to, any Security, or reduce the principal amount thereof or the rate (or modify the calculation of such rate) of interest thereon or any Additional Amounts with respect thereto, or
any premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to the terms hereof (except as contemplated by Section 8.1(1) and permitted by Section 9.1(1)), or
reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to
Section 5.4, change the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on,
or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date
or, in the case of repayment at the option of the Holder, on or after the date for repayment), [or modify the provisions of this Indenture with respect to the subordination of the Securities in a material manner adverse to the Holders,] or 

(2)    reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 15.4 for quorum or voting, or 
 (3)    modify any of the
provisions of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby, or 
 (4)    make any change that adversely affects the right to convert or
exchange any Security into or for securities of the Company or other securities (whether or not issued by the Company), cash or property in accordance with its terms (except as otherwise provided in Section 9.1(11)). 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have been included
expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders of Securities
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Section 9.3.    Execution of Supplemental
Indentures. 
 As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this
Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315 of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to the execution of such supplemental indenture have been fulfilled. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.4.    Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder and of any Coupon appertaining thereto shall be bound thereby. 

Section 9.5.    Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

Section 9.6.    Conformity With Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 Section 9.7.    Notice of Supplemental Indenture. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to Section 9.2, the Company shall
transmit to the Holders of Outstanding Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture. 

ARTICLE 10. 

COVENANTS 

Section 10.1.    Payment of Principal, Any Premium, Interest and Additional Amounts. 

The Company covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the
principal of, any premium and interest on and 

  
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any Additional Amounts with respect to the Securities of such series in accordance with the terms thereof, any Coupons appertaining thereto and this Indenture. Any interest due on any Bearer
Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest, shall be payable only upon presentation and surrender of the Coupons appertaining thereto for such interest as they severally mature. 

Section 10.2.    Maintenance of Office or Agency. 

The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series (but not
Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or
exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this
Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an Office or Agency in a Place of Payment for such series which is located
outside the United States where Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the Securities of such series are listed on The Stock Exchange of the United
Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or any other
required city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with respect to such Securities as
provided in or pursuant to this Indenture, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

Except as otherwise provided in or pursuant to this Indenture, no payment of principal, premium, interest or Additional Amounts with respect
to Bearer Securities shall be made at any Office or Agency in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided, however, if amounts
owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts with respect to any such Security may be made at the Corporate Trust Office of the Trustee or any
Office or Agency designated by the Company in the Borough of Manhattan, The City of New York, if (but only if) payment of the full amount of such principal, premium, interest or Additional Amounts at all offices outside the United States maintained
for such purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions. 

  
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 The Company may also from time to time designate one or more other Offices or Agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an Office or Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other Office or Agency. Unless otherwise provided in or pursuant to this Indenture, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York, and
initially appoints the Corporate Trust Office of the Trustee as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency in the Borough
of Manhattan, The City of New York for the Securities of any series. 
 Unless otherwise specified with respect to any Securities pursuant
to Section 3.1, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the
Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent. 
 
Section 10.3.    Money for Securities Payments to be Held in Trust. 
 If the Company shall at any time act
as its own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium or interest on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to
Section 3.1 for the Securities of such series) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall
promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series
of Securities, it shall, on or prior to each due date of the principal of, any premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies,
currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the
Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(1)    hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts
with respect to Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

  
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 (2)    give the Trustee notice of any default by the Company (or any
other obligor upon the Securities of such series) in the making of any payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 

(3)    at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as
those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon appertaining thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any Coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in each
Place of Payment for such series or to be mailed to Holders of Registered Securities of such series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of
such publication or mailing nor shall it be later than two years after such principal and any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the
Company. 
 Section 10.4.    Additional Amounts. 

If any Securities of a series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security or
any Coupon appertaining thereto Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in
respect of, any Security of any series or any Coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of
such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, 

  
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were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made. 
 Except as otherwise provided in or
pursuant to this Indenture or the Securities of the applicable series, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities
(or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officer’s Certificate instructing the
Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or interest on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining thereto who are
United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of such series. If any such withholding shall be required, then such Officer’s Certificate shall specify
by country the amount, if any, required to be withheld on such payments to such Holders of Securities or Coupons, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The
Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions
taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this Section 
10.4. 
 Section 10.5.    [Reserved.] 

Section 10.6.    [Reserved.] 

Section 10.7.    Corporate Existence. 

Subject to Article 8, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and that of each of its Restricted Subsidiaries and their respective rights (charter and statutory) and franchises; provided, however, that the foregoing shall not obligate the Company or any of its Restricted Subsidiaries to preserve any
such right or franchise if the Company or any such Restricted Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of its business or the business of such Restricted Subsidiary and that the loss thereof is
not disadvantageous in any material respect to any Holder. 
 Section 10.8.    Waiver of Certain
Covenants. 
 The Company may omit in any particular instance to comply with any term, provision or condition set forth in
Section 10.7 with respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive
such compliance in such 

  
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instance or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

Section 10.9.    Company Statement as to Compliance; Notice of Certain Defaults. 

(1)    The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement
(which need not be contained in or accompanied by an Officer’s Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company, stating that 

(a)    a review of the activities of the Company during such year and of its performance under this Indenture has been
made under his or her supervision, and 
 (b)    to the best of his or her knowledge, based on such review,
(a) the Company has complied with all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such default known
to him or her and the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is continuing,
specifying each such event known to him and the nature and status thereof. 
 (2)    The Company shall deliver to the
Trustee, within five days after the occurrence thereof, written notice of any Event of Default or any event which after notice or lapse of time or both would become an Event of Default pursuant to clause (4) of Section 5.1. 

(3)    The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this
Article 10 other than as specifically set forth in this Section 10.9. 
 ARTICLE 11. 

REDEMPTION OF SECURITIES 
 
Section 11.1.    Applicability of Article. 
 Redemption of Securities of any series at the option of the
Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 

Section 11.2.    Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company of (a) less than all of the Securities of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula, Stated Maturity and other terms, the Company shall, at least 60
days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. 

  
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 Section 11.3.    Selection by Trustee of
Securities to be Redeemed. 
 Unless otherwise specified as contemplated by Section 3.1, if less than all of the Securities of any
series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the
Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal amount of Registered
Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum denomination for a Security of such series
established herein or pursuant hereto. 
 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in
writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed. 

Unless otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption
is converted into other securities of the Company or exchanged for securities of another issuer in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such
Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose
of such selection. 
 Section 11.4.    Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption
Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof. 

Any notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not such Holder receives the notice. 
 All notices of redemption shall state: 

  
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 (1)    the Redemption Date, 

(2)    the Redemption Price, 

(3)    if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amount) of the particular Security or Securities to be redeemed, 
 (4)    in case any
Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or
Securities of authorized denominations for the principal amount thereof remaining unredeemed, 
 (5)    that, on the
Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(6)    the place or places where such Securities, together (in the case of Bearer Securities) with all Coupons
appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 

(7)    that the redemption is for a sinking fund, if such is the case, 

(8)    that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for
redemption must be accompanied by all Coupons maturing subsequent to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the
Company, the Trustee and any Paying Agent is furnished, 
 (9)    if Bearer Securities of any series are to be redeemed
and no Registered Securities of such series are to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.5 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made, 
 (10)    in the case of Securities of any series that
are convertible into Class C Capital Stock of the Company or exchangeable for other securities, the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series
to be redeemed will commence or terminate and the place or places where such Securities may be surrendered for conversion or exchange, and 

(11)    the CUSIP number or the Euroclear or the Cedel reference numbers of such Securities, if any (or any other numbers
used by a Depository to identify such Securities). 
 A notice of redemption published as contemplated by Section 1.6 need not identify
particular Registered Securities to be redeemed. 

  
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 Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

Section 11.5.    Deposit of Redemption Price. 

On or prior to any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant to
Section 11.4, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the applicable Currency sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued interest on and Additional Amounts with respect
thereto, all such Securities or portions thereof which are to be redeemed on that date, other than any Securities called for redemption on that date which have been converted prior to the date of such deposit (as described in Section 11.3).

 If any Security called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and
held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided in the last paragraph of Section 3.7) be paid to the Company upon Company
Request or, if then held by the Company, shall be discharged from such trust. 

Section 11.6.    Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest and the Coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all Coupons, if any, appertaining thereto
maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with any accrued interest and Additional Amounts to the Redemption Date; provided, however, that, except as otherwise provided in or
pursuant to this Indenture or the Bearer Securities of such series, installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation and surrender of Coupons for such
interest (at an Office or Agency located outside the United States except as otherwise provided in Section 10.2), and provided, further, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such
series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.7. 
 If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing

  
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Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; provided, however, that any interest or Additional Amounts represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such Security
located outside of the United States except as otherwise provided in Section 10.2. 
 If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 11.7.    Securities Redeemed in Part. 

Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee
shall authenticate and deliver to the U.S. Depository or other Depository for such Security in global form as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a
denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 
 
ARTICLE 12. 
 SINKING FUNDS 

Section 12.1.    Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities
of such series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture. 

  
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 Section 12.2.    Satisfaction of Sinking Fund
Payments With Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the
Securities of any series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities in respect of which
cash shall have been released to the Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which have been converted pursuant
to Article 16 or which have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
provided that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this 

Section 12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking fund payment
shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the
Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company. 

Section 12.3.    Redemption of Securities for Sinking Fund. 

Not less than 75 days prior to each sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall
thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 11.6 and 11.7. 

  
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 ARTICLE 13. 

REPAYMENT AT THE OPTION OF HOLDERS 
 
Section 13.1.    Applicability of Article. 
 Securities of any series which are repayable at the option of
the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 3.9, shall not operate as a payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Company may arrange for the
purchase of any Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less
than the repayment price payable by the Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such
purchasers. 
 ARTICLE 14. 

SECURITIES IN FOREIGN CURRENCIES 
 
Section 14.1.    Applicability of Article. 
 Whenever this Indenture provides for (i) any action by,
or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series or pursuant to this Indenture or the Securities, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action or distribution as
that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or,
if there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee. 

ARTICLE 15. 

MEETINGS OF HOLDERS OF SECURITIES 
 
Section 15.1.    Purposes for Which Meetings May Be Called. 
 A meeting of Holders of Securities of any
series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by
Holders of Securities of such series. 

  
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 Section 15.2.    Call, Notice and Place of
Meetings. 
 (1)    The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose
specified in Section 15.1, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or, if Securities of such series have been issued in whole or in part as Bearer Securities, in London or in such place
outside the United States as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 1.6, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2)    In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal
amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.1, by written request setting forth in reasonable detail
the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required pursuant to
Section 1.6) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the
place in the Borough of Manhattan, The City of New York, or, if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause
(1) of this Section. 
 Section 15.3.    Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 
 Section 15.4.    Quorum; Action. 

The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for any meeting
of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any reconvened meeting, such reconvened meeting may be
further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 15.2(1), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 

  
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Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum. 
 Except as limited by the proviso to Section 9.2, any resolution presented to a meeting or adjourned meeting
duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the
proviso to Section 9.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding Securities of such series. 
 Any resolution passed or decision
taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or
represented at the meeting. 
 Section 15.5.    Determination of Voting Rights; Conduct and
Adjournment of Meetings. 
 (1)    Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series in regard to proof of the holding of Securities of such series 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 deem appropriate. Except as otherwise permitted or
required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4 or by having the signature of the
person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.4 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular
on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other proof. 

(2)    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 Securities as provided in Section 15.2(2), in which case the Company or the Holders of Securities of the series 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 Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 

(3)    At any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000
principal amount of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in 

  
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respect of any Security 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, except as a Holder
of a Security of such series or proxy. 
 (4)    Any meeting of Holders of Securities of any series duly called pursuant
to Section 15.2 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held as
so adjourned without further notice. 
 Section 15.6.    Counting Votes and Recording Action of
Meetings. 
 The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series 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
triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series 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 given as provided
in Section 15.2 and, if applicable, Section 15.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another 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. 

ARTICLE 16. 

CONVERSION OF SECURITIES 
 
Section 16.1.    Conversion Privilege. 
 Subject to and upon compliance with the provisions of this
Article, at the option of the Holder thereof, Securities of any series or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 (or in the case of Bearer Securities, a principal amount or portion of $5,000 or
an integral multiple of $5,000) may be converted at the principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Class C Capital Stock
of the Company, in accordance with the terms of such series of Securities and (except as otherwise specified as contemplated by Section 3.1) in accordance with this Article. In case a Security or portion thereof is called for redemption, such
conversion right in respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption or the
applicable Security provides otherwise. 

  
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 The price at which shares of Class C Capital Stock shall be delivered upon conversion,
which shall be specified as contemplated by Section 3.1, shall be referred to herein as the “conversion price.” The conversion price shall be adjusted in certain instances in accordance with any provisions relating thereto established
in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto. 
 
Section 16.2.    Exercise of Conversion Privilege. 
 In order to exercise the conversion privilege, the
Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency of the Company maintained for that purpose pursuant to Section 10.2, accompanied by written
notice to the Company at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted (in the case of Bearer Securities, any Bearer
Security surrendered for conversion pursuant to this Article must be accompanied by all Coupons maturing subsequent to the date of surrender of such Bearer Security for conversion or the amount of any such missing Coupons will be deducted from the
amount due on such Security used to determine the amount of shares of Class C Capital Stock such Bearer Security may be converted into). Securities surrendered for conversion during the period from the close of business on any Regular Record
Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except in the case of Securities or portions thereof which have been called for redemption on a Redemption Date such that the conversion
right of such Securities would terminate between such Regular Record Date and the close of business on such Interest Payment Date) be accompanied by payment in funds reasonably acceptable to the Company of an amount equal to the interest payable on
such Interest Payment Date on the principal amount of Securities being surrendered for conversion (with similar provision to be made for Bearer Securities). The interest so payable on such Interest Payment Date with respect to any Security (or
portion thereof, if applicable) which is surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date and which
Security has been called for redemption on a Redemption Date with the consequence that the conversion right of such Security would terminate between such Regular Record Date and the close of business on such Interest Payment Date shall be paid to
the Holder of such Security being converted in an amount equal to the interest that would have been payable on such Security if such Security had been converted as of the close of business on such Interest Payment Date. The interest so payable on
such Interest Payment Date in respect of any Security (or portion thereof, as the case may be) that has not been called for redemption on a Redemption Date with the consequence of termination of the conversion right as aforesaid, which Security (or
portion thereof, as the case may be) is surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date, shall be
paid to the Holder of such Security as of such Regular Record Date. Interest payable in respect of any Security surrendered for conversion on or after an Interest Payment Date shall be paid to the Holder of such Security as of the next preceding
Regular Record Date, notwithstanding the exercise of the right of conversion. Except as provided in this paragraph and subject to the last paragraph of Section 3.7, no cash payment or adjustment shall be made upon any conversion on account of
any interest accrued from the Interest Payment Date next preceding the conversion date, in respect of any Security (or part 

  
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thereof, as the case may be) surrendered for conversion, or on account of any dividends on the Class C Capital Stock issued upon conversion. The Company’s delivery to the Holder of the
number of shares of Class C Capital Stock (and cash in lieu of fractions thereof, as provided in this Indenture) into which a Security is convertible will be deemed to satisfy the Company’s obligation to pay the principal amount of the
Security. 
 Securities shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such
Securities for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Class C Capital Stock issuable upon
conversion shall be treated for all purposes as the record holder or holders of such Class C Capital Stock at such time. As promptly as practicable on or after the conversion date, the Company shall issue and shall deliver at such office or
agency a certificate or certificates for the number of full shares of Class C Capital Stock issuable upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 16.3. 

In the case of any Security which is converted in part only, upon such conversion the Company shall execute and the Trustee shall authenticate
and deliver to the Holder thereof, at the expense of the Company, a new Security or Securities of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security. 

Section 16.3.    Fractions of Shares. 

No fractional shares of Class C Capital Stock shall be issued upon conversion of Securities. If more than one Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof)
so surrendered. Instead of any fractional share of Class C Capital Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment in respect of such
fraction in an amount equal to the same fraction of the closing price per share of Class C Capital Stock. 

Section 16.4.    Adjustment of Conversion Price. 

Any provisions relating to adjustments to the conversion price of any Securities to be authenticated and delivered hereunder shall be
established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto. 

Section 16.5.    Notice of Adjustments of Conversion Price. 

Whenever the conversion price is adjusted as herein provided: 

(a)    the Company shall compute the adjusted conversion price in accordance with any provisions relating thereto
established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, and shall prepare a certificate signed by the Treasurer of the Company, or other
applicable officer, setting forth the adjusted conversion price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained for the purpose of
conversion of Securities pursuant to Section 10.2; and 

  
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 (b)    a notice stating that the conversion price has been adjusted and
setting forth the adjusted conversion price shall forthwith be required, and as soon as practicable after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security
Register. 
 Section 16.6.    Notice of Certain Corporate Action. 

In case: 

(a)    the Company shall declare a dividend (or any other distribution) on its Common Stock payable (i) otherwise than
exclusively in cash or (ii) exclusively in cash in an amount that would require any adjustment to the conversion price in accordance with any provisions relating thereto established in or pursuant to a Board Resolution and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental hereto; 
 (b)    the Company shall
authorize the granting to the holders of its Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any other rights; 

(c)    of any reclassification of the Common Stock of the Company (other than a subdivision or combination of its
outstanding shares of Common Stock), or of any consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the
Company; or 
 (d)    of the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the
Company shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 10.2, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security
Register or as otherwise allowed by Section 1.6, at least 20 days (or ten days in any case specified in clause (a) or (b) above) prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights or
warrants are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders
of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 

The Company shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to
Section 10.2, and shall cause to be provided to all Holders in accordance with Section 1.6, notice of any tender offer by the Company or any subsidiary of the Company for all or any portion of the Common Stock at or about the time that
such notice of tender offer is provided to the public generally. 

  
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 Section 16.7.    Company to Reserve
Class C Capital Stock. 
 The Company shall at all times reserve and keep available, free from preemptive rights, out of its
authorized but unissued Class C Capital Stock, for the purpose of effecting the conversion of Securities, the full number of shares of Class C Capital Stock then issuable upon the conversion of all outstanding Securities. 

Section 16.8.    Taxes on Conversions. 

The Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of Class C Capital Stock on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Class C Capital Stock in a name other than that
of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction of
the Company that such tax has been paid. 
 Section 16.9.    Covenant as to Class C
Capital Stock. 
 The Company covenants that all shares of Class C Capital Stock which may be issued upon conversion of Securities
will upon issue be fully paid and nonassessable and, except as provided in Section 16.8, the Company will pay all taxes, liens and charges with respect to the issue thereof. 

Section 16.10.    Cancellation of Converted Securities. 

All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall
dispose of the same as provided in Section 3.9. 
 Section 16.11.    Provisions in Case of
Consolidation, Merger of Sale of Assets. 
 In case of any consolidation of the Company with, or merger of the Company into, any other
Person, any merger of another Person into the Company (other than a merger which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company) or any sale or transfer or
conveyance of all or substantially all of the assets of the Company, the Person formed by such consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the Holder of each Security then Outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in Section 16.1, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, sale or transfer or conveyance by a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to
such consolidation, merger, sale or transfer or conveyance, assuming such holder of Common Stock of the Company (i) is not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to
which such sale or transfer was made, as the case may be (“constituent Person”), or an Affiliate of a constituent Person and (ii) failed to exercise his rights of election, if any, as to the

  
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kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale or transfer or conveyance (provided that if the kind or amount of securities, cash and other
property receivable upon such consolidation, merger, sale or transfer is not the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, sale or transfer by others than a constituent Person or an
Affiliate thereof and in respect of which such rights of election shall not have been exercised (“nonelecting share”), then for the purpose of this Section the kind and amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer by each nonelecting share shall be deemed to be the kind and amount so receivable per share by a plurality of the nonelecting shares). Such supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article. The above provisions of this Section shall similarly apply to successive
consolidations, mergers, sales or transfers. Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security as provided in Section 1.6 promptly upon such execution. 

The Company shall be solely responsible for performing the duties and responsibilities contained in this Article and the Trustee shall have no
responsibility therefor. 
 ARTICLE 17. 

[SUBORDINATION OF SECURITIES 
 
Section 17.1.    Securities Subordinate to Senior Indebtedness. 
 The Company covenants and agrees, and
each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the principal of (and
premium, if any) and interest on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness. 

Notwithstanding the foregoing, if a deposit referred to in Section 4.2(4)(a) is made pursuant to Section 4.2(2) or
Section 4.2(3) with respect to any Securities (and provided all other conditions set out in Section 4.2(4) shall have been satisfied with respect to such Securities), then, following such deposit or following the 123rd day after such
deposit with respect to defeasance only, no money or Government Obligations so deposited, and no proceeds thereon, will be subject to any rights of holders of Senior Indebtedness, including any such rights arising under this Article 17. 

Section 17.2.    Payment Over of Proceeds Upon Dissolution, Etc. 

In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding in connection therewith, relative to the Company or to its creditors, as such, or to its assets, or (b) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company, then and in any such event the holders 

  
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of Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior Indebtedness, or provision shall be made for such payment in
cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, before the Holders of the Securities are entitled to receive any payment or distribution of any kind or character, whether in cash, property or
securities (including any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Company subordinated to the payment of the Securities), on account of principal of (or premium, if any)
or interest on the Securities or on account of any purchase or other acquisition of Securities by the Company or any Subsidiary of the Company (all such payments, distributions, purchases and acquisitions herein referred to, individually and
collectively, as a “Securities Payment”), and to that end the holders of Senior Indebtedness shall be entitled to receive, for application to the payment thereof, any Securities Payment. 

In the event that, notwithstanding the foregoing provisions of this Section, the Trustee or the Holder of any Security shall have received any
Securities Payment, before all Senior Indebtedness is paid in full or payment thereof provided for in cash or cash equivalents or otherwise in a manner satisfactory to holders of Senior Indebtedness, and if such fact shall, at or prior to the time
of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full,
after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. Any taxes that have been withheld or deducted from any Securities Payment, or any taxes that ought to have been withheld or deducted from any
such Securities Payment that have been remitted to the relevant taxing authority, shall not be considered to be an amount that the Trustee or the Holder of any Security receives for purposes of this Section. 

For purposes of this Article only, the words “cash, property or securities” shall not be deemed to include shares of stock of the
Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment which are subordinated in right of payment to all Senior Indebtedness which may at the time be
outstanding to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. The consolidation of the Company with, or the merger of the Company into, another Person or the liquidation
or dissolution of the Company following the conveyance or transfer of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article 8 shall not be deemed a dissolution, winding up,
liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the Company for the purposes of this Section if the Person formed by such consolidation or into which the Company is merged or which
acquires by conveyance or transfer such properties and assets substantially as an entirety, as the case may be, shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article 8. 

  
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 Section 17.3.    No Payment when Senior
Indebtedness in Default. 
 Anything in this Indenture to the contrary notwithstanding, no Securities Payment shall be made by or on
behalf of the Company (i) unless full payment of amounts then due for principal and interest and of all other obligations then due on all Senior Indebtedness has been made or duly provided for pursuant to the terms of the instrument governing
such Senior Indebtedness, (ii) if, at the time of such payment, redemption, purchase or other acquisition, or immediately after giving effect thereto, there shall exist under any Senior Indebtedness, or any agreement pursuant to which any
Senior Indebtedness is issued, any default, which default shall not have been cured or waived and which default shall have resulted in the full amount of such Senior Indebtedness being declared due and payable or (iii) if, at the time of such
payment, redemption, purchase or other acquisition, the Trustee shall have received written notice from the holder or holders of any Senior Indebtedness or their representative or representatives (a “Payment Blockage Notice”) that there
exists under such Senior Indebtedness, or any agreement pursuant to which such Senior Indebtedness is issued, any default, which default shall not have been cured or waived, permitting the holders thereof to declare the full amount of such Senior
Indebtedness due and payable, but only for the period (the “Payment Blockage Period”) commencing on the date of receipt of the Payment Blockage Notice and ending (unless earlier terminated by notice given to the Trustee by the Holders of
such Senior Indebtedness) on the earlier of (A) the date on which such event of default shall have been cured or waived or ceased to exist or the Senior Indebtedness to which such default relates shall have been discharged or (B) 180 days from
the receipt of the Payment Blockage Notice; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article 12 hereof by delivery and crediting pursuant to Section 12.2
Securities which have been acquired (upon redemption or otherwise) prior to the acceleration of any such default listed in (i) or (ii) directly above or prior to receipt of any Payment Blockage Notice. Upon termination of a Payment Blockage
Period, payments on account of principal of, premium, if any, or interest on the Securities, and redemptions, purchases or other acquisitions may be made by or on behalf of the Company. Notwithstanding anything herein to the contrary, (A) only
one Payment Blockage Notice may be given during any period of 360 consecutive days with respect to the same event of default and any other events of default on the same issue of Senior Indebtedness existing and known to the person giving such notice
at the time of such notice and (B) no new Payment Blockage Period may be commenced by the holder or holders of the same issue of Senior Indebtedness or their representative or representatives during any period of 360 consecutive days unless all
events of default which were the object of the immediately preceding Payment Blockage Notice, and any other event of default on the same issue of Senior Indebtedness existing and known to the person giving such notice at the time of such notice,
have been cured or waived for a period of at least 90 consecutive days. 
 In the event that, notwithstanding the provisions of this
Section 17.3, payments are made by or on behalf of the Company in contravention of the provisions of this Section 17.3, such payments shall be held by the Trustee, any Paying Agent or the Holders, as applicable, in trust for the benefit
of, and shall be paid over to and delivered to, the holders of Senior Indebtedness or their representative or the trustee under the indenture or other agreement (if any), pursuant to which any instruments evidencing any Senior Indebtedness may have
been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior
Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. 

  
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 The provisions of this Section shall not apply to any payment with respect to which
Section 17.2 would be applicable. 
 Section 17.4.    Reliance by Senior Indebtedness on
Subordination Provisions. 
 Each Holder of any Security by his acceptance thereof acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire
and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold or in continuing to hold
such Senior Indebtedness. 
 Section 17.5.    Payment Permitted If No Default. 

Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any time
except during the pendency of any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshalling of assets and liabilities of the Company referred to in Section 17.2 or under the
conditions described in Section 17.3, from making Securities Payments, or (b) the application by the 
 Trustee of any money
deposited with it hereunder to Securities Payments or the retention of such Securities Payments by the Holders, if, at the time of such application by the Trustee, it did not have knowledge that such Securities Payments would have been prohibited by
the provisions of this Article. 
 Section 17.6.    Subrogation to Rights of Holders of Senior
Indebtedness. 
 Subject to the payment in full of all Senior Indebtedness or the provision for such payment in cash or cash equivalents
or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions
of this Article (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to indebtedness of the Company to substantially the same extent as the Securities are subordinated and is entitled to
like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and
interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee
would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. 

  
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 Section 17.7.    Provisions Solely to Define
Relative Rights. 
 The provisions of this Article are and are intended solely for the purpose of defining the relative rights of the
Holders of the Securities on the one hand and the holders of Senior Indebtedness on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as among the Company,
its creditors other than holders of Senior Indebtedness and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior Indebtedness,
is intended to rank equally with all other general obligations of the Company), to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in
accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness to receive cash, property and securities otherwise
payable or deliverable to the Trustee or such Holder. 
 Section 17.8.    Trustee to Effectuate
Subordination. 
 Each holder of a Security by his acceptance thereof authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such
purposes. 
 Section 17.9.    No Waiver of Subordination Provisions. 

No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Company with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior
Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and
any other Person. 

  
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 Section 17.10.    Notice to Trustee. 

The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to
or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of
any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Company or a holder of Senior Indebtedness or from any trustee therefor; and, prior to the receipt of any
such written notice, the Trustee, subject to the provisions of Section 6.1, shall be entitled in all respects to assume that no such facts exist. 

Subject to the provisions of Section 6.1, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee therefor) to establish that such notice has been given by a holder of Senior Indebtedness (or a trustee therefor). In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

Section 17.11.    Reliance on Judicial Order or Certificate of Liquidating Agent. 

Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of
Section 6.1, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution,
winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered
to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 
 
Section 17.12.    Trustee Not Fiduciary for Holders of Senior Indebtedness. 
 The Trustee shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Company or to any other Person cash,
property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. 

  
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 Section 17.13.    Rights of Trustee as Holder
of Senior Indebtedness; Preservation of Trustee’s Rights. 
 The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights
as such holder. 
 Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. 

Section 17.14.    Article Applicable to Paying Agents. 

In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term
“Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided, however, that Section 17.13 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

Section 17.15.    Defeasance of this Article 17. 

The subordination of the Securities provided by this Article 17 is expressly made subject to the provisions for defeasance in
Section 4.2(2) hereof or covenant defeasance in Section 4.2(3) hereof and, anything herein to the contrary notwithstanding, upon the effectiveness of any such defeasance or covenant defeasance, the Securities then outstanding shall
thereupon cease to be subordinated pursuant to this Article 17.] 
 [Intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed, all as of the day and year first above written. 
  

			
	[SEAL]	 	ZILLOW GROUP, INC.
		
	Attest:	 	By:                                    
                                    
		 	      Name:
		 	      Title:
		
	[SEAL]	 	                                    
                                         
 
		 	as Trustee
		
		 	By:                                    
                                    
		 	      Name:
		 	      Title:

  
 - 87 - 

 EXHIBIT A 

[If the Holder of this Security is a depository, such as The Depository Trust Company (“DTC”) or a nominee of DTC, this Security
is a Global Security and insert the following two legends: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THE SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),]
TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO. OR IN] SUCH [OTHER] NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE
DEPOSITORY] [DTC] (AND ANY PAYMENT IS MADE TO [CEDE & CO. OR TO] SUCH [OTHER] ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY] [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.] 
 [Insert any applicable
legend(s) required by the Internal Revenue Code] 
  

			
	NO.         	  	$                    

 ZILLOW GROUP, INC. 

[Designation of Series] 
 ZILLOW
GROUP, INC., a Washington corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of                  Dollars
($                ) on                 ,        [If the
Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from       or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually
on                  and                  in each year,

  
 - 88 - 

 
commencing                 , [If the Security is to bear interest at a fixed rate, insert — at the rate
of     % per annum] [If the Security is to bear interest at an adjustable rate, insert — at a rate per annum computed or determined in accordance with the provisions below], until the principal hereof is paid or made
available for payment [If applicable, insert —, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of     % per annum on any overdue principal and premium and on any overdue
installment of interest from the dates such amounts are due until they are paid or made available for payment and such interest shall be payable on demand]. [If applicable, insert — Interest on this Security shall be computed on the
basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the maturity date falls on a day that is not a Business Day, the required payment shall
be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or the maturity date, as the case may be, to such
next Business Day.] The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such interest, which shall be                  or
                 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually
paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant regular record date by virtue or having been such holder, and may be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the
Company, notice whereof shall be given to the Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. 

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except
in the case of a default in payment of principal upon acceleration or redemption or at the Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of     % per annum (to the extent
that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable
on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall
accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

Payment of the principal of and [If applicable, insert — any such] interest on this Security will be made at the office or agency
of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public

  
 - 89 - 

 
and private debts [If applicable, insert — ; provided, however, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register;] [If applicable, insert — provided, further, that payment to [DTC or] any [successor] depository may be made by wire transfer to the account designated by [DTC or] such [successor]
depository in writing]. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of                 , 20     (herein called,
together with all indentures supplemental thereto, the “Indenture”), between the Company and         , as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [, initially limited (subject to exceptions provided in the Indenture) to
the aggregate principal amount of $        ]. 
 Subject to and upon compliance with the provisions
of the Indenture, the Holder of this Security is entitled, at his option, at any time on or before the close of business on                 
      ,       , or in case this Security or a portion hereof is called for redemption, then in respect of this Security or such portion hereof until and including, but (unless the Company
defaults in making the payment due upon redemption) not after, the close of business on the Business Day immediately preceding the Redemption Date, to convert this Security (or any portion of the principal amount hereof which is $1,000 or an
integral multiple thereof or in the case of Bearer Securities $5,000 or an integral multiple of $5,000), at the principal amount hereof, or of such portion, into fully paid and non-assessable shares
(calculated as to each conversion to the nearest 1/100 of a share) of Class C Capital Stock of the Company at a conversion price equal to $         aggregate principal amount of Securities for each share
of Class C Capital Stock (or at the current adjusted conversion price if an adjustment has been made as provided in the Indenture) by surrender of this Security, duly endorsed or assigned to the Company or in blank, to the Company at its office
or agency in                         , accompanied by written notice to the Company that the Holder hereof elects to convert this
Security, or if less than the entire principal amount hereof is to be converted, the portion hereof to be converted (in the case of Bearer Securities, any Bearer Security surrendered for conversion must be accompanied by all Coupons maturing
subsequent to the date of surrender of such Bearer Security for conversion or the amount of any such missing Coupons will be deducted from the amount due on such Security used to determine the amount of shares of Class C Capital Stock such
Bearer Security may be converted into), and, in case such surrender shall be made during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment
Date (unless this Security or the portion thereof being converted has been called for redemption on a Redemption Date such that the conversion right of this Security would terminate between such Regular Record Date and the close of business on such
Interest Payment Date), also accompanied by payment in funds reasonably acceptable to the Company of an amount equal to the interest payable on such 

  
 - 90 - 

 
Interest Payment Date on the principal amount of this Security then being converted (with similar provision to be made for Bearer Securities). In case surrender of this Security for conversion
shall be made during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date and if this Security or portion hereof has been called for
redemption on a Redemption Date with the consequence that the conversion right of this Security would terminate between such Regular Record Date and the close of business on such Interest Payment Date, then the Holder of this Security will be
entitled to receive the interest accruing hereon from the Interest Payment Date next preceding the date of such conversion to such succeeding Interest Payment Date and shall not be required to pay such interest upon surrender of this Security for
conversion. Subject to the aforesaid requirement for payment and, in the case of a conversion after the Regular Record Date next preceding any Interest Payment Date and on or before such Interest Payment Date, to the right of the Holder of this
Security (or any Predecessor Security) of record at such Regular Record Date to receive an installment of interest (with certain exceptions provided in the Indenture), no payment or adjustment is to be made on conversion for interest accrued hereon
or for dividends on the Class C Capital Stock issued on conversion. No fractions of shares or scrip representing fractions of shares will be issued on conversion, but instead of any fractional interest the Company shall pay a cash adjustment as
provided in the Indenture. The conversion price is subject to adjustment as provided in the Indenture. In addition, the Indenture provides that in case of certain consolidations or mergers to which the Company is a party or the transfer of
substantially all of the assets of the Company, the Indenture shall be amended, without the consent of any Holders of Securities, so that this Security, if then outstanding, will be convertible thereafter, during the period this Security shall be
convertible as specified above, only into the kind and amount of securities, cash and other property receivable upon the consolidation, merger or transfer or conveyance by a holder of the number of shares of Common Stock into which this Security
might have been converted immediately prior to such consolidation, merger or transfer or conveyance (assuming such holder of Common Stock failed to exercise any rights of election and received per share the kind and amount received per share by a
plurality of nonelecting shares). 
 [If applicable, insert — The indebtedness evidenced by the Securities is, to the extent
provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all indebtedness and obligations of the Company as are defined in the Indenture as “Senior Indebtedness,” and this Security is issued
subject to the provisions of the Indenture with respect thereto, and each Holder of this Security, by accepting the same, agrees to and shall be bound by such provisions. Each Holder of this Security, by accepting the same, agrees that each holder
of Senior Indebtedness, whether created or acquired before or after the issuance of this Security, shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such
Senior Indebtedness.] 
 [If the Security is not an Original Issue Discount Security, insert — If an Event of Default with
respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture.] 

  
 - 91 - 

 [If the Security is an Original Issue Discount Security, insert — If an Event of
Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall
be equal to [insert formula for determining the amount]. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that
the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

[If applicable, insert — The Securities may not be redeemed prior to the Stated Maturity.] 

[If applicable, insert — The Securities are not subject to any sinking fund.] 

[If applicable, insert — The Securities are subject to redemption [(l) [If applicable, insert — on
                     in any year commencing with the year
                 and ending with the year                  through operation of the
sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] [If applicable, insert — at any time [on or after
                    ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the
principal amount): if redeemed on or before                 ,     % and if redeemed during the 12-month
period beginning                      of the years indicated at the Redemption Prices indicated below: 

 

					
	 Year
	  	 Redemption Price
	 
	         
	  			

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any
such redemption [If applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.] 
 [If applicable, insert — The Securities are subject to redemption (1) on
                 in any year commencing with the year                  and ending with
the year                  through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [on or after                 ], as a whole or in part, at the election of
the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: if redeemed during the
12-month period beginning                  of the years indicated below: 

 

									
	 Year
	  	 Redemption Price

for Redemption

through Operation

of the Sinking Fund
	 	  	 Redemption Price for

Redemption
 Otherwise than

through Operation

of the Sinking Fund
	 
	         
	  				  			

  
 - 92 - 

 and thereafter at a Redemption Price equal to     % of the principal amount, together in
the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to
                , redeem any Securities as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by
the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than     % per annum.] 

[If applicable, insert — The sinking fund for the Securities provides for the redemption on
                 in each year, beginning with the year                  and ending with
the year                 , of [not less than] $                 [(“mandatory sinking
fund”) and not more than $                ] aggregate principal amount of the Securities of this series. [The Securities acquired or redeemed by the Company
otherwise than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [describe order].]] 

[If applicable, insert — Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than
60 days prior to the Redemption Date, all as provided in the Indenture.] 
 In the event of [If applicable, insert —
redemption or] conversion of this Security in part only, a new Security or Securities for the [If applicable, insert — unredeemed or] unconverted portion hereof shall be issued in the name of the Holder hereof upon the cancellation
hereof. 
 The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a
majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Securities and of any Securities issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 - 93 - 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security, at the times, place and rate, and in the coin or currency, herein or to convert this Security, and in
the Indenture prescribed. 
 As provided in the Indenture and subject to certain limitations set forth therein and in this Security, the
transfer of this Security may be registered on the Security Register upon surrender of this Security for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

[If applicable, insert — The Securities are issuable only in registered form [without coupons] in the denominations of
$                 or any integral multiple thereof.] As provided in the Indenture and subject to certain limitations set forth in the Indenture, and in this Security,
the Securities are exchangeable for a like aggregate principal amount of Securities of this series in different authorized denominations, as requested by the Holders surrendering the same.] 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 
 Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 [If
applicable, insert — The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Securities (subject to certain exceptions) or (ii) the 

Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company
irrevocably deposits with the Trustee money or Government Obligations, or a combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Securities of this series, and
satisfies certain other conditions, all as more fully provided in the Indenture.] 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made or instruments entered into, and in each case, performed in said State. 

  
 - 94 - 

 All terms used in this Security without definition that are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 95 - 

 Unless the Certificate of Authentication hereon has been executed by or on behalf of the
Trustee under the Indenture by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

 

			
	 [SEAL]
	  	ZILLOW GROUP, INC.
		
		  	By:                                    
                            
		
		  	      Name:
		  	      Title:
		
	 Attest:
	  	
		  	By:                                    
                            
		
		  	      Name:
		  	      Title:

 CERTIFICATE OF AUTHENTICATION 

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

 

					
		 		  	                                    
                              ,
			
		 		  	as Trustee
		
	Dated:
                                         
                   	  	By:                                    
                        
			
		 		  	      Name:
		 		  	      Title:    Authorized Officer

  
 - 96 -Exhibit 4.1

 

Date: February 16, 2021

 

NioCorp Developments Ltd. 

 

as Company

 

Lind Global Asset Management III, LLC

 

as Investor

 

Convertible Security Funding Agreement

 

Agreement for a private placement of US$10,000,000 by way of
a convertible security

 

     

     

    

 

Contents

 

	1	Definitions and Interpretation	4
	 	1.1	Definitions	4
	 	1.2	Interpretation	11
	2	Convertible Security	12
	 	2.1	Convertible Security	12
	 	2.2	Interest	12
	3	Commitment Fee and Warrants	12
	 	3.1	Commitment Fee	12
	 	3.2	Closing Warrants	12
	4	Conditions Precedent to Closing	13
	 	4.1	Conditions Precedent to Closing – Investor	13
	 	4.2	Conditions Precedent to Closing – Company	14
	5	Buy-Back and Conversion of Convertible Security	14
	 	5.1	Buy-Back	14
	 	5.2	Conversion of the Convertible Security	15
	 	5.3	Issuing of Investor's Shares	17
	 	5.4	Limitation on Shares Issuable on Conversion	17
	 	5.5	Resale Restrictions	18
	 	5.6	Payment at Maturity	18
	6	Additional Conditions to Investor's Shares	18
	 	6.1	Conditions to issue of Investor's Shares	18
	 	6.2	Consequence of failure to meet conditions	19
	7	Representations and Warranties by the Company	19
	 	7.1	Representations and Warranties	19
	 	7.2	Investor's reliance	26
	 	7.3	Construction of representation and warranties	26
	 	7.4	Disclosures and limitations	26
	 	7.5	Notice	26
	8	Representations and Warranties of the Investor	27
	 	8.1	Representations and warranties	27
	 	8.2	Company's reliance	30
	 	8.3	Construction of representation and warranties	30
	 	8.4	Notice	30
	9	Terms of the Warrants	30
	10	Additional Covenants and Agreements	30
	 	10.1	U.S Transfer and Sale Restrictions	30
	 	10.2	Ranking of the Investor's Shares	31
	 	10.3	Ranking of Investor's interest in the Convertible Security	31
	 	10.4	Participation Right	32
	 	10.5	Security	32
	 	10.6	Registration Rights	33
	 	10.7	Rights of Investor	38
	 	10.8	Compliance with Laws	38
	 	10.9	TSX Listing	38
	 	10.10	Adjustments on Arrangements, Take-Overs and Changes of Control	38

 

     

     

    

 

	 	10.11	Prohibited Transactions	39
	 	10.12	No shorting	39
	 	10.13	Investor's Share Custodian	39
	 	10.14	Set-Off	39
	 	10.15	Set-Off Exclusion	39
	 	10.16	Miscellaneous Negative Covenants	39
	 	10.17	Use of Proceeds	40
	 	10.18	Withholding Gross-Up	40
	11	Taxes	 40
	12	Default	 41
	 	12.1	Events of Default	41
	 	12.2	Investor Right to Investigate an Event of Default	43
	13	Notice and Cure Provisions	 44
	14	Rights of the Investor upon an Event of Default	 44
	15	Termination	 45
	 	15.1	Events of Termination	45
	 	15.2	Effect of Termination	46
	16	Survival and Indemnification	46
	 	16.1	Survival	46
	 	16.2	Indemnification of Investor	47
	17	Miscellaneous	 48
	 	17.1	Time of the essence	48
	 	17.2	No partnership or advisory or fiduciary relationship	48
	 	17.3	Remedies and injunctive relief	48
	 	17.4	Adjustments	48
	 	17.5	Successors and assigns	49
	 	17.6	Counterparts and e-mail	49
	 	17.7	Notices	49
	 	17.8	Amendments and waivers	50
	 	17.9	Legal Costs	51
	 	17.10	Payments under this Agreement	51
	 	17.11	Financial calculations	51
	 	17.12	Non circumvention	51
	 	17.13	Good Faith	51
	 	17.14	Publicity and confidentiality	52
	 	17.15	Severability and supervening legislation	52
	 	17.16	Illegality and impossibility	53
	 	17.17	Change in Law	53
	 	17.18	Entire Agreement	53
	 	17.19	Governing Law	54
	 	17.20	Jurisdiction	54
	 	Schedule 1 – Disclosure Schedule	56
	 	Annexure A – Warrant Certificate	57
	 	Annexure B – Funds Flow Request	58

 

    
	- 3 

     

    

 

	
        This Agreement is made the 16th day of February,
        2021

         

	Parties
	 
	1     	NioCorp Developments Ltd. of Suite 115 – 7000 South Yosemite Street, Centennial, CO USA 80112 (the Company)
	 	 
	2     	Lind Global Asset Management III, LLC of 444 Madison Ave, Fl 41, New York, NY 10022 U.S.A (the Investor)
	 	 
	Recital
	 
	The Investor has agreed to invest US$10,000,000 in the Company and the Company has agreed to issue the Convertible Security to the Investor, in accordance with the terms of this Agreement.

 

It is agreed as follows:

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

The following definitions apply unless the context
requires otherwise.

 

1933 Act means the United States Securities
Act of 1933.

 

Affiliate has the meaning ascribed
to the terms "affiliate" and "affiliated" under the Securities Act (British Columbia).

 

Agreement means this agreement.

 

Amount Outstanding means the then-outstanding
Face Value of the Convertible Security following the issuance of the Convertible Security, after:

 

		(a)	conversion of the Convertible Security of any Conversion Amounts into Conversion Shares under clause 5.2 (if any); and

 

		(b)	any other amounts have been repaid by the Company to the Investor in respect of the Face Value of the Convertible Security.

 

Bought Deal means a fully underwritten
offering on a bought deal basis pursuant to which an underwriter has committed to purchase securities of the Company pursuant to
a “bought deal” letter prior to the filing of a prospectus or prospectus supplement or a distribution pursuant to an
overnight marketed offering.

 

Business Day means any day of the
year, other than a Saturday, Sunday or a statutory holiday in New York, New York, Vancouver, British Columbia or Toronto, Ontario.

 

Business Hours means 9:00AM to 5:00PM.

 

Buy-Back Conversion Amount means
the amount so specified by the Investor to the Company under a Buy Back Conversion Notice under clause 5.1(b).

 

Buy-Back Conversion Date has
the meaning given to that term in clause 5.1(c).

 

Buy-Back Conversion Option has
the meaning given to that term in clause 5.1(a).

 

Buy-Back Conversion Notice means
a notice issued by the Investor to the Company as described in clause 5.1(b).

 

Buy-Back Conversion Shares has
the meaning given to that term in clause 5.1(b).

 

    
	- 4 

     

    

 

Buy-Back Notice means a notice issued
by the Company to the Investor as described in clause 5.1(a).

 

CDN$ (or C$)
means Canadian dollars, the legal currency of Canada.

 

Canadian Securities Laws means all
applicable securities laws in each of the Provinces of Canada where the Company has the status of a reporting issuer emanating
from Governmental Authorities including the respective rules and regulations made thereunder together with applicable published
national and local instruments, policy statements, notices, blanket rulings and orders of the Securities Commissions, all discretionary
rulings and orders, if any, of the Securities Commissions and the TSX Rules, all as the same are in effect at the date hereof.

 

Cash Conversion Amount has
the meaning given to that term in clause 5.4(c)(i).

 

Cash Conversion Notice has
the meaning given to that term in clause 5.4(c)(i).

 

Cash Payment Amount has the meaning
given to that term in clause 5.2(j).

 

CEO Loans has the meaning given to
that term in clause 10.5.

 

Change in Law Termination Event means:

 

		(i)	a change in an interpretation or administration of a Law;

 

		(ii)	compliance by the Investor or any of its Affiliates with a Law or an interpretation or administration of a Law; or

 

		(iii)	a change after the date of this Agreement in a Law or an interpretation or administration of a Law,

 

which has, in the reasonable opinion of the Investor,
directly or indirectly, the effect of:

 

		(iv)	materially varying the duties, obligations or liabilities of the Company or the Investor in connection with any Transaction
Document or Contemplated Transactions such that the Investor's rights, powers, benefits, remedies or economic burden (including
any Tax treatment in the hands of the Investor) are materially adversely affected; or

 

		(v)	otherwise materially adversely affecting rights, powers, benefits, remedies or the economic burden of the Investor (including
by way of delay or postponement),

 

provided that the definition of
Change in Law Termination Event excludes for this purpose any applicable Law regarding maximum permitted rates of interest, including
the Criminal Code (Canada) regarding criminal rates of interest.

 

Change of Control Event means, in
respect of the Company:

 

		(a)	a change in the composition of the board of directors of the Company at a single shareholder meeting where 50% or more of the
individuals that are directors at the start of such shareholder meeting are no longer directors at the conclusion of such meeting,
unless the new directors have been nominated by management;

 

		(b)	the individual who is the President and Chief Executive Officer of the Company as of the Execution Date, ceases to hold at
least one of the following offices: President, Chief Executive Officer or Chairman of the board of directors of the Company, provided,
for the sake of clarity, the foregoing provision does not require the current President and Chief Executive Officer to continue
holding all of the foregoing titles, but does require that he continue to hold at least one of those titles;

 

		(c)	other than a shareholder that holds such a position as of the Execution Date, if an individual, person or legal entity comes
to have beneficial ownership, control or direction over more than 50% of the voting rights attached to any class of voting securities
of the Company; or

 

    
	- 5 

     

    

 

		(d)	the sale or other disposition by the Company or any of its Subsidiaries in a single transaction, or in a series of transactions,
of all or substantially all of the assets that are held directly or indirectly by the Company. the sale or other disposition by
the Company or any of its Subsidiaries in a single transaction, or in a series of transactions, of all or substantially all of
their respective assets.

 

Closing has the meaning as defined
in clause 2.1.

 

Closing Date has the meaning as defined
in clause 2.1.

 

Commitment Fee means an amount payable
by the Company to the Investor on the Closing Date, as consideration for the Investor effecting Closing, which must be paid in
the amount of US$350,000 in accordance with clause 3.1 and set-off under clause 3.1.

 

Contemplated Transactions means the
transactions contemplated in this Agreement.

 

Conversion means the conversion of
the Convertible Security in accordance with clause 5.2.

 

Conversion Amount means an amount
specified in a Conversion Notice in accordance with clause 5.2(c)(iv).

 

Conversion Date means a date specified
by the Investor in a Conversion Notice.

 

Conversion Notice means a notice given
by the Investor to the Company pursuant to clause 5.2(a).

 

Conversion Notice Date means the date
of a Conversion Notice.

 

Conversion Price means the price per
Share equal to 85% of the VWAP per Share (in Canadian dollars) for the five (5) consecutive Trading Days immediately prior to the
Conversion Date, rounded to the nearest four decimal places.

 

Conversion Shares means Shares issuable
or issued (as applicable) in accordance with clause 5.2.

 

Convertible Security has the meaning given
to that term in clause 2.1.

 

Corporations Act means the Business
Corporations Act (British Columbia) and the regulations thereunder.

 

Designated CAD Equivalent Amount means
in relation to a specific US dollar amount, the CAD equivalent of that specified US dollar amount converted using the closing mid-point
spot CAD/US dollars exchange rate (as reported by Bloomberg, LP).

 

Designated Warrant Holder means:

 

Lind Global Asset Management III, LLC

c/o The Lind Partners, LLC

444 Madison Ave., Fl 41

New York, NY 10022 USA

 

or such other Person as Investor designates in writing
to Company, provided such Person is entitled to subscribe for such Warrants in compliance with prospectus and registration exemptions
of applicable securities laws, including Canadian Securities Laws and US Securities Laws.

 

Disclosure Schedule has the meaning
given to that term in clause 7.4(b).

 

E-mail Time has the meaning given
to that term in clause 17.7(d)(i).

 

    
	- 6 

     

    

 

Elk Creek Project means the Company’s
Niobium / Scandium / Titanium project, consisting of the Company’s Elk Creek Carbonatite property, located in south-east
Nebraska, USA

 

Environmental Laws has the meaning
given to that term in clause 7.1(p).

 

Event of Default means an event of
default as set out in clause 12.1.

 

Exchange Act means the United States
Exchange Act of 1934.

 

Execution Date means the date of mutual
execution of this Agreement, or where one Party executes this Agreement on a date prior to another Party, means the date upon which
the second Party executes this Agreement.

 

Face Value of the Convertible Security has
the meaning given to it in clause 2.1.

 

Financing Notice has the meaning given
to it in clause 10.4.

 

Frustration Termination Event means
there comes into being an applicable Law which, or an official or reasonable interpretation of which, in the Investor's reasonable
opinion, makes it illegal or impossible for the Investor or the Company to undertake any of the Contemplated Transactions, in accordance
with this Agreement, or renders consummation of any of the Contemplated Transactions in accordance with this Agreement unenforceable,
void, voidable or unlawful, or contrary to or inconsistent with any Law, provided that the definition of Frustration Termination
Event excludes for this purpose any provisions in the Criminal Code (Canada) regarding criminal rates of interest.

 

Funded Amount has the meaning given
to it in clause 2.1.

 

Funds Flow Request has the meaning
given to it in clause 4.1(a)(iv).

 

GAAP means the Generally Accepted
Accounting Principals that refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting
Standards Board.

 

Governmental Authority means any United
States, Canadian or other (a) multinational, federal, provincial, state, regional, municipal, local or other government, governmental
or public department, central bank, court, tribunal, arbitral body, bureau or agency, domestic or foreign, (b) any subdivision,
agent, commission, board, or authority of any of the foregoing, or (c) any quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the foregoing, and any stock exchange or self-regulatory authority
and, for greater certainty, includes the Securities Commissions, the TSX and Market Regulation Services Inc.

 

Insolvency Event means the commencement
by the Company or any Subsidiary of a voluntary proceeding under applicable bankruptcy or insolvency legislation (Bankruptcy
Laws) or the commencement by any person of involuntary proceedings under Bankruptcy Laws against the Company or any Subsidiary
that are not dismissed within sixty (60) days after commencement thereof, or a receiver or administrator is appointed for or takes
charge of all or substantially all of the property of the Company or any Subsidiary, or the Company or any Subsidiary commences
any other proceeding under any proposal, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
or similar Law of any jurisdiction whether now or hereafter in effect relating to the Company or any Subsidiary, or the Company
or any Subsidiary is adjudicated insolvent or bankrupt, or any order or relief or other order approving any such case or proceeding
is entered, or the Company or any Subsidiary makes a general assignment for the benefit of creditors.

 

Interest Rate upon Default has the
meaning given to that term in clause 14(f).

 

    
	- 7 

     

    

 

Investor Indemnified Person has the
meaning given to that term in clause 16.2(a).

 

Investor's Shares means the Conversion
Shares and the Shares issued or issuable on exercise of the Warrants or otherwise to the Investor under this Agreement, including
the Buy-Back Conversion Shares.

 

Law means Canadian Securities Laws,
US Securities Laws and all other statutes, regulations, statutory rules, orders, by-laws, codes, ordinances, decrees, the terms
and conditions of any grant of approval, permission, authority or license, or any judgment, order, decision, ruling, award, policy
or guideline, of any Governmental Authority, and the term applicable with respect to such Laws and in the context
that refers to one or more persons, means that such Laws apply to such person or persons or its or their business, undertaking,
property or securities and emanate from a Governmental Authority having jurisdiction over the person or persons or its or their
business, undertaking, property or securities.

 

Lien means a lien, charge, mortgage,
security interest, encumbrance, right of first refusal, or pre-emptive right.

 

Lock-Up Period means the period commencing
from the Closing Date and ending on the date that is four (4) months and one (1) day after the Closing Date, provided that the
relevant provisions of NI 45-102 are otherwise complied with.

 

Losses has the meaning given to that
term in clause 16.2(a).

 

Market Cap Event means if any of the
following occur:

 

		(a)	the Market Capitalization of the Company falls below CDN$90,000,000; or

 

		(c)	the Market Capitalization of the Company increases above
CDN$267,000,000.

 

Market Capitalization means the number
of Shares outstanding as of the relevant date of determination multiplied by the VWAP of the Shares for one Trading Day calculated
as at the close of trading on the TSX on such Trading Day.

 

Material Adverse Effect means a material
adverse effect on:

 

		(a)	the assets, liabilities, results of operations, condition (financial or otherwise), business, or prospects of the Company and
its Subsidiaries taken as a whole; or

 

		(b)	the ability of the Company to perform its obligations under this Agreement.

 

Materials has the meaning given to
that term in clause 7.1(u)(i).

 

Money Laundering Laws has the meaning
given to that term in clause 7.1(t).

 

New York Business Day means a day,
other than a Saturday or Sunday, on which banks in New York, New York are open for the general transaction of business.

 

NI 45-102 means National Instrument
45-102 – Resale of Securities.

 

NI 45-106 means National Instrument
45-106 - Prospectus Exemptions.

 

OFAC has the meaning given to that
term in clause 7.1(r).

 

Participation Right has the meaning
given to it in clause 10.4

 

Party means a party to this Agreement.

 

Proceeding has the meaning given to
that term in clause 16.2(a)(v).

 

    
	- 8 

     

    

 

Prohibited Transaction means a transaction
with one or more third parties in which the Company issues or sells (or arranges or agrees to issue or sell):

 

		(a)	any debt, equity or equity-linked securities (including options or warrants) that are convertible into, exchangeable or exercisable
for, or include the right to receive Shares:

 

		(i)	at a conversion, repayment, exercise or exchange rate or other price that is based on, and/or varies with, the trading prices
of, or quotations for, the Shares; or

 

		(ii)	at a conversion, repayment, exercise or exchange rate or other price that is subject to being reset at some future date after
the initial issuance of such debt, equity or equity-linked security or upon the occurrence of specified or contingent events (other
than a Share consolidation or Share split); or

 

		(b)	any securities in a capital or debt raising transaction or series of related transactions which grant to an investor the right
to receive additional securities based upon future transactions of the Company on terms more favourable than those granted to such
investor in such first transaction or series of related transactions,

 

and are deemed to include transactions generally
referred to as equity lines of credit, "at-the-market" distributions, and stand-by equity distribution agreements, and
convertible securities and loans having a similar effect. For the avoidance of doubt, rights issuances, shareholder purchase plans,
employee share ownership plans, convertible securities, or equity issuances, based on the Company's trading price but each at a
fixed price per Share, are not Prohibited Transactions.

 

Public Record means the documents
filed by the Company with the Canadian securities regulatory authorities under the Company's profile on the SEDAR website (www.sedar.com).

 

Relevant Information has the meaning
given to that term in clause 17.14(a).

 

SEC means the United States Securities
and Exchange Commission.

 

Securities means each of the Investor's
Shares, Convertible Security, and Warrants, and all of the Investor's Shares, the Convertible Security and the Warrants collectively.

 

Securities Commissions means, collectively,
the securities commissions or other securities regulatory authorities in each of the provinces where the Company has the status
of a reporting issuer.

 

Security Structure Event means any
consolidation, subdivision or any payment of a special dividend in Shares of the Company or distribution of Shares of the Company
to all or substantially all holders of its outstanding Shares, which for the avoidance of doubt, does not include a rights offering,
private placement or public offering of Shares.

 

Securities Termination Event means
any of the following has occurred:

 

		(a)	trading in securities generally in Canada or the United States has been suspended or limited for a consecutive period of greater
than five (5) Business Days; or

 

		(b)	a banking moratorium has been declared by Canada, the United States or the New York State authorities and is continuing for
a consecutive period of greater than five (5) Business Days.

 

Share means a fully paid common share
in the capital of the Company and includes (where applicable) Investor's Shares.

 

Share Custodian means the share custodian
notified by the Investor to the Company.

 

Share Maximum has the meaning given
to this term in clause 5.4(a).

 

Subsequent Equity Financing has the
meaning given to it in clause 10.4

 

Subsidiary has the meaning given to
that term in the Corporations Act.

 

    
	- 9 

     

    

 

Tax means (a) any and all taxes, duties,
fees, excises, premiums, assessments, imposts, levies and other charges or assessments of any kind whatsoever imposed by any Governmental
Authority, whether computed on a separate, consolidated, unitary, combined or other basis, including those levied on, or measured
by, or described with respect to, income, gross receipts, profits, gains, windfalls, capital, capital stock, production, recapture,
transfer, land transfer, license, gift, occupation, wealth, environment, net worth, indebtedness, surplus, sales, goods and services,
harmonized sales, use, value-added, excise, special assessment, stamp, withholding, business, franchising, real or personal property,
health, employee health, payroll, workers' compensation, employment or unemployment, severance, social services, social security,
education, utility, surtaxes, customs, import or export, and including all license and registration fees and all employment insurance,
health insurance and government pension plan premiums or contributions; (b) all interest, penalties, fines, additions to tax
or other additional amounts imposed by any Governmental Authority on or in respect of amounts of the type described in clause (a)
above or this clause (b); (c) any liability for the payment of any amounts of the type described in clauses (a) or (b) as
a result of being a member of an affiliated, consolidated, combined or unitary group for any period; and (d) any liability
for the payment of any amounts of the type described in clauses (a) or (b) as a result of any express or implied obligation to
indemnify any other person or as a result of being a transferee or successor in interest to any Party.

 

Term means in respect of the Convertible
Security, the period commencing from the Closing Date and ending on the date that is the earlier of: (i) twenty-four (24) months
from the Closing Date; or (ii) thirty (30) calendar days after the date on which there is NIL Amount Outstanding for the Convertible
Security due to the Amount Outstanding having been fully converted and/ or fully repaid.

 

Toronto Business Day
means a day, other than a Saturday or Sunday, on which banks in Toronto, Ontario are open for the general transaction of business.

 

Total Interest Amount
means the total interest amount on the Convertible Security, based on an implied interest rate of 8.50% per annum.

 

Trading Day means a day on which the
TSX is open for the buying and selling of securities.

 

Transaction Documents means this Agreement
and all Warrant certificates issued under this Agreement.

 

TSX means the Toronto Stock Exchange.

 

TSX Rules means the TSX Company Manual.

 

US$ or US dollars means
US dollars, the lawful currency of the United States of America.

 

US Securities Laws means all applicable
U.S. federal and state securities laws including the respective rules and regulations made thereunder together with applicable
rules, policies, notices, discretionary rulings and orders issued by applicable securities regulatory authorities having application,
all as the same are in effect at the date hereof.

 

Vancouver Business Day means a day,
other than a Saturday or Sunday, on which banks in Vancouver, British Columbia are open for the general transaction of business

 

VWAP means the volume weighted average
trading price of the Shares, calculated by dividing the total value by the total volume of the Shares traded for the relevant period.

  

Warrants means 8,558,000 warrants
to purchase Shares, exercisable at the Warrants Exercise Price on or before the date falling forty eight (48) months after their
issue, granted in accordance with the terms and conditions set out in Annexure A.

 

    
	- 10 

     

    

 

Warrants Exercise Price for the Warrants
means CDN$0.97, being the price per Share equal to the greater of 130% of the VWAP per Share (in Canadian dollars) for the twenty
(20) consecutive Trading Days immediately before the Execution Date (provided that if the resultant VWAP number contains four or
more decimal places, such number will be rounded to the nearest four decimal places), and the VWAP per Share (in Canadian dollars)
for the five (5) consecutive Trading Days immediately before the Execution Date (provided that if the resultant VWAP number contains
four or more decimal places, such number will be rounded to the nearest four decimal places).

 

		1.2	Interpretation

 

The following rules apply unless the context requires
otherwise.

 

		(a)	Headings and sub-headings used in this Agreement are used for convenience only and do not affect interpretation.

 

		(b)	The singular includes the plural, and the converse also applies.

 

		(c)	A gender includes all genders.

 

		(d)	If a word or phrase is defined, its other grammatical forms have a corresponding meaning.

 

		(e)	A reference to a clause is a reference to a clause of this Agreement.

 

		(f)	Mentioning anything after "includes", "including", "for example", or similar expressions, does
not limit what else might be included.

 

		(g)	A reference to an agreement or document (including a reference to this Agreement) is to the agreement or document as amended,
supplemented or novated.

 

		(h)	Each reference to the word "person" in this Agreement will be deemed to include an individual, corporation, partnership,
trust, incorporated or unincorporated association or body, joint venture, limited liability company, joint stock company, government
(or any agency or subdivision), and other entity of any kind.

 

		(i)	As used in this Agreement, references to the Recitals, clauses, Disclosure Schedule and the Annexures are references, respectively,
to the Recitals of, clauses of, Disclosure Schedule to, and the Annexures to, this Agreement unless otherwise indicated.

 

		(j)	The Disclosure Schedule and the Annexures identified in this Agreement are incorporated in this Agreement by reference and
made a part of this Agreement.

 

		(k)	Where a Closing Date falls on a day that is not a New York Business Day, a Vancouver Business Day or a Toronto Business Day,
the Closing will occur on the day that is the next day that is a New York Business Day, a Vancouver Business Day and a Toronto
Business Day.

 

		(l)	Where a Conversion Date falls on a day that is not a New York Business Day, a Vancouver Business Day or a Toronto Business
Day or a day on which the TSX is not open for trading, the Conversion will occur on the day that is the next day that is a New
York Business Day, a Vancouver Business Day and a Toronto Business Day and a day on which the TSX is open for trading.

 

		(m)	References in this Agreement to volume of trading of Shares and market price of Shares will be determined by reference to the
calculations from the trading of such Shares on the TSX, as reported from an official TSX source such as TSX Infosuite, or, if
the Shares are not hereafter listed on TSX, such other primary stock exchange or stock market upon which the Shares of the Company
may be listed from time-to-time hereafter, as reported by Bloomberg LP.

 

    
	- 11 

     

    

 

		(n)	Any reference to time on a given day, excluding in connection with the meaning of Business Hours herein, shall be a reference
to the local time in New York, New York on such day.

 

		(o)	This Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against
the Party drafting or causing any instrument to be drafted.

 

		2	Convertible Security

 

		2.1	Convertible Security

 

On the terms and subject to the conditions of this Agreement,
and in reliance on the respective representations and warranties of the Parties set out in this Agreement, within ten (10) Trading
Days of the Execution Date or such later date as may be determined in accordance with the provisions of this Agreement (the Closing
Date), the Investor will advance to the Company US$10,000,000, which following the set off of the US$350,000 Commitment
Fee under clause 3.1 will result in the Investor being required to advance the Company US$9,650,000 (subject to any additional
set off in this Agreement) (Closing) in consideration of which the Company shall issue (and at the Closing will be
deemed to have issued) to the Investor an uncertificated convertible security with a face value of US$11,700,000 (Face Value
of the Convertible Security) (representing a funding amount of US$10,000,000 (Funded Amount) plus an implied
8.50% interest rate per annum for the Term) on the terms set out in this Agreement (the Convertible Security). If
the Company exercises its buy-back rights under clause 5.1(a) prior to the date that is 180 days after the Closing Date, the Face
Value of the Convertible Security shall be reduced by US$450,000.

 

		2.2	Interest

 

If as a result of a Conversion it is determined
by the Investor or a court of competent jurisdiction that the effective rate of interest paid or payable on the Amount Outstanding
or the Face Value of the Convertible Security is an effective rate of interest greater than the maximum prescribed in section 347(1)(b)
of the Criminal Code (Canada), then the Parties shall take such steps, and modify this Agreement in such manner, so that
the effective rate of interest paid or payable does not contravene such section, including, if required, by the repayment by the
Investor to the Company of a sufficient amount of interest that was originally set-off from the Face Value so that the resulting
amount of interest received by the Investor does not result in an effective rate of interest greater than that permitted.

 

		3	Commitment Fee and Warrants

 

		3.1	Commitment Fee

 

At, or prior to, the Closing, the Company must pay
the Commitment Fee to the Investor, which payment must be paid and discharged by the Company by being offset against the funding
obligation of the Investor under clause 2.1, such that the Investor pays US$9,650,000 to the Company at the Closing for the Convertible
Security.

 

		3.2	Closing Warrants

 

At, or prior to, the Closing, the Company shall
grant to the Investor or Designated Warrant Holder, the Warrants.

 

    
	- 12 

     

    

 

		4	Conditions Precedent to Closing

 

		4.1	Conditions Precedent to Closing – Investor

 

The Investor will have no obligation to pay or advance
the amount under clause 2.1 to the Company or to effect the Closing, unless and until the following conditions are fulfilled, or
waived in writing by the Investor, by no later than immediately prior to the Closing:

 

		(a)	The Company has delivered or caused to be delivered to the Investor, and the Investor has received, the following:

 

		(i)	a copy of the resolutions duly adopted by the Board of Directors of the Company authorizing the execution and delivery of the
Transaction Documents and the performance by the Company of its obligations thereunder, in a form acceptable to the Investor, acting
reasonably;

 

		(ii)	an executed copy of each of the documents required by clause 10.5(a);

 

		(iii)	copies of such additional documents (including evidence demonstrating all relevant approvals have been obtained from each person
who is a party to an agreement with the Company where the transactions contemplated by a Closing would otherwise contravene, breach
or constitute an event of default under that agreement with such person, as applicable), certificates, payments, assignments, transfers
and other deliveries as the Investor or its legal counsel may reasonably request and as are customary in Canada to effect a closing
of the matters contemplated at the Closing; and

 

		(iv)	the flow of funds request, substantially in the form set out in Annexure B (Funds Flow Request).

 

		(b)	Where the Closing, or the issue of the Convertible Security or Warrants may not be effected under Canadian Securities Laws
or the Corporations Act in the absence of shareholder approval, the Company has obtained all shareholder approvals for the purposes
of the Corporations Act and any Canadian Securities Laws and delivered to the Investor, and the Investor has received, documentary
evidence (reasonably satisfactory to the Investor) of such shareholder approval having been obtained.

 

		(c)	The representations and warranties of the Company contained in this Agreement are true and correct in all material respects
as of the dates as of which they are made or deemed to be made under this Agreement.

 

		(d)	Any and all consents, permits, approvals, registrations, waivers and documents, in the reasonable opinion of the Investor are
necessary or appropriate for the consummation of those Contemplated Transactions that would be consummated at the Closing, have
been issued by the Company and received by the Investor and remain in full force and effect.

 

		(e)	The Investor is of the opinion, acting reasonably, that:

 

		(i)	no Event of Default has occurred;

 

		(ii)	no Event of Default would result from the Closing being effected.

 

		(f)	The Company has performed or complied in all respects with all agreements and covenants required by this Agreement to be performed
or complied with by the Company as at or prior to the Closing.

 

		(g)	The Company has received the conditional approval of the TSX in respect of the issuance of the Convertible Security and Warrants,
and the listing of the Shares underlying the Convertible Security and Warrants.

 

    
	- 13 

     

    

 

		(h)	The Investor has received each of the documents required to be delivered, or which evidences satisfaction of the conditions,
in accordance with paragraphs (a) – (g) of this clause 4.1 in connection with the Closing.

 

The Investor may, but is not required to, deem the
absence of any notification by the Company prior to the Closing that any conditions to the Closing have not been fulfilled to be
an assurance that all conditions to the Closing have been fulfilled.

 

		4.2	Conditions Precedent to Closing – Company

 

		(a)	The Company will have no obligation to effect the Closing, unless and until the following conditions are fulfilled, or waived
in writing by the Company, by no later than immediately prior to the Closing.

 

		(i)	Where the Closing, or the issue of the Convertible Security or Warrants may not be effected under Canadian Securities Laws
or the Corporations Act in the absence of shareholder approval, the Company has obtained all shareholder approvals for the purposes
of the Corporations Act and any Canadian Securities Laws.

 

		(ii)	The Investor has performed or complied in all material respects with all agreements and covenants required by this Agreement
to be performed or complied with by the Investor as at, or prior to, the Closing.

 

		(iii)	The representations and warranties of the Investor contained in this Agreement are true and correct in all material respects
as of the dates as of which they are made or deemed to be made under this Agreement.

 

		(iv)	The Company has received the conditional approval of the TSX in respect of the issuance of the Convertible Security and Warrant,
and the listing of the Shares underlying the Convertible Security and Warrants.

 

		5	Buy-Back and Conversion of Convertible Security

 

		5.1	Buy-Back

 

		(a)	In its sole discretion, the Company may buy-back the Amount Outstanding of the Convertible Security at any time for an amount
equal to the Amount Outstanding of such Convertible Security. In the event of the Company electing to exercise its right under
this clause 5.1(a), it must issue the Investor with a buy-back notice for the Convertible Security (Buy-Back Notice),
and upon receipt of a Buy-Back Notice, the Investor will have the option to convert an amount of the Amount Outstanding up to 33.3%
of the Face Value of the Convertible Security into Shares at the Investor's discretion (subject to clause 5.4), at the Conversion
Price (Buy-Back Conversion Option).

 

		(b)	If the Investor wishes to exercise the Buy-Back Conversion Option, it must, within five (5) Business Days of receiving a Buy-Back
Notice, issue a buy-back conversion notice (Buy-Back Conversion Notice) to the Company specifying the dollar value
of the Amount Outstanding (which may be up to 33.3% of the original Face Value of the Convertible Security, subject to clause 5.4)
which it requires be converted into Shares (Buy-Back Conversion Shares) at the Conversion Price (Buy-Back Conversion
Amount).

 

    
	- 14 

     

    

 

		(c)	Upon issuing a Buy-Back Notice to the Investor, the Company irrevocably and unconditionally agrees to (as applicable), within
five (5) Business Days of receiving the Buy-Back Conversion Notice, or if no Buy-Back Conversion Notice is received then within
ten (10) Business Days of issuing the Buy-Back Notice (the Buy-Back Conversion Date):

  

		(i)	pay to the Investor in immediately available funds the Amount Outstanding in respect of the Convertible Security, less any
Buy-Back Conversion Amount requested by the Investor in a Buy-Back Conversion Notice that is permitted hereunder to be settled
with Buy-Back Conversion Shares; and

 

		(ii)	issue the Buy-Back Conversion Shares (if applicable) to the Investor, in accordance with its relevant obligations under clause
5.2.

 

		(d)	For greater certainty:

 

		(i)	upon the Company complying with the obligations in clause 5.1(c), the Company will have satisfied all obligations to pay the
Amount Outstanding to the Investor with respect to the applicable Convertible Security and may at any time thereafter terminate
this Agreement by providing written notice to the Investor, following which, the provisions of clause 15.2 shall apply; and

 

		(ii)	all Warrants shall remain outstanding and held by the Investor or the Designated Warrant Holder and will be unaffected by any
Buy-Back Notice.

 

		5.2	Conversion of the Convertible Security

 

Subject to the obligations set
out in clause 5.1, the Investor is permitted to convert the Convertible Security into Shares subject to the following terms and
conditions.

 

		(a)	The Investor may in its sole discretion one or more times and from time-to-time during the relevant period and during the Term
for the Convertible Security provide the Company a conversion notice (Conversion Notice) under this clause 5.2(a)
indicating that it requires a Conversion of the Convertible Security.

 

		(b)	Upon receipt by the Company of a Conversion Notice pursuant to clause 5.2(a), the Company will effect a Conversion of the Convertible
Security or the part thereof specified by the Investor in its Conversion Notice using the relevant Conversion Price, by issuing
and delivering Shares (in the number determined pursuant to clause 5.2(d)) to the Investor or its nominee on the Conversion Date
(as defined below).

 

		(c)	A Conversion Notice delivered pursuant to clause 5.2(a) will specify:

 

		(i)	the date (which shall be a Business Day in Vancouver, British Columbia or Toronto Ontario) by which the Investor requires Conversion
to occur, giving at least one (1) Business Day notice (Conversion Date);

 

		(ii)	the Company will take the required actions in order for the Conversion to occur on the Conversion Date, it being understood
and agreed that the Investor may revoke any Conversion Notice, at its sole discretion, at least two (2) Business Days prior to
the Conversion Date;

 

		(iii)	notwithstanding clauses 5.2(c)(i) and 5.2(c)(ii), in the event the Company, despite its best efforts is unable to complete
the Conversion on the Conversion Date due to additional time being required by the Share Custodian, the Company’s transfer
agent or other relevant third party, the Conversion Date may be delayed up to five (5) Business Days from the date upon which the
Company received the Conversion Notice; and

 

		(iv)	the Conversion Amount(s) which may be, subject to clause 5.4, any amount up to the Amount Outstanding.

 

		(d)	The aggregate Conversion Amount the Investor may Convert under 5.2(a) shall not exceed US$600,000 per month. Subject to clause
5.4, the Investor shall have the right at any time and in its sole discretion to increase such Conversion limit to up to US$1,200,000
per month, provided that the number of Shares corresponding to the aggregate increased amount does not exceed twenty percent (20%)
of the aggregate trading volume of Shares for the immediately preceding twenty (20) Trading Days on the TSX if the Shares are listed
on the TSX.

 

    
	- 15 

     

    

 

		(e)	Notwithstanding the limitations in clause 5.2(d), but subject to clause 5.4, if a Market Cap Event occurs at any time, there
shall be no limit to the amount of the Amount Outstanding the Investor may Convert with respect to the Convertible Security.

 

		(f)	Subject to clause 5.4, the Company and the Investor acknowledge and agree that there shall be no limit to the amount of the
Amount Outstanding the Investor or the Company, as applicable, may Convert with respect to the Convertible Security pursuant to
clause 5.6 or at any time that an Event of Default occurs and/or is continuing (subject to the cure period in clause 13).

 

		(g)	The number of Conversion Shares that the Company shall issue and deliver on a Conversion will be determined by dividing the
Designated CAD Equivalent Amount of that Conversion Amount, calculated as at the Business Day immediately preceding the date on
which the Conversion Shares are issued, by the relevant Conversion Price, provided that if the resultant number contains a fraction,
such number will be rounded down to the next lowest whole number.

 

		(h)	On or prior to each Conversion Date, the Investor will provide the Company with a notice of the relevant Conversion Price applicable
to the Conversion due to be effected on such Conversion Date, setting out the manner in which such Conversion Price was calculated
by the Investor, which amount shall be verified by the Company to ensure if conforms with information from an official TSX source
such as TSX Infosuite if the Shares are listed on TSX.

 

		(i)	The Company shall deliver to the Investor the Conversion Shares on the Conversion Date to which it is entitled under this clause,
and provided that:

 

		(i)	The Investor shall not sell, transfer, assign or otherwise dispose of the Conversion Shares during the Lock-Up Period;

 

		(ii)	If legends that were required under Canadian Securities Laws on any previously issued Share or Warrant certificate are no longer
required under Canadian Securities Laws, the Investor is entitled to have these legends removed from any previously issued Share
or Warrant certificate which the Company undertakes to cause within five (5) Business Days of any request from the Investor, which
request shall be accompanied by each applicable Share or Warrant certificate in respect of which the request is made;

 

		(iii)	the Investor is entitled to have any Conversion Shares issued after the Lock-Up Period in an electronic or dematerialized form
as determined by the Investor;

 

		(iv)	any Conversion Shares represented in an electronic or dematerialized form will not have any restrictive legend; and

 

		(v)	Investor shall provide all such certificates, declarations, and/or opinions reasonably required by the Company, reliance on
which is required by Law in order for the Conversion Shares to be issued without United States legends attached.

 

		(j)	With respect to each Conversion Notice delivered by the Investor, the Company may by written notice to the Investor pay a cash
amount to the Investor equal to 105% of all, or any portion of, the applicable Conversion Amount (the Cash Payment Amount)
and upon the Company sending a notice to the Investor exercising its right under this clause 5.2(j) with respect to all or any
portion of a Conversion Notice, the Company must within five (5) Business Days pay the Investor in immediately available funds
the Cash Payment Amount and comply with clause 5.2 in respect of any remaining Conversion Amount.

 

    
	- 16 

     

    

 

		5.3	Issuing of Investor's Shares

 

Subject to clause 5.4, each time
the Company is required to issue Shares to the Investor under this Agreement, the Company shall, without delay, take all actions
required under Canadian Securities Laws and US Securities Laws in respect of the issuance of such Shares to the Investor, including,
to the extent required, filing all required forms with and obtaining all approvals of the TSX that are required. In the event any
approvals of the TSX are conditional upon the Company subsequently filing additional information or documentation with the TSX,
the Company shall complete all such filings and the Investor shall cooperate to provide any required documentation required to
be provided by it in the prescribed time period.

 

		5.4	Limitation on Shares Issuable on Conversion

 

		(a)	Notwithstanding any other provision of this Agreement, but subject to this clause 5.4, the aggregate number of Investor's Shares
issuable upon Conversion, together with the number of Investor's Shares issued upon exercise of Warrants shall not exceed 43,588,000
Shares, as adjusted on a proportionate basis to reflect any Security Structure Event (the Share Maximum), unless
and to the extent the Company has obtained approval by its shareholders for the issuance of additional Investor's Shares in a manner
and form required by the TSX, or has otherwise obtained the approval of the TSX to issue Shares in excess of the Share Maximum
without shareholder approval.

 

		(b)	If in the opinion of the Investor it is likely that the issuance of Investor's Shares upon a Conversion or exercise of Warrants,
together with the number of Investor's Shares issuable upon exercise of Warrants, would result in the issuance of a number of Shares
in excess of the Share Maximum or result in the Investor becoming a "control person" (as defined in the Securities
Act (British Columbia), the Investor may on notice require that the Company call and hold a special or extraordinary meeting
of shareholders to seek the required shareholder approval, which the Company shall hold within sixty (60) days of the date that
the Investor has delivered notice to the Company. Management of the Company shall make a positive recommendation in the materials
sent to shareholders at such meeting to vote in favour of the Investor becoming a "control person" of the Company and/or
being issued Investor's Shares.

 

		(c)	If the Share Maximum referred to in clause 5.4(a) above would be exceeded on a Conversion and the Company is unable to obtain
the approval of its shareholders for the issuance of additional Investor's Shares in excess of the Share Maximum, then without
limiting any of the Investor's other rights under this Agreement:

 

		(i)	the Investor may by written notice to the Company (Cash Conversion Notice) require the Company to pay a cash
amount to the Investor equal to Y multiplied by $C, where:

 

Y = the number of new Investor's
Shares required to be issued to the Investor in excess of the Share Maximum; and

 

$C = the 5-day VWAP per Share
on the date prior to the issuance of the Conversion Notice, 

 

(Cash Conversion Amount);
and

 

		(ii)	upon the Company receiving a Cash Conversion Notice from the Investor, the Company must within five (5) Business Days pay the
Investor in immediately available funds the Cash Conversion Amount.

 

    
	- 17 

     

    

 

		(d)	Notwithstanding any right of Conversion hereunder, Investor will not be entitled to convert that portion of the Amount Outstanding
representing the Total Interest Amount until such time as the relevant pro rata amount has accrued in accordance with this clause
5.4(d). For purposes of determining that portion of the Amount Outstanding represented by principal and the Total Interest Amount
in connection with Conversions, in all cases a Conversion will be deemed to apply first to the amounts constituting the Funded
Amount and with the final balance of the Amount Outstanding representing the Total Interest Amount. The Total Interest Amount will
accrue for purposes of this clause 5.4(d) in respect of the US$1,700,000 Total Interest Amount for the Convertible Security, in
equal monthly increments of US$70,833.33 commencing at the end of the first month following the issue of the Convertible Security
and the end of each month thereafter for twenty-four (24) months.

 

		(e)	In the event that a Conversion and/or exercise of Warrants would result in the Investor becoming an “Insider” (as
defined in TSX Rules) of the Company, such Conversion and/or exercise of Warrants will be postponed and will not be effective until
the TSX has approved a personal information form(s), or waived the requirement therefor, in respect of the Investor. In addition,
in the event that a Conversion and/or exercise of Warrants would "materially affect control" (as defined in TSX Rules)
of the Company, and/or result in the Investor becoming a "control person" (as defined in the Securities Act (British
Columbia)), such Conversion and/or exercise of Warrants will be postponed and will not be effective until the Parties comply with
all requirements under Canadian Securities Laws, as applicable. For greater certainty, if a Conversion and/or exercise of Warrants
is postponed in accordance with this clause 5.4(e), such postponement will not constitute an Event of Default.

 

		5.5	Resale Restrictions

 

The Investor will abide by and follow the resale
restrictions under Canadian Securities Laws for the Securities and acknowledges that certificates representing such Securities
will bear a restrictive legend if issued during the Lock-up Period.

 

		5.6	Payment at Maturity

 

On the date that is twenty-four (24) months following
the Closing Date, the Company shall pay to the Investor the Amount Outstanding, if any, of the Convertible Security, in immediately
available funds, or, by issuing Shares at the Conversion Price (with the Conversion Date, for such purposes, being a date mutually
agreed by the Parties), or a combination thereof. The Company shall have the right to issue Shares to the Investor under this clause
5.6 only if such Shares are issued as free-trading Shares without any hold periods or statutory restrictions and no Event of Default
had occurred during the Term. For greater certainty: (i) upon the Company complying with the obligations in clause 5.6, the Company
will have satisfied all obligations to pay the Amount Outstanding to Investor with respect to the applicable Convertible Security
and may at any time thereafter terminate this Agreement by providing written notice to the Investor, following which, the provisions
of clause 15.2 shall apply, and (ii) all Warrants shall remain outstanding and held by the Investor or the Designated Warrant Holder.

 

		6	Additional Conditions to Investor's Shares

 

		6.1	Conditions to issue of Investor's Shares

 

The obligation of the Investor to accept an issuance
of Investor's Shares, will be subject to the fulfilment on or before the issuance date of each of the conditions set out below.

 

		(a)	Subject to clause 5.4, all shareholder and regulatory approvals, consents, permits, other approvals, registrations and waivers
necessary or appropriate for the issuance of the Investor's Shares, including under Canadian Securities Laws and US Securities
Laws, have been issued and received by the Company and remain in full force and effect.

 

    
	- 18 

     

    

 

		(b)	The representations and warranties of the Company contained in this Agreement are true and correct in all material respects
as of the dates as of which they are made or deemed to be made.

 

		(c)	The Company has performed or complied in all material respects with all agreements and covenants required by this Agreement
to be performed or complied with by it on or prior to the issuance date.

 

		(d)	No Event of Default has occurred or would result from the Contemplated Transactions occurring on such issuance date being effected.

 

		(e)	The issue and delivery of such Investor's Shares would not result in the Company being in breach of Canadian Securities Laws,
US Securities Laws or the Corporations Act.

 

		6.2	Consequence of failure to meet conditions

 

		(a)	The Company shall not issue Shares as discharge of all or any part of any Amount Outstanding, to the Investor or its nominee
without the prior written consent of the Investor if, on the issue of the relevant Shares, any of the conditions in clause 6.1
have not been fulfilled.

 

		(b)	If the Company issues Shares in breach of sub-clause 6.2(a):

 

		(i)	the relevant Shares will be deemed not to have been accepted by the Investor and the Shares will be surrendered by the Investor
and repurchased for cancellation by the Company, and the Investor agrees to co-operate to effect that repurchase and cancellation.
The costs of such repurchase and cancellation will be borne by the Company and the Company shall indemnify the Investor in respect
of any liability arising to the Investor in accordance with clause 16.2; and

 

		(ii)	the obligation of the Company to deliver Shares in accordance with clause 5 will be deemed not to have been discharged.

 

		7	Representations and Warranties by the Company

 

		7.1	Representations and Warranties

 

The Company represents and warrants to the Investor,
on the Execution Date, at the Closing, at each Conversion Date, and on the date of issuing any Shares on exercise of Warrants (in
each case where qualified by an express reference to the representation or the warranty being given on a particular other date
or dates, on that date or dates), that the following statements in this clause 7.1 are true and correct and not misleading, including
by omission:

 

		(a)	(Existence) The Company is a corporation incorporated and validly existing in good standing under the laws of the Province
of British Columbia, with all requisite corporate power and authority to own, use, lease and operate its properties and conduct
its business in the manner presently conducted, and is duly qualified to transact business in each jurisdiction where it is so
required.

 

		(b)	(Authorisation) The execution and delivery of, and performance by the Company of this Agreement, including, without
limitation, to:

 

		(i)	enter into, authorise, execute and deliver the Transaction Documents, the certificates representing the Warrants and the certificates
representing the Investor's Shares, including obtaining any shareholder approval required for the issue (as and when required to
be issued in accordance with the terms of the Transaction Documents) of the Warrants (and issuing any Shares pursuant to the Warrants),
the Investor's Shares and the Convertible Security; and

 

    
	- 19 

     

    

 

		(ii)	enter into, and authorise the performance of, all obligations of the Company as and when required under the Transaction Documents
and the Contemplated Transactions, including issuing the Warrants and the Investor's Shares,

 

has been authorized by all necessary
corporate action on the part of the Company and no further corporate action is required by the Company, its officers, its board
of directors, or its security holders in connection with the Transaction Documents or the relevant Contemplated Transactions (except
as may be required by Canadian Securities Laws and US Securities Laws).

 

		(c)	(No contravention) The entry into the Transaction Documents by the Company and the undertaking of the Contemplated Transactions
will not cause the Company to breach or contravene:

 

		(i)	its articles, notice of articles or any of its other constating documents;

 

		(ii)	any agreement it has with any other third party and does not constitute an event of default under any such agreement; or

 

		(iii)	any applicable Law, including the Corporations Act;

 

		(d)	(Securities) The Company is authorized to issue an unlimited number of Shares, of which 241,081,316 Shares are issued
and outstanding as of the Execution Date, and no other class of equity or voting securities are authorized as of the Execution
Date.

 

		(e)	(Binding Obligations) This Agreement has been duly executed and delivered by the Company, and this Agreement and each
Transaction Document constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganisation, moratorium and similar laws of general
applicability, relating to or affecting creditors' rights generally.

 

		(f)	(Security structure)

 

		(i)	No person is entitled, or purports to be entitled, to any right of first refusal, pre-emptive right, right of participation,
or any similar right, to participate in the Contemplated Transactions or otherwise with respect to any securities of the Company.

 

		(ii)	The Company has not granted security with respect to any indebtedness or other equity of the Company., other than the CEO Loans.

 

		(iii)	The issuance and sale of any of the Investor's Shares or the Warrants will not obligate the Company to issue Shares or other
securities to any other person and will not result in the adjustment of the exercise, conversion, exchange, or reset price of any
outstanding security.

 

		(iv)	Except as described in the Disclosure Schedule:

 

		(A)	there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any character
under which the Company or any Subsidiary is, or may be, obligated to issue any equity, equity securities or equity-linked securities
of any kind;

 

    
	- 20 

     

    

 

		(B)	there are no voting, buy-sell, outstanding or authorised stock appreciation, right of first purchase, phantom stock, profit
participation or equity-based compensation agreements, options or arrangements, or like rights relating to the securities of the
Company or agreements of any kind among the Company and any person; and

 

		(C)	as of the Execution Date, the Company has repaid all outstanding debt facilities and there is no indebtedness or other equity
of the Company that is senior to, or pari passu with, the Convertible Security in right of payment, whether with respect to interest
or upon liquidation or dissolution, or otherwise other than the CEO Loans.

 

		(g)	(Valid issuance) All Investor's Shares to be issued by the Company pursuant to this Agreement have been duly authorized
for issuance and sale by all necessary corporate action on the part of the Company and, when issued and delivered by the Company
against payment of the consideration thereof pursuant to this Agreement, will be outstanding as fully paid and non-assessable Shares,
and will not have been issued in violation or subject to any pre-emptive rights or other contractual rights to purchase securities
issued by the Company or in violation of any Canadian Securities Laws, and will be free and clear of all Liens and restrictions,
except for restrictions on transfer imposed by Canadian Securities Laws and US Securities Laws.

 

		(h)	(Reporting Issuer and TSX Listed) The Company is a "reporting issuer" under Canadian Securities Laws in each
of the Provinces of British Columbia, Alberta, Saskatchewan, Ontario and New Brunswick, and is not currently noted in default of
any filing requirement under such securities laws. The Shares of the Company are listed on the TSX. The Company has complied with
its obligations to file and deliver any documents required under TSX Rules and the Company is not in material breach, contravention
or default of any the TSX Rules and no fact exists which may result in the foregoing.

 

		(i)	(Consents) Prior to the Closing, except for the approval of the TSX and provided there exists applicable exemptions
from registration under US Securities Laws, there are no consents, approvals, authorizations, orders or agreements of any Governmental
Authorities or any other persons which may be required for the execution, delivery and performance by the Company of the Transaction
Documents and the offer, issuance and sale of the Securities.

 

		(j)	(Regulatory Issues) No order ceasing or suspending trading in any securities of the Company nor prohibiting the sale
of such securities has been issued to and is outstanding against the Company and, to the Company's knowledge, no investigations
or proceedings for such purposes are pending or threatened. To the Company's knowledge, there is no fact or circumstance that may
cause the Company to request or any Governmental Authority to impose any order ceasing or suspending trading in securities of the
Company nor prohibiting the sale or issuance of such securities.

 

		(k)	(Subsidiaries) The Subsidiaries listed in the Disclosure Schedule are all of the Subsidiaries of the Company. The Company
owns 100% of the voting and equity interests in the Subsidiaries. Except as disclosed in the Disclosure Schedule, the Company is
the sole beneficial owner of the Subsidiaries and no other person holds any equity interests or securities exchangeable into securities
of any Subsidiary or has any agreement, option, warrant, right or privilege (whether pre-emptive or contractual) being capable
of becoming an agreement for the purchase, subscription or issuance of any issued or unissued shares or other securities of any
Subsidiary. Each of the Subsidiaries has been duly incorporated or established and is validly existing and in good standing under
the laws of its respective jurisdiction of organization with all requisite corporate power and authority to own, use, lease and
operate its properties and conduct its business in the manner presently conducted, and is duly qualified to transact business in
each jurisdiction where it is so required.

 

    
	- 21 

     

    

 

		(l)	(No Material Adverse Effect) Except as disclosed in the Disclosure Schedule, there has not been any material change
in the assets, liabilities or obligations (absolute, contingent or otherwise) of the Company and its Subsidiaries (taken as a whole)
from that set forth in the Company's financial statements for its fiscal year-ended June 30, 2020. Additionally, no event or circumstance
subsists which affects the Company or any of its Subsidiaries or to which any of the Company's or any of its Subsidiaries' assets
are subject which would, or would be reasonably likely to, have a Material Adverse Effect.

 

		(m)	(Financial Statements) Since the date of the Company's most recent financial statements (where for these purposes the
most recent financial statements means the annual or interim financial statements most recently released to the market
and made available in the Public Record):

 

		(i)	the Company has not incurred any liabilities (contingent or otherwise) that remain outstanding, other than in the ordinary
course of business;

 

		(ii)	the Company has not altered its method of accounting; and

 

		(iii)	the Company has not declared or made any dividend or distribution of cash or other property to its shareholders, or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock.

 

The Company's most recent financial
statements, as well its financial statements for its fiscal year-ended June 30, 2020, have been prepared in accordance with GAAP
consistently applied throughout the periods involved and present fairly the consolidated financial position and results of operation
and changes in the financial position of the Company for the periods involved, and such accounts fairly present in all material
respects the financial condition, financial performance and cash flows of the Company for the periods involved.

 

		(n)	(Litigation)

 

Except as disclosed in the Disclosure
Schedule:

 

		(i)	There are no material pending actions, suits or proceedings against or affecting the Company, its Subsidiaries or any of its
or their assets or properties and to the Company's knowledge, no such actions, suits or proceedings are threatened or contemplated;

 

		(ii)	There has not been, and to the Company's knowledge there is no, pending or contemplated investigation by any Governmental Authority
involving the Company, its Subsidiaries or any current or former director or officer of the Company or any of its Subsidiaries;
and

 

		(iii)	There is no agreement, judgment, injunction, order or decree binding upon the Company or its Subsidiaries that has or could
reasonably be expected to have the effect of prohibiting, restricting or materially impairing any business practice of the Company
or its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries, other than such agreements, judgments,
injunctions, orders or decrees which would not, individually or in the aggregate, be expected to have a Material Adverse Effect
on the Company or its Subsidiaries.

 

    
	- 22 

     

    

 

		(o)	(Compliance) Neither the Company nor any Subsidiary:

 

		(i)	is in material default under, or in material violation of (and no event has occurred that has not been waived that, with notice
or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary
received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or
any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such
default or violation has been waived);

 

		(ii)	is in violation of any order of any Governmental Authority; or

 

		(iii)	is in violation of any Law in any material respect.

 

Except as disclosed in the Public
Record, the Company and its Subsidiaries have received all material permits, licenses and other approvals required of any of them
under such Laws, rules, regulations, orders and directions for the conduct of their current business operations, and are in material
compliance with all terms and conditions of such permits, licenses or approvals; and have not received any notice of the modification,
revocation or cancellation of, or any intention to modify, revoke or cancel or any proceeding relating to the modification, revocation
or cancellation of any such permits, licenses or approvals. Without limiting the generality of the foregoing, except as disclosed
in the Public Record, the Company and each of its Subsidiaries has good and marketable title under applicable Laws to the licenses
that constitute the Elk Creek Project and to all material personal property owned by them in the conduct of their business on the
Elk Creek Project, in each case free and clear of all liens, encumbrances and defects, except such liens, encumbrances and defects
that do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company and its Subsidiaries, or liens and encumbrances otherwise required by applicable Law.

 

		(p)	(Environmental Laws) Except as disclosed in the Disclosure Schedule, the Company and its Subsidiaries: (i) are in material
compliance with any and all applicable foreign, federal, provincial, state and local laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (Environmental
Laws); (ii) have received all permits, licenses or other approvals currently required of any of them under applicable Environmental
Laws to conduct their current business; and (iii) are in material compliance with all terms and conditions of any such permit,
licences or approval.

 

		(q)	(Tax Returns)

 

		(i)	Each of the Company and its Subsidiaries has (A) correctly prepared and duly and on a timely basis filed all tax returns required
to be filed by them, (B) paid all Taxes due and payable by them, (C) paid all assessments and reassessments and all other Taxes,
governmental charges, penalties, interest and other fines due and payable by them and which are claimed by any Governmental Authority
to be due and owing and adequate provision has been made for Taxes payable for any completed fiscal period for which tax returns
are not yet required to be filed, (D) duly and timely withheld and remitted or caused to be withheld and remitted, all Taxes required
to be withheld and remitted by them, and (E) duly and timely collected and remitted or caused to be collected and remitted,
to the appropriate Governmental Authority such Taxes required by Law to be collected and remitted by them;

 

    
	- 23 

     

    

 

		(ii)	there are no agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any
tax return or payment of any Tax, governmental charge or deficiency by the Company or any of its Subsidiaries;

 

		(iii)	to the knowledge of the Company, there are no actions, suits, proceedings, investigations or claims threatened or pending against
the Company or any of its Subsidiaries in respect of Taxes, governmental charges or assessments; and

 

		(iv)	there are no matters under discussion with any governmental authority relating to Taxes, governmental charges or assessments
asserted by any such authority, other than in ordinary course of business.

 

		(r)	(OFAC) None of the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to
any United States sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury
(OFAC); and the Company will not directly or indirectly use any proceeds received from the Investor, or lend, contribute
or otherwise make available such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or other person
or entity, to finance any investments in, or make any payments to, any country or person currently subject to any of the sanctions
of the United States administered by OFAC.

 

		(s)	(No Foreign Corrupt Practices) None of the Company or any of the Subsidiaries has, directly or indirectly: (i) made
or authorized any contribution, payment or gift of funds or property to any official, employee or agent of any Governmental Authority
of any jurisdiction except as otherwise permitted under applicable Law; or (ii) made any contribution to any candidate for public
office, in either case, where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited
under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Corruption of Foreign Public
Officials Act (Canada), the Foreign Corrupt Practices Act (United States) or the rules and regulations promulgated thereunder
or under any other legislation of any relevant jurisdiction covering a similar subject matter applicable to the Company or its
Subsidiaries and their respective operations and the Company has instituted and maintained policies and procedures designed to
ensure, and which are reasonably expected to continue to ensure, continued compliance with such legislation.

 

		(t)	(Anti-Money Laundering) The operations of each of the Company and its Subsidiaries are and have been conducted at all
times in compliance with all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction of incorporation
and in each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the Money Laundering
Laws) and no action, suit or proceeding by or before any court or Governmental Authority involving the Company or its Subsidiaries
with respect to any of the Money Laundering Laws is, to the knowledge of the Company, pending, threatened or contemplated.

 

    
	- 24 

     

    

 

		(u)	(Disclosures)

 

		(i)	The materials delivered, and statements made, by the Company and its representatives to the Investor in connection with the
Contemplated Transactions (the Materials) do not, as at the time delivered or made, and (in respect of materials
delivered and statements made prior to the Execution Date) on the Execution Date:

 

		(A)	contain any untrue statement of a material fact or misleading statement; or

 

		(B)	omit to state a material fact necessary in order to make the statements contained in those Materials, in light of the circumstances
under which they were made, not misleading; and

 

		(ii)	The Company has disclosed to the Investor all material facts relating to the Company, its business, assets, properties, the
Transaction Documents, the Contemplated Transactions, and all other matters which are material to the assessment of the nature
and amount of the risk inherent in an investment in the Company.

 

		(v)	(Solvency) No Insolvency Event has been suffered or incurred by the Company or its Subsidiaries.

 

		(w)	(Law) The Company has filed or delivered any documents required under Canadian Securities Laws or the Corporations Act
to be filed and delivered, and in each case, within the time period required, and the Company is otherwise in material compliance
with Canadian Securities Laws and the Corporations Act and no fact exists which may result in the Company not being in such material
compliance with Canadian Securities Laws or the Corporations Act.

 

		(x)	(Entitlement to rely on prospectus exemption) The Company has complied and will comply with Canadian Securities Laws
in connection with the offer, sale and issuance of the Investor's Shares to the Investor and confirms that the Investor's Shares
may be issued to the Investor under Canadian Securities Laws without the requirement that the Company file a prospectus qualified
under such Canadian Securities Laws.

 

		(y)	(Non-public information) Neither the Company nor any person acting on its behalf has provided the Investor or its agents,
representatives or counsel with any information that is a "material fact" or "material change" with respect
to the Company (as such terms are defined under Canadian Securities Laws) that has not been generally disclosed to the public,
and to the Company’s knowledge, the Investor does not possess knowledge of any “material fact”, “material
change” with respect to the Company that has not been generally disclosed to the public, and, to the extent this warranty
is breached, the Company must immediately release the relevant information to the market.

 

		(z)	(Prohibited Transactions) The Company has not entered or agreed to enter into a Prohibited Transaction that has not
been completed.

 

		(aa)	(Absence of Events of Default) No Event of Default and no event which, with notice, lapse of time or both, would constitute
an Event of Default, has occurred and is continuing.

 

		(bb)	(U.S. compliance)

 

		(i)	(No general solicitation) Neither the Company nor to its knowledge, any person acting on its behalf, has conducted any
"general solicitation" or "general advertising" (as those terms are used in Regulation D under the 1933 Act)
in connection with the offer or sale of the Securities or any manner involving a public offering within the meaning of Section
4(a)(2) of the 1933 Act with respect to the offer or sale of the Securities.

 

    
	- 25 

     

    

 

		(ii)	(No integrated offering) Neither the Company nor any of its Affiliates, nor any person acting on its or their behalf
has, directly or indirectly, sold, offered for sale or solicited offers to buy or otherwise negotiated in respect of any security,
in a manner, or under circumstances, that:

 

		(A)	would adversely affect reliance by the Company on the provisions of Rule 506(b) of Regulation D under the 1933 Act for the
exemption from the registration requirements of the 1933 Act for the Contemplated Transactions;

 

		(B)	would require registration of the sale of the Securities under the 1933 Act; or

 

		(C)	would cause such offer or solicitation to be deemed integrated with the offering of the Securities pursuant to US Securities
Laws such that there is no available exemption from registration under the 1933 Act.

 

		(iii)	(Private placement) The offer and sale of the Securities to the Investor as contemplated by this Agreement are exempt
from:

 

		(A)	the registration requirements of the 1933 Act by virtue of Rule 506(b) of Regulation D under the 1933 Act; and

 

		(B)	the registration and/or qualification provisions of all US Securities Laws, subject to the Company preparing and filing, within
prescribed time periods, any forms or notices required under Regulation D under the 1933 Act or applicable blue sky laws in connection
with the offer and sale of the Securities.

 

		(iv)	(Category 3 securities) As at the date of this Agreement, the Company is a Category 3 issuer pursuant to Rule 903 of
Regulation S under the 1933 Act.

 

		7.2	Investor's reliance

 

The Company acknowledges that the Investor has entered
into this Agreement in reliance on the Company's representations and warranties set out in this Agreement.

 

		7.3	Construction of representation and warranties

 

Each representation and warranty of the Company
is to be construed independently of the others and is not limited by reference to any other representation or warranty.

 

		7.4	Disclosures and limitations

 

		(a)	The representations and warranties of the Company set out in clause 7.1 are not limited in any way by information gathered,
or due diligence conducted by, the Investor, its advisers or representatives.

 

		(b)	The representations and warranties of the Company will be further qualified only to the extent expressly set out in Schedule
1 (the Disclosure Schedule).

 

		7.5	Notice

 

The Company shall immediately notify the Investor
in writing upon becoming aware of any inaccuracy of any representation or warranty given by the Company under this Agreement.

 

    
	- 26 

     

    

 

		8	Representations and Warranties of the Investor

 

		8.1	Representations and warranties

 

The Investor represents, warrants, covenants and
agrees, on the Execution Date, at the Closing, at each Conversion Date and on exercise of Warrants (in each case, except where
qualified by an express reference in this clause 8.1 as to the representation or the warranty being given on and as of a particular
date or dates, only on and as of that date or dates), that the following are true:

 

		(a)	(Organisation, good standing and qualification)

 

		(i)	The Investor is a validly existing limited liability company and has all requisite power and authority to enter into and consummate
the Contemplated Transactions and otherwise to carry out its obligations under this Agreement;

 

		(ii)	The Investor is in good standing under the laws of the jurisdiction of its place of incorporation and has all requisite power
and authority to carry out the Contemplated Transactions; and

 

		(iii)	The Investor is not in violation or default of any of the provisions of its limited liability company agreement, certificate
of formation, or other organizational or charter documents.

 

		(b)	(Authorization) The execution, delivery and performance by the Investor of this Agreement have been duly authorised
and will constitute a valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganisation, moratorium and similar laws of general applicability,
relating to or affecting creditors' rights generally.

 

		(c)	(Status of Investor) The Investor is purchasing the Securities as principal, is entitled to purchase the Securities
without the benefit of a prospectus qualified under Canadian Securities Laws, is, at the Execution Date and at the Closing, an
"accredited investor" within the meaning of paragraph (m) of the definition of "accredited investor" in NI
45-106 and was not created, and is not used, solely to purchase or hold securities as an accredited investor described in paragraph
(m) of the definition of “accredited investor” in NI 45-106.

 

		(d)	(U.S. compliance – investment intent) The Investor understands that the Securities are and will be when issued,
as applicable, "restricted securities" pursuant to Rule 144(a)(3) under the 1933 Act and have not been registered under
the 1933 Act or any applicable US Securities Laws, and, accordingly, may not be offered or sold or otherwise transferred, directly
or indirectly, except pursuant to an effective registration statement under the 1933 Act or pursuant to an available exemption
from, or in a transaction not subject to, the registration requirements of the 1933 Act and in accordance with applicable US Securities
Laws. For purposes of assuring that the Investor is not an underwriter within the meaning of Section 2(a)(11) of the 1933 Act for
purposes of Rule 502(d) under the 1933 Act, the Investor represents that it:

 

		(i)	is acquiring the Securities as principal for its own account for investment purposes only (as contemplated by the 1933 Act
and the rules and regulations promulgated thereunder) and not with a view to or for distributing or reselling such Securities or
any part of such Securities, directly or indirectly, in violation of the 1933 Act;

 

		(ii)	has no present intention of distributing any of such Securities in violation of the 1933 Act; and

 

    
	- 27 

     

    

 

		(iii)	has no arrangement or understanding with any other person or persons regarding the distribution of such Securities in violation
of the 1933 Act.

 

		(e)	(Investor status) At the time the Investor was offered the Securities, it was, and at the Execution Date it is, an "accredited
investor" as defined in Rule 501(a) of Regulation D under the 1933 Act. The Investor is not, and is not required to be, registered
as a broker or dealer under section 15 of the Exchange Act.

 

		(f)	(Adequate information) The Investor has had an opportunity to receive all information related to the Company requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions
of the offering of the Securities, and has reviewed such information as the Investor considers necessary or appropriate to evaluate
the risks and merits of an investment in, and make an informed investment decision with respect to, the Securities.

 

		(g)	(General solicitation) The Investor is not purchasing the Securities as a result of any "general solicitation"
or "general advertising" (as such terms are used in Regulation D under the 1933 Act) including, without limitation, any
advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine, on the Internet
or similar media or broadcast over television or radio or presented at any seminar or in any filing with the SEC or any other general
solicitation or general advertisement or any manner involving a public offering within the meaning of Section 4(a)(2) of the 1933
Act with respect to the offer or sale of the Securities.

 

		(h)	(United States Resale Restrictions) The Investor acknowledges and understands that the Securities, as restricted securities
under 1933 Act, have, in addition to any other resale restrictions imposed by the specific terms thereof or by the application
of Canadian Securities Laws, the following resale restrictions under US Securities Laws and, for so long as the Securities are
restricted securities under Rule 144(a)(3) of the 1933 Act, the Investor hereby agrees to transfer or sell the Securities, directly
or indirectly, only: (A) to the Company or (B) outside the United States in accordance with Regulation S under the 1933 Act and
pursuant to Canadian Securities Laws and the terms of this Agreement, (C) pursuant to the exemptions from registration under the
1933 Act provided by (I) Rule 144 thereunder, if available, or (II) Rule 144A thereunder, if available, and in both cases in accordance
with applicable state securities laws of the United States, or (D) in a transaction that does not require registration under the
1933 Act or any applicable state securities laws of the United States and, in the case of clauses (C)(I) or (D) above, or if otherwise
reasonably required by the Company, the Investor has furnished to the Company an opinion of counsel of recognized standing in form
and substance reasonably satisfactory to the Company to such effect. The Investor has implemented appropriate internal controls
and procedures to ensure that the Securities shall be properly identified in its records as restricted securities under the 1933
Act that are subject to the re-sale and transfer restrictions set forth herein notwithstanding the absence of a U.S. restrictive
legend or a definitive physical certificate.

 

		(i)	(U.S. Warrant exercise) The Investor understands and acknowledges that the Warrants may not be exercised in the United
States or by or on behalf of, or for the account or benefit of, a U.S. Person (as such term is defined in Regulation S under the
1933 Act) or a person in the United States unless an exemption is available from the registration requirements of the 1933 Act
and the US Securities Laws, and the Investor or the Designated Warrant Holder, as applicable, has furnished an opinion of counsel,
or other evidence, in either case in form and substance satisfactory to the Company, to such effect; provided that the Investor
will not be required to deliver an opinion of counsel in connection with its due exercise of the Warrants acquired pursuant to
the terms of this Agreement, at a time when the Investor or Designated Warrant Holder, as applicable, is an "accredited investor"
within the meaning of Rule 501(a) of Regulation D under the 1933 Act.

 

    
	- 28 

     

    

 

		(j)	(U.S. restrictive legend Warrants) In addition to any legends required by Canadian Securities Laws, the Investor understands
and acknowledges that the certificates representing the Warrants issued pursuant to the terms of this Agreement, and all certificates
issued in exchange for or in substitution of such certificates shall bear the following legend upon the original issuance of any
such Warrants and until the legend is no longer required under applicable requirements of the 1933 Act and US Securities Laws:

 

"THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR U.S. STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE "CORPORATION")
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION;
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL
LAWS AND REGULATIONS; (C) PURSUANT TO THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 THEREUNDER,
IF AVAILABLE, OR (II) RULE 144A, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND, IN
THE CASE OF CLAUSES (C)(I) OR (D) ABOVE, OR IF OTHERWISE REASONABLY REQUIRED BY THE CORPORATION, THE SELLER HAS FURNISHED TO THE
CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH
EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

THE SECURITIES
REPRESENTED HEREBY MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON
OR A PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. FOR
PURPOSES OF THE FOREGOING, "UNITED STATES" AND "U.S. PERSON" ARE USED AS DEFINED IN REGULATION S UNDER THE
U.S. SECURITIES ACT."

 

		(k)	(No U.S. registration) The Investor understands and acknowledges that, except as set forth in Section 10.6 hereto, the
Company is not obligated to file and has no present intention of filing with the SEC or with any state securities administrator
any registration statement in respect of re-sales of the Securities.

 

    
	- 29 

     

    

 

		(l)	(Sources of Funds) The Investor represents that: (i) no part of the funds that may be used by the Investor for or in
the transactions contemplated under this Agreement will have been directly or indirectly derived from, or related to, any activity
that may contravene federal, state, provincial or international laws and regulations, including: (A) anti-corruption laws, including
the Corruption of Foreign Public Officials Act (Canada), the Foreign Corrupt Practices Act (United States) and (B) the Money Laundering
Laws and regulation including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act) and regulations
of the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC); (ii) no proceeds received by the Investor pursuant
to this Agreement will be used to finance any activities that contravene such federal, state, provincial or international laws
and regulations; (iii) no direct or indirect contribution or payment to the Company by the undersigned will cause the Company or
any affiliate to be in violation of such federal, state, provincial or international laws and regulations; (iii) it and its affiliates
are not acting directly or indirectly for or on behalf of any person, group, entity, or nation named by any Executive Order of
the U.S. as a terrorist, Specially Designated National and Blocked Person (SDN) or other banned or blocked person, entity, nation,
or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by OFAC; (iv) it and its affiliates
also are not engaged in this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction,
directly or indirectly on behalf of any SDN; and (v) none of the Investor nor its affiliates, directors or officers has been or
is currently subject to any United States sanctions administered by OFAC.

 

		8.2	Company's reliance

 

The Investor acknowledges that the Company has entered
into this Agreement in reliance on the Investor's representations and warranties set out in this clause 8.

 

		8.3	Construction of representation and warranties

 

Each representation and warranty of the Investor
is to be construed independently of the others and is not limited by reference to any other representation or warranty.

 

		8.4	Notice

 

The Investor will immediately notify the Company
upon becoming aware of any material breach of any representation or warranty given by the Investor under this Agreement.

 

		9	Terms of the Warrants

 

The Warrants granted in accordance with the terms
hereof will have the terms and conditions set out in Annexure A, and the "Exercise Price" (as such term is defined in
Annexure A) of the relevant Warrant will be set in accordance with the definition of Warrants Exercise Price.

 

		10	Additional Covenants and Agreements

 

		10.1	U.S Transfer and Sale Restrictions

 

Until such time as the applicable
hold period under the 1933 Act has elapsed with respect to the Securities and the Investor has provided an opinion of counsel of
recognized standing reasonably satisfactory to the Company that the Securities are no longer restricted securities under Rule 144(a)(3)
of the Securities Act, the Investor will not transfer or sell the Securities, directly or indirectly, in the United States or to,
or for the account or benefit of a U.S. Person (as such term is defined in Regulation S under the 1933 Act), it will not deposit
any the Investor Shares with Cede & Co. or any successor thereto, it will not transfer or sell any Securities over the facilities
of the OTC Markets Group, Inc. including the OTCQX International and it will cause any nominee holding the Securities on its behalf
to comply with re-sale and transfer restrictions contained in this Agreement.

 

    
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		10.2	Ranking of the Investor's Shares

 

		(a)	The Investor's Shares will rank equally in all respects with the existing Shares on the date of issue of the Investor's Shares.

 

		(b)	At each issuance, the Company shall credit all Investor's Shares as fully paid.

 

		(c)	All Investor's Shares will be issued free and clear of any Liens, except, during the Lock-Up Period, pursuant to Canadian Securities
Laws.

 

		10.3	Ranking of Investor's interest in the Convertible Security

 

		(a)	The Convertible Security will constitute direct, general, and unconditional obligations of the Company and the Company represents
and warrants, at the Execution Date and for the period while there is Amount Outstanding, the Convertible Security will, unless
otherwise agreed to by the Investor and subject to clause 10.5, rank senior to all other debt or loan obligations of the Company
including any of the Company’s outstanding unsecured bank debt.

 

		(b)	The Company may not arrange to obtain, or obtain, any debt funding (including convertible debt or preferred stock) or other
financial accommodation, other than incidental indebtedness arising from time to time pursuant to the Company’s ordinary
course business, without the prior written consent of the Investor.

 

		(c)	In the event the Company arranges, or obtains, any new debt (including convertible debt or preferred stock) (Debt Proceeds),
the Company must promptly provide the Investor with full details about such arrangements, and, in its sole discretion, the Investor
may direct that the Company use some or all of the Debt Proceeds as is specified by the Investor to promptly repay some or all
of the Amount Outstanding on the Convertible Security or may, in its sole discretion, waive compliance with this requirement.

 

		(d)	In the event the Company completes any single equity financing (including securities convertible into equity) for aggregate
gross proceeds of at least US$10,000,000 (Equity Proceeds), the Company must promptly notify the Investor of each
such financing (in reasonably detail) and the Investor may, in its sole discretion, within ten (10) Business Days of tis receipt
of notice thereof, direct the Company to use up to 25% of the Equity Proceeds of each such financing to pay the Amount Outstanding
of the Convertible Security.

 

		(e)	In the event the Investor directs the Company to make any repayment under clauses 10.3(c) or 10.3(d), the Company shall make
such repayment within three (3) Business Days of its receipt of a written direction from the Investor, which direction may not
be delivered to the Company until two (2) Business Days following actual receipt by the Company of the funds referred to in clause
10.3(d).

 

    
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		10.4	Participation Right

 

The Company hereby grants the Investor the right but not the
obligation (the Participation Right), at the Investor’s sole discretion, to participate in any equity financing
of the Company (including any financing of securities convertible for, or exchangeable into, Shares of the Company) (each a Subsequent
Equity Financing), whereby the Investor may subscribe for up to fifteen percent (15%) of each Subsequent Equity Financing
on terms and conditions (if any) identical to all other subscribers in such financing, provided, however, that: (i) the limitations
set forth in clause 5.4(e) shall apply mutatis mutandis to the Investor’s exercise of the Participation Right and
(ii) the Investor may not participate in a Subsequent Equity Financing for an amount of securities that would exceed the Share
Maximum, unless, the Company has obtained the approval of the TSX to issue such Shares without shareholder approval. The Company
shall provide the Investor with prompt notice in writing of each Subsequent Equity Financing, including all particulars of such
Subsequent Equity Financing (the Financing Notice). Each Financing Notice shall be accompanied by all documentation
(including without limitation, disclosure documents, offering memoranda, and definitive agreements), as are provided to other subscribers
in such Subsequent Equity Financing The Investor shall have no less than five (5) Business Days from the date of receipt of a Financing
Notice to advise the Company whether it wishes to participate in such Subsequent Equity Financings and the amount for which the
Investor wishes to subscribe under this clause 10.4, which may be less than its entitlement hereunder, provided that if the Company
is proposing to undertake a Bought Deal in respect of such Subsequent Equity Financing, the Company shall give such Financing Notice
to the Investor as early as practicable in the circumstances in light of the speed and urgency under which Bought Deals are conducted
and the Investor shall have three (3) days from the date of receipt of a Financing Notice to advise the Company whether it wishes
to participate in such proposed Bought Deal and the amount for which the Investor wishes to subscribe under this clause 10.4, which
may be less than its entitlement hereunder. The Participation Right shall continue for a period of two years from the Closing Date
(the Participation Right Period) and shall survive termination or expiration of this Agreement and may be exercised
once in whole or in part in respect of each Subsequent Equity Financing conducted, or to be conducted, by the Company during the
Participation Right Period. For greater certainty, so long as a Subsequent Equity Financing is announced by the Company during
the Participation Right Period, the Participation Right shall apply, even though such Subsequent Equity Financing may be completed
after the Participation Right Period. The Company shall not complete a Subsequent Equity Financing until it has complied with this
clause 10.4, provided that the restrictions imposed by the application of clause 5.4(e), mutatis mutandis or the Share Maximum
shall not constitute non-compliance with this clause 10.4.

 

		10.5	Security

 

		(a)	On or before the Closing Date, the Company shall grant to the investor a general security interest in all of the assets and
property of the Company (including all of the issued and outstanding shares of 0896800 BC Ltd. (089 BC Ltd), a Subsidiary
of the Company, by pledging such shares to the Investor on or before the Closing Date) in a form and agreement acceptable to the
Investor, acting reasonably.

 

		(b)	On or before the date that is twenty (20) days after the Execution Date, the Company shall:

 

		(i)	cause 089 BC Ltd. to execute a guarantee guaranteeing all of the debts, liabilities and obligations of the Company under this
Agreement pursuant to a guarantee acceptable to the Investor;

 

		(ii)	cause 089 BC Ltd. to pledge all of the issued and outstanding shares of Elk Creek Resources Corp. (Elk Creek),
an indirect Subsidiary of the Company, pursuant to a share pledge acceptable to the Investor; and

 

		(iii)	cause Elk Creek to execute a guarantee guaranteeing all of the debts, liabilities and obligations of the Company under this
Agreement pursuant to a guarantee acceptable to the Investor.

 

		(c)	On or before the date that is twenty (20) days after the Execution Date, the Company shall cause Mark A. Smith, the President
and Chief Executive Officer of the Company, to enter into an intercreditor, subordination or standstill agreement with the Investor
which will provide, among things, that: (i) subject to clause 10.5(e), the liens of the Investor contemplated under this clause
10.5 will rank pari passu with the security interests granted by the Company to its President and Chief Executive Officer,
Mark A. Smith, as security for certain loans and a non-revolving credit facility provided by Mark A. Smith to the Company in the
aggregate amount of US$3,500,000 (the CEO Loans) and (ii) Mark A. Smith will agree to a standstill with respect to
his enforcement rights for so long as any Amount Outstanding under this Agreement remains outstanding.

 

    
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		(d)	On or before the date that is sixty (60) days after the Execution Date, the Company shall cause Elk Creek to do all things
necessary and desirable (including signing and recording all documents and lodging all filings by all required parties (including
Mark A. Smith)) in order to grant and perfect a lien on Elk Creek’s real property and fixtures, as set out in the Disclosure
Schedules, in favour of the Investor.

 

		(e)	The CEO Loans will rank pari passu with the Investor’s liens contemplated under this clause 10.5, subject to a
maximum amount of US$4,000,000. For greater certainty, the Investor’s liens under this clause 10.5 shall be senior to the
liens or other security interests granted by the Company in favour of Mark A. Smith for any amount that is owed by the Company
to Mark A. Smith in excess of US$4,000,000.

 

		(f)	At any time that the Amount Outstanding has been reduced to NIL (including the Conversion of the Convertible Security), at
the request of the Company and at the Company's expense, the Investor shall execute, deliver and file, as applicable, all discharges,
releases and financing change statements that are, in the Company's opinion, necessary or desirable to release all Liens granted
by the Company to the Investor under this clause 10.5.

 

		10.6	Registration Rights

 

		(a)	(Registration Statement) Promptly, but in any event no later than April 1, 2021 the Company shall prepare and file with
the SEC a Registration Statement covering the resale of all of the Investor’s Shares. The foregoing Registration Statement
shall be filed on Form S-1 or a Form S-3 or any successor forms thereto. A copy of the Registration Statement (and each amendment
or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to the Investor and its counsel
at least five (5) Business Days prior to its filing or other submission and the Company shall incorporate all reasonable comments
provided by the Investor or its counsel.

 

		(b)	(Expenses) Except as otherwise expressly provided herein, the Company will pay all fees and expenses incident to the
performance of or compliance with this Section 10.6, including all fees and expenses associated with effecting the registration
of the Investor’s Shares, including all filing and printing fees, the Company’s counsel and accounting fees and expenses,
costs associated with clearing the Investor’s Shares for sale under US Securities Laws, listing fees, reasonable fees and
expenses of one counsel to the Investor and the Investor’s reasonable expenses in connection with the registration, but excluding
discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with
respect to the Investor’s Shares being sold.

 

		(c)	(Effectiveness) The Company shall use its best efforts to have the Registration Statement declared effective as soon
as practicable after filing thereof but in no event later than the date that is one hundred twenty (120) days following the Closing
Date. The Company shall notify the Investor by e-mail as promptly as practicable, and in any event, within twenty-four (24) hours,
after the Registration Statement is declared effective and shall simultaneously provide the Investor with copies of any related
Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.

 

    
	- 33 

     

    

 

		(d)	(Piggyback Registration Rights) If the Company at any time determines to file a registration statement under the 1933
Act to register the offer and sale, by the Company, of Shares (other than (x) on Form S-4 or Form S-8 under the 1933 Act or any
successor forms thereto, (y) an at-the-market offering, or (z) a registration of securities solely relating to an offering and
sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement),
the Company shall, as soon as reasonably practicable, give written notice to the Investor of its intention to so register the offer
and sale of Shares and, upon the written request, given within five (5) Business Days after delivery of any such notice by the
Company, of the Investor to include in such registration the Investor’s Shares (which request shall specify the number of
Investor’s Shares proposed to be included in such registration), the Company shall use its commercially reasonable efforts
to cause all such Investor’s Shares to be included in such registration statement on the same terms and conditions as the
Shares otherwise being sold pursuant to such registered offering. If the registration under which the Company gives notice pursuant
to this Section 10.6(d) is an underwritten offering and the managing underwriter or managing underwriters of such
offering advise the Company and the Investor that, in its or their reasonable view, the amount of Shares requested to be included
in such registration (including the Investor’s Shares requested by the Investor to be included in such offering and any Shares
that the Company proposes to be included that are not the Investor’s Shares) exceeds the number of Shares which can be sold
in an orderly manner in such offering within a price range acceptable to the Company (the Maximum Offering Size),
then the Company shall so advise the Investor and shall include in such offering the number of Shares which can be so sold in the
following order of priority, up to the Maximum Offering Size: (A) first, the Shares that the Company proposes to sell
up to the Maximum Offering Size and (B) second, the Investor’s Shares requested to be included in such registration. 
If the Investor requests that any Investor’s Shares be included in a registration pursuant to this Section 10.6(d), then
the Investor must sell such Investor’s Shares to the underwriters selected by the Company on the same terms and conditions
as apply to the Company.  The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 10.6(d) prior to the effective date of such registration statement, whether or not the Investor has elected to include
Investor’s Shares in such registration statement. The registration expenses of such withdrawn registration shall be borne
by the Company in accordance with Section 10.6(b) hereof.

 

		(e)	(Company Obligations) The Company will use its best efforts to effect the registration of the Investor’s Shares
in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

		(i)	use its best efforts to cause the Registration Statement to remain continuously effective for a period that will terminate
upon the first date on which all of the Investor’s Shares may be sold without restriction, including volume or manner-of-sale
restrictions, pursuant to Rule 144 under the 1933 Act or have been sold by the Investor (the Effectiveness Period)
and advise the Investor in writing when the Effectiveness Period has expired;

 

		(ii)	prepare and file with the SEC such amendments and post-effective amendments and supplements to the Registration Statement and
the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with
the provisions of the 1933 Act and the Exchange Act with respect to the distribution of all of the Investor’s Shares covered
thereby;

 

    
	- 34 

     

    

 

		(iii)	provide copies to and permit counsel designated by the Investor to review all amendments and supplements to the Registration
Statement no fewer than three (3) Business Days prior to its filing with the SEC and not file any document to which such counsel
reasonably objects;

 

		(iv)	furnish to the Investor and its legal counsel, without charge, (i) promptly after the same is prepared and publicly distributed,
filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or
sending date, as the case may be) one copy of the Registration Statement and any amendment thereto, each preliminary prospectus
and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the
staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to the Registration
Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment),
and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto
and such other documents as the Investor may reasonably request in order to facilitate the disposition of the Investor’s
Shares that are covered by the related Registration Statement;

 

		(v)	as promptly as reasonably practicable, notify the Investor of any request by the SEC for the amending or supplementing of the
Registration Statement or Prospectus or for additional information;

 

		(vi)	use its commercially reasonable efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness
and, (ii) if such order is issued, obtain the withdrawal of any such order as soon as reasonably possible and notify the Investor
of the issuance of any such order and the resolution thereof, or its receipt of notice of the initiation or threat of any proceeding
for such purpose;

 

		(vii)	prior to any public offering of the Investor’s Shares, use its commercially reasonable efforts to register or qualify
or cooperate with the Investor and its counsel in connection with the registration or qualification of such Investor’s Shares
for offer and sale under the securities or blue sky laws of such jurisdictions reasonably requested by the Investor and do any
and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of
the Investor covered by the Registration Statement and the Company shall promptly notify the Investor of any notification with
respect to the suspension of the registration or qualification of any of such Investor’s Shares for sale under the securities
or blue sky laws of such jurisdictions or its receipt of notice of the initiation or threat of any proceeding for such purpose;

 

		(viii)	immediately notify the Investor, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the
happening of any event as a result of which, the Registration Statement or Prospectus includes an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of the Prospectus, in light of the circumstances in which they were made), and promptly prepare, file with the SEC
and furnish to the Investor a supplement to or an amendment of such Registration Statement or Prospectus as may be necessary so
that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading (in the case of such Prospectus,
in light of the circumstances in which they were made);

 

    
	- 35 

     

    

 

		(ix)	otherwise use its best efforts to comply in all material respects with all applicable rules and regulations of the SEC under
the 1933 Act and the Exchange Act;

 

		(x)	hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) disclosure
of such information is necessary to comply with US Securities Laws, (ii) the disclosure of such information is necessary to complete
the Registration Statement or to avoid or correct a misstatement or omission in the Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of
this Agreement or any other agreement, and upon learning that disclosure of such information concerning the Investor is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor
and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information; and

 

		(xi)	take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of all the Investor’s
Shares pursuant to the Registration Statement.

 

		(f)	(Indemnification by the Company) The Company will indemnify and hold harmless the the Investor, its Affiliates and their
respective directors, officers, managers, shareholders, members, partners, employees and agents and permitted successors and assigns
(collectively, the Investor Indemnified Parties), from and against any Losses to which they may become subject under
the 1933 Act or otherwise, arising out of, relating to or based upon: (i) any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement, any preliminary prospectus, final Prospectus or other document, including
any Blue Sky Application (as defined below), or any amendment or supplement thereof or any omission or alleged omission of a material
fact required to be stated therein or, in the case of the Registration Statement, necessary to make the statements therein not
misleading or, in the case of any preliminary prospectus, final Prospectus or other document, necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading; (ii) any Blue Sky Application or other document
executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any U.S.
state or other jurisdiction in order to qualify any or all of the Investor’s Shares under the securities laws thereof (any
such application, document or information herein called a Blue Sky Application); (iii) any violation or alleged violation
by the Company or its agents of the 1933 Act, the Exchange Act or any similar US Securities Laws or any rule or regulation promulgated
thereunder applicable to the Company or its agents and relating to any action or inaction required of the Company in connection
with the registration or the offer or sale of the Investor’s Shares pursuant to any Registration Statement; or (iv) any failure
to register or qualify the Investor’s Shares included in any such Registration Statement in any U.S. state where the Company
or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification
on the Investor’s behalf and will reimburse the Investor Indemnified Parties for any legal or other expenses reasonably incurred
by them in connection with investigating, preparing or defending any such Losses; provided, however, that the Company
will not be liable in any such case if and to the extent, but only to the extent, that any such Losses arise out of or are based
upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished
by the Investor or any such controlling person in writing specifically for use in such Registration Statement or Prospectus.

 

    
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		(g)	(Conduct of Indemnification Proceedings) Any person entitled to indemnification hereunder shall (i) give prompt notice
to the indemnifying party of any claim, action, suit or proceeding with respect to which it seeks indemnification following such
person’s receipt of, or when such person otherwise become aware of, the commencement of such claim, action, suit or proceeding
and (ii) permit such indemnifying party to assume the defense of such claim, action, suit or proceeding with counsel reasonably
satisfactory to the indemnified party; provided, however, that any person entitled to indemnification hereunder shall have the
right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall
be at the expense of such person unless (A) the indemnifying party has agreed to pay such fees or expenses, (B) the indemnifying
party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (C) in
the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such
person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in
writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall
not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure or delay
of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder,
except to the extent that such failure or delay to give notice shall materially adversely affect the indemnifying party in the
defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding
in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified
parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect of such claim or litigation.

 

		(h)	(Contribution for Indemnification Proceedings) If for any reason the indemnification provided for in the preceding paragraph
(a) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion
as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. The indemnity and contribution
agreements contained in this Section are in addition to any other rights or remedies that any indemnified party may have under
applicable law, by separate agreement or otherwise.

 

		(i)	(Definitions) The following definitions apply for the purposes of this Clause 10.6:

 

		(i)	Prospectus means the prospectus included in any Registration Statement, as amended or supplemented by an prospectus
supplement, with respect to the terms of the offering of any portion of the Investor’s Shares covered by such Registration
Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated
by reference in such prospectus, and any “free writing prospectus” as defined in Rule 405 under the 1933 Act; and

 

    
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		(ii)	Registration Statement means any registration statement of the Company filed under the 1933 Act that covers the
resale of any of the Investor’s Shares pursuant to the provisions of this Agreement, including the Prospectus and amendments
and supplements to such Registration Statement, and including post-effective amendments, all exhibits and all material incorporated
by reference in such Registration Statement.

 

		10.7	Rights of Investor

 

The right of the Investor to be issued Conversion
Shares in accordance with clause 5 and otherwise under this Agreement, will not confer on the Investor any entitlement to receive
dividends or vote at a general meeting of shareholders of the Company.

 

		10.8	Compliance with Laws

 

		(a)	The Company and the Investor will each comply with all applicable Laws in all material respects.

 

		(b)	Except as otherwise provided herein, the Company shall make, in a timely manner, all filings that may be required under Canadian
Securities Laws and US Securities Laws in connection with the Contemplated Transactions, including, without limitation, all filings
required by the TSX and all filings required by NI 45-106.

 

		10.9	TSX Listing

 

At all times during the term of
this Agreement (and provided that the Investor holds any Securities), the Company shall ensure that the Shares remain listed on
the TSX, provided that this covenant shall not prevent the Company from completing any transaction which would result in the Company
ceasing to be listed on the TSX so long as the holders of Shares receive securities of an entity which is listed on the TSX (or,
subject to the prior approval of the Investor, another recognized stock exchange), or cash, or the holders of the Shares have approved
the transaction in accordance with the requirements of Canadian Securities Laws, US Securities Laws and corporate laws, subject
to the Company's compliance with its obligations in clause 10.10, if the Investor exercises its right in clause 10.10.

 

		10.10	Adjustments on Arrangements, Take-Overs and Changes of Control

 

If the Company proposes an arrangement or is the
subject of a take-over bid, which in either case would result in a Change of Control Event that would also result in the Shares
no longer being listed on the TSX, then the Investor may, but is not required to, at any time up to five (5) Business Days prior
to the date of completion of such proposed transaction, require that the Company cause that other person, company or legal entity
which is the counterparty to such arrangement or take-over bid, to assume all of the obligations of the Company under this Agreement
following the completion of such proposed transaction, including the obligation to issue Conversion Shares. If the Investor exercises
its right in this clause, then the Company shall cause that other person, company or legal entity to enter into an assignment and/or
novation agreement acceptable to the Investor acting reasonably, and following such time, the Investor shall accept, in lieu of
Shares, Conversion Shares, Convertible Security, or Warrants, an economically equivalent number of shares, convertible securities
and warrants issued by that other person, company, or legal entity in lieu of the Shares, Conversion Shares, Convertible Security
or Warrants to which the Investor is entitled to hereunder. The number of Shares, Conversion Shares, Convertible Security, or Warrants
to be issued shall be adjusted for the exchange ratio applicable in the relevant arrangement or take-over bid, and the Investor
shall have the right to consent to the accuracy of such adjustment. If the Investor exercises its right in this clause, and the
Company is unable to, or the other company does not, enter into an assignment and/or novation acceptable to the Investor, then
the failure to do so shall be considered an Event of Default.

 

    
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		10.11	Prohibited Transactions

 

Unless agreed in writing between the Company and
the Investor, from the Execution Date until the date of termination of this Agreement, the Company shall not effect, or enter into
an agreement to effect, any Prohibited Transaction unless the funds raised from such Prohibited Transaction are utilised to repay
the Amount Outstanding in full.

 

		10.12	No shorting

 

During the term of this Agreement, none of the Investor
or any of its Affiliates will engage in any short sales of any securities of the Company.

 

		10.13	Investor's Share Custodian

 

During the term of this Agreement,
the Investor will notify the Company of its prime broker and Share Custodian promptly prior to the Company being required to issue
any Shares to the Investor and will advise the Company of any change of its Share Custodian within five (5) Business Days following
such change having taken effect.

 

		10.14	Set-Off

 

		(a)	The Investor may set off any of its obligations to the Company (whether or not due for payment), against any of the Company's
obligations to the Investor (whether or not due for payment) under this Agreement and/or any Transaction Document including any
payment owing to the Investor resulting from an Event of Default.

 

		(b)	The Investor may do anything necessary to effect any set-off undertaken in accordance with this clause 10.14 (including varying
the date for payment of any amount payable by the Investor to the Company).

 

		10.15	Set-Off Exclusion

 

All payments which are required to be made by the
Company to the Investor will be made without:

 

		(a)	any set-off, counterclaim or condition; or

 

		(b)	any deduction or withholding for Tax or any other reason, unless a deduction or withholding is required by law,

 

except as may otherwise be consented
to by the Investor.

 

		10.16	Miscellaneous Negative Covenants

 

The Company shall not, and (in respect of only subclauses
(a), (f) and (g) below) shall cause all of its Subsidiaries not to, directly or indirectly, without the Investor's written approval:

 

		(a)	dispose, in a single transaction, or in a series of transactions, of all or substantially all of the consolidated assets of
the Company and its Subsidiaries unless such disposal is in the ordinary course of business or the entirety of the Amount Outstanding
is repaid in full at the closing thereof;

 

		(b)	cease to be a "reporting issuer" under any Canadian Securities Laws;

 

    
	- 39 

     

    

 

		(c)	de-list its Shares from the TSX, provided that this provision shall not prevent the Company from completing any transaction
which would result in the Company ceasing to be listed on the TSX so long as the holders of Shares receive securities of an entity
which is listed on the TSX (or, subject to the prior approval of the Investor, another recognized stock exchange), or cash, or
the holders of the Shares have approved the transaction in accordance with the requirements of Canadian Securities Laws, US Securities
Laws and corporate laws, subject to the Company's compliance with its obligations in clause 10.10, if the Investor exercises its
right in clause 10.10;

 

		(d)	undertake any consolidation of its share capital unless such consolidation is required by the TSX;

 

		(e)	list its Shares on any stock exchange other than TSX;

 

		(f)	reduce its paid-up or stated capital;

 

		(g)	transfer the jurisdiction of incorporation of the Company or any of its Subsidiaries; or

 

		(h)	enter into any agreement with respect to any of the matters referred to in paragraphs (a) – (g).

 

In the event the Company proposes
to take any action set out in paragraphs (a) to (i) above, the Company shall provide the Investor with at least ten (10) Business
Days prior written notice regardless of whether the consent of the Investor is required in the circumstances.

 

		10.17	Use of Proceeds

 

The Company shall only use the
funds received from the Investor under this Agreement for land purchases for the Elk Creek Project, related expenditures and other
general corporate purposes that are reasonable in light of the nature of the Company's business as of the Execution Date, and for
greater certainty must not use these funds for making any pledge payments to any third party, for dividend payments, the repayment
or redemption of any indebtedness or obligations or interests held by any security holders (or similar payments) or the repayment
of any debt due to a director, officer, insider or related party of the Company or any of its Subsidiaries.

 

		10.18	Withholding Gross-Up

 

All payments made by the Company in respect of this
Agreement (in respect of principal, interest or otherwise) shall, except as required by applicable Law, be made in full without
set-off or counterclaim, and free of and without deduction or withholding for any present or future Taxes provided that if the
Company is required by applicable Law to deduct or withhold any Taxes from or in respect of any payment or sum payable to the Investor,
the payment or sum payable will be increased as necessary so that after making all such deductions or withholdings, the Investor
receives an amount equal to the sum it would have received if no such deduction or withholding had been made and the Company shall
pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Law.

 

In the event the Investor subsequently receives
or recovers any deducted or withheld amount from any Canadian federal, provincial or other Governmental Authority, or it is able
to use such withheld amounts to reduce its US Taxes otherwise payable, and the Company has complied with its obligations in this
clause 10.18, then the Investor shall pay such amount to the Company within twenty (20) Business Days of actual receipt.

 

		11	Taxes

 

		(a)	Without limiting anything else in this Agreement, the Company shall:

 

    
	- 40 

     

    

 

		(i)	pay any Tax required to be paid to any Governmental Authority which is payable by the Company in respect of this Agreement
or any Contemplated Transaction (including in respect of the execution, delivery, performance, release, discharge, amendment or
enforcement of this Agreement or any Contemplated Transaction);

 

		(ii)	pay any fine, penalty or other cost in respect of a failure to pay any Tax as required by this clause 11; and

 

		(iii)	indemnify the Investor against any amount payable by it under this clause 11.

 

		(b)	Without limiting anything else in this Agreement:

 

		(i)	the Company shall pay all stamp, loan transaction, registration and similar Taxes, including fines and penalties, financial
institutions duty and debits Tax that may be payable to, or required to be paid by, any appropriate authority, or determined to
be payable in connection with the execution, delivery, performance or enforcement of this Agreement or any Contemplated Transaction
or any payment, receipt or other transaction contemplated by this Agreement; and

 

		(ii)	the Company shall indemnify the Investor against any loss or liability incurred or suffered by it as a result of the delay
or failure by the Company to pay the Taxes under clause 11(b)(i).

 

		(c)	Without limiting anything else in this Agreement, at all times on and from the date of this Agreement, the Company shall comply
in all material respects with all applicable laws relating to Tax and promptly file, or cause to be filed, all tax returns, and
other Tax filings, required under applicable Tax law.

 

		12	Default

 

		12.1	Events of Default

 

Any of the following will constitute an Event of
Default:

 

		(a)	Any of the representations, warranties, or covenants made by the Company or any of its agents, officers, directors, employees
or representatives in any Transaction Document, Materials or public filing are inaccurate, false or misleading in any material
respect, as of the date as of which it is made or deemed to be made, or any certificate or financial or other written statements
furnished by or on behalf of the Company to the Investor, any of its representatives, or the Company's shareholders, is inaccurate,
false or misleading, in any material respect, as of the date as of which it is made or deemed to be made or repeated (in each case
where qualified by an express reference to the representation or the warranty being given on a particular other date or dates,
on that date or dates).

 

		(b)	The Company or any Subsidiary of the Company suffers or incurs an Insolvency Event.

 

		(c)	The Company or any of its Subsidiaries ceases, suspends, or threatens to cease or suspend, the conduct of all or a substantial
part of its business, or disposes, in a single transaction, or in a series of transactions, of all or substantially all of the
assets of the Company on a consolidated basis unless such disposal is in the ordinary course of business or the proceeds therefrom
are used to pay the entirety of the Amount Outstanding to the Investor;

 

		(d)	The Company or any of its Subsidiaries takes action to reduce its capital or stated capital of any of its share classes.

 

		(e)	There is a cease trade order against the Company, a management cease trade order in respect of the Company, or the Company
ceases to be a "reporting issuer" under any Canadian Securities Laws (or applies to do so), or the trading in the Shares
is halted or suspended under TSX Rules, other than a temporary halt not exceeding two (2) Trading Days in connection with disclosure
by the Company.

 

    
	- 41 

     

    

 

		(f)	The Shares are de-listed from the TSX, provided that it shall not be an Event of Default if the Investor exercises its right
set forth in clause 10.10 or if it is otherwise permitted by the terms of this Agreement.

 

		(g)	Any of the conditions set out in clauses 4.1, or 6.1 have not have been fulfilled in a timely manner or the time prescribed.

 

		(h)	The Company denies the right of the Investor to receive any Securities hereunder, or otherwise dishonours or rejects any action
taken, or document delivered, in furtherance of the Investor's rights to receive any Investor's Shares or Warrants (provided that
nothing in this clause 12.1(h) is deemed to prevent the Company from challenging the Investor's actions to which the Investor is
in fact not entitled under this Agreement).

 

		(i)	A Transaction Document or a Contemplated Transaction has been ultimately determined by a court of competent jurisdiction to
be wholly or partly void, voidable or unenforceable.

 

		(j)	A court of competent jurisdiction makes an ultimate determination in favour of any action, claim, proceeding, suit, investigation,
or action against any other person or otherwise asserted before any Governmental Authority, which seeks to restrain, challenge,
deny, enjoin, limit, modify, delay, or dispute, the right of the Investor or the Company to enter into any Transaction Documents
or undertake any of the Contemplated Transactions.

 

		(k)	Any event, condition or development occurs or arises which in the opinion of the Investor (acting reasonably) has, or could
reasonably be expected to have, a Material Adverse Effect.

 

		(l)	Any consent, permit, approval, registration or waiver necessary for the consummation of those Contemplated Transactions that
remain to be consummated at the applicable time, has not been issued or received, or does not remain in full force and effect at
the applicable time.

 

		(m)	The TSX revokes any conditional approval it has granted in respect of any of the Securities (including the Warrants) to be
issued pursuant to this Agreement or the Company does not satisfy the conditions of such approval within the prescribed time period.

 

		(n)	The Investor has not received all those items required to be delivered to it in connection with a Closing, or upon the exercise
of Warrants in accordance with this Agreement.

 

		(o)	The Company subsequently becomes prohibited under Canadian Securities Laws or the Corporations Act from issuing Shares to the
Investor under this Agreement, provided that the restrictions imposed by the Share Maximum shall not constitute an Event of Default.

 

		(p)	The Company fails to perform, comply with, or observe, any other material term, covenant, undertaking, obligation or agreement
under any Transaction Document, including without limitation, the failure to pay any cash amount owing to the Investor hereunder
at the time such payment is due.

 

		(q)	A default judgment of an amount of US$500,000 or greater is entered against the Company or any of its Subsidiaries.

 

		(r)	The Company and/or any of its Subsidiaries defaults in relation to a payment obligation in the amount of US$500,000 or greater
under any financial accommodation, including any loan, advance, debenture or other form of financing entered into with a third
party (taking into account any applicable grace period agreed by the relevant third party).

 

    
	- 42 

     

    

 

		(s)	If at any time after the Execution Date, the Company or any of its Subsidiaries has any present or future liabilities, including
contingent liabilities, for an amount or amounts totalling more than US$500,000 which have not been satisfied on time or within
thirty (30) days of invoice (taking into account any applicable grace period agreed with the relevant third party to whom such
liabilities are owed), or have become prematurely payable as a result of its default or breach (howsoever described)

 

		(t)	The Company fails to comply with its covenant in clause 10.10 if the Investor exercises its right in clause 10.10.

 

		(u)	The Company fails to comply with its obligation to deliver Conversion Shares in accordance with this Agreement, and including
for greater certainty, in compliance with clauses 5.2(i).

 

		(v)	The Company contravenes clause 10.3.

 

		(w)	Any of the Company, 089 BC Ltd or Elk Creek fail to grant or perfect the liens or comply with their obligations as set out
in clause 10.5 by the dates specified therein to the satisfaction of the Investor.

 

		(x)	Any of the agreement contemplated by clause 10.5 are not entered into by the dates specified in clause 10.5 to the satisfaction
of the Investor.

 

		(y)	The Company or any Subsidiary has any accounts payable or other ordinary course liability outstanding as due and unpaid for
more than 90 days, unless contested in good faith.

 

		(z)	The Company undergoes a Change of Control Event to which the Investor has not given its prior written consent.

 

		(aa)	A Securities Termination Event occurs.

 

		12.2	Investor Right to Investigate an Event of Default

 

If in the Investor's reasonable opinion, an Event
of Default has occurred, or is or may be continuing or likely to occur:

 

		(a)	the Investor may notify the Company that it wishes to investigate such purported Event of Default;

 

		(b)	the Company shall co-operate fully with the Investor in such investigation, subject to applicable Laws;

 

		(c)	the Company shall comply with all reasonable requests made by the Investor of the Company in connection with any investigation
by the Investor and will:

 

		(i)	provide all information and documents requested by the Investor in relation to the Event of Default to the Investor, provided
the Investor agrees that any materially price sensitive information and/ or non-public information will be subject to confidentiality;
and

 

		(ii)	provide all such information and documents within five (5) Business Days of such request by the Investor; and

 

		(d)	the Company shall pay all reasonable costs in connection with any investigation by the Investor.

 

    
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		13	Notice and Cure Provisions

 

The Investor shall give prompt notice to the Company
of the occurrence, or failure to occur, at any time from the date hereof, of any event or state of facts which occurrence or failure
would be likely to or could result in an Event of Default. Subject to the provisions hereof, the Investor may only elect to terminate
this Agreement or exercise its rights under clause 14 upon the occurrence or existence of any Event of Default or at any time during
the continuance of such Event of Default, if

 

		(a)	the Investor has delivered written notice to the Company specifying the event or state of facts which occurrence or failure
to occur does constitute, or would be likely to, or could result in, an Event of Default; and

 

		(b)	if any such notice is delivered, and the Company is proceeding expeditiously and diligently at its own expense to cure such
matter, if such matter is susceptible of being cured, the Investor may not terminate this Agreement or exercise its rights under
clause 14 until the expiration of a period of five (5) Business Days from the date of such occurrence, failure to occur or the
coming into existence of such event or state of facts.

 

		14	Rights of the Investor upon an Event of Default

 

		(a)	Upon the occurrence or existence of any Event of Default and at any time during the continuance of such Event of Default, subject
to compliance with clause 13, the Investor may:

 

		(i)	declare, by notice to the Company, effective immediately, all outstanding obligations by the Company under the Transaction
Documents to be immediately due and payable in immediately available funds (including, without limitation, the immediate repayment
of any Amount Outstanding) without presentment, demand, protest or any other notice of any kind, all of which are expressly waived
by the Company, anything to the contrary contained in this Agreement or in any other Transaction Document notwithstanding; and/or

 

		(ii)	terminate this Agreement, by notice to the Company, effective as of the date set out in the Investor's notice given to the
Company under this clause 14(a)(ii).

 

		(b)	If the Investor gives the Company a notice under clause 14(a)(i), the Company must within five (5) Business Days, pay to the
Investor in immediately available funds the Amount Outstanding for the Convertible Security and any interest owing by the Company
to the Investor under clause 14(f).

 

		(c)	The Investor will have no obligation to consummate the Closing or a Conversion under this Agreement where an Event of Default
has occurred, for as long as such Event of Default continues, and the Closing Date or Conversion Date, as applicable, will be deemed
to be postponed accordingly, unless the Investor notifies the Company otherwise in writing (which notification shall be at the
sole discretion of the Investor).

 

		(d)	In addition to the foregoing rights, upon the occurrence or existence of any Event of Default, the Investor may give the Company
notice that from the date of the Event of Default that the Conversion Price shall be only the price per Share equal to the VWAP
per Share for the five (5) consecutive Trading Days immediately prior to the Conversion Date less the maximum discount to such
price then allowable as determined in accordance with the TSX Rules.

 

		(e)	In addition to the remedies set out in sub-clauses 14(a), 14(b) and 14(d), subject to compliance with clause 13, upon the occurrence
or existence of any Event of Default, the Investor may exercise any other right, power or remedy granted to it by the Transaction
Documents or otherwise permitted to it by Law, including by suit in equity and/or by action at Law.

 

    
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		(f)	Notwithstanding anything to the contrary contained in this Agreement or in any other Transaction Document, in addition to the
rights of the Investor specified in this clause 14, upon an Event of Default occurring, the interest thereafter payable on the
Convertible Security will be at a rate of 15% per annum (Interest Rate upon Default), which interest will accrue
from the earliest date of the Event of Default on the outstanding Face Value of the Convertible Security and will be compounded
monthly, for as long as the Event of Default will not have been remedied, except that the Interest Rate Upon Default will not apply
if: (i) subsequent to the Event of Default, the Investor is not prohibited by Law or otherwise from exercising its Conversion rights
under clause 5.2 of this Agreement, and (ii) the Company otherwise complies in all respects with its obligation to issue Conversion
Shares set forth in clause 5.2 of this Agreement. The Company must pay this amount of interest on the Amount Outstanding on the
Convertible Security to the Investor on a monthly basis in arrears on the last day of each calendar month following the Event of
Default (or such other date as notified in writing by the Investor to the Company or as otherwise required under clause 14(b)).

 

		(g)	Upon the occurrence or existence of any Event of Default, in addition to all other remedies at law and in equity, the Investor
may, at its option, take all actions and remedies provided for in the security instruments and filings securing the liens described
in clause 10.5 herein, which remedies may include, without limitation, foreclosing on its liens contemplated therein.

 

		(h)	Notwithstanding anything to the contrary contained in this Agreement or in any other Transaction Document, in connection with
any Event of Default under clauses 12.1(a), 12.1(d), 12.1(g), 12.1(k), 12.1(n), 12.1(p), 12.1(q), 12.1(r), or 12.1(s), the Company
shall not be required to pay to the Investor in immediately available funds any Amount Outstanding pursuant to clause 14(a)(i)
and 14(b) if: (i) subsequent to the Event of Default, the Investor is not prohibited by Law or otherwise from exercising its Conversion
rights under clause 5.2 of this Agreement, (ii) the Investor actually exercises its Conversion rights under clause 5.2 of this
Agreement, and (iii) the Company otherwise complies in all respects with its obligation to issue Conversion Shares set forth in
clause 5.2 of this Agreement.

 

		15	Termination

 

		15.1	Events of Termination

 

This Agreement:

 

		(a)	may be terminated, without limiting the generality of clause 14, but subject to clause 13:

 

		(i)	by the Investor on the occurrence or existence of a Securities Termination Event or a Change of Control Event;

 

		(ii)	by the mutual written consent of the Parties, at any time;

 

		(iii)	by either Party, by written notice to the other Party, effective immediately, if the Closing has not occurred within fifteen
(15) Business Days of the Execution Date or such later date as the Parties agree in writing, provided that the right to terminate
this Agreement under this clause 15.1(a)(iii) is not available to any Party:

 

		(A)	that is in material breach of or default under this Agreement; or

 

    
	- 45 

     

    

 

		(B)	whose failure to fulfil any obligation under this Agreement has been the principal cause of, or has resulted in the failure
of the Closing to occur;

 

		(iv)	by the Investor, in accordance with clause 14 or clause 17.16; and

 

		(v)	by the Company, in accordance with clause 5.1(d) and clause 5.6.

 

		15.2	Effect of Termination

 

		(a)	Subject to clause 15.2(b), each Party's right of termination under clause 15.1 is in addition to any other rights it may have
under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies.

 

		(b)	If the Investor terminates this Agreement under clause 15.1(a)(i):

 

		(i)	the Investor may declare, by notice to the Company, all outstanding obligations by the Company under the Transaction Documents
to be due and payable (including, without limitation, the immediate repayment of any Amount Outstanding) without presentment, demand,
protest or any other notice of any kind, all of which are expressly waived by the Company, anything to the contrary contained in
this Agreement or in any other Transaction Document notwithstanding; and

 

		(ii)	the Company must within five (5) Business Days of such notice being received, pay to the Investor in immediately available
funds the Amount Outstanding for the Convertible Security to the Investor, unless the Investor terminates this Agreement as a result
of one of the Events of Default identified in clause 14(h) and provided that (i) subsequent to the termination under clause 15.1(a)(i),
the Investor is not prohibited by Law or otherwise from exercising its Conversion rights under clause 5.2 of this Agreement, (ii)
the Investor actually exercises its Conversion rights under clause 5.2 of this Agreement, and (iii) the Company otherwise complies
in all respects with its obligation to issue Conversion Shares set forth in clause 5.2 of this Agreement (which obligation will
survive termination).

 

		(c)	Upon termination of this Agreement, the Investor will not be required to effect the Closing after the date of termination of
the Agreement, provided that termination will not affect any undischarged obligation under this Agreement, including, for the avoidance
of doubt any obligation of the Company to issue Shares on exercise of Warrants, any obligation of the Company to issue any additional
Convertible Security, and any obligation of the Company to pay or repay any amounts owing to the Investor hereunder and which have
not been repaid at the time of termination.

 

		(d)	Nothing in this Agreement will be deemed to release any Party from any liability for any breach by such Party of the terms
and provisions of this Agreement or to impair the right of any Party to compel specific performance by any other Party of its obligations
under this Agreement.

 

		16	Survival and Indemnification

 

		16.1	Survival

 

The provisions of clauses 1, 5
to 11, and 13 to 17 (inclusive) of this Agreement will survive, and continue in full force and effect, notwithstanding the execution
of this Agreement, Closing and each repayment of any of the Amount Outstanding, and each Contemplated Transaction, and the termination
of this Agreement or another Transaction Document or any related provision.

 

    
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		16.2	Indemnification of Investor

 

		(a)	An Investor Indemnified Person will not be liable to the Company, and the Company shall indemnify and hold harmless each of
the Investor, any general partner or manager of the Investor, and Affiliates of each of those parties, and the respective directors,
officers, members, shareholders, partners, employees, attorneys, agents and permitted successors and assigns of each of the Investor,
any general partner or manager of the Investor, and Affiliates of each of those parties (each, an Investor Indemnified Person),
from and against any and all losses, claims, damages, liabilities, awards, demands and expenses (including, without limitation,
all judgments, amounts paid in settlements, reasonable solicitors' fees and costs and attorney fees and disbursements and other
expenses incurred in connection with investigating, preparing or defending any action, claim, proceeding, suit, investigation,
or action by any Governmental Authority, pending or threatened, and the costs of enforcement) (collectively, Losses),
that arise out of, are based on, relate to, or are incurred in connection with, any of the following:

 

		(i)	a breach or non-performance by the Company of its covenants under this Agreement;

 

		(ii)	a material breach or an inaccuracy of any of the Company's representations or warranties made in this Agreement;

 

		(iii)	any misrepresentation made in the Materials or the Company's Public Record;

 

		(iv)	any non-disclosure of any "material fact" or "material change", as such terms are defined under Canadian
Securities Laws, or, necessary to make the statements in the Materials or the Company’s Public Record, in light of the circumstances
under which they were made, not misleading; and

 

		(v)	any inquiry, investigation or proceeding commenced or threatened by, or in, any court, administrative body, securities commission,
stock exchange or other competent authority (each a Proceeding) based upon, or resulting from, the execution, delivery,
performance or enforcement of any of the Transaction Documents or Contemplated Transactions, and whether or not the Investor is
party thereto by claim, counterclaim, crossclaim, as a defendant or otherwise, or if such Proceeding is based upon, or results
from, any of those items referred to in paragraphs (i) – (iv),

 

provided, however, that the Company shall not indemnify
any Investor Indemnified Person from, or hold any Investor Indemnified Person harmless against, any Losses that result solely from:

 

		(vi)	such Investor Indemnified Person's breach of any representation or warranty contained in this Agreement, or

 

		(vii)	such Investor Indemnified Person's fraud, gross negligence or wilful default in performing its obligations under this Agreement.

 

		(b)	To the extent that the Company's undertaking in this clause 16.2 may be unenforceable for any reason, the Company shall make
the maximum contribution to the payment and satisfaction of all Losses that is permissible under applicable Law.

 

		(c)	To the extent that any amount payable to an Investor Indemnified Person in accordance with this clause 16.2 is subject to Tax
or withholding, then, without limiting clause 10.18  or clause 11, the Company shall increase the amount payable to the Investor
Indemnified Person by such additional amount as is necessary to ensure that after making the allowance for any Tax that may be
payable, the Investor Indemnified Person receives the full amount required to be paid before giving effect to such allowance for
Tax.

 

    
	- 47 

     

    

 

		(d)	Each indemnity set out in this Agreement:

 

		(i)	is a continuing obligation, independent of the Company's other obligations under this Agreement;

 

		(ii)	continues notwithstanding any termination of this Agreement;

 

		(iii)	constitutes a liability of the Company separate and independent from any other liability under this Agreement and under any
other agreement; and

 

		(iv)	will survive, and continue in full force and effect, in accordance with clause 16.1.

 

		(e)	The Company acknowledges that the indemnity given under this clause 16.2 is directly enforceable against it by any Investor
Indemnified Person. The Investor holds the benefit of this clause 16.2 on trust for any Investor Indemnified Person.

 

		17	Miscellaneous

 

		17.1	Time of the essence

 

With regard to all dates and time periods set out
in this Agreement or referred to in any Transaction Document, time is of the essence.

 

		17.2	No partnership or advisory or fiduciary relationship

 

Nothing in this Agreement should be construed to
create a partnership between the Parties, or a fiduciary or an advisory relationship between the Investor or any of its Affiliates
and the Company and any of its Subsidiaries.

 

		17.3	Remedies and injunctive relief

 

		(a)	The rights and remedies of the Investor set out in this Agreement and the other Transaction Documents are in addition to all
other rights and remedies given to the Investor by law or otherwise.

 

		(b)	The Company acknowledges that:

 

		(i)	monetary damages alone would not be adequate compensation to the Investor for a breach by the Company of this Agreement; and

 

		(ii)	the Investor may seek an injunction or an order for specific performance from a court of competent jurisdiction if:

 

		(A)	the Company fails to comply or threatens not to comply with this Agreement; or

 

		(B)	the Investor has reason to believe that the Company will not comply with this Agreement.

 

		17.4	Adjustments

 

		(a)	Each time when a Security Structure Event occurs, the Conversion Price will be reduced or, as the case may be, increased, in
the same proportion as the issued capital of the Company is, as the case may be, consolidated or subdivided, provided that the
adjustment may not be greater than an amount that is equal to the difference between: (i) the trading price of the underlying securities
immediately prior to such underlying securities trading on an "ex-distribution" basis, and (ii) the trading price of
the underlying securities immediately after the underlying securities have commenced trading on an "ex-distribution"
basis.

 

    
	- 48 

     

    

 

		(b)	The intent of this clause 17.4 is to maintain the relative benefit and burden to the Investor and the Company of their respective
economic bargains.

 

		(c)	When the Company becomes aware of a fact that may give rise to an adjustment of the Conversion Price, the Company must promptly
notify the Investor of the specifics of the fact that may give rise to such adjustment.

 

		17.5	Successors and assigns

 

		(a)	The rights and obligations of the Parties under this Agreement are personal and may not be assigned to any other person or
assumed by any other person, except as expressly provided in this clause 17.5.

 

		(b)	Neither this Agreement nor any of the Company's rights and obligations under this Agreement may be assigned by the Company
without the prior written consent of the Investor.

 

		(c)	Subject to clause 17.5(d), the Investor may assign this Agreement and/or any of its rights and/or obligations under this Agreement
to any Affiliate of the Investor, any successor entity in connection with a merger or consolidation of the Investor with another
entity, and/or any acquirer of a substantial portion of the Investor's business and/or assets on prior written notice to the Company.

 

		(d)	The Investor must notify the Company of any assignment or novation of any of its rights or obligations under this Agreement
at least five (5) Business Days prior to the assignment or novation taking effect.

 

		(e)	Nothing in this clause 17.5 will be deemed to prevent the Investor from assigning, transferring, encumbering or otherwise dealing
with its rights under, or in connection with, the Investor's Shares or Warrants without the consent of any person, subject to the
Investor's compliance with applicable Laws.

 

		17.6	Counterparts and e-mail

 

		(a)	This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together
will constitute one and the same instrument.

 

		(b)	Such counterparts may be delivered by one Party to the other by e-mail, and such counterparts will be valid for all purposes.

 

		17.7	Notices

 

		(a)	Except as otherwise specifically agreed, all notices and other communications made in connection with any Transaction Document
will be in writing and must be delivered by a courier or another like service in person, or sent by e-mail.

 

		(b)	When delivered by a courier or another like service in person in Canada, a notice will be deemed given, or another communication
will be deemed to have been received:

 

		(i)	when delivered, if received during Business Hours in the place of delivery; or

 

		(ii)	at 9.00 am (in the place of delivery) on the Business Day immediately following the date of such delivery, if delivered outside
of Business Hours in the place of delivery.

 

		(c)	When delivered by a courier or another like service in person outside of Canada, a notice will be deemed given, or another
communication will be deemed to have been received:

 

    
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		(i)	when delivered, if received during Business Hours in the place of delivery; or

 

		(ii)	at 9.00 am (in the place of delivery) on the Business Day immediately following such date of delivery, if delivered outside
of Business Hours in the place of delivery.

 

		(d)	When sent by e-mail transmission, a notice will be deemed given, or another communication will be deemed to have been received:

 

		(i)	two hours after the time at which such transmission was sent (the E-mail Time), if such time falls within Business
Hours in the place of delivery; or

 

		(ii)	at 9.00 am (in the place of delivery) on the Business Day immediately following the date of the E-mail Time, if sent to the
Company or the Investor and the E-mail Time falls outside of Business Hours in the place of delivery,

 

unless the sender receives an automated
message that the email has not been delivered.

 

		(e)	All notices and other communications required to be delivered in accordance with this Agreement will be sent to the representatives
of the Party to be notified at the addresses or e-mail addresses indicated respectively below, or at such other addresses or e-mail
addresses as the Parties may from time to time by like notice specify:

 

		(i)	If to the Company:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO USA 80112

Attention: President and Chief Executive Officer

E-mail:  msmith@niocorp.com

 

with a copy to (that shall not
constitute notice)

 

Blake, Cassels & Graydon LLP 

595 Burrard Street, Suite 2600, Vancouver, BC V7X
1L3

 

Attention : Bob Wooder

Email: bob.wooder@blakes.com

 

		(ii)	If to the Investor:

 

Lind Global Asset Management III, LLC

c/o The Lind Partners, LLC

444 Madison Ave, Fl 41

New York, NY 10022 USA

 

Attention: Mr. Jeff Easton

E-mail: Jeaston@thelindpartners.com and notice@thelindpartners.com

 

		17.8	Amendments and waivers

 

		(a)	Any term of this Agreement may be amended, supplemented, or modified, only with the written consent of the Parties.

 

		(b)	Any obligation of either Party under this Agreement may be extended or waived only by an instrument in writing signed on behalf
of the Party entitled to enforce the obligation.

 

    
	- 50 

     

    

 

		17.9	Legal Costs

 

		(a)	Except as otherwise agreed and as set out in clause 17.9(b), each Party will bear its own legal costs in connection with the
preparation of this Agreement.

 

		(b)	The Parties acknowledge that the Company has made a non-refundable prepayment of CDN$20,000 towards the Investor's legal costs
in connection with this Agreement and the Contemplated Transactions. Further, upon provision of invoices, the Company will be obligated
to pay up to a further CDN$30,000 to the Investor’s legal counsel (and/or other professional advisors engaged by the Investor)
in respect of the Investor’s legal and/or due diligence costs actually incurred in connection with this Agreement and the
Contemplated Transactions.

 

		17.10	Payments under this Agreement

 

Any payment to be made pursuant to the terms of
this Agreement will be made by telegraphic transfer of cleared funds, except as expressly stated in this Agreement or unless the
Parties agree otherwise.

 

		17.11	Financial calculations

 

		(a)	All calculations of any Conversion Price or Warrants Exercise Price under this Agreement must initially be undertaken by the
Investor.

 

		(b)	The Investor must notify the amount calculated under paragraph (a) to the Company for verification and confirmation, together
with the underlying calculations and other supporting information.

 

		(c)	The Investor must:

 

		(i)	ensure any calculation referred to in sub-clause 17.11(a) is the result of accurate mathematical calculation; and

 

		(ii)	promptly provide any information reasonably requested by the Company to verify any calculation from time to time.

 

		(d)	In the event of a dispute between the Investor and the Company as to the appropriateness or correctness of any calculation,
any underlying assumption or supporting information, the Investor and the Company must meet and negotiate in good faith to settle
the dispute upon notice from either Party to the other requiring the same. If the dispute is not resolved within two (2) Business
Days, then in the absence of manifest error in, or a deficiency in supporting information for, the Investor's calculation, the
Investor's calculation will be used for the purpose of effecting any Conversion Price, other issuance of Shares or other securities
under this Agreement or for the relevant purpose.

 

		(e)	If the Shares are listed on TSX any calculation must be verified by the Company to conform with information from an official
TSX source such as TSX Infosuite, if applicable.

 

		17.12	Non circumvention

 

Neither Party to this Agreement shall do anything
or omit to do anything that undermines or in any way circumvents, whether directly or indirectly the intent or objective of this
Agreement.

 

		17.13	Good Faith

 

The Parties acknowledge that they
have negotiated the terms of this Agreement in good faith and each Party must act in good faith towards each other and use their
best endeavours to comply with the spirit and intention of this Agreement.

 

    
	- 51 

     

    

 

		17.14	Publicity and confidentiality

 

		(a)	The Company shall not, (and will use its best endeavours to ensure that none of its Affiliates or any persons acting on behalf
of the Company and any of its Affiliates), issue any public release or announcement concerning this Agreement, its subject-matter
or content, or the Contemplated Transactions, or disclose any information provided by the Investor (including the terms of any
Transaction Documents) (Relevant Information), without the prior written consent of the Investor (which consent will
not be unreasonably withheld or delayed), subject to clause 17.14(c).

 

		(b)	In any public release or announcement proposed to be made pursuant to Canadian Securities Laws, where the proposed public release
or announcement proposes to make a reference to the Investor or the Contemplated Transactions, the Company shall provide a copy
of the proposed announcement to the Investor for review prior to release, subject to clause 17.14(c).

 

		(c)	If the Company is required to make a disclosure concerning Relevant Information pursuant to Canadian Securities Laws, US Securities
Law, the Corporations Act or by an order of a Government Authority, and the Company (acting reasonably) in order to comply with
its legal or regulatory obligations does not have sufficient time to discuss the form of disclosure with the Investor or provide
the Investor with a copy of the disclosure prior to making such disclosure, then the Company must:

 

		(i)	ensure that any disclosure made regarding Relevant Information is restricted and limited in content and scope to the maximum
extent permitted by Law to meet the relevant disclosure requirement;

 

		(ii)	provide a copy of such disclosure (where it is public information) to the Investor as soon as possible.

 

For the avoidance of doubt, if
the Company has sufficient time to discuss the form of disclosure with the Investor or provide a copy of the disclosure to the
Investor prior to making the disclosure, it must do so in accordance with its obligations in clause 17.14(a).

 

		(d)	Following the execution of this Agreement, the Investor and its Affiliates and/or advisors may place announcements on their
respective corporate websites and in financial and other newspapers and publications (including, without limitation, customary
"tombstone" advertisements) describing the Investor's relationship with the Company under this Agreement and including
the name and corporate logo of the Company.

 

		(e)	Notwithstanding anything herein to the contrary, to comply with United States Treasury Regulations Section 1.6011-4(b)(3)(i),
each Party to this Agreement, and each employee, representative or other agent of such Party, may disclose to any and all persons,
without limitation of any kind, the U.S. federal and state income Tax treatment, and the U.S. federal and state income Tax structure,
of the transactions contemplated hereby and all materials of any kind (including opinions or other Tax analyses) that are provided
to such Party relating to such Tax treatment and Tax structure insofar as such treatment and/or structure relates to a U.S. federal
or state income Tax strategy provided to such recipient.

 

		17.15	Severability and supervening legislation

 

Every provision of this Agreement
is intended to be severable, and any provision of this Agreement that is illegal, invalid, prohibited or unenforceable in any jurisdiction
will, as to such jurisdiction, be ineffective only to the extent of such illegality, invalidity, prohibition or unenforceability,
without invalidating the remaining provisions, but will be interpreted as if it were written so as to be enforceable to the maximum
extent permitted by applicable Law, and any such illegality, invalidity, prohibition or unenforceability in any jurisdiction will
not affect the legality, validity, permissibility or enforceability of the remainder of this Agreement in that jurisdiction, or
invalidate or render illegal, invalid, prohibited or unenforceable, such or any other provision of this Agreement in any other
jurisdiction.

 

    
	- 52 

     

    

 

		17.16	Illegality and impossibility

 

		(a)	Upon a Frustration Termination Event, the Investor shall, unless then prohibited by Law, have the right, upon notice to the
Company, to immediately convert the Amount Outstanding into Shares notwithstanding any of the limitations or terms or conditions
otherwise provided under clause 5.2 of this Agreement. Provided the Company is not prohibited by Law or otherwise from issuing
all of the underlying Investor's Shares in connection therewith to the Investor, the Investor shall not terminate this Agreement.

 

		(b)	If there is a Frustration Termination Event, and the Investor is prohibited by Law from immediately converting the Amount Outstanding
into Shares or the Company is prohibited by Law or otherwise from immediately issuing all of the underlying Investor's Shares in
connection therewith to the Investor, the Investor may, in accordance with the terms of this clause 17.16, by giving a notice to
the Company, suspend or cancel some or all of its obligations under this Agreement (including, without limitation, to effect the
Closing), or terminate this Agreement, as indicated in such notice.

 

		(c)	If the Investor gives a notice to terminate this Agreement in accordance with this clause 17.16, the Company must within five
(5) Business Days of such notice being received, subject to limitations that may be imposed pursuant to the Frustration Termination
Event, if any, pay to the Investor in immediately available funds the Amount Outstanding.

 

		(d)	Notwithstanding the foregoing provisions of this clause 17.16, the Investor shall only be required to accept Investor's Shares
if the Company complies in all respects with its obligation to issue Conversion Shares set forth in clause 5.2 of this Agreement.

 

		17.17	Change in Law

 

		(a)	If there is a Change in Law Termination Event, the Investor may, in accordance with the terms of this clause 17.17, by giving
a notice to the Company, suspend or cancel its obligation to effect the Closing under this Agreement.

 

		(b)	Such suspension or cancellation will apply only to the extent necessary to avoid the event or circumstance which triggered
the Change in Law Termination Event.

 

		(c)	Upon a Change in Law Termination Event, the Investor shall, unless then prohibited by Law, have the right, upon notice to the
Company, to immediately convert the Amount Outstanding into Shares notwithstanding any of the limitations or terms or conditions
otherwise provided under clause 5.2 of this Agreement. Provided the Company is not prohibited by Law or otherwise from immediately
issuing all of the underlying Investor's Shares in connection therewith to the Company, the Company shall not terminate this Agreement.

 

		(d)	Notwithstanding the foregoing provisions of this clause 17.17, the Investor shall only be required to accept Investor's Shares
if the Company complies in all respects with its obligation to issue Conversion Shares set forth in clause 5.2 of this Agreement.

 

		17.18	Entire Agreement

 

This Agreement, including the
Annexures and the Disclosure Schedule, and the instruments referenced in this Agreement, supersedes all prior agreements, understandings,
negotiations and discussions, both oral and written, between the Parties, their Affiliates and persons acting on their behalf with
respect to the subject matter of this Agreement and constitutes the entire agreement among the Parties with respect to the subject
matter of this Agreement.

 

    
	- 53 

     

    

 

		17.19	Governing Law

 

This Agreement is governed by the laws of the Province
of British Columbia and the federal laws of Canada applicable thereunder.

 

		17.20	Jurisdiction

 

With respect to any legal action or proceedings
arising out of or in any way related to this Agreement or its subject matter, the Parties irrevocably and unconditionally:

 

		(a)	submit to the non-exclusive jurisdiction of the courts with jurisdiction in British Columbia sitting in Vancouver; and

 

		(b)	waive any right to object to the venue on any ground.

 

    
	- 54 

     

    

 

Executed as an agreement.

 

	Executed by NioCorp Developments Ltd.	 
	 	 
	/s/ Mark A. Smith	 
	
        Name: Mark A. Smith

        Title: President and Chief Executive Officer
	 

 

	Executed by Lind Global Asset Management III, LLC	 
	 	 
	/s/ Jeff Easton	 
	
        Name: Jeff Easton

        Managing Director of the Lind Partners, LLC, manager
	 

 

    
	- 55 

     

    

 

Schedule 1 – Disclosure Schedule

 

Refer to the enclosed.

 

    
	- 56 

     

    

 

Annexure A – Warrant Certificate

 

Refer to the enclosed.

 

    
	- 57 

     

    

 

Annexure B – Funds Flow Request

 

NioCorp Developments Ltd. – Convertible Security
Funding Agreement – Flow of Funds Request

 

In connection with a Convertible Security Funding Agreement,
dated February 16, 2021 (the Agreement) between NioCorp Developments Ltd. (Company) and Lind Global
Asset Management III, LLC (Investor), the Company irrevocably authorises the Investor to distribute such funds as
set out below, in the manner set out below, at the Closing.

 

Capitalised terms used but not otherwise defined in this letter
will have the meaning given to such terms in the Agreement.

 

	Item	Amount
	Convertible Security 	$10,000,000
	Total	$10,000,000

 

Please transfer the net amount of US$9,650,000 due at the Closing
to the bank account as provided separately by the company.

 

Yours sincerely,

 

NioCorp Developments Ltd.

 

	By: 	/s/ Neal S. Shah	 
	Name: Neal S. Shah	 
	Title: Chief Financial Officer	 

 

    
	- 58

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